Park-Ohio Posts Profit
Park-Ohio Posts Profit
Jason Sandefur
Park-Ohio Holdings Corp. reported 2002 net income of $4.5 million, compared with a net loss of $2.1 million the previous year. Sales edged down $2 million to $634.5 million.
Fourth quarter 2002 sales were up 7% from the same period of 2001 to $146.7 million. Q4 net income turned around from a $2.5 million loss in 2001 to a $2 million profit in 2002.
CEO Edward Crawford noted that �although revenues were stagnant in 2002 we were able to increase EBITDA year over year by 17%. Our initiative to reduce bank debt produced a reduction of 10% and we continue to pursue the sale of non-core assets and anticipate cash receipts of approximately $10 million by April 1, 2003.�
Cleveland, OH-based Park-Ohio operates 25 manufacturing plants and 40 warehouses. Park-Ohio�s fastener acquisitions since 1995 include RB&W, Arden, Arcon, Delo, Direct Fasteners, Gateway Industrial Supply and Columbia Nut & Bolt. Web: park-ohio.com �2003 FastenerNews.com
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