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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Park Ohio Holdings Corporation | NASDAQ:PKOH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.58 | 2.22% | 26.65 | 26.58 | 26.77 | 26.80 | 26.16 | 26.16 | 7,737 | 17:00:44 |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Ohio
|
|
34-1867219
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
6065 Parkland Boulevard, Cleveland, Ohio
|
|
44124
|
(Address of principal executive offices)
|
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(Zip Code)
|
Large accelerated filer
|
¨
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Accelerated filer
|
þ
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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|
Smaller reporting company
|
¨
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|
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Emerging growth company
|
¨
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|
|
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accountings standards provided pursuant to Section 13(a) of the Exchange Act.
¨
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Page
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 2.
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Item 6.
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Item 1.
|
Financial Statements
|
|
(Unaudited)
|
|
|
||||
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
(In millions)
|
||||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
80.7
|
|
|
$
|
64.3
|
|
Accounts receivable, net
|
231.4
|
|
|
194.4
|
|
||
Inventories, net
|
268.3
|
|
|
240.6
|
|
||
Other current assets
|
71.2
|
|
|
53.4
|
|
||
Total current assets
|
651.6
|
|
|
552.7
|
|
||
Property, plant and equipment, net
|
171.2
|
|
|
167.1
|
|
||
Goodwill
|
92.0
|
|
|
86.6
|
|
||
Intangible assets, net
|
97.5
|
|
|
96.6
|
|
||
Other long-term assets
|
79.3
|
|
|
71.3
|
|
||
Total assets
|
$
|
1,091.6
|
|
|
$
|
974.3
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Trade accounts payable
|
$
|
169.4
|
|
|
$
|
133.6
|
|
Current portion of long-term debt and short-term debt
|
18.1
|
|
|
30.8
|
|
||
Accrued expenses and other
|
88.1
|
|
|
77.5
|
|
||
Total current liabilities
|
275.6
|
|
|
241.9
|
|
||
Long-term liabilities, less current portion:
|
|
|
|
||||
Debt
|
492.3
|
|
|
439.0
|
|
||
Deferred income taxes
|
27.7
|
|
|
27.7
|
|
||
Other long-term liabilities
|
21.3
|
|
|
29.7
|
|
||
Total long-term liabilities
|
541.3
|
|
|
496.4
|
|
||
Park-Ohio Holdings Corp. and Subsidiaries shareholders' equity
|
264.3
|
|
|
226.0
|
|
||
Noncontrolling interests
|
10.4
|
|
|
10.0
|
|
||
Total equity
|
274.7
|
|
|
236.0
|
|
||
Total liabilities and shareholders' equity
|
$
|
1,091.6
|
|
|
$
|
974.3
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In millions, except per share data)
|
||||||||||||||
Net sales
|
$
|
352.2
|
|
|
$
|
312.7
|
|
|
$
|
1,046.9
|
|
|
$
|
970.1
|
|
Cost of sales
|
295.0
|
|
|
258.4
|
|
|
873.9
|
|
|
813.7
|
|
||||
Gross profit
|
57.2
|
|
|
54.3
|
|
|
173.0
|
|
|
156.4
|
|
||||
Selling, general and administrative expenses
|
36.5
|
|
|
33.4
|
|
|
109.3
|
|
|
99.9
|
|
||||
Litigation settlement gain
|
—
|
|
|
—
|
|
|
(3.3
|
)
|
|
—
|
|
||||
Asset impairment charge
|
—
|
|
|
—
|
|
|
—
|
|
|
4.0
|
|
||||
Operating income
|
20.7
|
|
|
20.9
|
|
|
67.0
|
|
|
52.5
|
|
||||
Interest expense
|
7.8
|
|
|
7.2
|
|
|
23.1
|
|
|
21.3
|
|
||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
11.0
|
|
|
—
|
|
||||
Income before income taxes
|
12.9
|
|
|
13.7
|
|
|
32.9
|
|
|
31.2
|
|
||||
Income tax expense (benefit)
|
2.7
|
|
|
(0.1
|
)
|
|
9.4
|
|
|
5.7
|
|
||||
Net income
|
10.2
|
|
|
13.8
|
|
|
23.5
|
|
|
25.5
|
|
||||
Net income attributable to noncontrolling interests
|
(0.2
|
)
|
|
(0.3
|
)
|
|
(0.7
|
)
|
|
(0.3
|
)
|
||||
Net income attributable to Park-Ohio Holdings Corp. common shareholders
|
$
|
10.0
|
|
|
$
|
13.5
|
|
|
$
|
22.8
|
|
|
$
|
25.2
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share attributable to Park-Ohio Holdings Corp. common shareholders:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.82
|
|
|
$
|
1.12
|
|
|
$
|
1.87
|
|
|
$
|
2.08
|
|
Diluted
|
$
|
0.80
|
|
|
$
|
1.10
|
|
|
$
|
1.83
|
|
|
$
|
2.06
|
|
Weighted-average shares used to compute earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
12.2
|
|
|
12.1
|
|
|
12.2
|
|
|
12.1
|
|
||||
Diluted
|
12.4
|
|
|
12.3
|
|
|
12.4
|
|
|
12.3
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends per common share
|
$
|
0.125
|
|
|
$
|
0.125
|
|
|
$
|
0.375
|
|
|
$
|
0.375
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In millions)
|
||||||||||||||
Net income
|
$
|
10.2
|
|
|
$
|
13.8
|
|
|
$
|
23.5
|
|
|
$
|
25.5
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
7.5
|
|
|
(1.3
|
)
|
|
18.9
|
|
|
(5.3
|
)
|
||||
Pension and other postretirement benefit adjustments, net of tax
|
0.2
|
|
|
0.3
|
|
|
0.6
|
|
|
0.7
|
|
||||
Total other comprehensive income (loss)
|
7.7
|
|
|
(1.0
|
)
|
|
19.5
|
|
|
(4.6
|
)
|
||||
Total comprehensive income, net of tax
|
17.9
|
|
|
12.8
|
|
|
43.0
|
|
|
20.9
|
|
||||
Comprehensive income attributable to noncontrolling interests
|
(0.2
|
)
|
|
(0.3
|
)
|
|
(0.7
|
)
|
|
(0.3
|
)
|
||||
Comprehensive income attributable to Park-Ohio Holdings Corp. common shareholders
|
$
|
17.7
|
|
|
$
|
12.5
|
|
|
$
|
42.3
|
|
|
$
|
20.6
|
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(In millions)
|
||||||
OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
23.5
|
|
|
$
|
25.5
|
|
Adjustments to reconcile net income to net cash provided (used) by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
23.6
|
|
|
22.2
|
|
||
Loss on extinguishment of debt
|
11.0
|
|
|
—
|
|
||
Litigation settlement gain
|
(3.3
|
)
|
|
—
|
|
||
Asset impairment charge
|
—
|
|
|
4.0
|
|
||
Share-based compensation expense
|
6.3
|
|
|
8.1
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(29.9
|
)
|
|
(1.6
|
)
|
||
Inventories
|
(15.7
|
)
|
|
(3.5
|
)
|
||
Other current assets
|
(14.9
|
)
|
|
(5.4
|
)
|
||
Accounts payable and accrued expenses
|
34.4
|
|
|
1.4
|
|
||
Litigation settlement payment
|
(4.0
|
)
|
|
—
|
|
||
Other
|
(3.8
|
)
|
|
(9.9
|
)
|
||
Net cash provided by operating activities
|
27.2
|
|
|
40.8
|
|
||
INVESTING ACTIVITIES
|
|
|
|
||||
Purchases of property, plant and equipment
|
(18.9
|
)
|
|
(20.3
|
)
|
||
Business acquisition
|
(10.5
|
)
|
|
—
|
|
||
Net cash used by investing activities
|
(29.4
|
)
|
|
(20.3
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
||||
Payments on revolving credit facility, net
|
(32.5
|
)
|
|
(17.4
|
)
|
||
Payments on term loans and other debt
|
(27.7
|
)
|
|
(3.4
|
)
|
||
Proceeds from term loans and other debt
|
—
|
|
|
7.3
|
|
||
Proceeds from (payments on) capital lease facilities, net
|
0.1
|
|
|
(2.5
|
)
|
||
Issuance of 6.625% Senior Notes due 2027
|
350.0
|
|
|
—
|
|
||
Debt financing costs
|
(7.5
|
)
|
|
—
|
|
||
Repurchase of 8.125% Senior Notes due 2021
|
(250.0
|
)
|
|
—
|
|
||
Premium on early extinguishment of debt
|
(8.0
|
)
|
|
—
|
|
||
Dividends
|
(5.0
|
)
|
|
(4.7
|
)
|
||
Purchase of treasury shares
|
(3.6
|
)
|
|
—
|
|
||
Payments of withholding taxes on share awards
|
(2.3
|
)
|
|
(1.7
|
)
|
||
Payment of acquisition earn-out
|
—
|
|
|
(2.0
|
)
|
||
Net cash provided (used) by financing activities
|
13.5
|
|
|
(24.4
|
)
|
||
Effect of exchange rate changes on cash
|
5.1
|
|
|
(0.4
|
)
|
||
Increase (decrease) in cash and cash equivalents
|
16.4
|
|
|
(4.3
|
)
|
||
Cash and cash equivalents at beginning of period
|
64.3
|
|
|
62.0
|
|
||
Cash and cash equivalents at end of period
|
$
|
80.7
|
|
|
$
|
57.7
|
|
Income taxes paid
|
$
|
1.6
|
|
|
$
|
7.0
|
|
Interest paid
|
$
|
16.5
|
|
|
$
|
14.7
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(In millions)
|
||||||||||||||
Net sales:
|
|
|
|
|
|
|
|
||||||||
Supply Technologies
|
$
|
140.2
|
|
|
$
|
122.0
|
|
|
$
|
415.8
|
|
|
$
|
384.8
|
|
Assembly Components
|
127.9
|
|
|
133.4
|
|
|
393.2
|
|
|
399.4
|
|
||||
Engineered Products
|
84.1
|
|
|
57.3
|
|
|
237.9
|
|
|
185.9
|
|
||||
|
$
|
352.2
|
|
|
$
|
312.7
|
|
|
$
|
1,046.9
|
|
|
$
|
970.1
|
|
Segment operating income:
|
|
|
|
|
|
|
|
||||||||
Supply Technologies
|
$
|
10.9
|
|
|
$
|
9.7
|
|
|
$
|
34.6
|
|
|
$
|
30.8
|
|
Assembly Components
|
11.4
|
|
|
13.9
|
|
|
37.0
|
|
|
38.3
|
|
||||
Engineered Products
|
6.0
|
|
|
4.0
|
|
|
13.5
|
|
|
8.6
|
|
||||
Total segment operating income
|
28.3
|
|
|
27.6
|
|
|
85.1
|
|
|
77.7
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Corporate costs
|
(7.6
|
)
|
|
(6.7
|
)
|
|
(21.4
|
)
|
|
(21.2
|
)
|
||||
Litigation settlement gain
|
—
|
|
|
—
|
|
|
3.3
|
|
|
—
|
|
||||
Asset impairment charge
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.0
|
)
|
||||
Operating income
|
20.7
|
|
|
20.9
|
|
|
67.0
|
|
|
52.5
|
|
||||
Interest expense
|
(7.8
|
)
|
|
(7.2
|
)
|
|
(23.1
|
)
|
|
(21.3
|
)
|
||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
(11.0
|
)
|
|
—
|
|
||||
Income before income taxes
|
$
|
12.9
|
|
|
$
|
13.7
|
|
|
$
|
32.9
|
|
|
$
|
31.2
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
(In millions)
|
||||||
Finished goods
|
$
|
150.3
|
|
|
$
|
131.4
|
|
Work in process
|
47.1
|
|
|
43.4
|
|
||
Raw materials and supplies
|
70.9
|
|
|
65.8
|
|
||
Inventories, net
|
$
|
268.3
|
|
|
$
|
240.6
|
|
|
2017
|
|
2016
|
||||
|
(In millions)
|
||||||
January 1
|
$
|
7.1
|
|
|
$
|
6.1
|
|
Claims paid
|
(3.0
|
)
|
|
(1.7
|
)
|
||
Warranty expense, net
|
3.6
|
|
|
1.1
|
|
||
September 30
|
$
|
7.7
|
|
|
$
|
5.5
|
|
|
|
|
|
|
|
Carrying Value at
|
|||||||
|
|
Maturity Date
|
|
Interest Rate at
September 30, 2017
|
|
September 30, 2017
|
|
December 31, 2016
|
|||||
|
|
|
|
|
|
(In millions)
|
|||||||
Senior Notes due 2027
|
|
April 15, 2027
|
|
6.625
|
%
|
|
$
|
350.0
|
|
|
$
|
—
|
|
Senior Notes due 2021
|
|
April 1, 2021
|
|
8.125
|
%
|
|
—
|
|
|
250.0
|
|
||
Revolving credit facility
|
|
April 17, 2022
|
|
3.08
|
%
|
|
100.3
|
|
|
132.8
|
|
||
Term Loan
|
|
|
|
|
|
—
|
|
|
23.4
|
|
|||
Industrial Equipment Group European Facilities
|
|
December 21, 2021
|
|
3.25
|
%
|
|
28.0
|
|
|
26.4
|
|
||
Capital Leases
|
|
Various
|
|
Various
|
|
|
18.9
|
|
|
18.8
|
|
||
Other
|
|
Various
|
|
Various
|
|
|
22.1
|
|
|
23.6
|
|
||
Gross debt
|
|
|
|
|
|
519.3
|
|
|
475.0
|
|
|||
Less current portion of long-term debt
|
|
|
|
|
|
(14.2
|
)
|
|
(25.8
|
)
|
|||
Less short-term debt
|
|
|
|
|
|
(3.9
|
)
|
|
(5.0
|
)
|
|||
Less unamortized debt issuance costs
|
|
|
|
|
|
(8.9
|
)
|
|
(5.2
|
)
|
|||
Total long-term debt, net
|
|
|
|
|
|
$
|
492.3
|
|
|
$
|
439.0
|
|
|
September 30, 2017
|
||
|
(In millions)
|
||
Carrying amount
|
$
|
350.0
|
|
Fair value
|
$
|
378.9
|
|
|
2017
|
||||
|
Number of Shares
|
|
Weighted Average
Exercise Price |
||
|
(In whole shares)
|
|
|
||
Outstanding - beginning of year
|
38,000
|
|
|
19.30
|
|
Granted
|
—
|
|
|
—
|
|
Exercised
|
(24,907
|
)
|
|
21.22
|
|
Canceled or expired
|
—
|
|
|
—
|
|
Outstanding - end of period
|
13,093
|
|
|
15.61
|
|
Options exercisable
|
13,093
|
|
|
15.61
|
|
|
2017
|
||||||||||||
|
Time-Based
|
|
Performance-Based
|
||||||||||
|
Number of Shares
|
|
Weighted Average
Grant Date Fair Value |
|
Number of Shares
|
|
Weighted Average
Grant Date Fair Value |
||||||
|
(In whole shares)
|
|
|
|
(In whole shares)
|
|
|
||||||
Outstanding - beginning of year
|
216,916
|
|
|
$
|
36.94
|
|
|
165,000
|
|
|
$
|
34.78
|
|
Granted
|
104,670
|
|
|
38.41
|
|
|
165,000
|
|
|
38.10
|
|
||
Vested
|
(89,404
|
)
|
|
44.39
|
|
|
(55,000
|
)
|
|
34.78
|
|
||
Performance-based to time-based
(a)
|
110,000
|
|
|
34.78
|
|
|
(110,000
|
)
|
|
34.78
|
|
||
Canceled or expired
|
(2,000
|
)
|
|
37.87
|
|
|
—
|
|
|
—
|
|
||
Outstanding - end of period
|
340,182
|
|
|
$
|
34.73
|
|
|
165,000
|
|
|
$
|
38.10
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Service costs
|
$
|
0.6
|
|
|
$
|
0.6
|
|
|
$
|
1.9
|
|
|
$
|
1.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest costs
|
0.4
|
|
|
0.5
|
|
|
1.3
|
|
|
1.4
|
|
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
|
0.3
|
|
||||||||
Expected return on plan assets
|
(2.4
|
)
|
|
(2.3
|
)
|
|
(7.2
|
)
|
|
(7.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Recognized net actuarial loss
|
0.3
|
|
|
0.3
|
|
|
0.9
|
|
|
0.9
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.2
|
|
||||||||
Net periodic benefit (income) costs
|
$
|
(1.1
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(3.1
|
)
|
|
$
|
(3.0
|
)
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.3
|
|
|
$
|
0.5
|
|
Weighted average:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Discount rate
|
|
|
|
|
3.91
|
%
|
|
4.13
|
%
|
|
|
|
|
|
3.63
|
%
|
|
3.80
|
%
|
||||||||||||
Expected return on plan assets
|
|
|
|
|
8.25
|
%
|
|
8.25
|
%
|
|
|
|
|
|
|
|
|
|
Cumulative Translation Adjustment
|
|
Pension and Postretirement Benefits
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
January 1, 2017
|
$
|
(30.8
|
)
|
|
$
|
(11.9
|
)
|
|
$
|
(42.7
|
)
|
Foreign currency translation adjustments
(a)
|
18.9
|
|
|
—
|
|
|
18.9
|
|
|||
Pension and OPEB activity, net of tax adjustments
(b)
|
—
|
|
|
0.6
|
|
|
0.6
|
|
|||
September 30, 2017
|
$
|
(11.9
|
)
|
|
$
|
(11.3
|
)
|
|
$
|
(23.2
|
)
|
|
|
|
|
|
|
||||||
January 1, 2016
|
$
|
(16.9
|
)
|
|
$
|
(13.1
|
)
|
|
$
|
(30.0
|
)
|
Foreign currency translation adjustments
(a)
|
(5.3
|
)
|
|
—
|
|
|
(5.3
|
)
|
|||
Pension and OPEB activity, net of tax adjustments
(b)
|
—
|
|
|
0.7
|
|
|
0.7
|
|
|||
September 30, 2016
|
$
|
(22.2
|
)
|
|
$
|
(12.4
|
)
|
|
$
|
(34.6
|
)
|
(a)
|
No
income taxes are provided on foreign currency translation adjustments as foreign earnings are considered permanently re-invested.
|
(b)
|
The tax adjustments are reclassified out of accumulated other comprehensive income and included in income tax expense.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
(In millions)
|
||||||||||
Weighted average basic shares outstanding
|
12.2
|
|
|
12.1
|
|
|
12.2
|
|
|
12.1
|
|
Plus: Dilutive impact of employee stock awards
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
Weighted average diluted shares outstanding
|
12.4
|
|
|
12.3
|
|
|
12.4
|
|
|
12.3
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(Dollars in millions, except per share data)
|
|||||||||||||
Net sales
|
$
|
352.2
|
|
|
$
|
312.7
|
|
|
$
|
39.5
|
|
|
12.6
|
%
|
Cost of sales
|
295.0
|
|
|
258.4
|
|
|
36.6
|
|
|
14.2
|
%
|
|||
Gross profit
|
57.2
|
|
|
54.3
|
|
|
2.9
|
|
|
5.3
|
%
|
|||
Gross margin
|
16.2
|
%
|
|
17.4
|
%
|
|
|
|
|
|||||
SG&A expenses
|
36.5
|
|
|
33.4
|
|
|
3.1
|
|
|
9.3
|
%
|
|||
SG&A as a percentage of net sales
|
10.4
|
%
|
|
10.7
|
%
|
|
|
|
|
|||||
Operating income
|
20.7
|
|
|
20.9
|
|
|
(0.2
|
)
|
|
(1.0
|
)%
|
|||
Interest expense
|
7.8
|
|
|
7.2
|
|
|
0.6
|
|
|
8.3
|
%
|
|||
Income before income taxes
|
12.9
|
|
|
13.7
|
|
|
(0.8
|
)
|
|
(5.8
|
)%
|
|||
Income tax expense (benefit)
|
2.7
|
|
|
(0.1
|
)
|
|
2.8
|
|
|
*
|
|
|||
Net income
|
10.2
|
|
|
13.8
|
|
|
(3.6
|
)
|
|
(26.1
|
)%
|
|||
Net income attributable to noncontrolling interest
|
(0.2
|
)
|
|
(0.3
|
)
|
|
0.1
|
|
|
(33.3
|
)%
|
|||
Net income attributable to Park-Ohio Holdings Corp. common shareholders
|
$
|
10.0
|
|
|
$
|
13.5
|
|
|
$
|
(3.5
|
)
|
|
(25.9
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Earnings per common share attributable to Park-Ohio Holdings Corp. common shareholders:
|
|
|
|
|
|
|
|
|||||||
Basic
|
$
|
0.82
|
|
|
$
|
1.12
|
|
|
$
|
(0.30
|
)
|
|
(26.8
|
)%
|
Diluted
|
$
|
0.80
|
|
|
$
|
1.10
|
|
|
$
|
(0.30
|
)
|
|
(27.3
|
)%
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(Dollars in millions, except per share data)
|
|||||||||||||
Net sales
|
$
|
1,046.9
|
|
|
$
|
970.1
|
|
|
$
|
76.8
|
|
|
7.9
|
%
|
Cost of sales
|
873.9
|
|
|
813.7
|
|
|
60.2
|
|
|
7.4
|
%
|
|||
Gross profit
|
173.0
|
|
|
156.4
|
|
|
16.6
|
|
|
10.6
|
%
|
|||
Gross margin
|
16.5
|
%
|
|
16.1
|
%
|
|
|
|
|
|||||
SG&A expenses
|
109.3
|
|
|
99.9
|
|
|
9.4
|
|
|
9.4
|
%
|
|||
SG&A as a percentage of net sales
|
10.4
|
%
|
|
10.3
|
%
|
|
|
|
|
|||||
Litigation settlement gain
|
(3.3
|
)
|
|
—
|
|
|
(3.3
|
)
|
|
*
|
|
|||
Asset impairment charge
|
—
|
|
|
4.0
|
|
|
(4.0
|
)
|
|
*
|
|
|||
Operating income
|
67.0
|
|
|
52.5
|
|
|
14.5
|
|
|
27.6
|
%
|
|||
Interest expense
|
23.1
|
|
|
21.3
|
|
|
1.8
|
|
|
8.5
|
%
|
|||
Loss on extinguishment of debt
|
11.0
|
|
|
—
|
|
|
11.0
|
|
|
*
|
|
|||
Income before income taxes
|
32.9
|
|
|
31.2
|
|
|
1.7
|
|
|
5.4
|
%
|
|||
Income tax expense
|
9.4
|
|
|
5.7
|
|
|
3.7
|
|
|
64.9
|
%
|
|||
Net income
|
23.5
|
|
|
25.5
|
|
|
(2.0
|
)
|
|
(7.8
|
)%
|
|||
Net income attributable to noncontrolling interests
|
(0.7
|
)
|
|
(0.3
|
)
|
|
(0.4
|
)
|
|
*
|
|
|||
Net income attributable to Park-Ohio Holdings Corp. common shareholders
|
$
|
22.8
|
|
|
$
|
25.2
|
|
|
$
|
(2.4
|
)
|
|
(9.5
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Earnings per common share attributable to Park-Ohio Holdings Corp. common shareholders:
|
|
|
|
|
|
|
|
|||||||
Basic
|
$
|
1.87
|
|
|
$
|
2.08
|
|
|
$
|
(0.21
|
)
|
|
(10.1
|
)%
|
Diluted
|
$
|
1.83
|
|
|
$
|
2.06
|
|
|
$
|
(0.23
|
)
|
|
(11.2
|
)%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Dollars in millions)
|
||||||||||||||
Net sales
|
$
|
140.2
|
|
|
$
|
122.0
|
|
|
$
|
415.8
|
|
|
$
|
384.8
|
|
Segment operating income
|
$
|
10.9
|
|
|
$
|
9.7
|
|
|
$
|
34.6
|
|
|
$
|
30.8
|
|
Segment operating income margin
|
7.8
|
%
|
|
8.0
|
%
|
|
8.3
|
%
|
|
8.0
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Dollars in millions)
|
||||||||||||||
Net sales
|
$
|
127.9
|
|
|
$
|
133.4
|
|
|
$
|
393.2
|
|
|
$
|
399.4
|
|
Segment operating income
|
$
|
11.4
|
|
|
$
|
13.9
|
|
|
$
|
37.0
|
|
|
$
|
38.3
|
|
Segment operating income margin
|
8.9
|
%
|
|
10.4
|
%
|
|
9.4
|
%
|
|
9.6
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(Dollars in millions)
|
||||||||||||||
Net sales
|
$
|
84.1
|
|
|
$
|
57.3
|
|
|
$
|
237.9
|
|
|
$
|
185.9
|
|
Segment operating income
|
$
|
6.0
|
|
|
$
|
4.0
|
|
|
$
|
13.5
|
|
|
$
|
8.6
|
|
Segment operating income margin
|
7.1
|
%
|
|
7.0
|
%
|
|
5.7
|
%
|
|
4.6
|
%
|
|
Nine Months Ended September 30,
|
|
|
||||||||
|
2017
|
|
2016
|
|
$ Change
|
||||||
Net cash (used) provided by:
|
(In millions)
|
||||||||||
Operating activities
|
$
|
27.2
|
|
|
$
|
40.8
|
|
|
$
|
(13.6
|
)
|
Investing activities
|
(29.4
|
)
|
|
(20.3
|
)
|
|
(9.1
|
)
|
|||
Financing activities
|
13.5
|
|
|
(24.4
|
)
|
|
37.9
|
|
|||
Effect of exchange rate changes on cash
|
5.1
|
|
|
(0.4
|
)
|
|
5.5
|
|
|||
Increase (decrease) in cash and cash equivalents
|
$
|
16.4
|
|
|
$
|
(4.3
|
)
|
|
$
|
20.7
|
|
Item 3.
|
Quantitative and Qualitative Disclosure About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans (1)
|
|
Maximum Number of Shares That May Yet Be Purchased Under the Plans or Program (1)
|
|||||
July 1 — July 31, 2017
|
|
771
|
|
(2)
|
$
|
38.10
|
|
|
—
|
|
|
624,120
|
|
August 1 — August 31, 2017
|
|
318
|
|
(2)
|
39.45
|
|
|
—
|
|
|
624,120
|
|
|
September 1 — September 30, 2017
|
|
1,028
|
|
(2)
|
40.30
|
|
|
—
|
|
|
624,120
|
|
|
Total
|
|
2,117
|
|
|
$
|
39.37
|
|
|
—
|
|
|
624,120
|
|
(1)
|
On March 4, 2013, we announced a share repurchase program whereby we may repurchase up to 1.0 million shares of our outstanding common stock.
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(2)
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Consists of an aggregate total of 2,117 shares of common stock we acquired from recipients of restricted stock awards at the time of vesting of such awards in order to settle recipient withholding tax liabilities.
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Item 6.
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Exhibits
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PARK-OHIO HOLDINGS CORP.
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(Registrant)
|
|
|
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By:
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/s/ Patrick W. Fogarty
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Name:
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Patrick W. Fogarty
|
Title:
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Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year Park Ohio Chart |
1 Month Park Ohio Chart |
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