Exhibit 99.1

FOR IMMEDIATE RELEASE	CONTACT:	EDWARD F. CRAWFORD
		PARK-OHIO HOLDINGS CORP.
		(216) 692-7200

Park-Ohio Advances Strongly in First Quarter 2004

     CLEVELAND, OHIO, May 11, 2004 — Park-Ohio Holdings Corp. (NASDAQ:PKOH), today announced results for its first quarter ended March 31, 2004.

     Park-Ohio reported net income of $5.8 million or $.52 per share dilutive for the first quarter of 2004, a 140% increase from net income of $2.4 million or $.22 per share dilutive for the same period of 2003. Park-Ohio reported net sales of $192.4 million for the first quarter of 2004, a 24% increase on sales of $154.9 million for the same quarter of 2003.

     Edward F. Crawford, Chairman and Chief Executive Officer, stated, “Significant revenue enhancement in each of our business segments has resulted in a great start for 2004. Although we are not prepared to issue additional guidance at this time, the strength in our core customer base and improved operating efficiency appear likely to produce better 2004 results than previously forecast.”

     A conference call reviewing Park-Ohio’s first quarter results will be broadcast live over the Internet on Wednesday, May 12, commencing at 10:00 a.m. ET. Simply log on to http://www.firstcallevents.com/service/ajwz406610434gf12.html.

     Park-Ohio is a leading provider of supply chain logistics services, and a manufacturer of highly engineered products for industrial original equipment manufacturers. Headquartered in Cleveland, Ohio, the Company operates 21 manufacturing sites and 32 supply chain logistics facilities.

     This news release contains forward-looking statements that are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Among the key factors that could cause actual results to differ materially from expectations are the cyclical nature of the vehicular industry, timing of cost reductions, labor availability and stability, changes in economic and industry conditions, adverse impacts to the Company, its suppliers and customers from acts of terrorism or hostilities, the uncertainties of environmental, litigation or corporate contingencies, and changes in regulatory requirements. These and other risks and assumptions are described in the Company’s reports that are available from the United States Securities and Exchange Commission. The Company assumes no obligation to update the information in this release.

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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
(In Thousands, Except per Share Data)

	Three Months Ended
	March 31,
	2004		2003
Net sales	$	192,370	$	154,851
Cost of products sold		162,133		130,441
Gross profit		30,237		24,410
Selling, general and administrative expenses		17,696		15,079
Operating income		12,541		9,331
Interest expense		6,136		6,757
Income before income taxes		6,405		2,574
Income taxes		591		137
Net Income	$	5,814	$	2,437
Amounts per common share:
Basic	$	0.55	$	0.23
Diluted	$	0.52	$	0.22
Common shares used in the computation
Basic		10,564		10,434
Diluted		11,116		10,852
Other financial data:
EBITDA, as defined	$	16,542	$	13,591

Note A—The effective income tax rate for the first quarter of 2004 is less than the statutory Federal income tax rate due primarily to the non-recognition of net operating loss carryforwards.

Note B—EBITDA, as defined, reflects earnings before interest, income taxes, and excludes depreciation, amortization,certain non-cash charges and corporate-level expenses as defined in the Company’s Revolving Credit Agreement. EBITDA is not a measure of performance under generally accepted accounting principles (“GAAP”) and should not be considered in isolation or as a substitute for net income, cash flows from operating, investing and financing activities and other income or cash flow statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. The Company presents EBITDA because management believes that EBITDA could be useful to investors as an indication of the Company’s satisfaction of its Debt Service Ratio covenant in its revolving credit agreement and because EBITDA is a measure used under the Company’s revolving credit facility to determine whether the Company may incur additional debt under such facility. EBITDA as defined herein may not be comparable to other similarly titled measures of other companies. The following table reconciles net income to EBITDA, as defined:

	Three Months Ended
	March 31,
	2004		2003
Net income	$	5,814	$	2,437
Add back:
Income taxes		591		137
Interest expense		6,136		6,757
Depreciation and amortization		3,967		4,202
Restructuring and other unusual charges		0		0
Miscellaneous		34		58
EBITDA, as defined	$	16,542	$	13,591

CONSOLIDATED CONDENSED BALANCE SHEETS
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES

	March 31		December 31
	2004		2003
	(Unaudited)		(Audited)
	(In Thousands)
ASSETS
Current Assets
Cash and cash equivalents	$	1,761	$	3,718
Accounts receivable, net		129,994		100,938
Inventories		154,309		149,075
Other current assets		7,740		10,780
Total Current Assets		293,804		264,511
Property, Plant and Equipment		228,009		225,710
Less accumulated depreciation		133,184		129,559
Total Property Plant and Equipment		94,825		96,151
Other Assets
Goodwill		82,220		82,278
Net assets held for sale		2,239		2,321
Other		64,218		62,191
Total Other Assets		148,677		146,790
Total Assets	$	537,306	$	507,452
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Trade accounts payable	$	80,156	$	66,158
Accrued expenses		52,992		46,623
Current portion of long-term liabilities		2,830		2,811
Total Current Liabilities		135,978		115,592
Long-Term Liabilities, less current portion		135,978		115,592
9.25% Senior Subordinated Notes due 2007		199,930		199,930
Revolving credit maturing on July 30,2007		104,400		101,000
Other long-term debt		8,354		8,234
Other postretirement benefits and other long-term liabilities		25,983		26,671
Total Long-Term Liabilities		338,667		335,835
Shareholders’ Equity		62,661		56,025
Total Liabilities and Shareholders’ Equity	$	537,306	$	507,452

BUSINESS SEGMENT INFORMATION (UNAUDITED)
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
(In Thousands)

	Three Months Ended March 31
	2004			2003
NET SALES
ILS	$	116,265		$	92,352
Aluminum Products		27,581			24,042
Manufactured Products		48,524			38,457
	$	192,370		$	154,851
INCOME BEFORE INCOME TAXES
ILS	$	9,209		$	5,848
Aluminum Products		1,587			3,578
Manufactured Products		3,292			1,148
		14,088			10,574
Corporate and Other Costs		(1,547	)		(1,243	)
Interest Expense		(6,136	)		(6,757	)
	$	6,405		$	2,574