Park-Ohio Holdings Corp. (PKOH)
Q1 2010 Earnings Call Transcript
May 4, 2010 10:00 am ET
Edward Crawford – Chairman and CEO
Matthew Crawford – President and COO
Jeff Rutherford – VP and CFO
Richard Paget – Morgan Joseph & Co Inc.
Michael Levine [ph]
Doug Ruth [ph]
Michael Corellie [ph]
John Boehm [ph]
Good morning, and welcome to the first quarter 2010 results conference call. At this time, all participants are in a listen-only mode. After the presentation, the company will conduct a question-and-answer session. Today's conference is also being recorded. If you have any objections, you may disconnect at this time.
Before the conference call begins, please remember that the company will be discussing some issues that are historical and some issues that are forward looking. When the company speaks about future results or events, there are a variety of factors that may materially change the actual results from those projected. A list of relevant factors may be found in the earnings press release as well as in the company's 2009 10-K filed with the SEC on March 15, 2010.
The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the company may discuss EBITDA. EBITDA is a not a measure of performance under Generally Accepted Accounting Principles, and is considered a non-GAAP financial measure as defined by the SEC.
The company may present EBITDA because management believes that EBITDA could be useful to investors as an indication of their ability to incur and service debt, and because EBITDA is a measure used under their credit facilities to determine whether they may incur additional debt under such facilities. For reconciliation from income before income tax to EBITDA, please refer to the company's current report on Form 8-K furnished to the SEC on May 03, 2009.