Park-Ohio Holdings Corp. (NASDAQ: PKOH) today announced results for its third quarter and nine months ended September 30, 2013.
THIRD QUARTER RESULTS
Net sales were $303.5 million for the third quarter of 2013, an increase of $18.3 million, or 6.4%, from net sales of $285.2 million for the third quarter of 2012. ParkOhio reported net income attributable to ParkOhio common shareholders of $12.2 million, or $0.99 per diluted share, for the third quarter of 2013, which included: income of $3.7 million, or $0.30 per diluted share, from discontinued operations, net of taxes; $0.6 million, or $0.03 per diluted share, pre-tax gain on acquisition of business; and the impact of a $5.2 million, or $0.27 per diluted share, pre-tax litigation judgment; and excluded $0.2 million, or $0.02 per diluted share, of net income attributable to noncontrolling interest. This compares to net income attributable to ParkOhio common shareholders of $10.7 million, or $0.88 per diluted share, for the third quarter of 2012, which included the impact of the net loss of $0.7 million, or $0.06 per diluted share, from discontinued operations, net of taxes.
During the third quarter of 2013, earnings, as adjusted was $11.4 million, or $0.93 per diluted share. This compares to earnings, as adjusted of $11.4 million, or $0.94 per diluted share, for the third quarter of 2012. Earnings, as adjusted reflects earnings from continuing operations attributable to ParkOhio common shareholders before the gain on acquisition of business and litigation judgment and settlement costs. In addition, EBITDA, as defined was $29.5 million during the third quarter of 2013 and compares to EBITDA, as defined of $27.8 million during the third quarter of 2012.On September 3, 2013, we sold all of the outstanding equity interests of a non-core business unit in the Supply Technologies Segment for $8.5 million in cash, which resulted in a net gain, after tax of approximately $4.0 million for the three and nine month periods ended September 30, 2013. The business unit sold is a provider of high-quality machine to machine information technology solutions, products and services. Beginning with our three and nine month periods ended September 30, 2013, the results of this business unit are reported in our financial statements as discontinued operations and prior periods are adjusted to reflect the discontinued operations.
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