Action Performance Announces 1999 Fourth Quarter and Year End Results
PHOENIX--(BUSINESS WIRE)--Nov. 16, 1999--Action Performance Companies, Inc. (Nasdaq:ACTN - news) today announced operating results for its fiscal fourth quarter and year ended Sept. 30, 1999.
For the fiscal fourth quarter, sales grew 14.4 percent to a record $90.4 million from $79.0 million for the comparable quarter of 1998.
Net income for the period was $8.0 million, or $0.46 per diluted share, excluding non-recurring pretax charges of $3.6 million for the settlement of litigation and $800,000 of expenses related to a change in accounting treatment of an acquisition from the pooling-of-interest method to the purchase method. As reported, net income and earnings per diluted share were $5.4 million and $0.31, respectively.
For fiscal 1999, the Company posted record sales of $342.4 million, an increase of 36 percent from sales of $251.9 million in fiscal 1998. Excluding the effects of non-recurring charges of $4.4 million in 1999 and $950,000 in 1998, net income increased 23 percent to $31.0 million, or $1.78 per diluted share, from $25.2 million, or $1.51 per diluted share for fiscal 1998.
''We continue to set new sales records quarter after quarter, capitalizing on the strength of our marketing assets, product innovation, and distribution channels,'' said Fred W. Wagenhals, Action chairman, president and CEO. ''With the announcement of new TV deals for motorsports, our industry will continue to grow, creating even more demand for our products and services.''
''As we move into fiscal 2000, our objective is to fine-tune our operations to continue to exceed our customers' expectations,'' Wagenhals added. ''We remain committed to delivering the highest quality marketing programs, products and services in a coordinated, timely manner such that each opportunity is maximized for the consumer and our Company.''
Action Performance Companies, Inc. is the leader in the design, marketing, promotion and distribution of licensed motorsports merchandise. Its products include a broad range of motorsports-related die-cast car replica collectibles, apparel, souvenirs, and other memorabilia.
The Company markets and distributes products through a variety of channels, including the 170,000-member Racing Collectables Club of America (RCCA), online through SpeedMall at goracing.com, trackside at racing events, mass retail department stores, and a worldwide network of wholesale distributors and specialty dealers.
Action Performance recently was ranked number 24 on both Fortune magazine's list of ''100 Fastest Growing Companies'' (September 1999) and Forbes magazine's list of ''200 Best Small Companies'' (November 1999).
The Company from time to time makes forward-looking statements in its public disclosures; including statements regarding sales and earnings growth, expectations regarding the continued popularity of motorsports and growth in the market for licensed motorsports merchandise. Important risks and uncertainties that could cause the Company's results to differ materially from those contained in such forward-looking statements are detailed in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-KA for the year ended Sept. 30, 1998. |
