Scott,
I love NASCAR too and have several of the ACTN collectibles.
Good reports were out today - they beat estimates. I can't
understand why the stock went down over 3 points today.
They also have announced some good news lately - new Elvis
paint scheme, etc. See the following report out today
(just wish I had money to buy some more!!)
Deanne
Action Performance Reports Record Sales and Earnings for
Fiscal 1998 First Quarter
BusinessWire, Tuesday, January 27, 1998 at 06:47
PHOENIX--(BUSINESS WIRE)--Jan. 27, 1998--Action Performance
Cos. Inc. (Nasdaq/NM:ACTN) Tuesday announced record sales and earnings
for its fiscal 1998 first quarter ended Dec. 31, 1997.
For the fiscal first quarter, sales grew nearly threefold to a
record $42.9 million from $15.2 million for the comparable quarter of
fiscal 1997. Net income for the period rose approximately 131% to $3.7
million, or to $0.22 per share (diluted), compared with net income of
$1.6 million, or $0.12 per share (diluted), in the first quarter a
year ago.
Said Fred W. Wagenhals, Action chairman, president and chief
executive officer, "We are extremely pleased with our record first-
quarter results. One of the many benefits of our acquisitions has been
the year-round appeal to race fans gained from adding licensed
apparel and souvenir product lines along with wider channels of
distribution.
"Today, our diversified product lines, marketing and distribution
capabilities give us a more balanced revenue stream from quarter to
quarter.
"Moving into the second quarter, the outlook for the year is
extremely positive. NASCAR's 50th anniversary racing season begins in
February and will present outstanding new merchandising opportunities
during the year. NASCAR race events are expected to set new records
for attendance, television ratings and licensed merchandise sales in
1998.
"We already have developed a number of commemorative lines of
merchandise and special programs to capture growth opportunities."
As an official licensee for NASCAR's 50th anniversary celebration
program, Action is participating in the NASCAR first-quarter salute to
"Legends" by teaming with Elvis Presley Enterprises (EPE) to create a
yearlong motorsports Elvis-themed merchandising promotion.
Action and EPE also entered into a business alliance in which the
two companies will cooperate on future cross-promotion merchandising
programs. The companies recently unveiled Action-designed,
Elvis-themed NASCAR and NHRA race car paint schemes, scheduled to be
driven by Rusty Wallace on March 1 in the NASCAR Las Vegas 400, and by
John Force on March 8 in the NHRA 29th Annual Mac Tools Gatornationals
race in Gainesville, Fla., respectively.
Force's car, with its Elvis paint scheme, also will run in a
second race on Oct. 11 during the 11th Annual Pennzoil Nationals in
Memphis, Tenn.
Action apparel, souvenir and die-cast collectible merchandise
related to the Elvis-motorsports promotion will be available through
Action's motorsports and mass retail distribution channels, as well as
through EPE channels at Graceland and the Elvis Presley mail order
catalog.
Action Performance Cos. is the leader in the design,
marketing and distribution of licensed motorsports merchandise. Its
products include a broad range of motorsports-related apparel,
souvenirs, die-cast car replica collectibles and other memorabilia.
The company markets and distributes products through a variety of
channels, including the 108,000-member Racing Collectables Club of
America (RCCA), trackside at racing events, mass retail department
stores, and a nationwide wholesale network of approximately 5,000
specialty dealers and distributors.
The statements in this news release regarding sales and earnings
growth, expectations regarding the continued popularity of motorsports
and growth in the market for licensed motorsports merchandise, market
acceptance of new product lines and programs, and achievement of a
more balanced revenue stream associated with acquisitions are forward-
looking statements. These forward-looking statements involve risks and
uncertainties, many of which are beyond the company's control,
including the rate and amount of actual growth in the motorsports
merchandise markets, the popularity and market acceptance of new
products introduced by the company or its competitors, and general
economic conditions. Other risks and uncertainties are detailed in the
company's Securities and Exchange Commission filings. Actual results
may differ materially from the expectations expressed in this release.
*T
ACTION PERFORMANCE COS. INC.
Summary Consolidated Statements of Operations
(In thousands, except per-share data)
Three Months Ended
Dec. 31,
1997 1996
Sales:
Collectibles $ 19,925 $ 9,872
Apparel and souvenirs 21,390 5,212
Promotional 1,014 50
Other 589 41
Net sales 42,918 15,175
Cost of sales 27,862 8,780
Gross profit 15,056 6,395
Operating expenses:
Selling, general & administrative expenses 8,200 3,398
Amortization of goodwill and other intangibles 481 154
Total operating expenses 8,681 3,552
Income from operations 6,375 2,843
Other income (expense):
Interest income and other, net 292 72
Interest expense (574) (302)
Total other income (expense) (282) (230)
Income before provision for income taxes 6,093 2,613
Provision for income taxes (2,437) (1,045)
Net Income $ 3,656 $ 1,568
Net income per common share
Basic $0.23 $0.12
Diluted $0.22 $0.12
Weighted average shares outstanding
Basic 15,959 12,903
Diluted 16,534 13,464
*T
CONTACT: Action Performance Cos. Inc., Phoenix
Fred Wagenhals, 602/337-3710
Christopher Besing, 602/337-3703
or
Silverman Heller Associates, Los Angeles
Eugene G. Heller or Glenn Schoenfeld, 310/208-2550
KEYWORD: ARIZONA NEVADA FLORIDA TENNESSEE
INDUSTRY KEYWORD: AUTOMOTIVE SPORTS ENTERTAINMENT EARNINGS
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Companies or Securities discussed in this article:
Symbol Name
NASDAQ:ACTN Action Performance Cos |
