Scott,
Maybe Action wanted things to look better on a comparable basis. Certainly, they hoped no investor did the math on this quarter's release.
This is last year's release (note the second paragraph):
ACTION PERFORMANCE ANNOUNCES RECORD
7/29/97 6:45
Results Before One-Time Charge for Fiscal 1997 Third Quarter
Business Editors
TEMPE, Ariz.--(BUSINESS WIRE)--July 29, 1997--Action Performance
Cos. Inc. (Nasdaq/NM:ACTN) Tuesday announced that the company
attained record sales and earnings (before one-time charges
associated with the settlement and legal fees related to its Action
Products Inc. litigation, hereafter termed "API settlement
charges") during the fiscal 1997 third quarter and nine-month period
ended June 30, 1997.
For the quarter, sales rose to a record $39.6 million from
$12.3 million for the comparable quarter in fiscal 1996. Net income,
excluding API settlement charges, more than doubled in the period to
$4.3 million, or 30 cents per fully diluted share, compared with net
income of $1.8 million, or 14 cents per share, for the fiscal third
quarter of a year ago.
Including the previously announced one-time charge of $4.9 million
for the API settlement agreement reached in June, as well as the
associated legal fees totalling $0.5 million for that litigation, net
income for the third quarter was $1.1 million, or 8 cents per share.
For the fiscal 1997 nine-month period, sales advanced to
$83.1 million from $30.1 million during the comparable period in
fiscal 1996. Net income for the period, excluding API settlement
charges, climbed to $8.3 million, or 59 cents per fully diluted share,
from $3.8 million, or 29 cents per share, during the comparable
nine-month period of fiscal 1996.
Including the API settlement, net income for the nine-month period
was $5.1 million, or 36 cents per fully diluted share. Commenting on
the results, Fred W. Wagenhals, chairman, president and chief
executive officer of Action Performance stated, "We had a great
quarter.
"With the NASCAR season in full swing, revenues from die-cast
collectibles and apparel sales showed strong growth, while the
membership in our Collectables Club of America increased to 95,000.
We continue to realize cost efficiencies from acquisitions and look
forward to added revenues and operational cost benefits as we
integrate our most recent acquisitions, Robert Yates Promotions
Inc. and Image Works Inc., respectively."
Action Performance Cos. Inc. is a leader in the design,
marketing and distribution of licensed motorsports collectible and
consumer merchandise. Its products include die-cast scale replicas
of motorsports vehicles, apparel (including T-shirts, hats and
jackets), related souvenirs and other memorabilia.
The company markets its products directly through the
95,000-member Racing Collectables Club of America, trackside at
racing events, and through a select retail network of approximately
5,000 specialty dealers.
-0-
*T
Action Performance Cos. Inc.
Financial Highlights
Three Months Ended Nine Months Ended
June 30, 1997 1996 1997 1996
Sales $ 39,631,501 $ 12,282,627 $ 83,109,179 $30,054,859
Gross profit 14,683,866 5,424,382 31,859,890 12,612,852
Non-recurring
charge for
litigation
settlement (5,400,000) -- (5,400,000) --
Net income $ 1,098,026 $ 1,776,692 $ 5,103,191 $ 3,794,364
Earnings per
fully diluted
share $ 0.08 $ 0.14 $ 0.36 $ 0.29
Weighted average
number of fully
diluted shares
outstanding 14,430,317 13,150,125 14,033,328 13,053,925
*T
--30--EW/la* RPL/la
CONTACT: Action Performance Cos. Inc., Tempe
Christopher Besing, 602/517-3703
Fred W. Wagenhals, 602/517-3710
or
Silverman Heller Associates
Eugene Heller/Glenn Schoenfeld, 310/208-2550
KEYWORD: ARIZONA
INDUSTRY KEYWORD: SPORTS EARNINGS
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
-0- (BW ) Jul/29/97 06:30
EOS (BUS) Jul/29/97 06:30 86 |
