Action Performance Announces Record Results for Fiscal 1999 Second Quarter and Six-month Periods
PHOENIX--(BUSINESS WIRE)--April 27, 1999--Action Performance Companies, Inc. (Nasdaq/NMS:ACTN - news) today announced record sales and earnings for its fiscal 1999 second quarter and first six months ended March 31, 1999.
For the fiscal second quarter, sales grew 48% to a record $78.9 million from $53.2 million for the comparable quarter of fiscal 1998. Net income for the period rose approximately 41% to $6.5 million, or $0.38 per share (diluted), compared with net income of $4.6 million, or $0.28 per share (diluted), for the second quarter a year ago. The results for the second quarter of fiscal 1998 exclude a one-time charge of $950,000 for the settlement of litigation.
For the fiscal 1999 six-month period, sales advanced to $150.5 million from $96.1 million during the comparable period of fiscal 1998. Net income for the period reached $11.4 million, or $0.67 per share (diluted), compared to $8.3 million, or $0.50 per share (diluted), for the first six-months of fiscal 1998. The results for the first six months of fiscal 1998 exclude a one-time charge of $950,000.
Said Fred W. Wagenhals, Action chairman, president and CEO, ''We are extremely pleased with our results for the second quarter. For the first two consecutive quarters of fiscal 1999, we posted record earnings per share and generated cash flows from operations that exceeded our net income. Contributing to these results were stronger than expected Internet orders and sales of Formula One die-cast replicas in Europe. The outlook for the third and fourth quarters of fiscal 1999 also is very positive with special programs like Superman Racing and other programs that will be announced in the near future.''
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 165,000-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.
This press release contains forward-looking statements. The Company's actual results could differ materially from those set forth in the forward-looking statements. Factors that might cause such a difference include, among others, competitive pressures, the Company's ability to successfully implement e-commerce initiatives, constantly changing technology, acceptance of Action's products and services in the marketplace and other risks detailed in the Company's Securities and Exchange Commission filings, including the Company's Form 10-K/A dated Sept. 30, 1998. |
