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Non-Tech : Action Performance....ACTN -- Ignore unavailable to you. Want to Upgrade?

To: CMon who wrote (204)	6/24/1999 1:26:00 PM
From: JakeStraw	Read Replies (1) \| Respond to of 278

Action Performance Announces Plans for Initial Public Offering of goracing.com Subsidiary PHOENIX--(BUSINESS WIRE)--June 24, 1999--Action Performance Companies, Inc. (Nasdaq:ACTN - news) today announced that its goracing.com, inc. subsidiary plans to file a registration statement with the Securities and Exchange Commission for an initial public offering of its common stock. Our goracing.com network is an online provider of worldwide motorsports-related news and information, a meeting place and community for motorsports fans, and an e-commerce marketplace for motorsports merchandise. goracing.com, inc. plans to use the proceeds from the offering to promote the goracing network and expand sales and marketing activities; to add online content, community features, and e-commerce opportunities on the goracing network; to hire management and other personnel; to enhance network technology, software, and basic infrastructure; to expand internationally; and to pursue strategic relationships and acquisitions. The Company will continue to own more than 80% of the shares of goracing.com, inc. after the offering. The filing is anticipated in early July. The Company is making this announcement in response to investor inquiries. The Company made a strategic decision during the current quarter to increase and accelerate the pace of its investment in its Internet operations, including enhancing the goracing network, building its brand awareness, and expanding its business. The Company expects these costs to impact earnings by approximately $1.1 million, or $.06 per share, during the current quarter ending June 30. Apart from the impact of Internet-related expenditures, the Company anticipates its earnings will be in line with expectations. Fred W. Wagenhals, the Company's Chief Executive Officer, stated, ''We are very pleased with the progress of our Internet business. In addition, we continue to see strong revenue growth across all product lines and in all distribution channels, including mass market sales in association with Hasbro.'' The goracing.com, inc. offering will be made only by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. 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, acceptance of the Company's products and services in the marketplace, the Company's ability to implement successfully its Internet strategy, the Company's ability to integrate successfully acquired businesses, and other risks detailed in the Company's Securities and Exchange Commission filings, including the Company's Form 10-K/A dated September 30, 1998. ------------------------------------------------------------------------ Contact: Action Performance Companies, Inc. Christopher Besing, 602/337-3703 (CFO) or Fred Wagenhals, 602/337-3710 (Chairman, President & CEO) or Victoria Welch, 602/337-3702 (Dir. of Communications)

To: CMon who wrote (204)	7/27/1999 8:25:00 AM
From: JakeStraw	Read Replies (1) \| Respond to of 278

Action Performance Announces Record Results for Its Fiscal 1999 Third Quarter and Nine-month Period PHOENIX--(BUSINESS WIRE0--July 27, 1999--Action Performance Companies, Inc. (Nasdaq:ACTN - news), today announced record sales and earnings for its fiscal 1999 third quarter and nine-months ended June 30, 1999. For the fiscal third quarter, sales grew 32% to a record $101.5 million from $76.8 million for the comparable quarter of fiscal 1998. Net income for the third quarter of fiscal 1999 was $12.7 million, or $0.70 per share, excluding the dilutive impact of the company's Internet business of approximately $0.06 per share, compared to net income for the third quarter of fiscal 1998 of $8.5 million, or $0.50 per share. For the fiscal 1999 nine-month period, sales advanced 46% to $252.0 million from $172.9 million during the comparable period of fiscal 1998. Net income for the period reached $23.1 million, or $1.33 per share, compared to $16.8 million, or $1.01 per share, for first nine-months of fiscal 1998. Net income and earnings per share for the nine-month period of 1998 exclude the effects of legal settlement charges of $950,000. The company's convertible subordinated notes were anti-dilutive for the 1998 nine-month period. Said Fred Wagenhals, Action chairman, president and CEO, ''We are extremely pleased with our operating results for the third quarter. We continue to see momentum in the sport and strong demand for the Company's products. Our domestic trackside operations grew more than 20% over the same period of 1998 on a same-race-basis, and in Europe, our first outing at the British Grand Prix, we generated over $1.0 million in product sales and rights fees at the track. ''During the quarter we completed a number of successful programs including Star Wars, Wrangler and Superman, all capitalizing on the strength of our marketing assets. We expect to continue to increase our share of the growing domestic market for motorsports consumer products and expand our revenue base by leveraging our expertise against the untapped market for European motorsports.'' 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 167,000-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.