Printer Friendly

ACTION PERFORMANCE ANNOUNCES $6.3 MILLION IN ORDERS WITH TEXACO AND 15 TOP NASCAR DRIVERS, AND REPORTS YEAR-END RESULTS

 TEMPE, Ariz., Jan. 14 /PRNewswire/ -- Fred Wagenhals, chief executive officer of Action Performance Companies Inc. (NASDAQ-NMS: ACTN, ACTNW) announced today that it has received orders totaling $6.3 million from Texaco and distributors licensed through Motorsports Traditions featuring 15 top drivers including Petty, Jarrett, Waltrip, Schrader, Gordon and La Bonte. Wagenhals further states that with the appointments of Harvey Turner, executive vice president and chief operating officer, and Christopher Besing, vice president and chief financial officer, he has completed his management team. The company has restructured its management, reduced overhead costs, and engaged in an aggressive new marketing program to improve its operating results. The company is completing the consolidation of its Georgia, Florida and two Arizona operations into one facility located in Tempe, and has reduced the number of employees. The company has reached an agreement in principal to sell its mini car manufacturing facility and to purchase its requirements of those vehicles from the buyer.
 Action Performance Companies Inc. further announces 1993 year-end results. Sales for 1993 -- $15,108,000 with a loss of $1,171,000, or $.41 a share vs. 1992 consolidated sales of $12,109,000 with a profit of $301,000. Most of the loss was attributable to the Mini Car Manufacturing Division which has a contract for sale pending. The company expects to purchase its cars from the new buyer eliminating the overhead and loss of the last year.
 Action Performance Companies Inc., is a marketing and promotional company engaged in manufacturing and marketing of die cast miniature replicas as motorsports and country music collectibles, souvenirs and specialty promotional items; staging turn key M-Car Grand Prix Races for charitable organizations. Through its Racing Collectibles Divisions, it now has available 39 new product molds in addition to the 14 molds it acquired. The line is considered the broadest and highest quality available. In addition, the company has a collectable club that totals over 29,000 members.
 -0- 1/14/93
 /CONTACT: Allan Kern of AMA Financial, 602-443-9200/
 (ACTN ACTNW)


CO: Action Performance Companies Inc. ST: Arizona IN: AUT SU: ERN CON PER

EH-JB -- LA006 -- 1180 01/14/94 10:48 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 14, 1994
Words:357
Previous Article:ATRIX LABORATORIES ANNOUNCES YEAR END RESULTS
Next Article:MARINO NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF APPLIED BIOMETRICS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters