Action Performance Announces $20 Million Stock Repurchase Program.PHOENIX--(BUSINESS WIRE)--Oct. 8, 1998--Action Performance Companies Inc.(TM), (Nasdaq/NMS:ACTN ACTN Action ACTN Acetone ) Thursday announced that its board of directors has authorized a share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program that will allow the company to buy up to $20 million of its common stock. Under the terms of the program, which has no expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. , the company expects to buy shares from time to time in the open market or in privately negotiated transactions, depending on market conditions and other factors. At yesterday's closing price of $19 7/8, the repurchase program would allow the company to buy approximately 1,006,000 shares, or 6.1 percent of approximately 16,400,000 shares of common stock outstanding. Said Action Performance Chairman, President and Chief Executive Officer Fred W. Wagenhals, "This action reflects the board of directors and management's confidence in the company's strengths, strategic vision, and growth potential as well as the positive outlook for the motorsports industry. Moreover, at its current valuation, the repurchase of the company's common stock presents an attractive investment opportunity as well as an immediate accretion to earnings per share." Action Performance Companies Inc., is the leader in the design, marketing, 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 146,000-member Racing Collectables Club of America(TM) (RCCA RCCA Root Cause and Corrective Action (to prevent the recurrence of a defect by eliminating its cause) RCCA Rural Community College Alliance RCCA Roller Coaster Corporation of America RCCA Rod Cluster Control Assembly ), trackside track·side n. The area near a track, especially a racetrack. at racing events, mass retail department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , and a nationwide wholesale network of approximately 5,000 specialty dealers and distributors. The company from time to time makes forward-looking statements in its public disclosures. Important risks and uncertainties that could cause the company's results to differ materially from those contained in such forward-looking statements are detailed in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Sept. 30, 1997. |
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