Action Performance Continues Debt-Reduction Strategy, Buys $6 Million 4 3/4% Notes Due 2005.Business & Sports Editors PHOENIX--(BUSINESS WIRE)--March 14, 2001 Action Performance Companies Inc. (the "Company") (Nasdaq:ACTN ACTN Action ACTN Acetone ), the leader in the design, marketing, promotion, and distribution of licensed motorsports merchandise, today reported an additional purchase of $6 million of its 4 3/4% convertible subordinated notes due 2005 in a continuing strategy to reduce outstanding debt. The notes were purchased at a cost of approximately $2.6 million. Since initiating its debt-reduction program, the Company has repurchased approximately $16.1 million of its notes, bringing the outstanding balance of that issue down to approximately $83.9 million. Said David Martin David Martin may refer to: Politicians
The gain on the retirement of this debt will be reflected as an extraordinary item in the Company's second-quarter results. About Action Performance 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 trackside track·side n. The area near a track, especially a racetrack. at racing events, a worldwide network of wholesale distributors and specialty dealers, QVC QVC Quality Value Convenience QVC Question Valid Command , the Racing Collectables Club of America (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 ), goracing.com, and 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 chains. This press release contains forward-looking statements regarding the Company's debt-reduction strategy and financial results. The Company's actual results could differ materially from those set forth in the forward-looking statements. Factors that might cause such differences include, among others, competitive pressures, acceptance of the Company's products and services in the marketplace, the success of new marketing programs, the Company's ability to successfully execute its restructuring, and other risks discussed in the Company's 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. dated Sept. 30, 2000, on file with the U.S. Securities and Exchange Commission. |
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