Action Performance Companies Inc (892147) SEC Filing 10-K Annual report for the fiscal year ending Thursday, September 30, 2004

EXHIBIT 99.1

ACTION PERFORMANCE REPORTS FISCAL FOURTH QUARTER

AND FISCAL YEAR 2004 FINANCIAL RESULTS

     PHOENIX — November 15, 2004 — Action Performance Companies, Inc. (NYSE: ATN), the leader in the design, marketing, promotion and distribution of licensed motorsports merchandise, today reported financial results for the fourth quarter and fiscal year ended September 30, 2004.

     Action also announced the company’s board elected one of its independent members, Herbert M. Baum, to serve as lead director.

     The company reported revenues of $97.4 million for the fourth quarter, a decline of $8.5 million, or 8.0%, from revenues of $105.8 million for the same period last year. Revenues for the fourth quarter included $12.0 million from Funline, which was acquired in September of 2003 and contributed $0.5 million in the prior year quarter. Excluding the impact of the Funline acquisition, revenues were down $20.0 million, or 19.0% from the same period last year.

     For the quarter, the company had a net loss of $2.9 million, or $0.16 per share (fully diluted), which was down from income of $2.7 million, or $0.15 per share (fully diluted) for the fourth quarter of 2003.

     Included in the results for the fourth quarter of 2004 was a $4.0 million (pre-tax) expense for a reserve for distributor accounts receivable, a $2.2 million (pre-tax) expense to write inventory and accounts receivable for the Jeff Hamilton business down to estimated net realizable value, and an $0.8 million (pre-tax) expense for settlement of litigation with New Hampshire International Speedway. Action looks forward to continuing its relationship with the New Hampshire track during the 2005 race season.

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