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Chief Financial Officer
Action Performance Companies
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 companys 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.
The following information was filed by Action Performance Companies Inc on Tuesday, November 16, 2004 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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