Action Performance Reaffirms 2001, 2002 Guidance
PHOENIX--Sept. 21, 2001--Action Performance Companies Inc. (Company) , the leader in the design, marketing, promotion, and distribution of licensed motorsports merchandise, today reaffirmed previous guidance for fourth quarter and fiscal 2001, ending Sept. 30, 2001, and for fiscal 2002.David Martin, Action Performance CFO, stated: "We are quite comfortable with analysts' estimates of Action's fiscal fourth-quarter and 2001 revenues and earnings. Despite the many negative effects of last week's tragedy being predicted for certain business sectors, our distributors are seeing continuing strong product demand.
"In fact, we have been informed that many are expecting uninterrupted growth over the next several quarters into fiscal 2002. As a result, we believe we will achieve or exceed our sales objectives for fiscal 2001. Based on current trends, we are also confident we can meet analyst expectations for fiscal 2002."
Martin also said that selling in Action Performance shares may be attributed to stock market conditions: "Apart from last Tuesday's horrible tragedy and its effects on the stock market in general, we know of no reasons to account for the recent activity in the Company's stock."