Action Performance Companies Proposes Increase in Authorized Shares

Board to Consider Stock Split PHOENIX, Ariz.--April 5, 2002--Action Performance Companies, Inc. (Company) , the leader in the design, marketing, promotion, and distribution of licensed motorsports merchandise, today filed a preliminary proxy statement for a special meeting of shareholders to consider an increase in the number of authorized common shares to enable its board of directors to consider a stock split.

In the proxy to be mailed to Action Performance shareholders of record as of April 30, 2002, Action's board of directors recommends shareholders approve a proposal to increase the number of authorized common shares from 25.0 million shares to 62.5 million shares. The proxy indicates that the board will consider a stock split in the form of a stock dividend if shareholders approve the proposal. A special meeting to determine the outcome for the proposal is scheduled for Tuesday, May 28, 2002, at the Company's corporate headquarters in Phoenix, Arizona.

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 sales and distribution channels, including QVC, the Racing Collectables Club of America (RCCA), goracing.com, trackside at racing events, mass retail department stores, and a worldwide network of wholesale distributors and specialty dealers.