Action Performance Companies to Increase Authorized Shares

    PHOENIX--May 29, 2002--Action Performance Companies, Inc. (Company) , the leader in the design, marketing, promotion, and distribution of licensed motorsports merchandise, today announced shareholder approval to increase the number of authorized common shares.
    In a special meeting on May 28, 2002, shareholders approved a proposal to increase the number of authorized common shares from 25.0 million shares to 62.5 million shares. The Company's board of directors intends to consider a stock split at a future board meeting.

    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.

    This press release contains forward-looking statements regarding future consideration of a stock split and board meeting. The Company's actual results could differ materially from those set forth in these forward-looking statements. Factors that might cause such differences include, among others, completion of the stock split, the ability of the Company to successfully execute its business plan, 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 agreements with other parties, and other risks discussed in the Company's Form 10-K, dated September 30, 2001, on file with the U.S. Securities and Exchange Commission.