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ACTION SAYS IT WON'T GO RACING JUST YET; EARNINGS ALSO DOWN

          AZ-based Action Performance announced Friday that its
     first-quarter earnings estimates will "fall short of
     expectations because of further delays in starting a
     promotional program," according to Peter Corbett of the
     ARIZONA REPUBLIC.  The company estimates that revenue for
     the quarter ending December 31 will be $65-70M, "excluding
     the effect of one-time charges" of $2M, and that earnings
     per share of $.07-.10 will "fall short" of the $.23 forecast
     by analysts.  Action is also "indefinitely postponing" an
     IPO of goracing.com, its Internet subsidiary (AZ REPUBLIC,
     12/18).  THE STREET.com's Herb Greenberg wrote that the IPO
     of goracing was "considered a crucial part of the company's
     story" (THE STREET.com, 12/17). The SPORTSBUSINESS JOURNAL's
     Andy Bernstein reports that four senior Action execs "were
     dismissed last week" with the earnings announcement.  CMO
     Howard Jacobs, VP/Corporate Communications Scott Williamson
     and VP/Business Development Mike Bartelli were dismissed,
     while the name of the fourth was "not available."  CEO Fred
     Wagenhals will "assume primary marketing responsibilities"
     (SPORTSBUSINESS JOURNAL, 12/20 issue).

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