SBJ/June 18 - 24, 2001/Special Report
Action Performance Companies, Inc.
Published June 18, 2001
Action Performance Companies Inc.
Action Performance hit the wall last year, as the downturn in the collectibles markets hammered its earnings, and in turn its stock, which fell to as low at $2.25.
Once a high flier that mirrored the booming NASCAR, Action Performance appeared for a while that it might not even walk away from the crash that left it with a $75 million loss last year. But like an engine roaring back to life, the stock has sizzled recently and has climbed into the $20s, in part because of a resurgence in NASCAR collectibles.
In a way, Action's performance can be viewed as a proxy for the privately held NASCAR. When the sport struggles, Action gets a cold. If people aren't watching or attending events, they aren't buying replica race cars. And when the sport booms, as it is again today with sky-high TV ratings, business is good for Action.
CEO: Fred Wagenhals
Price as of June 11: $22.60
52-week price range: $2.25-$23.45
IPO date: June 19, 1997
IPO price: $25.63
Underwriters: Banc of America Securities; Advest Inc.; Wachovia Securities
IPO performance: Down 11.8%
Shares outstanding: 16 million
Inside ownership: 2,425,034 shares (15.2%)
No. of employees: 519
Board of directors:
Fred W. Wagenhals — Founded company and is chairman of the board, president and CEO. (Owns 2,099,599 shares, or 13%)
R. David Martin Jr. — Martin has been CFO since August. (Owns 2,414 shares)
Melody L. Volosin — Volosin is executive vice president of sales. (Owns 46,225 shares)
John S. Bickford Sr. — Bickford has been executive vice president of strategic alliances since July 1997. (Owns 62,431 shares)
Paul G. Lang — Lang is managing director of MiniChamps, GmbH. (Owns no shares)
Jack M. Lloyd — Lloyd was president and CEO of Phoenix Restaurant Group Inc. until September. (Owns 40,000 shares)
Robert H. Manschot — Manschot is managing director of Manschot Investment Group LLC and chairman of Silicon Entertainment Inc. (Owns no shares)
Edward J. Bauman — Bauman is the former owner of Richmond International Raceway. (Owns 28,000 shares)
Melody L. Volosin, executive vice president, sales (2000 salary: $165,000; bonus: $30,000; other compensation: $3,800; options: 143,726)
John S. Bickford Sr., executive vice president (2000 salary: $194,125; bonus: $10,000; other compensation: $1,407; options: 75,000)
Tod J. Wagenhals (resigned Aug. 1), executive vice president and secretary (2000 salary: $195,250; bonus: $100,000; other compensation: $1,100; options: 144,700)
Christopher S. Besing, vice president, chief financial officer ($146,395; bonus: 0; other compensation: 0; options: 0)
Largest outside shareholder:
Strong Capital Management Inc. — 2,347,089 (14.7%)