Action Performance Reiterates Third-Quarter Guidance - TheStreet

Motorsports collectibles manufacturer

Action Performance


said on Monday that its third-quarter revenue would be in line with its previous guidance.

The company said that, "based on preliminary financial information," it believes revenue will equal or exceed its prior forecast of $106 million to $107 million. Analysts polled by Thomson Financial/First Call are looking for $107 million.

Action Performance added that the California Highway Patrol has made arrests in relation to the recent theft of about $900,000 of die cast collectibles. Action said that its casualty/theft insurance reimbursements will cover production costs of the stolen merchandise, and it now expects revenue from the stolen goods to be recorded in the fourth quarter.

Originally, Action expected to record these sales in the current quarter.

Shares of Action Performance Companies closed at $26.54 Friday before the news.