Under the new licensing agreement, Action Performance has exclusive rights to produce products depicting Craven and his No. 32 Tide 2004 Chevrolet Monte Carlo stock car, including die-cast race car replicas, apparel and other merchandise for the collector and mass retail marketplace. Since January 2001, Craven has been driving the No. 32 Tide stock car for PPI Motorsports and team owner Cal Wells.

The new agreement allows Action Performance to maintain and enhance its impressive license portfolio with another popular driver from the NASCAR(R) racing circuit. The alliance also readily adheres to Action's overall business model, which has grown exponentially along with the popular racing series.

In 2003, Craven won one of the tightest races in NASCAR(R) history when he battled driver Kurt Busch during the spring 400-mile event at Darlington Raceway. The pair bumped fenders along Darlington's frontstretch toward the checked flag, where Craven edged Busch by mere inches. Since he began racing for PPI Motorsports, Craven has earned two victories, three pole awards, 10 top-five and 24 top-10 finishes on NASCAR(R)'s premier circuit. He began racing in NASCAR(R)'s Winston Cup series in 1995 and collected Rookie of the Year honors that season. In 2004, Craven will debut the No. 32 Tide Chevrolet Monte Carlo during the Daytona 500 race on February 15 at Daytona International Speedway.

"Ricky Craven is a talented driver who has built his fan base since his days racing at Unity Raceway in his native Maine and on the NASCAR(R) North Series," said Fred Wagenhals, Action Performance's chairman, president and CEO. "I am pleased that this new licensing agreement with Hawk Sports Management will allow Action to showcase Ricky Craven and the No. 32 Tide team among our roster of exclusive drivers and racing teams."

About Action Performance Companies:

Action Performance Companies Inc. (NYSE: ATN) is the leader in the design, promotion, marketing and distribution of licensed motorsports merchandise. The Company's products include a broad range of motorsports-related die-cast replica collectibles, apparel, souvenirs and other sports-inspired memorabilia. Action Performance markets and distributes products through a variety of channels including the Action Racing Collectables network of wholesale distributors, the Racing Collectables Club of America, QVC, goracing.com, trackside at racing events, direct corporate promotions, mass retail and department stores, specialty dealers and select online retailers. For more information about Action Performance and its many subsidiaries, please visit the company's corporate Web site at www.action-performance.com.