The company currently owns trademark's Stinger Wakeboards, Mutiny, Edge Snow-boards and Daikka.
Said Actions Sports International chairman, Lambert Vander Tuig: " Due to the sensitivity of negotiations we cannot disclose all the details yet, however, once this acquisition takes place, we will meet or exceed our $12million in gross sales financial projections for fiscal year 200O. This is an exciting move for us because we will be marketing products for one of the fastest growing sports around, with over 6.3million participants in 1998."
In another move with implications for the "free' sports market, K2, a leading designer, manufacturer and marketer of brand name sporting goods and other recreational and industrial products, announced that its board of directors had elected to discontinue quarterly dividends to help fund possible acquisitions.
K2 president and CEO, Richard M. Rodstein said: "While there is no assurance that the company will be able to negotiate one or more acquisitions on acceptable terms, the board of directors determined that it was prudent to redirect cash resources... in order to respond to opportunities for growth in its core business." K2 brands include Olin alpine skis, K2 snow boards, boots and bindings, K2 in-line skates, Shakespeare fishing tackle and K2 bikes.
Sales from continuing operations for the quarter rose to $163.1 million from $151million last year.
