ACTION PERFORMANCE COMPANIES INC
SC 13D/A, 1998-03-04
MISC DURABLE GOODS
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13D


                    Under the Securities Exchange Act of 1934
                               (Amendment No. 3)*

                       Action Performance Companies, Inc.
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   004933 10 7
                   ------------------------------------------
                                 (CUSIP Number)


        Fred W. Wagenhals, 4707 E. Baseline Road, Phoenix, Arizona 85040
- --------------------------------------------------------------------------------
                  (Name, Address and Telephone Number of Person
               Authorized to Receive Notices and Communications)

                                February 10, 1998
                   ------------------------------------------
             (Date of Event which Requires Filing of this Statement)

If the filing person has previously  filed a statement on Schedule 13G to report
the  acquisition  which is the subject of this  Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.

Note: Six copies of this statement, including all exhibits, should be filed with
the  Commission.  See Rule  13d-1(a) for other  parties to whom copies are to be
sent.

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for  any  subsequent   amendment   containing   information  which  would  alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).
<PAGE>
                                  SCHEDULE 13D

- ---------------------                                      ---------------------
CUSIP NO. 004933 10 7                                        Page 2 of 4 Pages
          -----------                                                         
- ---------------------                                      ---------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1         NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

          Fred W. Wagenhals
- --------------------------------------------------------------------------------
2         CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*              (a) |_|
                                                                         (b) |_|
- --------------------------------------------------------------------------------
3         SEC USE ONLY

- --------------------------------------------------------------------------------
4         SOURCE OF FUNDS*

          PF
- --------------------------------------------------------------------------------
5         CHECK BOX IF DISCLOSURE OF LEGAL  PROCEEDINGS IS REQUIRED  PURSUANT TO
          ITEMS 2(d) OR 2(e)                                                 |_|

- --------------------------------------------------------------------------------
6         CITIZENSHIP OR PLACE OF ORGANIZATION

          U.S.A.
================================================================================
                           7         SOLE VOTING POWER

                                     2,194,933
        NUMBER OF        -------------------------------------------------------
         SHARES            8         SHARED VOTING POWER                        
      BENEFICIALLY                                                              
        OWNED BY                     -0-                                        
          EACH           -------------------------------------------------------
        REPORTING          9         SOLE DISPOSITIVE POWER                     
         PERSON                                                                 
          WITH                       2,194,933                                  
                         -------------------------------------------------------
                           10        SHARED DISPOSITIVE POWER                   
                                                                                
                                     -0-                                        
================================================================================
11        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

          2,194,933
- --------------------------------------------------------------------------------
12        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
                                                                             |_|

- --------------------------------------------------------------------------------
13        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

          13.3%
- --------------------------------------------------------------------------------
14        TYPE OF REPORTING PERSON*

          IN
- --------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
          INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
      (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
- ---------------------                                    -----------------------
CUSIP NO. 004933 10 7                                        Page 3 of 4 Pages
          -----------
- ---------------------                                    -----------------------


Item 1.  Security and Issuer

         This  Amendment No. 3 to Schedule 13D relates to the Common Stock,  par
value $.01 per share (the "Common Stock") of Action Performance Companies,  Inc.
(the "Issuer").  The Issuer's principal executive offices are located at 4707 E.
Baseline Road, Phoenix, Arizona 85040.

Item 5.  Interest in Securities of the Issuer

         (a) The Reporting  Person  beneficially  owns an aggregate of 2,194,933
shares, representing 13.3% of the Issuer's outstanding Common Stock.

         (b)                                       Number                Percent
                                                  of Shares             of Class
                                                  ---------             --------
         Sole Power to Vote Securities:           2,194,933              13.3%
         Shared Power to Vote Securities:                 0               0.0
         Sole Power to Dispose of Securities:     2,194,933              13.3%
         Shared Power to Dispose of Securities:           0               0.0

                  The number of shares and percentage shown includes (i) 290,000
         shares  issuable  upon exercise of  outstanding  stock options that are
         vested  and  exercisable  as of the  date of this  Amendment  No.  3 to
         Schedule 13D and (ii) 5,333 shares  issuable  upon  exercise of options
         that will  vest and  become  exercisable  within 60 days of the date of
         this  Amendment  No. 3 to Schedule  13D,  but does not  include  40,667
         shares issuable upon exercise of outstanding stock options that are not
         exercisable  within  60 days of the  date of this  Amendment  No.  3 to
         Schedule 13D.

         (c) On January  29,  1998,  the Issuer  granted  the  Reporting  Person
         options to acquire  30,000 shares of Common Stock at an exercise  price
         of  $30.75  per  share.  One-third  of such  options  vest  and  become
         exercisable on each of the first,  second,  and third  anniversaries of
         the date of grant.

                  On February 10, 1998,  the Reporting  Person sold an aggregate
         of  200,000  shares of Common  Stock at a price of  $35.1875  per share
         pursuant to Rule 144 under the Securities Act of 1933, as amended.  The
         Reporting  Person made no other  transactions  in the  Issuer's  Common
         Stock  during  the 60 days  prior  to and  including  the  date of this
         Amendment No. 3 to Schedule 13D.

         (d)      Not applicable.

         (e)      Not applicable.
<PAGE>
- ---------------------                                    -----------------------
CUSIP NO. 004933 10 7                                        Page 4 of 4 Pages
          -----------
- ---------------------                                    -----------------------

Signature

         After reasonable  inquiry and to the best of my knowledge and belief, I
certify that the information  set forth in this statement is true,  complete and
correct.


         March 2, 1998                       /s/ Fred W. Wagenhals
         -------------             ---------------------------------------------
         Date                                Signature

                                   Fred  W.  Wagenhals,   Chairman  of  the
                                   Board,  President  and  Chief  Executive
                                   Officer of Action Performance Companies, Inc.
                                   ---------------------------------------------
                                                  Name/Title


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