DGAP-News: Meade Instruments Reports Q1 Results
(firmenpresse) - Meade Instruments Corp.
16.07.2012 23:02
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IRVINE, Calif., 2012-07-16 23:01 CEST (GLOBE NEWSWIRE) --
Meade Instruments Corp. (Nasdaq:MEAD), a leading designer and manufacturer of
consumer optical products, including telescopes, binoculars and microscopes,
today reported net sales of $4.1 million for the first quarter of fiscal 2013
ended May 31, 2012, compared with $4.2 million for the first quarter of fiscal
2012 ended May 31, 2011. The Company reported a net loss of $0.8 million, or
$0.65 per share, for the first quarter of fiscal 2013, compared with a net loss
of $0.2 million, or $0.20 per share, in the same quarter of fiscal 2012.
The net loss was higher than the prior year primarily due to a substantially
lower gross profit margin which was primarily due to 1) a decrease in
capitalizable manufacturing costs caused by a reduction in manufactured
finished goods inventories and 2) an unfavorable shift in product mix compared
to prior year net sales.
The Company's fourth quarter of fiscal 2012 (ended February 29, 2012) and first
quarter of fiscal 2013 (ended May 31, 2012) were adversely impacted by delays
in shipments of the Company's LX800 and LX80 telescopes and, to a lesser
extent, the Company's more recently announced LX600 telescopes, as well as
higher product development costs relating to the development of these products.
The Company has a backlog of orders for approximately $10 million which it
expects to work through over the next three quarters. The Company's backlog at
the same period in the prior year was approximately $4 million. The Company
defines 'backlog' as orders received for products with due dates over the next
12 months; such orders can be canceled by the customer(s) prior to shipment but
generally have limited rights of return.
'We have had a slow start to fiscal 2013, especially with regards to the LX800
which has required a longer design schedule than initially anticipated. But we
expect to begin shipping the LX80 and LX800 in quantity very soon,' stated
Steven G. Murdock, Chief Executive Officer of Meade.
'We've also waited to begin shipping the New LX600 for similar reasons but
expect to see the LX600 beginning to make it out to our dealers and into the
hands of amateur astronomers very soon. We are very proud of the LX600--by far
the most radically advanced fork-mounted telescope we have ever produced;
complete with f/8 Advanced Coma-Free optics, our All New X-Wedge and our new
StarLock auto-guider. We expect this product to be well received by the amateur
astronomy community,' Murdock continued.
ABOUT MEADE INSTRUMENTS CORP.
Meade Instruments Corp. ('Meade') is a leading designer and manufacturer of
optical products including telescopes and accessories for the beginning to
serious amateur astronomer. Meade offers a complete line of binoculars that
address the needs of everyone from the casual observer to the serious sporting
or birding observer. The Company distributes its products worldwide through a
network of specialty retailers, mass merchandisers and domestic and foreign
distributors. Additional information on Meade is available at www.meade.com.
The Meade Instruments Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=13658
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements including butnot
limited to statements regarding the company's anticipated performance for the
remainder of fiscal 2013, fulfillment of purchase orders, market acceptance of
new products, anticipated release of new products, and other future activities.
These forward-looking statements are subject to risks and uncertainties which
cannot be predicted or quantified and actual results may differ materially from
those discussed above or expected. The historical results achieved are not
necessarily indicative of future prospects of the Company. Please refer to
Meade's SEC filings for more information on the risk factors that could cause
actual results to differ materially from expectations, and specifically the
sections titled 'Risk Factors' and 'Forward-Looking Information' in Meade's
Annual Report on Form 10-K and the section titled 'Forward-Looking Information'
in Meade's Quarterly Report on Form 10-Q.
MEADE INSTRUMENTS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, expect per share data)
(Unaudited)
Three Months Ended
May 31,
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2012 2011 2010
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Net sales $ 4,104 $ 4,173 $ 5,502
Cost of sales 3,564 2,804 4,368
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Gross profit 540 1,369 1,134
Selling expenses 415 459 553
General and administrative expenses 904 944 1,236
Research and development 272 199 204
Release of warranty liability (293) -- --
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Operating loss (758) (233) (859)
Interest income -- (1) (1)
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Loss before income taxes (758) (232) (858)
Income tax expense (benefit) -- -- --
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Net loss $ (758) $ (232) $ (858)
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Net loss per share--basic and diluted $ (0.65) $ (0.20) $ (0.74)
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Weighted average common shares outstanding--basic 1,167 1,167 1,167
and diluted
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BALANCE SHEETS
(In thousands)
(Unaudited)ASSETS May 31, February 29,
2012 2012
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Current assets:
Cash $ 2,701 $ 3,904
Accounts receivable 1,889 1,668
Inventories 6,269 6,633
Prepaid expenses and other current assets 309 208
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Total current assets 11,168 12,413
Property and equipment, net 218 170
Intangible assets, net 662 705
Other assets, net 102 105
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$ 12,150 $ 13,393
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,276 $ 1,498
Accrued liabilities 1,416 1,686
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Total current liabilities 2,692 3,184
Deferred rent 23 25
Stockholders' equity 9,435 10,184
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$ 12,150 $ 13,393
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CONTACT: John Elwood, CFO
27 Hubble
Irvine, CA 92618
Phone: (949) 451-1450
Fax: (949) 451-1460
News Source: NASDAQ OMX
16.07.2012 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: Meade Instruments Corp.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US5830622032
WKN:
End of Announcement DGAP News-Service
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