Meade Instruments Corp. (MEAD, Financial) filed Quarterly Report for the period ended 2010-08-31.
Meade Instruments Corp. has a market cap of $3.6 million; its shares were traded at around $3.0501 with and P/S ratio of 0.2.
Research and development expenses for the second quarter ending August 31, 2010 were $0.2 million, an increase of $0.05 million or 33% compared to $0.15 million same quarter in the prior year primarily due to new product development and product enhancement activities.
The Company reported net sales of $12.6 million for the first six months of fiscal 2011, an increase of $0.8 million or 7% from net sales of $11.8 million in the same period last year, partially due to reductions in returns. Sales of high-end products were marginally higher due to product enhancements and reductions in backlog. This increase was partially offset by a decrease in mid-range product sales attributable to the prior year launch of the Companys new ETX-LS and ETX-LT telescopes and the timing of low-end product sales, as well as reductions in sales of the Companys sports optics products such as spotting scopes and binoculars due to lower demand. Reduced distribution outlets, increased competition and weak demand associated with the current macro economic environment and its impact on highly discretionary consumer products such as ours, also attributed to an overall reduction in sales compared to same period last year. Approximately 20% and 17% of the Companys net sales during each of the six month periods ended August 31, 2010 and 2009 were from one customer.
General and administrative expenses for the first six months of fiscal 2011 were $2.2 million, a decrease of $0.8 million or 27% compared to $3.0 million in the same period in the prior year. Most of the decrease in general and administrative expenses was due to a reduction in headcount, lower professional fees and insurance costs, lower stock compensation expense and reductions in certain non-recurring expenses of fiscal 2010 such as legal fees in connection with the reverse stock-split.
At August 31, 2010, the Company had cash and cash equivalents of $2.9 million, as compared to $5.1 million at February 28, 2010, a decrease of $2.2 million due to the Companys loss from operations of $1.4 million and fluctuations in working capital.
Net cash used in operating activities was $2.1 million during the six months ended August 31, 2010 compared to $4.1 million during the six months ended August 31, 2009 a decrease of $2.0 million or 49% primarily due to the reduction of approximately $0.9 million in the Companys net loss and a $0.7 million reduction in the cash used for restructuring costs associated with officer severance and the lease termination fee associated with the relocation of the Companys corporate headquarters in February 2009.
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Meade Instruments Corp. has a market cap of $3.6 million; its shares were traded at around $3.0501 with and P/S ratio of 0.2.
Highlight of Business Operations:
General and administrative expenses for the second quarter ended August 31, 2010 were $1.0 million, a decrease of $0.6 million or 38% compared to $1.6 million in the same quarter in the prior year. Most of the decrease in general and administrative expenses was due to reductions in headcount, lower professional fees and insurance and lower stock compensation expenses.Research and development expenses for the second quarter ending August 31, 2010 were $0.2 million, an increase of $0.05 million or 33% compared to $0.15 million same quarter in the prior year primarily due to new product development and product enhancement activities.
The Company reported net sales of $12.6 million for the first six months of fiscal 2011, an increase of $0.8 million or 7% from net sales of $11.8 million in the same period last year, partially due to reductions in returns. Sales of high-end products were marginally higher due to product enhancements and reductions in backlog. This increase was partially offset by a decrease in mid-range product sales attributable to the prior year launch of the Companys new ETX-LS and ETX-LT telescopes and the timing of low-end product sales, as well as reductions in sales of the Companys sports optics products such as spotting scopes and binoculars due to lower demand. Reduced distribution outlets, increased competition and weak demand associated with the current macro economic environment and its impact on highly discretionary consumer products such as ours, also attributed to an overall reduction in sales compared to same period last year. Approximately 20% and 17% of the Companys net sales during each of the six month periods ended August 31, 2010 and 2009 were from one customer.
General and administrative expenses for the first six months of fiscal 2011 were $2.2 million, a decrease of $0.8 million or 27% compared to $3.0 million in the same period in the prior year. Most of the decrease in general and administrative expenses was due to a reduction in headcount, lower professional fees and insurance costs, lower stock compensation expense and reductions in certain non-recurring expenses of fiscal 2010 such as legal fees in connection with the reverse stock-split.
At August 31, 2010, the Company had cash and cash equivalents of $2.9 million, as compared to $5.1 million at February 28, 2010, a decrease of $2.2 million due to the Companys loss from operations of $1.4 million and fluctuations in working capital.
Net cash used in operating activities was $2.1 million during the six months ended August 31, 2010 compared to $4.1 million during the six months ended August 31, 2009 a decrease of $2.0 million or 49% primarily due to the reduction of approximately $0.9 million in the Companys net loss and a $0.7 million reduction in the cash used for restructuring costs associated with officer severance and the lease termination fee associated with the relocation of the Companys corporate headquarters in February 2009.
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