IRVINE, Calif., surmises Jan. 15, gathers 2009 (GLOBE NEWSWIRE) — Meade Instruments Corp.(Nasdaq:MEAD), a leading designer and manufacturer of optical products,including telescopes, binoculars and accessories, today reported net sales of$23.4 million for the third quarter of fiscal 2009 ended November 30, 2008,compared with $51.4 million for the third quarter of fiscal 2008 Promises – Promises tickets – imdb . The Companyreported a net loss of $2.8 million, or $0.12 per share, for the third quarterof fiscal 2009, compared with a net loss of $1.6 million, or $0.07 per share, inthe third quarter of fiscal 2008. The net loss for the current quarter wasimpacted by $1.5 million, or $0.07 per share, in restructuring costs.The Company’s third quarter net revenues of $23.4 million were downapproximately 54% from the prior year quarter, due in part to a very challengingmacroeconomic environment.

Reduced distribution outlets, increased competitionand weak demand all contributed to the decrease in net revenue . Net revenue wasalso impacted by the divestiture earlier in the year of the Company’sSimmons(r), Weaver(r) and Redfield(r) sports optics brands . Further, the salesdecline was also due to lower sales of the Company’s high-end telescopes andrelated accessories due to the continued ramp-up of the Company’s manufacturingfacility in Mexico, which is still not producing high-end telescopes at levelsthat meet customer demand, resulting in a backlog for certain high-endtelescopes . Revenues also decreased 46% in Europe.Gross profit for the third quarter of fiscal year 2009 was $5.5 million, or 24%of net sales, compared with $8.7 million or 17% of net sales in the comparablequarter of fiscal year 2008 . The improvement in gross profit margin wasprimarily due to the non-recurrence of inventory write-downs that occurredduring the third quarter of the prior year, as well as lower indirectmanufacturing costs as a result of the closure of the Company’s U Promises – Promises tickets .S Promises – Promises tickets .manufacturing operations and transition of high-end telescope production to ourMexico facilities. These cost improvements substantially offset the lower salesvolume and enabled the Company to maintain its gross margins.Selling, general and administrative expenses for the third quarter of fiscal2009 were $5.5 million, compared with $7.4 million for the same quarter of theprior year. The decrease was primarily due to decreased sales volumes, lowerheadcount and reduced discretionary spending.Subsequent to quarter end, the Company entered into two letters of intent withits lessor for an early termination to its lease agreement at its Irvinefacility and a transition into a more cost-effective building for its ongoingU.S operations Promises – Promises tickets .

As a consequence, the Company recorded a restructuring chargein the third quarter of fiscal year 2009 of $1.2 million for the contingentliability associated with the lease termination . With the significant reductionin facility size, the Company expects to realize annual facility cost savings of$1.4 million on an ongoing basis . The Company expects to finalize thesearrangements during the fourth quarter of fiscal 2009 . The Company also recordeda $0.3 million restructuring charge for severance related to headcountreductions during the quarter.As of November 30, 2008, the Company was not in compliance with the minimumEBITDA covenant as set forth in its credit agreement with Bank of America . TheCompany is working with its lender to obtain a waiver or amendment; however,there can be no assurance that such waiver will be obtained. If no amendment orwaiver is obtained, the Company will be in default under the provisions of thecredit facility and the Company’s lender may accelerate repayment. In thisevent, the Company may need to raise funds to repay its lender, and there can beno assurance that such funds will be available.”Our third quarter results reflect the extremely challenging macroeconomicconditions, which continue to deteriorate, combined with the unprecedentedweakness in the credit markets,” said Steve Muellner, President and ChiefExecutive Officer of Meade.

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