Monday, optical products maker, Meade Instruments Corp. (MEAD) reported a narrower net loss for its second quarter, despite a decline in sales.
The Irvine, California-based company reported a net loss for the second quarter of $2.0 million or $0.09 per share, whaich narrowed from $4.0 million or $0.20 per share reported in the corresponding quarter last year.
Excluding the $0.8 million gain on the sale of the Simmons brand and associated inventory in June 2008, the company would have reported a net loss of $2.8 million, or $0.12 per share, for the latest quarter.
Net sales for the quarter declined to $12.6 million from $16.2 million for the prior-year quarter, primarily due to the company's divestiture of its Simmons and Weaver sports optics brands earlier in the year, and lower sales of the company's high-end telescopes and related accessories.
General and administrative expenses decreased to $3.31 million from $2.71 million in the year-ago quarter.
Operating loss narrowed to $2.67 million from $3.96 million in the prior-year quarter.
For the six-month month period, the company reported a net loss of $261 thousand or $0.01 per share, narrower than net loss of $8.22 million or $0.42 per share in the comparable period of last year. Net sales for the period declined to $24.53 million from $33.82 million in the corresponding period of the prior year.
Commenting on the financial report, Meade's president and chief executive officer, Steve Muellner said, "We are taking a cautious stance for the remainder of the year given the significant contractions in consumer discretionary spending in recent weeks, and the loss of business confidence. The weakened macroeconomic environment suggests that this will be a very challenging year for retailers and related manufacturers such as Meade."
MEAD closed regular trading on Friday at $0.25.
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