| Meade Instruments Corp. | |||
| Ticker: | MEAD | 16542 Millikan Avenue | |
| Exchange: | NASDAQ-National Market | Irvine, CA 92606 | |
| Industry: | Manufacturing (SIC Code 3827) | (714) 756-2291 | |
| Type of Shares: | Common Shares | Filing Date: | 2/4/97 | |
| U.S. Shares: | 3,370,000 | Offer Date: | 4/9/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $8.00 - $10.00 | |
| Primary Shares: | 2,500,000 | Offer Price: | $7.00 | |
| Secondary Shares: | 870,000 | Gross Spread: | $0.49 | |
| Offering Amount: | $30,330,000 | Selling: | $0.28 | |
| Expenses: | $720,000 | Reallowance: | $0.10 | |
| Shares Out After: | 7,500,000 |
| Manager | Tier | Phone |
| Morgan Keegan & Company, Incorporated | Lead Manager | (901) 529-5357 |
| Crowell, Weedon & Co | Co-manager | (213) 620-1850 |
| Issuer's Law Firm: | O'Melveny & Meyers |
| Bank's Law Firm: | Gibson, Dunn & Crutcher |
| Auditor: | Price Waterhouse |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 2/28/96 | 11/30/96 | 11/30/95 | 11/30/96 | ||
| Revenue: | $29.77 | $38.97 | $23.46 | Assets: | $27.45 |
| Net Income: | $1.56 | $1.02 | $1.44 | Curr Assets: | |
| EPS: | Liabilities: | $25.36 | |||
| Prior EPS: | -$9.61 | -$3.02 | Curr Liabilities: | ||
| Cash Flow/Oper: | -$0.17 | Equity: | $2.09 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is the leading designer, manufacturer and distributor of telescopes and accessories for the beginning to serious amateur astronomer. Recognized for its expertise in telescope innovation and the superior quality of its products, the company has successfully introduced a wide range of new products, resulting in what the company believes to be the broadest and most complete line of telescopes available. The company offers more than 40 different telescope models with several different optical configurations, as well as more than 250 accessory products. Since its founding in 1972, the company has strived to develop a reputation for providing the amateur astronomer with technically sophisticated products at competitive prices. The company manufactures the complete line of its advanced astronomical telescopes in Irvine, California, including the production of the optical systems, which are critical components of telescopes. |
| Competition |
| The telescope and binocular industries are highly competitive and sensitive to consumer needs and preferences. In the telescope market, the company competes in the United States and Canada with Celestron, Bushnell, Tasco and Simmons and to a lesser extent, with other significantly smaller companies which service niche markets. I Europe and Japan, the company competes principally with Celestron and Vixen Optical Industries, Inc. and with other smaller regional telescope importers and manufacturers. In the binocular market the company competes with Bushnell, Nikon, Inc., Canon, Inc., Minolta Camera, Co., Ltd., Pentax Corporation, Tasco, Simmons and various smaller manufacturers and resellers. |
| Business Plan |
| The company's objective is to expand its position in the domestic and international marketplace for telescopes and binoculars. The key elements of the company's strategy to achieve this objective are as follows: 1) expansion of product lines; 2) aggressive marketing; 3) expansion into binocular market; 4) expansion of distribution network. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used i) to redeem all outstanding shares of the company's Redeemable Preferred Stock ii) to repay term indebtedness and iii) for general corporate purposes. |