Meade Instruments Says Earnings, Revenue Lagging

Meade Instruments Corp. warned late Thursday that its earnings and revenue for the fiscal third quarter will likely fall short of expectations because of sluggish domestic and European demand for its holiday products.

The Irvine company, which designs and manufactures telescopes and accessories, also said the weak euro could depress earnings for the three months ending Nov. 30.

Sales in the current quarter could range from flat to falling as much as 15% below a year ago, Meade said. Earnings per share also could fall below the 50 cents recorded for the third quarter last year.

The company hopes demand will increase in the key holiday shopping period, chief executive John C. Diebel said in a statement. The company is planning to devote a substantial part of its advertising budget to the November-December period, he added.

The company’s announcement came after the close of regular trading in U.S. markets. Meade’s shares closed at $15.06, down $1.94, in Nasdaq trading.