Exhibit 99.1
MEADE INSTRUMENTS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended | Nine Months Ended | |||||||||||||||
November 30, | November 30, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
as restated | as restated | |||||||||||||||
Net sales | $ | 48,498,000 | $ | 53,092,000 | $ | 85,829,000 | $ | 96,494,000 | ||||||||
Cost of sales | 38,189,000 | 38,424,000 | 69,160,000 | 70,827,000 | ||||||||||||
Gross profit | 10,309,000 | 14,668,000 | 16,669,000 | 25,667,000 | ||||||||||||
Selling expenses | 5,502,000 | 6,528,000 | 13,284,000 | 14,327,000 | ||||||||||||
General and administrative expenses | 3,866,000 | 3,010,000 | 10,905,000 | 8,931,000 | ||||||||||||
ESOP expense | 79,000 | 91,000 | 229,000 | 262,000 | ||||||||||||
Research and development expenses | 467,000 | 395,000 | 1,173,000 | 1,066,000 | ||||||||||||
Operating income (loss) | 395,000 | 4,644,000 | (8,922,000 | ) | 1,081,000 | |||||||||||
Interest expense | 277,000 | 419,000 | 492,000 | 854,000 | ||||||||||||
Income (loss) before income taxes | 118,000 | 4,225,000 | (9,414,000 | ) | 227,000 | |||||||||||
Provision for income taxes | 1,299,000 | 2,744,000 | 1,276,000 | 992,000 | ||||||||||||
Net income (loss) | $ | (1,181,000 | ) | $ | 1,481,000 | $ | (10,690,000 | ) | $ | (765,000 | ) | |||||
Basic and diluted income (loss) per share | $ | (0.06 | ) | $ | 0.08 | $ | (0.55 | ) | $ | (0.04 | ) | |||||
Weighted average number of shares outstanding — basic | 19,641,000 | 19,410,000 | 19,585,000 | 19,326,000 | ||||||||||||
Weighted average number of shares outstanding —diluted | 19,641,000 | 19,446,000 | 19,585,000 | 19,326,000 | ||||||||||||