Meade Instruments Lowers Third-Quarter Guidance

Meade Instruments (MEAD Quote) lowered its guidance for the current third quarter to pro forma net income of 4 cents a share with sales of no more than $37 million. Wall Street was expecting 26 cents a share, according to Thomson Financial/First Call.

The telescope manufacturer said its third-quarter results will be hurt by order cancellations.

The company also said that with a substantial backlog of orders for new products, its fourth-quarter results would be better than expected, but offered no specific guidance. For the full fiscal year, the company is expecting pro forma income of 13 cents a share on sales of less than $103 million.