Meade Instruments Nets $192,000 in Quarter

IRVINE —  Meade Instruments Corp., which designs and manufactures telescopes and accessories, posted fourth-quarter net income of $192,000, or 3 cents a share, compared with a loss of $4 million, or $1.06 a share, for the comparable period a year ago. Quarterly results in the previous year included a $3.8-million adjustment related to the redemption of preferred stock in connection with its initial public stock offering in April 1997. Sales for the quarter ended Feb. 28 increased 32% to $10.8 million from $8.2 million.

For the year, net income reached a record $3.4 million, or 52 cents a share, contrasted with a net loss of $3 million, or 76 cents a share, for the prior year. Sales increased 27% to a record $59.9 million from $47.2 million.