Value Find: Meade Instruments Corp.For investors with an iron stomach and a penchant for dumpster-diving, microcap play Meade Instruments Corp. (Nasdaq:MEAD) may be worth a closer look. The recent announcement by the Irvine, Calif.-based company that it expects to undergo another year of restructuring has resulted in investors dumping the stock in droves. Since trading as high as $1.69 a share back in February, shares of the long-time designer and manufacturer of telescopes and binoculars have plummeted nearly 60%. At Monday's close, Meade fetched just $0.66 a share, which works out to a market capitalization of about $15 million. This is a far cry from several years ago when Meade shares crossed the $3 level on excitement that two activist investors had joined the struggling company’s board of directors and a new CEO had been installed to lead Meade’s turnaround. Since then, Meade has managed to cut costs, reduce inventory and shed non-core assets, but this has been a slow process beset by manufacturing problems and related supply chain issues. To compound matters, Meade has had to try and engineer this turnaround during a weak retail environment. In April, Meade sold its Weaver and Redfield sports optic brands for $8 million in cash, followed by the sale earlier this month of its Simmons brand for $7 million in cash. With these sales, Meade will focus on its core business of Meade-branded astronomical telescopes . . .spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer
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