Hummingbird Management LLC has drastically reduced its stake in Meade Instruments Corp. (NASDAQ:MEAD), according to a 13D filing. The micro-cap oriented value hedge fund, managed by Paul Sonkin, now owns 3.24% of the Delaware based company. Prior to the filing, Hummingbird Management owned 7.63% of Meade Instruments Corp. and Paul Sonkin owned 0.32% of outstanding shares, according to Reuters data from 01/05/2012. Prior to the filing, Hummingbird was the third largest shareholder of Meade Instruments. After the filing, the value hedge fund should be the fifth largest equity holder.
Meade Instruments Corp. (Meade) is a consumer products company that designs, manufactures, imports, and distributes telescopes, telescope accessories, binoculars, spotting scopes, and other consumer products.
For the six months ending August 31, 2012, Meade Instruments Corp. (NASDAQ:MEAD) revenues decreased 22% to $8.1M. Net loss increased from $499K to $1.4M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Higher net loss reflects Interest Income decrease from $2K (income) to $0K. Basic Earnings per Share, excluding Extraordinary Items, decreased from -$0.43 to -$1.20.
Shares of the company are down 11.90% today to $1.98.
Disclosure: No position