San Francisco, Calif., Sept. 22, 1999 (PRIMEZONE) -- First Security Van Kasper scientific instruments analyst Brion D. Tanous today raised his revenue and EPS estimates, reiterating a STRONG BUY rating on Meade Instruments Corp. (Nasdaq:MEAD).
Meade Instruments is a leading designer and distributor of telescopes and accessories for the beginning to serious amateur astronomer. Recognized for its expertise in telescope innovation and high quality products, Meade holds over 80% of the world market share of amateur telescopes. The company recently announced its acquisition of Bresser Optik, a privately held European distributor of binoculars, telescopes, microscopes and other optical products. Meade will be presenting at First Security Van Kasper's Growth Stock Conference, "Companies for the New Millennium," October 4-5, 1999 in San Francisco.
"Our STRONG BUY recommendation on Meade Instruments is based on the company's dominant market share, robust domestic demand for amateur telescopes and the potential to significantly boost international sales via its acquisition of Bresser Optik," said Tanous. "We are raising our revenue and EPS estimates for the third quarter ending November 30, 1999 to $50.0 million and $0.76, from $40.0 million and $0.65, respectively. Fiscal year 2000 revenue and EPS estimates are raised to $112.6 million and $1.30, from our previous estimates of $95.0 million and $1.06.
"In addition, our Fiscal year 2001 revenue and EPS estimates are raised to $151.5 million and $1.60, from $115.0 million and $1.27, respectively. We believe the strengthening economy in Japan and weakening dollar will increase the company's opportunities to further expand its market share overseas."
First Security Van Kasper, founded in 1978, is an investment banking, private client and institutional brokerage firm with offices in San Francisco, Los Angeles, San Jose, Fresno, Walnut Creek, Sacramento, San Diego and Newport Beach, California and Phoenix, Arizona. Last year, the company became a subsidiary of Salt Lake City-based First Security Corporation (Nasdaq:FSCO), the second largest independent bank holding company in the West, with more than $20 billion in assets.
First Security Van Kasper is ranked among the top West Coast firms in terms of number of transactions and total dollars raised in public offerings of common stock, convertible securities and fixed-income instruments. The firm also places securities privately, advises clients on merger and acquisition transactions and performs valuation services. Through its investment management subsidiary, Van Kasper Advisors, the company manages assets for corporations, retirement plans, trusts, fiduciaries, financial institutions and individuals. For more information about First Security Van Kasper it the upcoming growth stock conference, please visit the company's Web site at www.fsvk.com.