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Equipment Discussions >> Mounts

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ur7x
sage


Reged: 01/08/12

Re: LX-800 Update new [Re: blueman]
      #5523157 - 11/16/12 04:29 PM

Quote:

With the state of Meade at this time, if I had an LX-800, I would ask for a refund. It is possible that they may not make it through this bad time. It is also possible that they will drop the product suddenly as they have in the past, leaving people with a mount that has no support.
Later, if they found the problems and corrected them, then I would consider buying another LX-800, maybe. But right now I think this is not a good thing for the consumer to be involved in just too risky.
Blueman




I won't comment on the return the LX800's suggestion. But Meade's last financial statement has to have everyone at least put one eyebrow up. They are burning through cash like crazy (about $500,000 per month), the have a huge back log of inventory, and sales are about half of they were this time last year. In the last 6 months they went from having almost $4,000,000 cash on hand, to less than $700,000...

Either they are getting ready for a massive Christmas rush or...


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Lee Jay
Pooh-Bah
*****

Reged: 02/27/08

Loc: Westminster, CO
Re: LX-800 Update new [Re: ur7x]
      #5523196 - 11/16/12 05:01 PM

Quote:

Quote:

With the state of Meade at this time, if I had an LX-800, I would ask for a refund. It is possible that they may not make it through this bad time. It is also possible that they will drop the product suddenly as they have in the past, leaving people with a mount that has no support.
Later, if they found the problems and corrected them, then I would consider buying another LX-800, maybe. But right now I think this is not a good thing for the consumer to be involved in just too risky.
Blueman




I won't comment on the return the LX800's suggestion. But Meade's last financial statement has to have everyone at least put one eyebrow up. They are burning through cash like crazy (about $500,000 per month), the have a huge back log of inventory, and sales are about half of they were this time last year. In the last 6 months they went from having almost $4,000,000 cash on hand, to less than $700,000...

Either they are getting ready for a massive Christmas rush or...




The reduced sales are from having (foolishly) announced the LX800 and 600 before they were ready, thus drying up sales of the LX200 and LX90. The extra inventory likely includes all the returned LX800s. Remember, one of those is like 50 Costco-refractors in cost. Thus, the inventory doesn't concern me as much as the cash flow issue.

Bottom line, they need to execute on the LX800 and LX600, and do so expeditiously. If they had done so on time, they'd probably be in a far better condition right now.


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rmollise
Postmaster
*****

Reged: 07/06/07

Re: LX-800 Update new [Re: Lee Jay]
      #5524049 - 11/17/12 10:07 AM

Well, that and the fact that the LX800 don't work and the 80 didn't live up to ints advance billing...

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Stew57
Carpal Tunnel
*****

Reged: 05/03/09

Loc: Silsbee Texas
Re: LX-800 Update new [Re: rmollise]
      #5524067 - 11/17/12 10:17 AM

I think they bit off a bit more than they could chew. Sad to see a once great company reduced like this. They are the people that introduced me to astronomy witha refractor back in the 70s.

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Bill Barlow
Carpal Tunnel
*****

Reged: 12/03/07

Loc: Overland Park KS
Re: LX-800 Update new [Re: Stew57]
      #5524155 - 11/17/12 11:04 AM

This is sad news for Meade. I currently own two Meade scopes, an 8" LX200R and a 12" LX200 ACF and they are very very fine instruments.

Synta bought out Celestron a few years ago, who would buy out Meade if they file for bankruptcy? Is there a large enough astronomically related company that would want their products or is this the end of the line for Meade?

Bill


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Bill Barlow
Carpal Tunnel
*****

Reged: 12/03/07

Loc: Overland Park KS
Re: LX-800 Update new [Re: Stew57]
      #5524160 - 11/17/12 11:05 AM

This is sad news for Meade. I currently own two Meade scopes, an 8" LX200R and a 12" LX200 ACF and they are very very fine instruments.

Synta bought out Celestron a few years ago, who would buy out Meade if they file for bankruptcy? Is there a large enough astronomically related company that would want their products?

Bill


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ur7x
sage


Reged: 01/08/12

Re: LX-800 Update new [Re: Lee Jay]
      #5524400 - 11/17/12 01:49 PM

Quote:

Quote:



I won't comment on the return the LX800's suggestion. But Meade's last financial statement has to have everyone at least put one eyebrow up. They are burning through cash like crazy (about $500,000 per month), the have a huge back log of inventory, and sales are about half of they were this time last year. In the last 6 months they went from having almost $4,000,000 cash on hand, to less than $700,000...

Either they are getting ready for a massive Christmas rush or...




The reduced sales are from having (foolishly) announced the LX800 and 600 before they were ready, thus drying up sales of the LX200 and LX90. The extra inventory likely includes all the returned LX800s. Remember, one of those is like 50 Costco-refractors in cost. Thus, the inventory doesn't concern me as much as the cash flow issue.

Bottom line, they need to execute on the LX800 and LX600, and do so expeditiously. If they had done so on time, they'd probably be in a far better condition right now.




I hope you are right about the reduced sales being mostly due to the problems with the 800 and the 600 still being "massaged"... Their financial statements only blame 31% of their problems to the LX800/600... Another 27% of the sales problem is tagged with decline of entry level (Costco/Walmart) "toy" level products... That leaves 42% of problems that we are left to consider.. I think that much of their problems stem from the brutally mangled LX80 release... Anyone considering that mount, would likely take the 30 seconds to do an internet search as to what people are saying.. and most of those comments aren't pretty.

The financial statements are not clear if the sales revenue from the LX80's are Net or Gross. If they are gross, that means they have only sold about 20-40 LX80's a month in the last 6 months.. While that is 20-40 more per month than 600's or 800's that is still a remarkably low number for a brand new product that had a ton of hype and even more anticipation.


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maddog
journeyman


Reged: 07/26/08

Re: LX-800 Update new [Re: ur7x]
      #5525480 - 11/18/12 03:33 AM

I wish I had a dollar for every post I have read over the years predicting Meade's dismiss, I would be rolling in it by now Funny thing is they just keep hanging around.

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laconicsax
super member


Reged: 10/05/10

Loc: Portland, OR
Re: LX-800 Update new [Re: Bill Barlow]
      #5525487 - 11/18/12 03:40 AM

Quote:

Synta bought out Celestron a few years ago, who would buy out Meade if they file for bankruptcy? Is there a large enough astronomically related company that would want their products?




There's no reason to suspect that given that situation, Synta wouldn't explore buying Meade. It's like how Frito-Lay own just about every major brand of snack food.


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ur7x
sage


Reged: 01/08/12

Re: LX-800 Update new [Re: maddog]
      #5525889 - 11/18/12 11:13 AM

Quote:

I wish I had a dollar for every post I have read over the years predicting Meade's dismiss, I would be rolling in it by now Funny thing is they just keep hanging around.




Almost exactly 2 months ago, Mantis707, after implying that I didn't know jack about trading shares, and even less about reading Meade's Financial Statements bet me that $3.45 was the "buy buy buy" share price for Meade. Well if you'd shorted 5000 shares in Mid September (like I suggested them... The post is still there ) you would have made enough to buy a fairly nice AP mount (or 2 LX800's if they ever sell them again) by now.

Rolling in it? Not exactly, but basically a 60% return in only 2 months is nothing to be sneezed at.


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DaveJ
Carpal Tunnel
*****

Reged: 01/07/05

Loc: NE Ohio
Re: LX-800 Update new [Re: ur7x]
      #5525949 - 11/18/12 11:48 AM

Quote:

Rolling in it? Not exactly, but basically a 60% return in only 2 months is nothing to be sneezed at.




Not to start another fight, but have you looked at this? I can't quite reconcile what you just said with the information on the link I provided. Strange, indeed.


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ur7x
sage


Reged: 01/08/12

Re: LX-800 Update new [Re: DaveJ]
      #5526006 - 11/18/12 12:14 PM

Quote:

Quote:

Rolling in it? Not exactly, but basically a 60% return in only 2 months is nothing to be sneezed at.




Not to start another fight, but have you looked at this? I can't quite reconcile what you just said with the information on the link I provided. Strange, indeed.




No, that's right and that is exactly what I was saying and exactly what I predicted.. You can make money when you think a stock is about to collapse. Its called shorting http://en.wikipedia.org/wiki/Short_%28finance%29.

If the stock goes down in value you profit the difference. If it goes up you are screwed.

To anyone who could read (and understand) a set of financial statements it is easy to see that things are not all sugar and cream in the land of Meade.


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rmollise
Postmaster
*****

Reged: 07/06/07

Re: LX-800 Update new [Re: ur7x]
      #5526251 - 11/18/12 02:31 PM

That's for dadgummed sure, alas.

I don't think this will be a big year for their department store Christmas sales either. For the third year in a row, there are no Xmas scopes at the local Walmart.


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frolinmod
Carpal Tunnel


Reged: 08/06/10

Loc: Southern California
Re: LX-800 Update new [Re: rmollise]
      #5526399 - 11/18/12 04:11 PM

In the mean time, Celestron 102 GT scopes are selling like hotcakes at CostCo. I saw my local CostCo sell two pallets in two weeks. Not bad.

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orlyandico
Post Laureate
*****

Reged: 08/10/09

Loc: Singapore
Re: LX-800 Update new [Re: frolinmod]
      #5526525 - 11/18/12 05:43 PM

I remember those postings in September. Thought about it, too.

The big problem for me back then was that Meade is so sparsely traded that even getting the option to short it was not possible with my broker.

Oh well..


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David PavlichAdministrator
Transmographied
*****

Reged: 05/18/05

Loc: Mandeville, LA USA
Re: LX-800 Update new [Re: ur7x]
      #5526528 - 11/18/12 05:51 PM

Ummmmm....I thought this was an LX800 update thread. Hint?!

David


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Starhawk
Space Ranger
*****

Reged: 09/16/08

Loc: Tucson, Arizona
Re: LX-800 Update new [Re: David Pavlich]
      #5526714 - 11/18/12 07:46 PM

Well, if you can figure out a way to get $1.9 million together, you can buy Meade outright, based on what it closed at on Friday.

But back to Dave's point:

They've got to get those LX800s back out the door. If I had the tiller, I'd scale way back to a short list of products and make sure whatever went out the door freaking worked. If they've sunk some real effort into the LX800s and they are working now, get them out there.

-Rich


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Gord
Carpal Tunnel
*****

Reged: 01/06/04

Loc: Toronto, ON, Canada
Re: LX-800 Update new [Re: Starhawk]
      #5527610 - 11/19/12 10:10 AM

I haven't been keeping up, but maybe someone has... they were at the recent ASAE event and there were pictures of the LX800 they had on display. With all of the items that were identified as issues in the original design, can anyone spot any changes/improvements based on the one they had on display?

Are they actually making improvements, or still just showing the same old mount?

Clear skies,


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rmollise
Postmaster
*****

Reged: 07/06/07

Re: LX-800 Update new [Re: Gord]
      #5527753 - 11/19/12 11:29 AM

If I were an 800 owner, I'd be worried that something really bad will happen to Meade before they get those mounts back out the door. Which is assuming anything at all has been done to them.

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dawziecat
Carpal Tunnel
*****

Reged: 10/20/10

Loc: Rural Nova Scotia
Re: LX-800 Update new [Re: rmollise]
      #5528127 - 11/19/12 02:52 PM

I see through this whole, sad saga the company still has money for advertising. No doubt these ads are set up many months in advance. No Starlock ad in the latest Sky and Tel though.

I'd feel very insecure if Meade had several thousands of my dollars . . . and my non-functioning telescope to boot. After all these months? It's hard to be optimistic at this point.

Why, oh why can't these things be made to work? It looks so fantastic . . . in the ads.

I'd be concentrating on getting my cash back well before this point. When, if, they get them working will be the time to repurchase.

I'm no lawyer but, if the unthinkable happens, the courts usually treat creditors best and consumers get what's left, no? And there is usually nothing left.


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