Summary of MEADE INSTRUMENTS CORP

Item 1.01 Entry into a Material Definitive Agreement

On February 9, 2009, Meade Instruments Corp. (the "Company") and its subsidiaries entered into agreements with FCC, LLC, d/b/a First Capital, and its subsidiary for a three-year, $10 million credit facility. This facility replaces the facility with Bank of America, N.A. that was set to expire in September 2009.

The new facility consists of a factoring arrangement for the Company's receivables with an 80% advance rate up to $10 million of available credit and a secured credit line tied to the Company's finished goods inventory of up to $3 million of available credit, subject to the overall credit limit of $10 million. The interest rate for advances against the facility will initially be set at LIBOR plus 5.5%, subject to a LIBOR floor of 2.25%. The agreement also sets forth unused line fees, minimum factoring commissions, early termination fees and other customary terms and conditions.

On February 10, 2009, the Company issued a press release announcing the new facility.

Item 1.02 Termination of a Material Definitive Agreement

As mentioned above in Item 1.01, the Company (and its subsidiary, Simmons Outdoor Corporation) and Bank of America, N.A. terminated the amended and Restated Credit Agreement dated as of October 25, 2002. Prior to termination, this agreement provided a $10.0 million facility and was to expire in September 2009. The interest rate for loans under this facility was 5.75%.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

See Item 1.01 above.

Item 9.01 Financial Statements and Exhibits

Exhibit No.                        Exhibit Title or Description

  10.122      Factoring and Inventory Advances Agreement dated as of February 6,
              2009 between Meade Instruments Corp. and FCC, LLC.

  10.123      Loan and Security Agreement - Factor Sub Accounts dated as of
              February 6, 2009 between Meade Instruments Corp. and FCC, LLC.

  10.124      Factoring and Security Agreement - Factor Sub Accounts dated as of
              February 6, 2009 between Meade Instruments Corp. and FCC Factor
              Subsidiary, LLC.

   99.1       Press Release, dated February 10, 2009, issued by Meade Instruments
              Corp.