<PAGE>   1
 
================================================================================
 
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
 
                         ------------------------------
 
                                   FORM 10-Q
 
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934
 
                     FOR THE QUARTER ENDED AUGUST 31, 1997
 
                                       OR
 
[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
 
                         COMMISSION FILE NUMBER 0-22183
 
                         ------------------------------
 
                            MEADE INSTRUMENTS CORP.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
                                    DELAWARE
                          (STATE OR OTHER JURISDICTION
                       OF INCORPORATION OR ORGANIZATION)
 
                          6001 OAK CANYON, IRVINE, CA
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
 
                                   95-2988062
                                (I.R.S. EMPLOYER
                              IDENTIFICATION NO.)
 
                                     92620
                                   (ZIP CODE)
 
              REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
                                 (714) 451-1450
 
                         ------------------------------
 
     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.     Yes [X]  No [ ]
 
Number of shares of common stock outstanding as of August 31, 1997 is 7,875,500
 
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<PAGE>   2
 
                            MEADE INSTRUMENTS CORP.
 
                               TABLE OF CONTENTS
 
<TABLE>
<CAPTION>
                                                                                     PAGE NO.
                                                                                     --------
<S>                                                                                  <C>
PART I -- FINANCIAL INFORMATION
 
Statements of Operations (Unaudited) -- Three Months and Six Months Ended August
  31, 1997 and 1996................................................................        3
Balance Sheets (Unaudited) -- August 31, 1997 and February 28, 1997................        4
Statements of Cash Flows (Unaudited) -- Six Months Ended August 31, 1997 and
  1996.............................................................................        5
Notes to Financial Statements (Unaudited)..........................................        6
Management's Discussion and Analysis of Financial Condition and Results of
  Operations.......................................................................   7 - 10
 
PART II -- OTHER INFORMATION
 
Other Information..................................................................       11
Signatures.........................................................................       12
</TABLE>
 
                                        2
<PAGE>   3
 
                            MEADE INSTRUMENTS CORP.
 
                            STATEMENTS OF OPERATIONS
 
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>
                                        THREE MONTHS ENDED AUGUST 31,          SIX MONTHS ENDED AUGUST 31,
                                        ------------------------------        ------------------------------
                                           1997               1996               1997               1996
                                        -----------        -----------        -----------        -----------
<S>                                     <C>                <C>                <C>                <C>
Net sales.............................  $12,289,000        $12,031,000        $25,024,000        $19,197,000
Cost of sales.........................    7,887,000          8,105,000         16,413,000         13,117,000
                                        -----------        -----------        -----------        -----------
  Gross profit........................    4,402,000          3,926,000          8,611,000          6,080,000
Selling expenses......................    1,267,000            954,000          2,681,000          1,663,000
General and administrative expenses...    1,724,000          2,273,000          3,093,000          3,451,000
Research and development expenses.....      167,000            142,000            361,000            260,000
                                        -----------        -----------        -----------        -----------
  Operating income....................    1,244,000            557,000          2,476,000            706,000
Interest expense......................      154,000            467,000            748,000            716,000
                                        -----------        -----------        -----------        -----------
  Income before income taxes..........    1,090,000             90,000          1,728,000            (10,000)
Provision (benefit) for income
  taxes...............................      457,000             37,000            719,000             (5,000)
                                        -----------        -----------        -----------        -----------
Net income (loss).....................      633,000             53,000          1,009,000             (5,000)
Accretion on redeemable preferred
  stock...............................                                           (374,000)           (65,000)
                                        -----------        -----------        -----------        -----------
Net income (loss) available to common
  stockholders........................  $   633,000        $    53,000        $   635,000        $   (70,000)
                                        ===========        ===========        ===========        ===========
Net income (loss) per share available
  to common stockholders..............  $      0.09        $      0.02        $      0.10        $     (0.02)
                                        ===========        ===========        ===========        ===========
Weighted average number of shares
  outstanding.........................    6,723,000          3,238,000          6,073,600          3,626,900
                                        ===========        ===========        ===========        ===========
</TABLE>
 
                See accompanying notes to financial statements.
 
                                        3
<PAGE>   4
 
                            MEADE INSTRUMENTS CORP.
 
                                 BALANCE SHEETS
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>
                                                                   AUGUST 31,      FEBRUARY 28,
                                                                      1997             1997
                                                                   -----------     ------------
<S>                                                                <C>             <C>
ASSETS
Current assets:
  Cash...........................................................  $     2,000     $      4,000
  Accounts receivable, less allowance for doubtful accounts of
     $308,000 at August 31, 1997 and $248,000 at February 28,
     1997........................................................    7,444,000        4,830,000
  Inventories....................................................   14,399,000       12,077,000
  Deferred income taxes..........................................      885,000          885,000
  Prepaid expenses and other current assets......................      192,000          231,000
                                                                   -----------     ------------
          Total current assets...................................   22,922,000       18,027,000
Other assets.....................................................      458,000        1,047,000
Property and equipment, net of accumulated depreciation of
  $1,232,000 at August 31, 1997 and $1,024,000 at February 28,
  1997...........................................................    2,045,000        1,450,000
                                                                   -----------     ------------
                                                                   $25,425,000     $ 20,524,000
                                                                   ===========     ============
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
  (DEFICIT)
Current liabilities:
  Bank line of credit............................................  $ 4,478,000     $  4,358,000
  Current portion of long-term debt..............................                     1,584,000
  Current portion of capital lease obligations...................      218,000          218,000
  Accounts payable...............................................    3,133,000        2,195,000
  Accrued liabilities............................................    2,121,000        2,358,000
  Income taxes payable...........................................      383,000        1,062,000
                                                                   -----------     ------------
          Total current liabilities..............................   10,333,000       11,775,000
                                                                   -----------     ------------
Long-term debt, net of current portion...........................                     6,599,000
                                                                                   ------------
Long-term capital lease obligations, net of current portion......      440,000          547,000
                                                                   -----------     ------------
Deferred rent....................................................       56,000           65,000
                                                                   -----------     ------------
Redeemable Series A preferred stock; 1,000 shares authorized,
  issued and outstanding.........................................                     6,490,000
                                                                                   ------------
Commitments
Stockholders' equity (deficit):
  Preferred stock; 999,000 shares authorized, none issued and
     outstanding.................................................
  Common stock, $0.01 par value, 20,000,000 shares authorized;
     issued and outstanding 7,875,500 shares at August 31,
     1997........................................................       79,000
  Series A common stock; 15,000,000 shares authorized, issued and
     outstanding 3,500,000 shares at February 28, 1997...........                     3,511,000
  Series B common stock; 5,000,000 shares authorized; issued and
     outstanding 1,500,000 at February 28, 1997..................
  Additional paid-in capital.....................................   21,345,000
  Retained earnings..............................................    2,177,000        1,542,000
                                                                   -----------     ------------
                                                                    23,601,000        5,053,000
  Unearned ESOP shares...........................................   (9,005,000)     (10,005,000)
                                                                   -----------     ------------
          Total stockholders' equity (deficit)...................   14,596,000       (4,952,000)
                                                                   -----------     ------------
                                                                   $25,425,000     $ 20,524,000
                                                                   ===========     ============
</TABLE>
 
                See accompanying notes to financial statements.
 
                                        4
<PAGE>   5
 
                            MEADE INSTRUMENTS CORP.
 
                            STATEMENTS OF CASH FLOWS
 
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>
                                                                       SIX MONTHS ENDED AUGUST 31,
                                                                       ----------------------------
                                                                          1997             1996
                                                                       -----------     ------------
<S>                                                                    <C>             <C>
Cash flows from operating activities:
  Net income (loss)..................................................  $ 1,009,000     $     (5,000)
  Adjustments to reconcile net income to net cash provided by
     operating activities:
     Depreciation and amortization...................................      249,000          177,000
     Debt issuance costs from repayment of term debt.................      400,000
     ESOP contribution...............................................      500,000        1,495,000
     Changes in assets and liabilities:
       Increase in accounts receivable...............................   (2,614,000)      (3,658,000)
       Increase in inventories.......................................   (2,322,000)      (7,051,000)
       (Increase) decrease in prepaid expenses and other current
        assets.......................................................       39,000          107,000
       (Increase) decrease in other assets...........................      144,000       (1,108,000)
       Increase (decrease) in accounts payable.......................      938,000        1,345,000
       Increase (decrease) in accrued liabilities....................      258,000          196,000
       Decrease in income taxes payable..............................     (679,000)        (470,000)
                                                                       -----------      -----------
          Total adjustments..........................................   (3,087,000)      (8,967,000)
                                                                       -----------      -----------
          Net cash provided by (used in) operating activities........   (2,078,000)      (8,972,000)
                                                                       -----------      -----------
Cash flows from investing activities:
  Capital expenditures...............................................     (803,000)         (77,000)
                                                                       -----------      -----------
          Net cash used in investing activities......................     (803,000)         (77,000)
                                                                       -----------      -----------
Cash flows from financing activities:
  Payments on long-term debt.........................................   (8,183,000)        (917,000)
  Proceeds from long-term debt.......................................                     9,500,000
  Net borrowings (payments) under bank line of credit................      120,000        7,767,000
  Payments on notes payable to related parties.......................                    (2,000,000)
  Net proceeds from the issuance of common stock.....................   17,913,000
  Redemption of common stock.........................................                      (250,000)
  Issuance of preferred stock........................................                     2,500,000
  Redemption of preferred stock......................................   (6,864,000)
  Purchase and exercise of warrant for common stock..................                     3,510,000
  Unearned ESOP shares...............................................                   (11,000,000)
  Payment of dividend on Series B common stock.......................                      (995,000)
  Payment received on ESOP acquisition loan..........................                       995,000
  Payments under capital lease obligations...........................     (107,000)         (59,000)
                                                                       -----------      -----------
          Net cash provided by (used in) financing activities........    2,879,000        9,051,000
                                                                       -----------      -----------
Net increase (decrease) in cash......................................       (2,000)           2,000
Cash at beginning of period..........................................        4,000            3,000
                                                                       -----------      -----------
Cash at end of period................................................  $     2,000     $      5,000
                                                                       ===========      ===========
Supplemental disclosures of cash flow information:
  Non-cash financing activities:
     Capital lease obligations.......................................                  $    238,000
     Release of unearned ESOP shares.................................  $ 1,000,000               --
     Accretion on redeemable preferred stock.........................  $   374,000     $     65,000
</TABLE>
 
                See accompanying notes to financial statements.
 
                                        5
<PAGE>   6
 
                            MEADE INSTRUMENTS CORP.
 
                         NOTES TO FINANCIAL STATEMENTS
 
                                  (UNAUDITED)
 
A.  The financial statements have been prepared by the Company and are
unaudited.
 
     In management's opinion, the information and amounts furnished in this
report reflect all adjustments (consisting of normal recurring adjustments)
considered necessary for the fair presentation of the financial position and
results of operations for the interim periods presented. These financial
statements should be read in conjunction with the Company's Annual Report on
Form 10-K for the fiscal year ended February 28, 1997.
 
     The Company has experienced, and expects to continue to experience,
substantial fluctuations in its sales, gross margins and profitability from
quarter to quarter. Factors that influence these fluctuations include the volume
and timing of orders received, changes in the mix of products sold, market
acceptance of the Company's products, competitive pricing pressures, the
Company's ability to meet increasing demand and delivery schedules, the timing
and extent of research and development expenses and the timing and extent of
product development expenses. In addition, a substantial portion of the
Company's net sales and operating income typically occur in the third quarter of
the Company's fiscal year primarily due to disproportionately higher customer
demand for less-expensive telescopes during the Christmas holiday season. The
results of operations for the quarter and six months ended August 31, 1997 and
1996, respectively, are not necessarily indicative of the operating results for
the entire fiscal year.
 
B.  In April 1997 the Company completed an initial public offering (the
"Offering") of 3,875,500 shares of common stock (including the underwriter's
over-allotment option). The Offering included 2,875,500 newly issued shares of
common stock and 1,000,000 shares of common stock held by the Company's then
preferred stockholder. The Offering raised approximately $17.9 million (after
underwriting discounts and Offering expenses). Net proceeds from the Offering
were used to redeem approximately $6.9 million of outstanding Series A preferred
stock, including accrued dividends, and to repay approximately $11.0 million of
existing bank term and revolving debt. Prior to the closing of the Offering, the
Company reincorporated into a Delaware subsidiary, with the Delaware subsidiary
being the surviving corporation. All of the outstanding shares of the Series A
and Series B common stock and Series A preferred stock of the Company were
exchanged on a ratio of one for one with shares of Series A and Series B common
stock and Series A preferred stock of the Delaware subsidiary as part of the
reincorporation. All shares of Series A and Series B common stock were converted
into shares of common stock upon the completion of the Offering.
 
C.  The write-off of approximately $400,000 of previously capitalized debt
issuance costs, related to bank term debt that was retired with the proceeds of
the Offering in April 1997, is presented as a component of interest expense for
the six months ended August 31, 1997.
 
D.  In September 1997, the Company occupied its new office and manufacturing
facility. Lease payments of approximately $75,000 per month have commenced
pursuant to the lease agreement entered into in December 1996.
 
                                        6
<PAGE>   7
 
                            MEADE INSTRUMENTS CORP.
 
          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                           AND RESULTS OF OPERATIONS
 
RESULTS OF OPERATIONS
 
     The nature of the Company's business is seasonal. Historically, sales in
the third quarter have been higher than sales achieved in the other three fiscal
quarters of the year. Thus, expenses and, to a greater extent, operating income
vary by quarter. Caution, therefore, is advised when appraising results for a
period shorter than a full year, or when comparing any period other than to the
same period of the previous year.
 
  Three Months Ended August 31, 1997 Compared to Three Months Ended August 31,
1996
 
     Net sales for the second quarter of fiscal 1997 were $12.3 million compared
to $12.0 million for the second quarter of fiscal 1996, an increase of 2.5%.
This increase was primarily due to a combined increase of approximately $2.7
million in net sales of binoculars and domestically produced telescopes and
accessories, offset by a decrease of approximately $2.4 million in net sales of
less-expensive telescopes. Less-expensive telescope sales were lower than the
comparable prior year period, during which, the Company was filling the
distribution pipeline of new customers. Second quarter fiscal 1998 sales of
less-expensive telescopes were also adversely affected by exceptionally strong
sales during the first quarter of 1998 attributed to, in part, the widespread
consumer interest in the Hale-Bopp comet.
 
     Gross profit increased from $3.9 million (32.6% of net sales) for the
second quarter of fiscal 1997 to $4.4 million (35.8% of net sales) for the
second quarter of fiscal 1998, an increase of 12.8%. The increase in gross
profit as a percent of net sales was principally due to the increased sales of
more profitable domestically produced products and higher sales of binoculars
and telescope accessories, which generally have a higher gross profit margin
than the Company's other products.
 
     Selling expenses increased from $954,000 (7.9% of net sales) for the second
quarter of fiscal 1997 to approximately $1.3 million (10.3% of net sales) for
the second quarter of fiscal 1998, an increase of 36.3%. This increase
principally reflects (i) higher advertising and other selling expenditures to
support growing sales volumes for fiscal 1998 and (ii) higher shipping and
selling personnel expenses for the second quarter of fiscal 1998.
 
     General and administrative expenses decreased from $2.3 million (18.9% of
net sales) for the second quarter of fiscal 1997 to $1.7 million (14.0% of net
sales) for the second quarter of fiscal 1998, a decrease of 26.1%. This decrease
was due to ESOP contribution expenses decreasing to $250,000 for the second
quarter of fiscal 1998 from $1.245 million for the second quarter of fiscal
1997. The second quarter of fiscal 1997 included a one-time $995,000 ESOP
contribution expense for a dividend paid on the ESOP stock in August 1996.
General and administrative expenses, other than ESOP expenses, for the second
quarter of fiscal 1998 increased 43.4% over the prior year period. This increase
was generally due to increases in personnel related costs, costs and expenses
related to the anticipated move to a new facility and general increases across a
broad category of expenses to support growing sales volumes for fiscal 1998.
 
     Research and development expenses increased from $142,000 (1.2% of net
sales) for the second quarter of fiscal 1997 to $167,000 (1.4% of net sales) for
the second quarter of fiscal 1998, an increase of 17.6%. This increase was due
to increased internal engineering personnel related costs.
 
     Interest expense decreased from $467,000 for the second quarter of fiscal
1997 to $154,000 for the second quarter of fiscal 1998, a decrease of 67.0%. The
decrease was due to lower average borrowings on the Company's line of credit and
the elimination of the long-term bank debt that was retired with the proceeds of
the Offering in April 1997.
 
                                        7
<PAGE>   8
 
  Six Months Ended August 31, 1997 Compared to Six Months Ended August 31, 1996
 
     Net sales for the six months ended August 31, 1997 were $25.0 million
compared to $19.2 million for the comparable prior year period, an increase of
30.2%. This increase was primarily due to a combined increase of approximately
$3.6 million in net sales of domestically produced telescopes and an increase of
approximately $2.2 million in binocular and telescope accessory sales.
 
     Gross profit increased from $6.1 million (31.7% of net sales) for the six
months ended August 31, 1996 to $8.6 million (34.4% of net sales) for the
comparable period of fiscal 1998, an increase of 41.0%. The increase in gross
profit as a percent of net sales was principally due to the increased sales of
more profitable domestically produced products and higher sales of binoculars
and telescope accessories, which generally have a higher gross profit margin
than the Company's other products.
 
     Selling expenses increased from $1.7 million (8.7% of net sales) for the
six months ended August 31, 1996 to $2.7 million (10.7% of net sales) for the
comparable period of fiscal 1998, an increase of 58.8%. This increase
principally reflects (i) higher advertising and other selling expenses to
support higher sales volumes for the first six months of fiscal 1998, (ii)
higher freight and other shipping costs due to higher sales volumes for the
first six months of fiscal 1998 and (iii) higher shipping and selling personnel
expenses for the first six months of fiscal 1998.
 
     General and administrative expenses decreased from $3.5 million (18.0% of
net sales) for the six months ended August 31, 1996 to $3.1 million (12.4% of
net sales) for the comparable period of fiscal 1998, a decrease of 11.4%. This
decrease was due to ESOP contribution expenses decreasing to $500,000 for the
six months ended August 31, 1997 from $1.495 million for the comparable period
of fiscal 1997. The second quarter of fiscal 1997 included a one-time $995,000
ESOP contribution expense for a dividend paid on the ESOP stock in August 1996.
General and administrative expenses, other than ESOP expenses, for the six
months ended August 31, 1997 increased 32.6% over the prior year period. This
increase was generally due to increases in personnel related costs, costs and
expenses related to the anticipated move to a new facility and general increases
across a broad category of expenses to support higher sales volumes during the
first six months of fiscal 1998.
 
     Research and development expenses increased from $260,000 (1.4% of net
sales) for the six months ended August 31, 1996 to $361,000 (1.4% of net sales)
for the comparable period of fiscal 1998, an increase of 38.8%. This increase
was due to increased internal engineering personnel related costs and increased
outside engineering consulting expenses.
 
     Interest expense increased from $716,000 for the six months ended August
31, 1996 to $748,000 for the comparable period of fiscal 1998, an increase of
4.5%. This increase was due to approximately $400,000 of additional interest
expense recognized pursuant to the write-off of previously capitalized debt
issuance costs related to bank term debt that was retired with the proceeds of
the Offering in April 1997. Interest expense for the six months ended August 31,
1997 before the write-off of $400,000 of debt issuance costs, decreased 51.4%
compared to the six months ended August 31, 1996 due to lower average borrowings
on the Company's line of credit and the elimination of the long-term bank debt
that was retired with the proceeds of the Offering in April 1997.
 
     For the six months ended August 31, 1997, net income was adjusted by
$374,000 for accretion of redeemable preferred stock to arrive at net income
available to common stockholders of $635,000. For the first six months of fiscal
1997, net loss was adjusted by $65,000 for accretion of redeemable preferred
stock to arrive at a net loss available to common stockholders of $70,000. There
will be no further accretion adjustments related to the redeemable preferred
stock as it was redeemed in full with the proceeds of the Offering in April
1997.
 
LIQUIDITY AND CAPITAL RESOURCES
 
     For the six months ended August 31, 1997, the Company funded its operations
with proceeds from the Offering as well as internally generated cash flow and
borrowings on its bank line of credit. Net working capital (current assets less
current liabilities) totaled approximately $12.6 million at August 31, 1997,
representing an
 
                                        8
<PAGE>   9
 
increase of 100% from the February 28, 1997 level of approximately $6.3 million.
The increase was principally due to increases in accounts receivable and
inventories as well as the repayment of bank debt with the proceeds of the
Offering.
 
     Working capital requirements fluctuate during the year due to the seasonal
nature of the business. These requirements are typically financed through a
combination of internally generated cash flow from operating activities and
short-term bank borrowings.
 
     In April 1996, the Company entered into a five-year Loan and Security
Agreement with Fleet Capital Corporation (the "Loan Agreement") which provides
for (i) a $10.0 million revolving line of credit facility, secured by the
Company's accounts receivable and inventories and (ii) a $9.5 million term note
(the "term note") secured by the assets of the Company. The term note was repaid
on April 14, 1997 with the proceeds of the Offering.
 
     In September 1997, the Company occupied its new office and manufacturing
facility. Lease payments of approximately $75,000 per month have commenced
pursuant to the lease agreement entered into in December 1996.
 
     Capital expenditures aggregated $803,000 and $315,000 for the six months
ended August 31, 1997 and 1996, respectively. The Company expects to incur
between $300,000 and $500,000 to complete tenant improvements at the new
facility.
 
     The Company believes that the proceeds of the Offering, together with
internally generated cash flow and borrowing ability, will be sufficient to meet
its operating, working capital and capital expenditure requirements through the
next twelve months. In the event the Company's plans require more capital than
is presently anticipated, the Company's remaining cash balances may be consumed
and additional sources of liquidity, such as debt or equity financings, may be
required to meet its capital needs. There can be no assurance that additional
capital beyond the amounts the Company currently requires will be available on
reasonable terms, if at all.
 
FORWARD-LOOKING INFORMATION
 
     The preceding "Management's Discussion and Analysis of Financial Conditions
and Results of Operations" section contain various "forward looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities and Exchange Act of 1934, as amended, which
represent the Company's reasonable judgment concerning the future and are
subject to risks and uncertainties that could cause the Company's actual
operating results and financial position to differ materially, including the
following: the Company's expectations regarding the costs to be incurred to
complete the tenant improvements at its new facility; the Company experiencing
fluctuations in its sales, gross margins and profitability from quarter to
quarter consistent with prior periods; and the Company's expectation that it
will have sufficient funds to meet any working capital requirements during the
foreseeable future with proceeds received from the Offering, internally
generated cash flow and borrowing ability.
 
     In addition to other information in this report, the Company cautions that
certain factors, including without limitation the following, should be
considered carefully in evaluating the Company and its business and that such
factors may cause the Company's actual operating results to differ materially
from those set forth in the forward looking statements described above or to
otherwise be adversely affected: any significant decline in general economic
conditions or uncertainties regarding future economic prospects that affect
consumer spending; any general decline in the size of the telescope market or
any segment of the telescope market in which the Company competes, whether from
general economic conditions, a decrease in the popularity of telescopes or
otherwise; any inability to continue to design and manufacture products that
will achieve commercial success; any product designs being rendered obsolete
within a relatively short period of time as new products are introduced into the
market; any failure of the Company to penetrate the binocular market and achieve
meaningful sales; any unexpected termination or interruption of the Company's
manufacturing arrangements with the Taiwanese Factory; greater than anticipated
competition; any loss of, or the failure to replace, any significant portion of
the sales made to any significant customer of the Company; the
 
                                        9
<PAGE>   10
 
inherent risks associated with international sales, including variations in
local economies, fluctuating exchange rates, increased difficulty with respect
to inventory management, greater difficulty in accounts receivable collections,
costs and risks associated with localizing products for foreign countries,
changes in tariffs and other trade barriers, adverse foreign tax consequences,
cultural differences affecting product demand and customer service and burdens
of complying with a variety of foreign laws; and the inherent risks associated
with products manufactured by foreign suppliers located primarily in Taiwan,
Korea, Japan and the Peoples Republic of China, including, among other things,
imposition of quotas or trade sanctions, decline in the value of the United
States dollar against local currencies causing an effective increase in the cost
of finished products and components, shipment delays and the political
instability between China and Taiwan.
 
                                       10
<PAGE>   11
 
                          PART II -- OTHER INFORMATION
 
ITEM 1.  LEGAL PROCEEDINGS
 
     Not applicable.
 
ITEM 2.  CHANGES IN SECURITIES
 
     Not applicable.
 
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
 
     Not applicable.
 
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 
     Not applicable.
 
ITEM 5.  OTHER INFORMATION
 
     Not applicable.
 
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
 
     6(a) Exhibits filed with this Form 10-Q
 
          Exhibit No. 27 Financial Data Schedule for the six months ended August
          31, 1997.
 
     6(b) Reports on Form 8-K.
 
          None.
 
                                       11
<PAGE>   12
 
                                   SIGNATURES
 
     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
 
Dated: October 15, 1997
                                          MEADE INSTRUMENTS CORP.
 
                                          By: /s/ JOHN C. DIEBEL
                                            ------------------------------------
                                            John C. Diebel
                                            Chairman of the Board
                                            and Chief Executive Officer
 
     Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.
 
<TABLE>
<CAPTION>
                  SIGNATURE                                TITLE                     DATE
---------------------------------------------  ------------------------------  -----------------
<C>                                            <S>                             <C>
 
             /s/ JOHN C. DIEBEL                Chairman of the Board and       October 15, 1997
---------------------------------------------  Chief Executive Officer
               John C. Diebel                  (Principal Executive Officer)
 
            /s/ STEVEN G. MURDOCK              Director, President and Chief   October 15, 1997
---------------------------------------------  Operating Officer
              Steven G. Murdock
 
          /s/ BRENT W. CHRISTENSEN             Vice President, Finance and     October 15, 1997
---------------------------------------------  Chief Financial Officer
            Brent W. Christensen               (Principal Financial and
                                               Accounting Officer)
 
          /s/ JOSEPH A. GORDON, JR.            Director and Senior             October 15, 1997
---------------------------------------------  Vice President of North
            Joseph A. Gordon, Jr.              American Sales
 
                                               Director
---------------------------------------------
              Timothy C. McQuay
 
                                               Director
---------------------------------------------
               Harry L. Casari
</TABLE>
 
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