Yes, you're too late. Too many people came in at once, went balls deep in debt and threw mega hash farms online. This happened at the precise time every other mouth breather figured out how to make their "own" coin, and severely diluted the markets. Add to that the numerous multipools that have sprung up and the perfect storm has occurred.
Many coins have to die, and many miners as well (figuratively) for us to even think about the "Golden Days" of even a few months ago. Dark days are here and I'm moving directly to mining bitcoin with asic's.
Bring the pain. I'll be waiting for better days.
You know profitability is still much better than it was roughly a year ago [about the time I jumped into LTC mining]. At that time LTC difficulty was in the sub 1000 difficulty range, but it was also only worth $3, hell even went as low as $2 for a while. Difficulty may now be 5x higher, but value of LTC is also up by roughly 6x as well.
Many coins will die over the coming months, but ultimately we will see profitability remain for GPUs for a while now. Gridseed ASICs are going to begin impacting profitability though in those months. With power requirements so low on the Gridseeds, it is going to be much easier for there to be en-masse farms of them.
Right now your power costs need to be below .15 cents or so for profitability on GPUs to remain appealing, and even then you are cutting it close. I'm currently paying .11 cents and will be looking into adjustments.
So right now you should be telling us your power rate, as that determines whether this is a worthwhile venture for you.
Good luck with that. 