I have virtually the same tester. I used to use it all the time when my plants were smaller -- the meter helped me keep them under the max possible light. Now that they're grown up, some part of them is always on the dark margin no matter how I position them, so I don't use it as much.
Running 400W MH, my tester pegged at about 12" from the light... how old is your bulb? My plants on the outer edges were getting 12-1500 whatevers (it probably is foot-candles.. it sure isn't Kelvins); plants dead-center under the light were getting "pegged" levels. I rotated plants daily to compensate for this.
When I switched to HPS, there was a definite increase in intensity measured by the meter.. consistent with lumen ratings, manufacturer reports, but also suggests that these cheap meters are especially sensitive to red-spectrum lighting (same as winter / sunset sun..).
I wouldn't go too far on the data provided by a $5-10 meter, but it did help this indoor newbie (to MJ.. been gardening for decades) appreciate just how quickly and totally artificial light dissipates from the source.