Business Excellence Awards
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MIDDLETOWN – KVH Industries Inc.’s profit soared 138 percent in the second quarter, to $453,000, or 3 cents per diluted share, from $190,000, or 1 cent per diluted share, during the same period in 2011.
The company also reported sales of $32 million during the three months ended June 30, a rise of 5 percent compared to the $30.6 million reported during the same quarter last year.
For the six months ended June 30, revenue was $58.7 million, up 7 percent compared to the $55 million reported during the first half of 2011.
KVH reported a net loss of $0.9 million, or 6 cents per diluted share, for the first six months of this year, an improvement on the net loss of $1.3 million, or 9 cents per diluted share during the first six months of 2011.
Revenue from the company’s mini-VSAT Broadband business grew 68 percent compared to the second quarter of 2011. In the second quarter, total mobile communications revenue was up 26 percent to roughly $24 million and maritime satellite TV sales increased 13 percent year over year. •