MIDDLETOWN – KVH Industries Inc. 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 second quarter of 2011.
The company’s bottom line soared 138 percent during the quarter to $453,000, or 3 cents per diluted share, from $190,000, or 1 cent per diluted share, during the same period 2011.
For the six months ended June 30, revenue was $58.7 million, up seven 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 the year, an improvement on the net loss of $1.3 million, or 9 cents per diluted share during the first six months of 2011.
“Our results this quarter reflect the benefit that comes from our diversity of offerings and the increasing strength of our broadband communications business,” Martin Kits van Heyningen, KVH CEO, said in a statement.
Revenue from the company’s mini-VSAT Broadband business grew 68 percent compared to the second quarter of 2011. “This is a testament to the robustness of our global broadband network as the number of active accounts continues to grow at a strong rate,’ said Kits van Heyningen.
In the second quarter, total mobile communications revenue was up 26 percent to roughy $24 million and maritime satellite TV sales increased 13 percent year over year.
KVH's guidance and stabilization revenue was approximately $8 million during the second quarter, down 31 percent year over year due to “a strong comparative quarter in 2011 when another large foreign military TACNAV order was shipped.”
According to the company, sales of the KVH’s FOG products rebounded nicely from a weak first quarter.
“The second quarter revenue and earnings per share were in line with our expectations,” Patrick Spratt, KVH chief financial officer, said in a statement. “Gross margin for the quarter
improved sequentially to approximately 39 percent, reflecting product volume increases and the increasing airtime margins from the mini-VSAT Broadband service.”
“We feel KVH is well positioned for continued growth,” said Kits van Heyningen.