technology

KVH profits move into black in 1Q

COURTESY KVH INDUSTRIES
KVH's bottom line moved into the black during the first quarter with a net income of $1.96 million, or 14 cents per diluted share.
Posted 5/3/13

MIDDLETOWN – The bottom line of KVH Industries Inc. moved into the black during the first quarter of 2013 after a $1.38 million loss during the first quarter of 2012, the company reported Friday.

KVH reported first-quarter net income of $1.96 million, or 13 cents per diluted share, up from a net loss of $1.38 million, or 9 cents per diluted share during the first quarter of 2012.

During the quarter, KVH saw its earnings rise 49.4 percent to $39.93 million during the first three months of 2013 from $26.73 million during the same period in 2012.

“Our third sequential record revenue quarter reflects continued growth from both our broadband communications and guidance and stabilization business,” Martin Kits van Heyningen, KVH’s CEO, said in a statement.

Kits van Heyningen added that the company’s TACNAV and FOG product lines generated solid results in the first quarter with year-over-year growth of 586 percent and 93 percent, respectively. On the marine end of things, KVH’s VSAT airtime business saw first quarter revenues rise 42 percent year over year.

For the remainder of 2013, KVH predicted that its mini-VSAT Broadband business would show strong year-over-year growth, but added that it had already begun to see the first hint of a slowdown in future U.S. defense sales – a result of sequestration.

For its second quarter, KVH said it expected revenue to be in the range of $39.5 million to $41.5 million, a 23 to 30 percent increase year over year.

“We are very pleased with our overall progress so far this year and feel that we are on the path toward achieving our longer-term strategic objectives, said Kits van Heyningen.

Calendar
PBN Hosted
Events

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement