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.