MIDDLETOWN – KVH Industries Inc. posted a 34.9 percent year-over-year increase in sales in the second quarter of 2013 and saw profit more than triple over the second quarter of 2012, the company reported Wednesday.
KVH, a provider of guidance and Internet systems for the maritime and defense industries, reported $43.2 million in sales for the quarter ended June 30, up from $32 million in the second quarter of last year.
Net income more than tripled for the period ended June 30 to $1.5 million, or 10 cents per diluted share, compared with $453,000, or 3 cents per diluted share a year earlier.
The company’s profit for the first six months of the year, $3.5 million, or 23 cents per diluted share, reversed a loss of $922,000, or 6 cents per diluted share, in 2012. Revenue for the same period grew 41.5 percent to $83.1 million.
KVH credited ongoing expansion of its maritime VSAT business, which provides phone service to mariners at sea, with the fourth consecutive quarter of record revenue. The company also received a boost in the second quarter from the acquisition of Headland Media Ltd., a multinational provider of news, entertainment and training content, which it finalized in May.
“Our maritime VSAT business continues to enjoy solid growth, and we are excited that we are getting a favorable reception from the customers regarding the new content offerings which we plan to roll out toward the end of the year,” said CEO Martin Kits van Heyningen in a statement.
The company projected further growth later in the year based on new commercial applications, despite an expected slowdown in defense sales due to federal budget sequestration.
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