Middletown-based KVH Industries Inc., a maker of
antennas for satellite television and telephones, said it may
have had a third-quarter loss because of lower-than-expected
sales of military products. Shares fell 16 percent.
Per-share results for the quarter ranged from “breakeven to
a modest loss,” the company said in a statement. KVH had net income of 1 cent a share in the year-earlier quarter.
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Sales of military products fell about $1.7 million from a
year ago after the company didn’t get an expected follow-up
$1 million military order, KVH said in the statement. The company
will release full third-quarter results on Oct. 16.
KVH stock closed Wednesday at $25.20, down 7 cents, in
regular New York Stock Exchange composite trading. They have
almost tripled this year.
KVH also said it expects to have a “modest profit” in the
fourth quarter because of fewer sales of highly profitable
military products and costs associated with starting production
of its TracVision A5 products, which allow consumers to receive
satellite television in their automobiles.
The company had profit of $300,000, or 3 cents a share, in
the fourth quarter last year.
Bloomberg News
