MIDDLETOWN – KVH Idustries Inc. reported a loss of $1.3 million in the second quarter of 2018, or 8 cents per diluted share, Thursday, following a $2 million loss in the second quarter of 2017, or 12 cents per diluted share.
The company had a $43.4 million revenue in the quarter, a $2.9 million increase from $40.5 million in the second quarter of 2017.
Product revenue increased $1.8 million year over year to $16.2 million, while service revenue increased $1.1 million. The company attributed the increase to an increase in inertial-navigation products sales and services, which were offset by a decline in mobile connectivity sales and service sales.
“Our second-quarter results demonstrate the strong growth that we outlined at the beginning of the year and build on our first-quarter momentum,” said KVH CEO Martin Kits in a statement. “In particular, we achieved record performance in many aspects of our VSAT business, including our highest-ever level of shipments, which grew almost 100 percent compared [with] the second quarter last year. This was driven largely by the continued success of our AgilePlans Connectivity as a Service Program, which, together with demand for our new next-generation HTS satellite network, helped increase our airtime subscribers by 9 percent for the second quarter.”
The company also noted in the quarter it reached agreements to add connectivity services to 45 vessels for the BW Group, and a deal to provide a communications antenna system with a five-year airtime contract for 45 tankers to the Brazilain-based Transpetro.
Chris Bergenheim is the PBN web editor.
