MIDDLETOWN – KVH Industries Inc. reported a loss of $6.2 million in the first quarter of 2019, or 36 cents per diluted share. The company had reported a loss of $3.9 million one year prior, or 23 cents per share.
The company, which manufactures and offers services that provide high-speed internet, television and voice services via satellite, along with geo-location devices, reported that revenue for the first quarter was $40 million, a 0.3% decline from $40.1 million one year earlier. The company reported that product sales declined 8% to $12.9 million in the quarter, while service sales increased 3.4% to $27.1 million over the year.
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The company also saw increases in expenses, largely attributable to a 20.9% increase in costs of service sales.
“We made substantial progress … during the first quarter,” said KVH CEO Martin Kits van Heyningen in prepared remarks. He said that the company increased its subscriber count in the quarter and noted that the U.S. Army began field testing a KVH product for assured positioning, navigation and timing in GPS denied environment. He also cited a backlog in photonic chip-based fiber optic gyro product which he expected would pick up going forward.
The company reported a loss of $8.2 million in 2018.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
