MIDDLETOWN – KVH Industries Inc. reported a 2017 net loss of $11 million, or 67 cents per diluted share, in its 10-K filing with the U.S. Securities and Exchange Commission Friday, compared with a $7.5 million, or 47 cents per diluted share, loss in 2016.
Net sales for the year totaled $160.1 million in 2017, a 9.1 percent decline from the previous year’s total of $176.1 million. The company said this was due to a decline in mobile connectivity product sales and a decrease in inertial products sales for the year.
In 2017, products sales made up 35.6 percent of revenue while service sales made up 64.4 percent of total sales, compared with 41.5 percent for product sales and 58.5 percent for service sales in 2016.
The company also reported that it incurred a $1.7 million charge for reduction in deferred tax assets as part of the impact of the 2017 Tax Cuts and Jobs Act.
KVH Industries designs, develops, manufactures and markets mobile connectivity and services for the marine and land mobile markets, and inertial navigation products for commercial and defense markets.
Chris Bergenheim is the PBN web editor.