PROVIDENCE – KVH Industries Inc. reported a loss of $8.2 million in 2018, or 48 cents per diluted share, an improvement from 2017 when the company reported a loss of $11 million, or 67 percent per diluted 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 revenue for the year of $170.8 million, a 6.7 percent increase over 2017. The company said that the increased revenue was due, in large part, to a $7.4 million increase in Fiber Optic Gyro product sales.
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The company is also a manufacturer of sensors and integrated inertial systems for defense and commercial guidance and stabilization applications. Various KVH products are built for military and defense application, commercial application and leisure application.
The company’s yearly revenue was split into two segments, products and services. Services accounted for $107.5 million in revenue in 2018, a year-over-year increase of 4.2 percent. Product revenue increased 11.1 percent to $63.3 million over the year.
The company reported a loss of $1.8 million in the fourth quarter, slightly more than the $1.7 million it lost in the fourth quarter of 2017. Revenue increased 12.2 percent to $43.8 million.
“We had a strong fourth quarter with growing customer demand and increasing revenue,” said Martin Kits van Heyningen, KVH’s CEO. “Our VSAT shipment levels once again grew significantly, increasing more than 87% compared to last year, driven not only by our AgilePlans program, which increased dramatically this quarter, but also by traditional VSAT shipments, which increased more than 80 percent compared to last year.”
The company projected a full-year loss of 22 cents per share, less than half the loss per share reported in 2018.
The company reported that its cash, cash equivalents and marketable securities declined from $43.9 million at the end of 2017 to $18.1 million at the end of 2018.
The company only incurred $195,000 in employee termination and other non-recurring costs in 2018, compared with $1.2 million in 2017.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
