Middletown-based KVH Industries, provider of high-bandwidth communications products, tactical navigation systems and fiber optic products, has reported its results for the fourth quarter ended December 31, 2001.
Revenue for the period was $8.8 million with a net loss of $1.2 million, or $0.11 per share. By comparison, KVH reported revenue of $8.8 million and a net profit of $76,531, or $0.01 per share for the fourth quarter ended December 31, 2000.
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Overall, the company’s commercial products recorded a 25 percent increase in revenue for the fourth quarter over the same period last year. However, these positive gains were offset by a 40 percent or $1.4 million decline in defense sales. The decline in profitability of $1.2 million for the quarter reflected KVH’s investment in its photonic fiber and mobile broadband initiatives.
For the fiscal year ended December 31, 2001, revenue increased 9 percent to $32.7 million from $29.9 million in 2000. KVH reported a net loss of $6.3 million, or $0.61 per share for the year, versus a loss of $941,120 or $0.12 per share in the prior year.
KVH is webcasting its fourth quarter/year-end 2001 conference call live at 11:30 a.m.Eastern Time today through the company’s Web site. The conference call may be accessed at http://www.kvh.com/InvRelations/index.asp. The audio archive also will be available on the company Web site within three hours of the completion of the call.
