KVH posts ’06 revenue of $79.0M, up 11%

<center>M. Kits van<br> Heyningen</center /
M. Kits van
Heyningen</center /

MIDDLETOWN – KVH Industries Inc. today posted revenue of $79.0 million for the year ended Dec. 31, an 11-percent increase over the previous year’s $71.3 million. Net income was $3.7 million, or 25 cents per share, compared with 2005’s $2.9 million, or 20 cents per share. The 2006 profit included $1.1 million, or 7 cents per diluted share, in stock-based compensation charges.

The company’s fourth-quarter revenue was $17.4 million, down 2 percent from the year-ago period. Net income for the quarter was $100,000, or 1 cent per share – after $300,000, or 2 cents per diluted share, in stock-based compensation charges – compared with the year-ago period’s $1.0 million, or 7 cents per share.

Fourth-quarter mobile communication revenue was $12.1 million, up 19 percent over the year-ago period. Defense-related sales, including KVH’s TACNAV military navigation systems and fiber optic gyro (FOG) solutions, were about $5.3 million, 30 percent less than in the fourth-quarter of 2005. For the full year, mobile communication revenue was up 15 percent and defense-related navigation and guidance revenue was up 3 percent, the company said.

“The fourth quarter was tempered by schedule changes for a few confirmed military orders and an unexpected softness in the marine market,” said Martin Kits van Heyningen, KVH’s president and CEO. “However, marine sales in the fourth quarter were still up 11 percent compared to last year …. We also saw our third consecutive quarter of year-over-year growth in sales to the RV market.”

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KVH Industries Inc. (Nasdaq: KVHI) is a maker of live mobile media systems and navigation and guidance solutions for maritime, defense and commercial applications. Additional information is available at www.kvh.com.

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