MIDDLETOWN, R.I. — Navigation and communications product maker KVH Industries posted a loss of $2 million, or 19 cents per share, for the second quarter, compared to a loss of $170,000, or 2 cents per share, during the year-ago period.
Revenue for the most recently ended quarter was $7.8 million, compared to revenues of $8 million a year ago.
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In a statement accompanying second quarter results, the company attributed losses to research and development investments in its photonic fiber and mobile broadband projects. The company also said that backlog for the second quarter reached $14.6 million, compared to $4.6 million during the first quarter. Company CFO Richard Forsyth also stated that the rescheduling of a military order in the second half of the year negatively affected second quarter earnings.
In May, KVH announced it had completed a round of financing directed at its photonic fiber and mobile broadband initiatives, resulting in some $19.5 million in funds.
