MIDDLETOWN – KVH Industries, broadband, sensor, and guidance and stabilization systems manufacturer, reported a profit of $600,000 in the third quarter, down from the $637,000 a year earlier.
Diluted earnings per share were $.04, the same as third quarter 2010. Revenue was $25.6 million, down 8 percent.
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Income from operations was a loss for the three months ended Sept. 30 of $306,000, tumbling from the $1.27 million seen in the year-earlier period.
“Clearly the weak economy and continued uncertainty impacted our results in the third quarter,” said CEO Martin Kits van Heyningen. “Going forward, we are assuming that decision cycles for some commercial and government projects will take longer in the current economic environment and we are planning accordingly.”
“However, we are entering the fourth quarter with a stronger order backlog that gives us better visibility than we had in the third quarter,” he added.
The company also reported nine month results with revenue at $80.6 million, down 5 percent when compared to the same period 2010. KVH net income dropped sharply from the $8.03 million seen in the first nine months of 2010 to a net loss of $744,000 in the same period 2011.
