MIDDLETOWN – KVH Industries Inc. reported a loss of $6.2 million in the first quarter of 2020, or 35 cents per diluted share, the company announced on Thursday.
One year prior the company, which manufactures high-performance sensors and integrated inertial systems for the defense and commercial markets, logged a loss of $6.3 million, or 38 cents per diluted share.
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Quarterly revenue was $36.6 million, an increase from $36.4 million one year prior. The company’s product-sales revenue was $13.1 million for the quarter, a slight decline year over year from $13.2 million. Service revenue was $23.6 million, an increase from $23.2 million in the first quarter of 2019.
“Despite the impact of the COVID-19 global pandemic at the end of the quarter, we are pleased that we delivered first-quarter results largely in line with our expectations,” said Martin Kits van Heyningen, KVH’s CEO.
The company noted it entered the quarter with $41 million in cash on hand. Mitigation strategies included reducing compensation and cutting costs, according to the company.
“While we got off to a very good start this year, our business now faces unprecedented and unforeseen challenges as a result of the COVID-19 pandemic,” said Kits van Heyningen. “At this point, it is simply not possible to estimate how extensively or for how long this global health care crisis will continue, but we have seen enough to know that we can no longer be confident in our previous 2020 revenue and earnings guidance.”
