MIDDLETOWN, R.I. — Fiber optic and satellite antenna company KVH Industries, Inc. has posted a loss of $1.5 million — or 18 cents per share — for the first quarter of 2001, compared to a loss of $900,000 — or 12 cents per share — during the same period a year ago.
In a statement accompanying the earnings report, KVH attributed the loss to an expansion of research investments in photonic fiber and mobile broadband technologies, as well as changes in the company’s tax rate. During the year-ago period, the company reported using $500,000 in income tax benefits, which it said softened its posted loss by about 7 cents per share for that quarter.
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KVH has raised $15 million through private equity placements since last December, and its board has authorized the sale of up to $5 million of additional shares. The company’s revenues for the most recently completed quarter grew 43 percent, to $8.1 million, compared to $5.7 million during the comparable period last year. The company said it expects revenue growth for the year to be between 30 and 35 percent, and is looking at its photonic fiber and mobile broadband initiatives to achieve this growth.
