MIDDLETOWN – KVH Industries Inc. reported a net loss Tuesday of $4.9 million in the first quarter of 2017. This comes as a larger loss than in the 2016 first quarter, in which KVH reported a $2.8 million net loss.
The first quarter report said that KVH’s revenue was $40.2 million in the period ended March 31, a decrease of 0.4 percent year over year. The filing also noted a net loss of 30 cents per diluted share.
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KVH attributed the revenue decrease to declining sales of its mini-VSAT Broadband, a decrease in land and mobile sales, and a weakened British Pound, noting a continued weakness of European maritime markets.
KVH said in the filing that the quarter matched its previously expressed expectations for the year, and projected the remainder of 2017 to include, “only moderate growth in revenue with a fairly large increase in operating expenses.” The report said that 2017 will be a year of strategic investment, citing new initiatives that it said KVH Industries might benefit from in “2018 and beyond.” Specifically, the company four products and services:
- New high-throughput satellite service and hardware
- The launch of AgilePlans, a subscription service for the commercial maritime sector
- Development of low-cost fiber-optic gyros for autonomous vehicles
- Enhancements for its TACNAV technology for military positions, navigation and timing
Chris Bergenheim is the PBN web editor.
