MIDDLETOWN – KVH Industries, a provider of mobile satellite communications products and defense-related navigation and guidance systems, reported that revenue for the fourth quarter was $15.7 million, up 21 percent. Net loss for the period was $1.6 million, or 14 cents per share, compared to the same period last year.
For the fiscal year ended Dec. 31, revenue increased 19 percent to $56.7 million versus $47.7 million in 2002. KVH reported a net loss of $1.5 million.
“While both the fourth quarter and full-year revenues were record highs they were lower than we had expected, primarily as a result of the absence of an anticipated large order from an existing U.S. military customer,” said Martin Kits van Heyningen, KVH’s president and CEO. “The absence of this order also contributed significantly to the loss incurred during the fourth quarter.”
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On Feb. 13, KVH announced it closed its public offering of 2,750,000 shares of common stock at a public offering price of $18.75 per share, and expected to receive net proceeds from the offering of approximately $48.1 million. KVH also granted the underwriters the right to purchase up to an additional 412,500 shares of common stock to cover over-allotments.
Cox and ESPN reach agreement
ATLANTA — ESPN Inc. and Cox Communications Inc. have reached an agreement to renew and extend Cox’s carriage of multiple ESPN networks and services.
The long-term agreement includes the continued distribution of ESPN and ESPN2 on expanded basic. Rates for customers will increase from $2.61 a month to $4.38 after nine years, USA Today reported.
The agreement includes the carriage of ESPNEWS, ESPN Classic and ESPN HD and the launch of ESPN’s new 24-hour Spanish-language network, ESPN Deportes, in markets where Cox offers a Spanish-language tier.
“We’re pleased to reach agreement with ESPN,” said Jim Robbins, President and CEO of Cox. “We are resolved to protect the value of cable television service for our customers, and with this agreement we believe we made material progress in accomplishing that objective.” (Bloomberg News)
