KVH
50 Enterprise Center
Middletown, RI 02842
Phone: 401-847-3327
Fax: 401-849-0045
E-mail: aandrews@kvh.com
KVH develops, manufactures and markets proprietary fiber optic,
autocalibaration and sensor technolgies to produce navigational and mobile satellite
communications systems for commercial, military and marine uses. For the first
nine months of the fiscal year, ending in September, the company’s sales rose
22 percent to $21.1 million, and net loss fell 32 percent to $1 million. Last
week the company announced it had won a $1.5 million contract to produce EoCore(TM)
Fiber Optic Gyros for use in the Javelin Basic Skills Trainer (BST) produced
by ECC International Corp of Orlando, Fla. The BST will be used by the U.S.
Army to train soldiers to operated the new Javelin anti-tank missile system.
The company also recently earned "best product" awards from the National
Marine Electronics Association in every category it was eligible.
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Stock Information
Exchange: NASDAQ
Symbol: KVHI
Annual meeting: May 24, 2000
Shares of common stock outstanding as of March 31, 2000: 7,598,094
Stock price as of Friday, Nov. 3, 2000: $10
Market value as of Friday, Nov. 3, 2000: $75,980,940
12-month high stock price: $10.69
12-month low stock price: $2.75
| For the years ending Dec. 31 |
1999
|
1998
|
1997
|
| Net Sales |
$22,822
|
$20,630
|
$25,570
|
| Net Income (loss) |
(2,697)
|
(2,266)
|
2,217
|
| Basic (loss) earnings per share |
(0.37)
|
(0.32)
|
0.31
|
| Total assets |
19,835
|
18,746
|
21,805
|
| Long-term obligations |
2,870
|
0
|
7
|
| Shareholders’ Equity |
1999: 14,502
|
1997: 19,194
|
1995: 3,654
|
Directors
| Mark S. Ain, 56 Director since 1997, a founder of Kronos, Inc. and its chief executive officer and chairman. Shares: 26,800 |
| Stanley K. Honey, 45 Director since 1997, executive vice president and chief technology officer of SporTVision Systems, LLC. Shares: 18,000 |
| Arent H. Kits van Heyningen, 84 Director since 1982, a founder of the company and chairman of its board of directors, and serves as the company’s chief scientist. Shares: 593,685 |
| Charles R. Trimble, 58 Director since 1999, founder and former president and chief executive officer of Trimble Navigation. Shares: 13,000 |
| Robert W.B. Kits van Heyningen, 41 Director since 1982, a founder of the company, he is the company’s president and chief executive officer. Shares: 433,131 |
| Robert W.B. Kits van Heyningen, 43 Director since 1992, a founder of the company, he is vice president of research and development. Shares: 371,399 |
| Werner Trattner, 47 Director since 1994, chief financial officer and vice president of sales of Swarovski Optik KG of Austria. Shares: 22,000 |
Director’s Fees: Non-employee directors
receive $1,500 for each board meeting attended.
Top Institutional Holders: State
of Wisconsin Investment Board, 595,000 shares; Dimensional Fund Advisors, Inc.,
259,200; Robert N. Shapiro, 116,106; Gannet Welsh & Kotler, Inc., 116, 106.
Executive Compensation
|
Fiscal year
|
1999
|
1998
|
| Martin A. Kits van Heyningen, president and CEO |
$189,000
|
$180,000
|
| Robert W.B. Kits van Heyningen, v.p., research & development |
$143,325
|
$136,500
|
| Arent H. Kits van Heyningen, v.p., chairman, board of directors |
$132,300
|
$126,000
|
| Christopher T. Burnett, v.p., business development |
$153,349
|
$147,621
|
| James S. Dodez, v.p., sales and marketing |
$144,286
|
$137,783
|
*Executive compensation includes salary, bonuses and other
compensation, including life insurance, cash profit sharing and other payments.
Source: Proxy statement, annual report, quarterly reports and
other PBN research.
