TECHNOLOGY

KVH profits surge in 3Q

COURTESY KVH INDUSTRIES
KVH INDUSTRIES Inc. saw both profit and revenue rise during the third quarter of 2012.
Posted 10/31/12

MIDDLETOWN – KVH Industries Inc.’s profit surged 190 percent during the third quarter of 2012, rising to $1.7 million, or 12 cents per diluted share, from the $600,000, or 4 cents per diluted share, reported during the same period in 2011.

The company posted sales of $38.8 million during the three months ended Sept. 30, a rise of 51.5 percent compared with the $25.6 million reported during the same quarter last year.

“Our record results this quarter reflect continued growth from our broadband communications business, initial shipments against a strong backlog for our TACNAV military navigation system and good growth in our fiber-optic gyro sales,” Martin Kits van Heyningen, KVH’s CEO said in prepared remarks.

During the quarter, KVH’s mobile satellite revenue rose 24 percent year over year to $22.2 million. Airtime revenue from the company’s mini-VSAT Broadband business grew 56 percent compared to the third quarter last year and TracPhone unit sales for the mini-VSAT Broadband service rose 36 percent year over year.

Sales and services related to the company’s FOG products and its TACNAV military navigation systems saw revenue rise to $16.6 million in the third quarter, a 115 percent increase year over year, primarily due to sales to the Saudi Arabia National Guard.

For the nine months ended Sept. 30, the company reversed a loss of $744,000, or 5 cents per diluted share, posting earnings of $823,000, or 5 cents per diluted share.

The company’s revenue for the first nine months of the year rose 21 percent to $97.6 million from $80.6 million during same period in 2011.

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    Celebrate with the Healthiest Employers in RI on August 14th at the Providence M ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement