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.
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
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.