Business Excellence Awards
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By PBN Staff
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.