Updated August 29 at 7:42am

KVH revenue rises, profit triples in 2Q

KVH Industries Inc. posted a 34.9 percent year-over-year increase in sales in the second quarter of 2013 and saw profit more than triple over the second quarter of 2012, the company reported Wednesday.

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Technology

KVH revenue rises, profit triples in 2Q

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MIDDLETOWN – KVH Industries Inc. posted a 34.9 percent year-over-year increase in sales in the second quarter of 2013 and saw profit more than triple over the second quarter of 2012, the company reported Wednesday.

KVH, a provider of guidance and Internet systems for the maritime and defense industries, reported $43.2 million in sales for the quarter ended June 30, up from $32 million in the second quarter of last year.

Net income more than tripled for the period ended June 30 to $1.5 million, or 10 cents per diluted share, compared with $453,000, or 3 cents per diluted share a year earlier.

The company’s profit for the first six months of the year, $3.5 million, or 23 cents per diluted share, reversed a loss of $922,000, or 6 cents per diluted share, in 2012. Revenue for the same period grew 41.5 percent to $83.1 million.

KVH credited ongoing expansion of its maritime VSAT business, which provides phone service to mariners at sea, with the fourth consecutive quarter of record revenue. The company also received a boost in the second quarter from the acquisition of Headland Media Ltd., a multinational provider of news, entertainment and training content, which it finalized in May.

“Our maritime VSAT business continues to enjoy solid growth, and we are excited that we are getting a favorable reception from the customers regarding the new content offerings which we plan to roll out toward the end of the year,” said CEO Martin Kits van Heyningen in a statement.

The company projected further growth later in the year based on new commercial applications, despite an expected slowdown in defense sales due to federal budget sequestration.

technology, telecommunications, kvh, headland media

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