KVH reports 1Q resultsPosted on
KVH Industries today reported a decline in revenue for the first quarter of 2009, which ended March 31.
Revenue was $18.3 million, down 21 percent from the quarter ending March 31, 2008. Net loss for the period was $2.6 million, or 18 cents per share. During the same period last year, the company reported net income of $1.6 million or 11 cents per share.
In the first quarter of 2009, mobile communications revenue from products and services was $11 million, down 39 percent on a year-over-year basis.
“We just completed a difficult quarter in an extremely challenging economic environment that put significant pressure on sales of our satellite products into the leisure land and marine markets,” said Martin Kits van Heyningen, KVH’s chief executive officer, in a statement.
“The deteriorating economic conditions and their impact on first-quarter sales of boats, cars and recreational vehicles significantly affected the sales of our mobile satellite television products to the leisure markets,” he added.
KVH Industries is a leading manufacturer of solutions that provide global high-speed Internet, television and voice services via satellite to mobile users at sea, on land, and in the air. The company is based in Middletown, R.I., with facilities in Tinley Park, Ill., and Kokkedal, Denmark.