KVH reports loss, but marine revenue up

Author:
Updated:
Original:

KVH Industries Inc. of Middletown, R.I., reported a drop in revenue and a net loss for the third quarter ended Sept. 30.

Revenue declined 10 percent to $15.7 million. Net loss for the period was $800,000, or 6 cents per share. During the same period last year, the company reported flat earnings on a per-share basis.

For the nine months ended Sept. 30, revenue was $61.2 million, or flat compared to the year-ago period. Net income for the nine-month period was $2.8 million or 19 cents per share for the 2008 period, versus net income of $1.5 million, or 10 cents per share last year.

Marine revenue rose 22 percent above the year-ago quarter, with strong sales overseas and domestically. Key drivers in this market were TracPhone V7 antenna sales and the growth of KVH’s airtime service.

"A combination of challenging economic conditions and a delay in two fiber optic gyro programs contributed to a third quarter that did not meet our expectations,” said Martin Kits van Heyningen, KVH CEO, in a statement. “However, our diversified business model, including growth in marine product and airtime sales, along with an increase in military navigation revenue, helped moderate the impact of these events.”

"The expected addition of mini-VSAT Broadband coverage across the major Pacific Ocean shipping and aviation lanes in December 2008 should help us maintain our momentum,” said Kits van Heyningen.

The company maintained its full-year earnings guidance of $20 million to $23 million in revenue, and 1 to 5 cents earnings per share.

Related

Suzuki Powers Forest River’s New Nepallo Pontoon Boats

The new Nepallo line of pontoon boats with Suzuki engines will be sold at select Camping World and Gander RV & Outdoors stores.

West Marine CEO to Keynote Annual MRA Event

With a “Climate for Change” theme, the Marine Recreation Association’s Educational Conference and Trade Show is set for Oct. 11-13.

Skeeter Owner’s Tourney Held on Lake Fork

A field of 2,000 anglers in 1,000 boats saw a nearly 10-pound bass capture first place in the annual Skeeter owner’s tournament.

Email Remains a Vital Marketing Tool for Dealers

A content marketing staple, emails can consistently deliver valuable and relevant information, if done correctly.

ABYC to Publish Largest-Ever Standards Manual

The nonprofit is offering pre-orders until June 18 of its updated standards manual, with a publication date of July 31.

Furuno, Simrad Add SiriusXM Fish Mapping Suite

The subscription-based service offers offshore anglers a suite of technology with which to locate and catch more fish.