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.