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KVH Industries reports 1Q results

KVH Industries reported a drop in revenue and swung to a net loss for the first quarter after reporting a profit for the quarter a year earlier.

Revenue for the quarter that ended March 31 was $24.4 million, down 13 percent from the same period in 2010. The company reported a net loss of $1.5 million, or 10 cents a share. During the same period last year, the company reported net income of $2.1 million, or 14 cents a share, on revenue of $28 million.

The Middletown, R.I.-based company said satellite TV system sales to the leisure marine and recreational vehicle markets were far weaker than expected in the first quarter because of rising fuel prices and a decline in new-boat sales.

Mobile communications revenue was $15.7 million, down 2 percent on a year-over-year basis. Unlike the first quarter of 2010, there were no production shipments of KVH's aeronautical TV antenna to LiveTV in the first quarter this year.

Excluding the LiveTV year-over-year impact, mobile communications revenue from marine and land products and services was up 20 percent on a year-over-year basis on the strength of KVH's mini-VSAT Broadband hardware, airtime and network management products.

KVH said it expects second-quarter revenue to be $30 million to $32 million, and it expects to return to profitability, with earnings in a range of 1 to 6 cents a share.

Click here for the full report.

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