KVH Industries today reported increased revenue and net income for the fourth quarter, which ended Dec. 31, 2009.
Revenue for the quarter was $26.3 million, up 24 percent from the quarter ending Dec. 31, 2008. Net income for the period was $1.8 million, or 13 cents per diluted share, compared to net income of $0.3 million or 2 cents per diluted share in the same period last year.
For the year, revenue was $89.1 million, up 8 percent compared to $82.4 million for 2008. KVH reported a net loss of $100,000, or 1 cent per share, for 2009. During the same period last year, the company reported net income of $3.1 million or 21 cents per diluted share.
"We are very pleased with our strong finish to what has been a challenging year for most companies. Our market and product diversity enabled us to grow the top line for the company in 2009 and we believe we have positioned the company appropriately to be successful as the economy improves," CEO Martin Kits van Heyningen said in a statement.
"I believe that our strategic initiatives, including the rollout of our global maritime broadband network and the expansion of our fiber optic gyro business, proved themselves over the course of the year, and resulted in four consecutive quarters of record [fiber optic gyro] sales and the highest overall quarterly revenue in the company's history," he added. "These initiatives are now major contributors to our growth and I am confident that they will help KVH thrive in the coming year."