KVH Industries today reported a 44 percent increase in revenue for the third quarter, which ended Sept. 30.
Revenue for the quarter was $22.6 million, while net income for the period was $400,000, or 3 cents per diluted share. During the same period last year, the company reported a net loss of $800,000 or 6 cents on a per-share basis.
For the nine months ending Sept. 30, revenue was $62.8 million, up 3 percent, compared to $61.2 million for the nine months ending Sept. 30, 2008. KVH reported a net loss of $2 million, or 14 cents on a per-share basis for the first nine months of 2009. During the same period last year, the company reported net income of $2.8 million or 19 cents on a per-diluted-share basis.
"In the third quarter, we enjoyed growth on the top and bottom lines that exceeded our expectations," said Martin Kits van Heyningen, KVH chief executive officer, in a statement.
In the third quarter of 2009, mobile communications revenue from marine, land, and aeronautical products and services was $12 million, down 2 percent on a year-over-year basis.
"In the mobile satellite business, the economic challenges remain, especially in our leisure satellite TV markets," Kits van Heyningen said. "However, the declines appeared to moderate in the third quarter. Largely overcoming those declines was the continued growth of our TracPhone V7 and the mini-VSAT Broadband service. Our success in the VSAT market continued, with mini-VSAT product and airtime revenue growing strongly year-over-year. Total airtime services revenue for mini-VSAT and Inmarsat combined exceeded $3 million in the quarter, with mini-VSAT showing continued growth, offsetting a seasonal sequential decline in Inmarsat airtime.
"Looking ahead, we plan to launch a major new satellite television product at the Fort Lauderdale International Boat Show next week," he added.
For the fourth quarter, company executives said they expect revenue will grow 18 percent to 24 percent year-over-year. KVH expects to achieve a net profit of between 2 cents and 7 cents per share for the fourth quarter.