KVH Industries says preliminary data shows the company will report revenue of approximately $18 million for the first quarter of 2009, compared to $23.1 million in the year earlier period.
Because of the revenue shortfall, the company estimates that it will report a loss of roughly 18 cents per share for the first quarter. In the first quarter of 2008, KVH reported net income of $1.6 million or 11 cents on a per-diluted share basis.
The company's prior guidance anticipated that first quarter 2009 revenue would be about 10 percent lower than the same period last year.
"However, the declining macroeconomic conditions during the first quarter and their impact on sales of boats, cars and recreational vehicles affected the sale of KVH's mobile satellite television products to the leisure markets," the company said in a statement.
Recently, the company also received significant orders for its military and commercial products, much of which are expected to begin shipping in the second quarter. Taking these orders into account, along with the company's prior backlog, KVH expects its second-quarter results will be better than the first quarter of 2009.
The company plans to release its first-quarter results April 23.