KVH marine satellite communications product sales up

MIDDLETOWN, R.I. – Sales of KVH Industries’ (Nasdaq: KVHI) RV and marine satellite communications products (excluding the TracVision A5) showed continuing strong growth in the fourth quarter and were up approximately 50 percent versus the same period last year, the company reported in a statement today.

Taking the TracVision A5 revenues into account, overall satellite communication revenues are expected to be up more than 100 percent and were the primary driver for the company’s fourth quarter revenue growth, according to KVH.

However, the company reported that preliminary, unaudited results suggest that it will record quarterly revenues of approximately $15.6-$15.9 million and a fourth quarter net loss in the range of ($0.11)-($0.14) per share. This would represent approximately a 20-percent increase over the fourth quarter 2002 reported revenue of $13 million.

“In spite of estimated record quarterly revenue, we attribute this loss primarily to continued delays in the military procurement process that have slowed the arrival of anticipated orders for our higher-margin defense products, including one order with an expected value of roughly $2 million,” explained Pat Spratt, KVH’s chief financial officer.

The company also reported that the number of TracVision A5 units shipped was lower than anticipated due in part to production delays resulting from component supply issues early in the quarter, though it said those issues have now been addressed.

KVH’s fourth quarter closed on December 31, 2003. The company expects to release its audited fourth quarter and full year results for 2003 by mid-February.

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