Marine sales help KVH Industries hit record quarter
MIDDLETOWN, R.I. – Spurred in part by strong marine sales, KVH Industries (Nasdaq: KVHI) broke a record with revenue of $18.0 million for the quarter ended March 31, it reported in a press release this morning.
The company’s first-quarter revenue was up 37 percent from $13.1 million for the quarter ended March 31, 2003. Net income for the period was $0.1 million, or $0.01 per share, compared to net income of $0.2 million, or $0.02 per share, during the same period last year, KVHI said.
The company’s satellite products generated year-over-year revenue growth of 81 percent for the first quarter with revenue of $13.9 million, compared to $7.7 million in the first quarter of 2003.
“Ongoing efforts to strengthen our leadership position in the marine and land mobile satellite communication markets helped drive quarterly satellite revenues to a record high,” said Martin Kits van Heyningen, KVHI president and chief executive officer. “Expanded marine sales and new OEM customers in the RV marketplace helped strengthen our results for the first quarter.”
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