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MIDDLETOWN, R.I. – Marine revenue rose 23 percent over the same period last year and overall revenue was up 13 percent as KVH Industries, Inc., reported its financial results for the first quarter ended March 31, 2008, earlier this week.
Revenue for the first quarter of 2008 was $23.1 million and net income for the quarter was $1.6 million, or $0.11 on a per-diluted share basis. During the same period last year, the company reported net income of $57,000, or breakeven on a per-diluted share basis.
"We've started 2008 on a very strong note, with record first quarter sales and a significant year-over-year increase in profits,” said Martin Kits van Heyningen, KVH's CEO. "Marine revenue rose 23 percent over the same quarter last year, driven in large part by our new TracPhone V7. Demand for this compact, powerful satellite communications system continues to be strong, and we are meeting both our sales and production goals. With every TracPhone V7, we also enjoy the benefit of the hardware sale along with the recurring monthly airtime service revenue. Based on initial activations, the revenue stream driven by mini-VSAT Broadband airtime is very promising.”
An audio archive and an MP3 podcast of the company’s first quarter conference call are available on its Web site.
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