MIDDLETOWN, R.I. – KVH Industries, Inc. (Nasdaq: KVHI) generated revenue of $22.6 million for the third quarter ended Sept. 30, up 44 percent from the quarter ended Sept. 30, 2008, the company reported in a recent statement.
Net income for the period was $0.4 million, or $0.03 per diluted share. During the same period last year, the company reported a net loss of $0.8 million or $0.06 on a per share basis.
For the nine months ended Sept. 30, revenue was $62.8 million, up 3 percent compared to $61.2 million for the nine months ended Sept. 30, 2008. KVH reported a net loss of $2.0 million or $0.14 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 $0.19 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’s chief executive officer. “We are realizing the benefits from our strategic growth plans that focused on fiber optic gyros and maritime communications, which enabled us to post solid growth despite the larger economic challenges. We are confident in the strength of our competitive position and optimistic that we’ve positioned the company well for the future.”
In the third quarter of 2009, mobile communications revenue from marine, land, and aeronautical products and services was $12.0 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,” commented Kits van Heyningen. “However, the declines appeared to moderate in the third quarter.”