KVH reports uptick in 2008 revenue

Published online: Feb 10, 2009 News Soundings Trade Only
Viewed 255 time(s)

"While the economic situation is a serious challenge for all companies, our innovative strategic plan and diversified business model are generating revenue from satellite communications on land, sea and air, as well as growth from our defense and commercial businesses," CEO Martin Kits van Heyningen said in a statement.
Revenue for the fourth quarter of 2008 was $21.2 million, compared to $19.7 million in the 2007 quarter. Net income for the period was $300,000, or 2 cents per share, compared to net income of $1 million, or 6 cents per share, last year.
For the full year, revenue was $82.4 million, up 2 percent compared to $80.9 million for 2007. KVH reported net income of $3.1 million, or 21 cents per share, versus net income of $2.5 million or 17 cents per share for 2007.
"Within our marine business, the market weakness we saw at the end of the third quarter of 2008 in the leisure market carried over into the fourth quarter and worsened, affecting our sales both in Europe and domestically," said Kits van Heyningen. "However, sales of our TracPhone V7 and mini-VSAT airtime service helped to offset much of that weakness resulting in only a 2 percent decline in revenue from marine products and services compared to the fourth quarter of 2007."
Most of the growth in fourth quarter revenue came from KVH's defense-related guidance and stabilization products. The company's fiber-optic gyro solutions, TACNAV military navigation systems, and related services totaled about $10.1 million in the 2008 fourth quarter, up 79 percent on a year-over-year basis.
Looking ahead for 2009, assuming overall economic conditions get no worse, KVH expects revenue to grow about 10 percent for the year, driven by the growth of the company's mini-VSAT broadband and fiber-optic gyro businesses as well as the initial shipments of its new satellite antenna system for LiveTV aeronautical installations.

You May Also Be Interested In...

March 25, 2015

Restored To Her Glory

If you’re interested in restoration stories, you don’t want to miss this one—which involves a little history lesson to boot.
March 19, 2015

Why You Should Keep Your Smoke Alarms Up To Date

If you want to hear a good argument for keeping your smoke alarms up to date onboard, check out this man’s story according to Cambridge News.
March 11, 2015

Unmanned Houseboat Drifts 165 Miles

You’ve heard of runaway dogs, but have you ever heard of a runaway houseboat?
March 04, 2015

Lake Norris Update: Twin Cove Marina Is Seeing Great Progress

In an admiral show of resilience and dedication, the heavy winter damage at Twin Cove Marina, Carryville, Tenn., is already being tackled by cleanup crews.
February 24, 2015

Norris Lake Boats Suffer Severe Winter Damage

We have sad news—several boats and docks collapsed under the fury of a winter storm in the Norris Lake, Campbell County, Tenn., area this Saturday.
February 18, 2015

Houseboating Opportunities In India

The Times of India brings word that the District Tourism Promotion Council (DTPC) is investigating the possibilities of promoting houseboating in Kochi,a major port city...
Follow us on Facebook!   Follow us on Instagram!   Follow us on Pinterest!   Follow us on YouTube!