KVH Industries reports 2Q results

Published online: Jul 28, 2010 News Trade Only Today
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KVH Industries today reported a 35 percent increase in revenue for the second quarter ending June 30.

Revenue for the quarter was $29.5 million, and $57.5 million for the six months ending June 30, the company reported. For the six-month period, revenue increased 43 percent over the same period in 2009.

In the second quarter of 2010, mobile communications revenue from marine, land and aeronautical products and services was $16.7 million, up 33 percent on a year-over-year basis.

Diluted earnings per share for the quarter totaled 36 cents on net income of $5.3 million. During the same period last year, the company reported net income of $0.2 million or 1 cent per diluted share, on revenues of $21.9 million.

KVH reported net income of $7.4 million or 50 cents on a per diluted share basis for the first six months of 2010.  During the same period last year, the company reported a net loss of $2.4 million or 17 cents on a per share basis.

"Strong performance in each of our major markets during the second quarter led to our second consecutive record for quarterly revenue as well as a better-than-expected bottom line bolstered by a sizable tax benefit," CEO Martin Kits van Heyningen said in a statement.

"Even without the income tax benefit, our income from operations was still higher than anticipated. Our strategic initiatives in fiber optic gyros and global satellite communications continued to drive our growth," he added. "We also enjoyed renewed growth from some of our other business areas that have been stressed by the economy for quite awhile."

Company officials said they expected to see an increase in revenue of 18 to 26 percent for the third quarter of 2010, compared to last year.

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