KVH Revenues Climb In Fourth Quarter, Full Year
[Satellite Today – 2-8-08] KVH Industries Inc. posted revenues of $19.7 million in its 2007 fourth quarter, an increase of 13 percent of the same period a year ago, the company announced Feb. 7. For the year, KVH revenues were $80.9 million, a 2 percent increase from $79 million in 2006.
KVH recorded a profit of $962,000 in the fourth quarter, compared to $108,000 a year ago, while full-year earnings for 2007 were $2.5 million, down from $3.7 million in 2006.
Mobile communications revenue was $14.1 million in the fourth quarter, up 16 percent from the final three months of 2006, while marine revenue jumped 35 percent in the quarter due to increases in international sales and shipments of the new TracPhone V7. Revenues in the land mobile market slipped 10 percent in the fourth quarter due a decline in automotive sales.
"We closed out 2007 on a very strong note, with increasing sales and profits. These improvements are the result of the hard work we put in over the course of the year, including a complete update to our mobile satellite product line and the launch of two new maritime communication solutions," Martin Kits van Heyningen, KVH’s CEO, said in a statement.
Separately, KVH signed a distribution deal with Coast Distribution System Inc. to distribute KVH’s TracVision mobile satellite television systems to RV dealers throughout the United States and Canada, KVH announced
"We certainly see a demand for satellite TV from our RV customers and most recently, the push is for HDTV,” Keith Brittingham, purchasing manager for Coast Distribution System, said in a statement.