KVH Profits Slip In Second Quarter Despite Revenue Gains
KVH Industries Inc. posted revenue of $23.2 million in the second quarter, a 6 percent increase over the second quarter of 2006, the company announced July 19. Profits slipped from $1.7 million a year ago to $1.5 million in the most recent quarter, which closed June 30.
"Overall, we had a good second quarter that was in line with our expectations,” Martin Kits van Heyningen, KVH’s president and CEO, said in a conference call. “We set a record for quarterly revenue and continued to build our long-term military business. We also made great strides in strengthening our positions in both the marine and land mobile markets through the development and introduction of several new products and services."
Mobile communication revenue grew 4 percent to $17.5 million in the second quarter of 2007. Defense-related sales, including TacNav military navigation systems, were about $5.7 million, up 11 percent over the same period.
The company reported that introduction of its TracVision M-series satellite TV systems helped drive marine sales up 12 percent over the same quarter in 2006.
In a separate announcement, KVH rolled out a line of four low-profile mobile satellite TV systems for recreational vehicles. Monaco Coach will add the TracVision SlimLine series of 12-inch satellite TV antennas to its 2008 vehicles.