KVH Reports Loss in Third Quarter
By Staff Writer | October 21, 2008
[Satellite Today 10-21-08] KVH Industries reported third quarter revenue of $15.7 million, a 10 percent decrease from the same quarter in 2007. Net loss for the period was $800,000, the company announced Oct. 21.
KVH’s mobile communications revenue was $12.3 million, down 6 percent on a year-over-year basis.
"A combination of challenging economic conditions and a delay in two fiber-optic gyro programs contributed to a third quarter that did not meet our expectations. However, our diversified business model, including growth in marine product and airtime sales along with an increase in military navigation revenue, helped moderate the impact of these events,” Martin Kits van Heyningen, CEO of KVH, said in a statement.