Latest News
The Satellite News Financial Ticker
|
Week of Jan. 2- 8, 2003
|
Percentage Change
|
|||||
|
Symbol
|
Jan. 8 Price
|
One Week
|
One Month
|
Three Month
|
Year to Date
|
|
| Operators | ||||||
| APT SATELLITE HLDGS | ATS |
2.80
|
17.6
|
8.1
|
34.6
|
17.6
|
| ASIASAT TELECOM | SAT |
21.05
|
10.9
|
19.5
|
41.3
|
10.9
|
| BRITISH SKY BROADCASTING | BSY |
55.70
|
9.3
|
18.9
|
34.5
|
9.3
|
| ECHOSTAR COMM -CL A | DISH |
35.45
|
4.3
|
7.8
|
(12.5)
|
4.3
|
| HUGHES ELEC (GM -CL H) | GMH |
17.01
|
2.8
|
5.5
|
13.3
|
2.8
|
| LORAL SPACE & COMM | LOR |
0.34
|
6.3
|
4.7
|
28.8
|
6.3
|
| NEWS CORP | NWS |
36.45
|
1.0
|
7.8
|
7.4
|
1.0
|
| NEW SKIES SATELLITES | NSK |
7.38
|
3.1
|
2.5
|
26.2
|
3.1
|
| PANAMSAT | SPOT |
20.95
|
(2.8)
|
(1.0)
|
33.2
|
(2.8)
|
| PASIFIK SATELIT NUSANTARA | PSNRY |
0.19
|
280.0
|
11.8
|
2.7
|
280.0
|
| PEGASUS COMMUNICATIONS | PGTV |
31.30
|
11.5
|
66.9
|
107.3
|
11.5
|
| SES GLOBAL | SESF.LU |
7.80
|
(2.5)
|
(2.1)
|
18.5
|
(2.5)
|
| SIRIUS SATELLITE RADIO | SIRI |
3.36
|
6.3
|
58.5
|
79.7
|
6.3
|
| XM SATELLITE RADIO | XMSR |
27.97
|
6.4
|
21.9
|
69.0
|
6.4
|
| Operators’ Average |
100.00
|
25.3
|
16.5
|
34.6
|
25.3
|
|
|
Manufacturers
|
||||||
| ANDREW | ANDW |
17.50
|
51.0
|
59.4
|
29.1
|
51.0
|
| BALL | BLL |
58.67
|
(1.5)
|
1.1
|
4.2
|
(1.5)
|
| BOEING | BA |
42.86
|
1.7
|
12.8
|
18.5
|
1.7
|
| COM DEV INTL | CDV.TO |
3.03
|
5.2
|
(9.6)
|
44.3
|
5.2
|
| EMS TECHNOLOGIES | ELMG |
24.15
|
17.6
|
22.3
|
38.0
|
17.6
|
| GARMIN LTD. | GRMN |
58.04
|
6.5
|
8.4
|
29.3
|
6.5
|
| GILAT SAT NETWORKS | GILTF |
5.64
|
15.3
|
18.5
|
2.7
|
15.3
|
| GLOBECOM | GCOM |
5.16
|
8.6
|
(20.6)
|
14.9
|
8.6
|
| HARRIS | HRS |
38.70
|
2.0
|
3.5
|
7.6
|
2.0
|
| HONEYWELL | HON |
35.35
|
5.7
|
18.1
|
29.0
|
5.7
|
| KVH | KVHI |
20.64
|
(25.1)
|
(31.9)
|
(28.5)
|
(25.1)
|
| LOCKHEED MARTIN | LMT |
51.25
|
(0.3)
|
8.1
|
12.0
|
(0.3)
|
| LUCENT TECHNOLOGIES | LU |
3.88
|
36.6
|
27.2
|
67.2
|
36.6
|
| MOTOROLA | MOT |
15.73
|
12.4
|
17.8
|
11.9
|
12.4
|
| NERA | NERAY |
2.11
|
1.7
|
(2.4)
|
(0.4)
|
1.7
|
| ORBITAL SCIENCES | ORB |
12.46
|
3.7
|
13.3
|
28.9
|
3.7
|
| QUALCOMM | QCOM |
58.95
|
9.3
|
19.1
|
34.7
|
9.3
|
| RAYTHEON | RTN |
30.53
|
1.6
|
7.9
|
10.0
|
1.6
|
| ROCKWELL COLLINS | COL |
30.15
|
0.4
|
12.3
|
16.8
|
0.4
|
| SCIENTIFIC-ATLANTA | SFA |
33.12
|
21.3
|
22.3
|
(3.1)
|
21.3
|
| SKY FRAMES | SKYU |
0.00
|
(99.0)
|
(99.0)
|
(99.9)
|
(99.0)
|
| TITAN | TTN |
21.83
|
0.1
|
1.7
|
4.2
|
0.1
|
| TRIMBLE NAVIGATION | TRMB |
40.03
|
7.5
|
32.8
|
59.0
|
7.5
|
| VIASAT | VSAT |
22.75
|
18.9
|
11.4
|
7.4
|
18.9
|
| Manufacturers’ Average |
100.00
|
4.2
|
6.4
|
14.1
|
4.2
|
|
|
Nasdaq Composite Index
|
||||||
| S & P 500 | COMP |
2,100.25
|
4.8
|
8.4
|
10.1
|
4.8
|
| SN Stock Price Average | SP50 |
1,131.92
|
1.8
|
6.6
|
8.9
|
1.8
|
|
100.00
|
12.0
|
10.1
|
21.6
|
12.0
|
||
Wall Street Analysis
By Tom Watts, SG Cowen Securities
Middletown, R.I.-based KVH Industries [Nasdaq: KVH] “pre-announced” its fourth quarter results last week to indicate that it expected a net loss ranging between 11 and 14 cents a share, compared to our estimate of break-even and a Wall Street consensus forecast of positive 2 cents a share. The company does not expect to release its audited fourth quarter and full year results for 2003 until mid-February.
KVH management explained that military procurement delays for its TACNAV product mainly caused the earnings shortfall. The shortfall stemmed in large part from the slippage of a $2 million contract that the company expected during the quarter.
Another problem identified by management was that the company shipped only 1,700 of its TracVision A-5 mobile satellite antennas for sport utility vehicles and minivans during the fourth quarter, down from its guidance of 2,000 to 3,000 units and our 2,000 estimate. Component delays prevented the filling of that order as anticipated, management explained. These production problems followed on the heels of the company’s postponed introduction of its TracVision A-5 flagship product until the end of the third quarter last year.
We expect TracVision sales to be the No. 1 driver of KVH’s stock price and believe the 1,700 unit-sales in the fourth quarter provide limited insight into the product’s ultimate market potential. Unit sales of the product during 2004 should be a much better indication of the likely penetration that TracVision can achieve with the 2 million vehicles using video entertainment systems, once production is running smoothly.
We expect KVH to provide guidance for 2004 unit sales during its next conference call at the beginning of February. We also expect unit sales for 2004 of 11,000 or an average of 2,750 per quarter. While the fourth quarter shortfall probably will pressure the stock near-term, KVH’s intermediate stock performance is aligned with the sales of its TracVision product. We anticipate a rebound in the stock to coincide with the company’s next conference call in early February.
Tom Watts is a managing director and satellite analyst at SG Cowen Securities. He can be reached by phone at 212/278-4260 or by e-mail at [email protected] . Readers should assume that SG Cowen Securities Corp. and/or its affiliates intend to offer services in investment banking to the above referenced companies within the next three months, and to seek compensation for such services.
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