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Full year revenue of $112.2 million up 26% from prior year
Full year earnings of $8.3 million or $0.56 per diluted share
Quarterly VSAT product and service revenue up approximately 70%
MIDDLETOWN, R.I., Feb. 14, 2011 (GLOBE NEWSWIRE) -- KVH Industries, Inc. (Nasdaq:KVHI) today reported financial results for the quarter ended December 31, 2010. Revenue for the fourth quarter of 2010 was $27.0 million, up 3% from the quarter ended December 31, 2009. Diluted earnings per share for the quarter totaled $0.02 on net income of $0.2 million. During the same period last year the company reported net income of $1.8 million or $0.13 per diluted share, on revenues of $26.3 million.
For the year ended December 31, 2010, revenue was $112.2 million, up 26% compared to $89.1 million for the year ended December 31, 2009. KVH reported net income of $8.3 million or $0.56 on a per diluted share basis for the full year 2010. Excluding transaction costs associated with the acquisition of Virtek Communication, and a decrease to the deferred income tax asset valuation allowance, full year adjusted net income was $5.3 million, and adjusted diluted EPS was $0.36. For 2009, the company reported a net loss of $0.1 million or $0.01 per diluted share.
"2010 was a milestone year for KVH as we grew our top line for the full year by 26% and passed $100 million in annual revenues for the first time. In addition, we increased our annual operating profit by more than $6 million compared to 2009. Our VSAT business accelerated with significant growth in subscribers, units shipped, and major new long-term fleet contracts while in our commercial guidance and stabilization business we saw increasing demand for our inertial navigation systems," explained Martin Kits van Heyningen, KVH's chief executive officer.