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mini-VSAT Broadband Q4 airtime revenue up 53% year-over-year
Guidance & Stabilization Q4 revenue up 25% year-over-year
MIDDLETOWN, R.I., Feb. 12, 2013 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq:KVHI) today reported financial results for the fourth quarter ended December 31, 2012. Revenue for the fourth quarter of 2012 was $39.5 million, up 24% from the quarter ended December 31, 2011. Diluted earnings per share for the quarter totaled $0.18 on net income of $2.8 million. During the same period last year the company reported net income of $1.6 million or $0.11 per diluted share with revenues of $31.9 million.
For the year ended December 31, 2012, revenue was $137.1 million, up 22% from the $112.5 million reported for the year ended December 31, 2011. KVH reported net income of $3.6 million or $0.24 on a per diluted share basis for the full year 2012. For the year ended December 31, 2011, the company reported net income of $0.9 million or $0.06 on a per diluted share basis.
"Our record results this quarter reflect continued growth from both our broadband communications and guidance and stabilization businesses," said Martin Kits van Heyningen, KVH's chief executive officer. "We continue to see solid momentum in our business both in terms of short-term sales success and an expanding pipeline of future opportunities. With VSAT airtime revenues in the fourth quarter increasing 53% compared to the same quarter last year, we expect to have a higher degree of predictability over a significant element of our revenues going forward."
KVH's mobile communications revenue, including satellite television products, was $21.5 million for the fourth quarter of 2012, a 23% increase year-over-year. Combined, mini-VSAT Broadband airtime and TracPhone
® product revenues in the fourth quarter amounted to $14.5 million, up 33% compared to the same period last year. Maritime satellite TV sales increased 31% year-over-year, reflecting the continued market acceptance of our new TracVision
® HD11 system.
KVH's guidance and stabilization revenue, which relates to our fiber optic gyro (FOG) solutions, TACNAV military navigation systems, and related services, was $18.0 million in the fourth quarter of 2012, up 25% year-over-year. During the fourth quarter, sales of our FOGs were up 48%, at $7.6 million, compared to the same period last year.