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GAAP EPS $0.10 and record Q2 revenue of $43.2M, up 35%
Non-GAAP EPS (excluding Headland Media acquisition-related costs) $0.15
mini-VSAT Broadband Q2 airtime revenue up 35% year-over-year
MIDDLETOWN, R.I., July 31, 2013 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq:KVHI) today reported financial results for the second quarter ended June 30, 2013. The company reported second quarter revenue of $43.2 million, net income on a generally accepted accounting principles (GAAP) basis of $1.5 million or $0.10 per diluted share, and non-GAAP net income of $2.3 million or $0.15 per diluted share. The non-GAAP net income excludes one-time costs, net of tax benefit, associated with the Headland Media acquisition which closed on May 11, 2013. During the same period last year the company reported net income of $0.5 million, or $0.03 per diluted share, on revenues of $32.0 million.
"The acquisition of Headland Media midway through the quarter was an important strategic move to expand our broadband communications product offerings with new media content, including the latest movies, TV shows, daily newspapers, and music. Even excluding revenue contributed by Headland Media, our core business recorded our fourth sequential record revenue quarter," said Martin Kits van Heyningen, KVH's chief executive officer. "Our maritime VSAT business continues to enjoy solid growth and we are excited that we are getting a favorable reception from customers regarding the new content offerings which we plan to roll out towards the end of the year."
For the six months ended June 30, 2013, revenue was $83.1 million, up 42% compared to $58.7 million for the six months ended June 30, 2012. KVH reported a GAAP net income of $3.5 million for the first six months of 2013, or $0.23 per diluted share. Excluding the Headland Media acquisition-related costs, the company recorded a non-GAAP net income of $4.2 million or $0.28 per diluted share. During the same period last year, the company reported a GAAP net loss of $0.9 million, or a $0.06 loss per share.