This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

KVH Industries Reports Second Quarter 2013 Results

  • 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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,151.25 -376.78 -2.28%
S&P 500 1,922.46 -49.72 -2.52%
NASDAQ 4,670.10 -106.4080 -2.23%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs