EPS $0.13; Record quarterly revenue of $39.9 million
mini-VSAT Broadband Q1 airtime revenue up 42% year-over-year
Guidance & Stabilization Q1 revenue up 189% year-over-year
MIDDLETOWN, R.I., May 3, 2013 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq:KVHI) today reported financial results for the first quarter ended March 31, 2013. Revenue for the first quarter of 2013 was $39.9 million, up 49% from the quarter ended March 31, 2012. Diluted earnings per share for the quarter totaled $0.13 on net income of $2.0 million. During the same period last year the company reported a net loss of $1.4 million or $(0.09) per share on revenues of $26.7 million. "Our third sequential record revenue quarter reflects continued growth from both our broadband communications and guidance and stabilization businesses," said Martin Kits van Heyningen, KVH's chief executive officer. "Our TACNAV and FOG product lines generated solid results in the first quarter of 2013, with year-over-year growth of 586% and 93%, respectively. On the marine side, our VSAT airtime business continues to grow rapidly with revenues in the first quarter increasing 42% compared to the same quarter last year." KVH's mobile communications revenue, including satellite television products, was $22.9 million for the first quarter of 2013, a 10% increase year-over-year. Combined, in the first quarter, mini-VSAT Broadband airtime and TracPhone product revenues amounted to $14.8 million, up 16% compared to the same period last year. Mr. Kits van Heyningen commented, "Overall, our marine business continues to grow. However, our marine leisure business in Europe and North America was impacted by an unusually cold spring which hopefully has merely delayed purchases into the next quarter. In Europe, our commercial marine business was also impacted by the continuing economic conditions, particularly in southern Europe."