KVH Industries Calls 2010 a ‘Milestone Year’
KVH Industries Inc. today (Feb. 14) reported financial results for the quarter ended Dec. 31, 2010.
Revenue for the fourth quarter of 2010 was $27 million, up 3% from the quarter ended Dec. 31, 2009. Diluted earnings per share for the quarter totaled 2 cents on net income of $200,000. During the same period last year the company reported net income of $1.8 million or 13 cents per share, on revenues of $26.3 million.
For the year ended Dec. 31, 2010, revenue was $112.2 million, up 26% compared to $89.1 million for the year ended Dec. 31, 2009. KVH reported net income of $8.3 million or 56 cents on a per-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 36 cents. For 2009, the company reported a net loss of $100,000 or 1 cent per 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 CEO.