KVH Reports Lower 3Q Profits on Higher Sales
KVH Industries Inc. today (oct. 31) company reported lower income on an increase in revenue for the company’s third quarter, ended Sept. 30. The global based company provides high-speed Internet, television, and voice services via satellite, including mobile satellite TV systems to the RV industry.
Sales during the third quarter totaled $40.2 million while net income was $1.4 million, or 9 cents per diluted share. That compared to net income of $1.7 million, or 12 cents per diluted share, and revenues of $38.8 million during the same period the previous year.
“The third quarter was highlighted with solid growth in our satellite service business,” said Martin Kits van Heyningen, KVH’s CEO. “We are now shipping our new TracPhone V-IP series terminals with their Integrated CommBox Modem providing onboard network management, VoIP calling, and Internet cafe services as a standard option on every product we ship. We continue to make good progress developing our new IP-MobileCast content delivery service, which will offer movies, television, news, and sports to our customers.”
For the nine months, revenue was $123.3 million, up 26% compared to $97.6 million in the year prior while GAAP net income totaled $4.9 million, or 32 cents per diluted share. Excluding the Headland Media acquisition-related costs, net of income tax benefit incurred in the second quarter, the company recorded non-GAAP net income of $5.6 million, or 37 cents per diluted share. During the same period last year, the company reported GAAP net income of $0.8 million, or 5 cents per diluted share.
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