Middleton, R.I.-based KVH Industries Inc. today (July 29) reported record revenues for the second quarter ended June 30.
Revenue for the second quarter was $30.6 million, up 4% from the previous year. Diluted earnings per share for the quarter totaled $0.01 on net income of $0.2 million. During the same period last year the company reported net income of $5.3 million or $0.36 per diluted share, on revenues of $29.5 million. Excluding a change in the deferred tax asset valuation allowance in the second quarter of 2010, quarterly adjusted net income was approximately $1.3 million and adjusted EPS was $0.09 for that period.
For the six months, revenue was $55.0 million, down 4% compared to $57.5 million for the same period in 2010. KVH reported a net loss of $1.3 million or $0.09 on a per share basis for the first six months of 2011. During the same period last year, the company reported net income of $7.4 million or $0.50 on a per diluted share basis. Excluding a change in the deferred tax asset valuation allowance in the second quarter of 2010, six months year to date adjusted net income was approximately $3.4 million and adjusted EPS was $0.23 per diluted share for that period.
“The excellent performance of our global satellite communication business helped us achieve record revenue for the second quarter and a substantial sequential improvement on the bottom line,” explained Martin Kits van Heyningen, KVH’s chief executive officer.
In the second quarter, mobile communications revenue, which includes recreational vehicle sales, was $19.0 million, a 14% increase on a year-over-year basis. Unlike the second quarter of 2010, there were no production shipments of KVH’s aeronautical TV antenna to LiveTV in the second quarter of 2011. Excluding the LiveTV year-over-year impact, revenue from mobile communications and satellite TV products and services for the marine and land markets was up 25% on a year-over-year basis on the strength of KVH’s mini-VSAT Broadband system hardware, airtime, and network management products.
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