KVH Foresees Further 2003 Growth Expectations

Satellite communications provider, KVH Industries, reported its results for the second quarter ended June 2003. The Middletown, R.I. company, which also manufactures defense-related navigation and guidance systems, reported net income for the period was $0.4 million. By comparison, KVH recorded a net loss of ($0.8) million, during the same period last year. Revenue for the period was $14.4 million, up 14 percent from $12.6 million for the second quarter ended June 30, 2002. For the six months ended June 30, 2003, revenue increased 23 percent to $27.5 million from $22.3 million for the six months ended June 30, 2002.

KVH also reported a net profit of $0.6 million or $0.05 per share for the period, versus a net loss of ($2.0) million, or ($0.18) per share in the prior year.