kvh industries inc (KVHI) Key Developments
KVH Industries, Inc. Receives $1.5 Million Order for TACNAV Systems
May 1 15
KVH Industries Inc. announced that it has received a $1.5 million contract for the delivery of tactical navigation systems for use by an international military customer in an armored vehicle application. A variant of company's TACNAV® TLS and TACNAV Light, the system is designed to help military vehicle crews maintain 100% situational awareness. The hardware shipments for this order are expected to be made in 2015. Program management and engineering services will be provided as part of this order. All of company's TACNAV military vehicle navigation systems provide unjammable precision navigation, heading, and pointing data for vehicle drivers, crews, and commanders. TACNAV can also serve as a heading and position source for situational awareness. The TACNAV system ordered combines characteristics of TACNAV TLS and TACNAV Light, and features a compact design, continuous heading and pointing data output, and a flexible architecture that allows it to function as either a standalone navigation module or as the heart of an expanded, multifunctional TACNAV system. The system is designed to integrate with Battle Management Systems (BMS) and is a vital component for effective battlefield management.
KVH Industries, Inc. Introduces TracVision TV8
Apr 20 15
KVH Industries Inc. announced the introduction of the TracVision TV8 maritime satellite TV antenna system, which is designed to provide the tracking, reception, and extended coverage area needed for yachts and merchant vessels calling on ports around the world. The TracVision TV8 is compatible with nearly all Ku-band services around the globe, and it also supports such services as DIRECTV, DISH Network and DISH HD, and Bell TV in North America, and TrueVisions, Astro, and Sky TV in the Asia-Pacific region. The TracVision TV8 is being unveiled at the Sea Asia conference in Singapore, which begins Tuesday, April 21. A powerful, fully stabilized system, the 81 cm (32 inch) diameter TracVision TV8 enables yacht owners to enjoy their favorite satellite TV programming while on the water; the system also makes it possible for commercial maritime operators to ensure their crew has access to the recreational entertainment services that are recommended by international regulations such as the Maritime Labour Convention (MLC) 2006. Innovative features of the new system include the streamlined IP-enabled TV-Hub delivering easy setup and operation. For advanced functionality and performance, the TracVision TV8 includes: single coaxial cable for power, data, and video for easy installations and retrofits, high-performance tracking for crystal-clear television picture in heavy seas, IP-enabled antenna control unit with ethernet connection and built-in Wi-Fi interface for access to system information from any Wi-Fi device, advanced inertial-based stabilized search for fast satellite acquisition, exclusive ringfire antenna technology for stronger signals, wider geographic coverage, and better reception, DVB-S2 technology for compatibility with current and future Ku-band satellites, and IP AutoSwitch option for multiple receiver installations enabling simple automatic satellite switching on DISH Pro and DiSEqC compatible services.
KVH Industries Inc. announced delayed annual 10-K filing
Mar 17 15
On 03/17/2015, KVH Industries Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC.
KVH Industries, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Unaudited Earnings Guidance for the First Quarter and Full Year of Fiscal 2015
Mar 16 15
KVH Industries Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net sales of $50,434,000 against $38,948,000 a year ago. Income from operations was $2,426,000 against loss from operations of $707,000 a year ago. Income from operations was $2,426,000 against loss from operations of $707,000 a year ago. Income before income tax expense was $2,188,000 against loss before income tax benefit of $605,000 a year ago. Net income was $958,000 or $0.06 basic and diluted per share against net loss of $365,000 or $0.02 basic and diluted per share a year ago. Net income - Non-GAAP was $4,477,000 or $0.29 basic and diluted per share against $867,000 or $0.06 basic and diluted per share a year ago. Non-GAAP EBITDA was $5,770,000 against $1,190,000 a year ago. Non-GAAP adjusted EBITDA was $7,449,000 against $2,409,000 a year ago. Fourth quarter product revenues of $25.3 million were 34% higher than the prior year quarter, primarily driven by a 98% year-over-year increase in guidance & stabilization hardware sales.
For the year, the company reported net sales of $172,591,000 against $162,288,000 a year ago. Income from operations was $1,922,000 against $6,169,000 a year ago. Income before income tax expense was $1,325,000 against $6,683,000 a year ago. Net income was $41,000 or $0.00 basic and diluted per share against $4,533,000 or $0.30 basic and diluted per share a year ago. Net income - Non-GAAP was $9,477,000 or $0.62 basic and diluted per share against $9,192,000 or $0.61 basic and diluted per share a year ago. Non-GAAP EBITDA was $11,870,000 against $12,657,000 a year ago. Non-GAAP adjusted EBITDA was $18,198,000 against $17,714,000 a year ago.
The company provided unaudited earnings guidance for the first quarter and full year of fiscal 2015. For the first quarter of 2015, the company expects net loss per common share in the range of $0.10 to $0.06, non-GAAP adjusted net income per common share in the range of $0.03 to $0.07, GAAP net loss in the range of $1.6 million to $0.9 million, non-GAAP adjusted EBITDA in the range of $2.5 million to $3.4 million and revenue of $40 million to $44 million.
For the fiscal 2015, the company expects net loss per common share in the range of $0.30 to $0.40, non-GAAP adjusted net income per common share in the range of $0.81 to $0.91, GAAP net loss in the range of $4.6 million to $6.2 million, non-GAAP adjusted EBITDA in the range of $25.0 million to $27.5 million and revenue in the range of $190 million to $210 million. A discrete tax charge of $0.9 million was recorded during the fourth quarter of 2014 resulting from a change to Rhode Island tax law that impacted the company’s ability to realize certain tax credits recorded in prior periods. As a result of this change in tax law, the company expects effective tax rate in 2015 to be lower than in 2014.
KVH Industries Inc. Expands Mini-VSAT Broadband Network Capacity in Areas of Global Maritime Activity
Mar 9 15
KVH Industries Inc. has completed several capacity increases for its mini-VSAT Broadbandsm network to support heightened demand from customers engaged in a wide range of commercial maritime activities around the world, including offshore oil and gas, fishing, and shipping. Utilizing 17 satellites and 24 transponders to provide global coverage, KVH's mini-VSAT Broadband is the most extensive C/Ku-band maritime VSAT network in the world, and is designed for rapid expansion by accessing abundant commercial satellite capacity. Working with leading commercial satellite providers, KVH implemented the recent capacity expansions to meet the ever-growing demand for broadband services at sea. KVH's capacity expansions for the mini-VSAT Broadband network include: Asia-Pacific: The capacity of a key satellite beam for the Asia-Pacific region was increased 60%, providing support for commercial shipping and offshore oil and gas activities in the area. Pacific Northwest: A new beam covering the Pacific Northwest was added, providing support for the many commercial fishing fleets located in this area. Eastern Canada and U.S. coast: A new beam was added to more than double the network capacity for the eastern coast of Canada and the United States, a key area for commercial shipping, fishing, and yacht chartering. KVH has built this global infrastructure by leasing available commercial satellite capacity, rather than investing in its own satellites. The results are lower costs and better prices for customers. Designed exclusively for the mini-VSAT Broadband network, KVH's unique TracPhone® V-IP satellite communications antenna systems are built 85% smaller than typical VSAT antennas to install more easily in all vessels. Antenna sizes range from the 37 cm (14.5 inch) diameter TracPhone V3-IP, to the 60 cm (24 inch) diameter TracPhone V7-IP, and the 1.1 meter (42.5 inch) diameter TracPhone V11-IP. The company recently shipped its 5,000th TracPhone system for the mini-VSAT Broadband service.