KVH Industries Reports Modest Quarterly Gains

KVH Industries (NASDAQ:KVHI), mobile connectivity company announced 2 percent year-over-year revenue gains in its second quarter financial results. The quarter saw KVH sell its maritime training business for US$89.4 million to Oakley Capital as total revenue ticked up to US$41 million.

As quoted in the press release:

Second Quarter 2019 Highlights

• For the second quarter of 2019, total revenue, including Videotel, amounted to $41.0 million, net income amounted to $47.2 million and EPS was $2.70. This includes a gain on the sale of Videotel of $54.5 million before tax.

• Total revenue from continuing operations increased in the second quarter of 2019 to $39.2 million from $38.6 million in the second quarter of 2018, driven primarily by an increase in mini-VSAT Broadband airtime revenue, partially offset by a decrease in TACNAV product revenue.

• AgilePlans, our Connectivity as a Service Program for the commercial maritime sector, amounted to 69% of total commercial maritime VSAT shipments, and 56% of the total VSAT product shipments for the quarter. For AgilePlans sales, we recognize revenue over time rather than immediately upon shipment.

• Overall, total VSAT product shipments were up 11% vs. the comparable quarter of the prior year, a new record.

• AgilePlans now represents 21% of subscribers and revenues were up over 200% compared to the second quarter of 2018.

Click here to read the full press release.