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KVH Industries Inc., a supplier of mobile satellite communications products, reports its RV and marine sales have grown by 50%, but the company still reported net losses for the fourth quarter and all of 2003.
The company reported record sales of $15.7 million for the fourth quarter and $56.7 million for the year, but it posted a net loss of $1.6 million for the quarter and a net loss of $1.5 million for the year.
The company incurred the losses because of “the absence of an anticipated large order from an existing U.S. military customer” and start-up costs related to the production of the TracVision A5 system guidance system for the automobile market.
“Despite the temporary setback on the defense side of our business, I remain confident in our overall business plan and in KVH’s position within the marketplace,” said Martin Kits van Heyningen, president and CEO. “I believe that 2004 will be a strong year for KVH with anticipated revenue growth of approximately 30% to 50%, an expected return to profitability in the first quarter and strengthening profitability over the course of the year.”