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Mobile satellite supplier KVH Industries Inc. reported increased earnings and revenue for the company’s fourth quarter and year-end, driven by a 57% increase in sales of defense-related navigation and guidance systems.
The Middleton, R.I.-based firm said a weakened recreational vehicle market dragged down performance in its mobile satellite business, offsetting gains in the marine and auto sectors.
For the year ended Dec. 31, revenue increased 14% to $71.3 million from $62.3 million the previous year and net income was $2.9 million compared to a net loss of $6.1 million.
Fourth-quarter revenue was $17.8 million, up 11% from $16 million a year ago, while net income increased to $1 million from $0.3 million.
In the fourth quarter, mobile satellite revenue declined 8% compared to 2004, but was up 1% for the full year to $49 million.
“Within the land mobile market, our RV sales were down significantly both for the quarter and year as a whole due to general market and competitive conditions,” said Martin Kits van Heyningen, president and CEO. “In light of the challenges within the RV marketplace, we are now in the process of rolling out a new product line for recreational vehicles – the TracVision R-series, which was introduced in late November 2005.”
The company also reported that it had recently shipped its 100,000th mobile satellite antenna.