Business
KVH Industries Reports First Quarter 2020 Results
MIDDLETOWN, R.I., May 01, 2020 (GLOBE NEWSWIRE) -- KVH Industries, Inc. (Nasdaq: KVHI) reported financial results for the quarter ended March 31, 2020 today.
About this update from Kvh Industries, Inc.
[{"type":"text","content":"MIDDLETOWN, R.I., May 01, 2020 (GLOBE NEWSWIRE) -- KVH Industries, Inc. (Nasdaq: KVHI) reported financial results for the quarter ended March 31, 2020 today. The company will hold a conference call to discuss these results at 9:00 a.m. ET today, which can be accessed at investors.kvh.com. Following the call, a replay of the webcast will be available through the company’s website.\n First Quarter 2020 Highlights Total revenue from continuing operations increased by 1% in the first quarter of 2020 to $36.6 million compared to $36.4 million in the first quarter of 2019.AgilePlans, our Connectivity as a Service program for the commercial maritime sector, amounted to 78% of total commercial maritime mini-VSAT Broadband shipments, and 63% of the total mini-VSAT Broadband shipments for the quarter.AgilePlans revenues were up more than 85% compared to the first quarter of 2019 and now represent 29% of subscribers.Overall, total mini-VSAT Broadband product shipments for the first quarter were up 12% over the prior year period.Our mini-VSAT Broadband airtime revenue increased $0.9 million or 5%, in the first quarter of 2020 compared to the first quarter of 2019, driven primarily by a 10% increase in subscribers and continuing success of our AgilePlans and HTS airtime services.Fiber optic gyro (FOG) product sales increased $0.4 million, or 9% in the first quarter of 2020, and TACNAV product sales increased $0.4 million or 46% in the first quarter of 2020 compared to the first quarter of 2019.Net loss from continuing operations in the first quarter of 2020 was $6.2 million, or $0.35 per share, compared to a net loss of $6.5 million, or $0.38 per share in the first quarter of 2019.Non-GAAP net loss from continuing operations in the first quarter of 2020 was $4.3 million, or $0.25 per share, compared to $3.8 million, or $0.22 per share in the first quarter of 2019.Non-GAAP adjusted EBITDA from continuing operations in the first quarter of 2020 was a loss of $3.7 million, compared to a loss of $2.8 million in the first quarter of 2019. Commenting on the quarter, Martin Kits van Heyningen, KVH’s chief executive officer, said “Despite the impact of the COVID-19 global pandemic at the end of the quarter, we are pleased that we delivered first quarter results largely in line with our expectations. We made good progress on all our key strategic ini...