Business
KVH Industries Reports Fourth Quarter and Full Year 2019 Results
MIDDLETOWN, R.I., Feb. 28, 2020 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI) reported financial results for the fourth quarter and fiscal year
About this update from Kvh Industries, Inc.
[{"type":"text","content":"MIDDLETOWN, R.I., Feb. 28, 2020 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI) reported financial results for the fourth quarter and fiscal year ended December 31, 2019 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 Fourth Quarter 2019 Highlights Total revenue from continuing operations increased by 7% in the fourth quarter of 2019 to $42.5 million from $39.7 million in the fourth quarter of 2018.AgilePlans revenues were up 78% compared to the fourth quarter of 2018 and continues to grow.mini-VSAT Broadband airtime revenue, which includes AgilePlans, grew $1.0 million, or 6%, to $19.1 million compared to $18.1 million in the fourth quarter of 2018, driven by an 11% increase in mini-VSAT Broadband airtime subscribers.TACNAV product sales grew $1.9 million to $3.4 million, and fiber optic gyro (FOG) product sales grew $0.4 million to $7.6 million, compared to the fourth quarter of 2018.Net loss from continuing operations in the fourth quarter of 2019 was $2.9 million, or $0.17 per share, compared to a net loss of $2.7 million, or $0.15 per share in the fourth quarter of 2018.Non-GAAP net loss from continuing operations in the fourth quarter of 2019 was $0.5 million, or $0.03 per share, compared to the non-GAAP net loss of $1.1 million, or $0.07 per share in the fourth quarter of 2018.Non-GAAP adjusted EBITDA from continuing operations in the fourth quarter of 2019 was $0.7 million, compared to $1.0 million in the fourth quarter of 2018.For continuing operations for the full year 2019, total revenues increased 3%, mini-VSAT Broadband airtime revenue increased 9%, and FOG revenues decreased 6%. The GAAP EPS loss increased 37% for the year.Total EPS for the full year was $1.90, which includes EPS from discontinued operations of $2.82.KVH repurchased $1.3 million of common stock as part of its recently announced share repurchase program. Commenting on the quarter, Martin Kits van Heyningen, KVH’s Chief Executive Officer, said “Our core business and strategic plan delivered according to our expectations in the fourth quarter. Our AgilePlans program continues to drive growth in our airtime revenue and subscriber base, with our subscriber base ...