Business
KVH Industries Reports Fourth Quarter and Full Year 2020 Results
MIDDLETOWN, R.I., March 02, 2021 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), a leading provider of innovative, technology-driven connectivity
About this update from Kvh Industries, Inc.
[{"type":"text","content":"MIDDLETOWN, R.I., March 02, 2021 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), a leading provider of innovative, technology-driven connectivity and navigation solutions, today reported financial results for the fourth quarter and full year ended December 31, 2020. 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. Fourth Quarter 2020 Highlights Total revenues from continuing operations increased by 4% year-over-year to $44.1 million.Revenues for AgilePlans, our all-inclusive Connectivity as a Service program for the commercial maritime sector, were up more than 53% compared to the fourth quarter of 2019.AgilePlans amounted to 73% of total commercial maritime mini-VSAT Broadband shipments, and 58% of the total mini-VSAT Broadband shipments for the quarter. AgilePlans now represent 38% of our mini-VSAT Broadband subscriber base.Our mini-VSAT Broadband airtime revenue increased $1.2 million to $20.3 million, or 6% year-over-year, driven primarily by a 4% increase in subscribers.TACNAV product sales increased $3.7 million to $7.2 million in the fourth quarter of 2020 compared to the fourth quarter of 2019, and fiber optic gyro (FOG) product and OEM product sales decreased $1.3 million, or 17%, in the fourth quarter of 2020 compared to the fourth quarter of 2019.We recorded an aggregate impairment charge of $10.5 million to goodwill and intangible assets for our KVH Media Group reporting unit, which has been particularly impacted due to the global reduction in travel resulting from the pandemic.Taking into account the impact of this $10.5 million goodwill and intangible asset impairment charge, net loss from continuing operations in the fourth quarter of 2020 was $11.6 million, or $0.65 per share, compared to a net loss of $2.9 million, or $0.17 per share, in the fourth quarter of 2019.Non-GAAP net income from continuing operations in the fourth quarter of 2020 was $1.3 million, or $0.07 per share, compared to a net loss of $0.5 million, or $0.03 per share, in the fourth quarter of 2019.Non-GAAP adjusted EBITDA from continuing operations in the fourth quarter of 2020 was $3.5 million, compared to $0.7 million in the fourth quarter of 2019. Commenting ...