Business
KVH Industries Reports Fourth Quarter and Full Year 2022 Results
MIDDLETOWN, R.I., March 16, 2023 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter and full year ended
About this update from Kvh Industries, Inc.
[{"type":"text","content":"MIDDLETOWN, R.I., March 16, 2023 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), reported financial results for the quarter and full year ended December 31, 2022 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. Fourth Quarter 2022 Highlights Total revenues from continuing operations increased by 2% in the fourth quarter of 2022 to $36.0 million from $35.3 million in the fourth quarter of 2021. Our VSAT Broadband airtime revenue increased 12% year-over-year to $26.8 million, despite the shutdown of our legacy network on December 31, 2021. Net income from continuing operations in the fourth quarter of 2022 was $0.6 million, or $0.03 per share, compared to a net loss of $2.7 million, or $0.15 per share, in the fourth quarter of 2021. Non-GAAP adjusted EBITDA from continuing operations was $4.3 million in the fourth quarter of 2022, compared to $0.7 million in the fourth quarter of 2021. Commenting on the company’s results, Brent Bruun, KVH’s Chief Executive Officer, said, “Our results for the fourth quarter highlight the remarkable turnaround underway here at KVH. We launched a major restructuring in March 2022 with the goals of bringing our operating expenses more in line with our revenue, focusing our business on our core areas of strength, bringing to market innovative products that drive subscriber growth and profitable operations, and putting us on the path to sustained and growing profitability. I’m thrilled by the progress we’ve made in each of these areas to date. We recorded our first operating profit in more than six years, achieved in part as a result of our restructuring efforts, reductions in operating expenses, and the sale of our inertial navigation and non-core media businesses. At the same time, we introduced our award-winning TracNet hybrid terminals and KVH ONE network, increased quarterly airtime revenue 12% versus the fourth quarter of last year, ended the quarter with almost 6,900 subscribers, and achieved a quarterly airtime gross margin of 43.5%. Thanks to the changes we’ve made and the commitment of our global team, I expect that we will continue to drive profitability and shareholder value in 2023 and beyond. For 202...