[Satellite TODAY Insider 10-26-10] KVH Industries’ third quarter profits rose from $385,000 in 2009 to $637,000 in 2010 due to growth in its global satellite communications and fiber-optic businesses, the company announced in its latest financial results, issued Oct. 25.
    KHV’s revenues also rose 23 percent to $27.8 million in the third quarter, with projected fourth quarter revenues now estimated to be in the range of $26.5 million to $28.5 million. The company said its third quarter performance should ensure that full-year revenues fall between $111.7 and $113.7 million.
    Transaction costs associated with KVH’s acquisition of Virtek Communications earlier this year and a change to the deferred income tax valuation allowance played an important part in the quarterly results, KVH CFO Patrick Spratt said in a conference call. Excluding the Virtek Communications acquisition and tax valuation change, net income was $5 million for the period.
    “The fourth quarter will be more challenging that we had anticipated a few months ago, yet it also holds great promise. Our fiber-optic gyro business is expected to be roughly flat year-over-year, due to an approximate $5.5 million reduction in sales related to remote weapon systems produced by our primary customer in this market,” Spratt said.
    KYH also said it booked a $13 million tactical navigation order during the quarter that will begin to generate revenue in early 2011. The company’s cash equivalents and marketable securities stand at $37.26 million at the end of September.

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