KVH Industries Reports Revenues Increase 12% in 1Q 2015

Middletown, R.I., May 7, 2015--KVH Industries, Inc., (Nasdaq: KVHI) reported financial results for the first quarter ended March 31, 2015 today. KVH revenues were  US$ 41.3 million for the first quarter, up 12% from a year ago   Net loss was US$ 1.4 million, net loss per share of $0.09, non-GAAP net income of US$ 0.9 million, and non-GAAP EPS of $0.06.

Continued growth in mini-VSAT Broadbandsm Q1 airtime revenue, up 12% year-over-year. Including the impact of Videotel, strong year-over-year growth in subscription-based service revenue, which represented 61% of total revenue in Q1, up from 47% a year ago. 

Gross profit margin of 43% compared to 39% a year ago. Non-GAAP adjusted EBITDA in the first quarter of US$ 2.8 million up from US$ 1.1 million in the comparable quarter last year.

 “Overall we are very pleased with our progress in the first quarter.  In particular, we are excited about the reception given to our new IP-MobileCast™ service and are already seeing the benefit of having an integrated service and content offering,” said Martin Kits van Heyningen, KVH’s chief executive officer.