KVH Industries gain ground in growing maritime broadband market, VSAT business grew strongly, according to Q1 2012 results
- Quarterly Revenue $26.7M, Up 10% Year-Over-Year
- VSAT Business Continues to Grow Strongly; Unit Shipments Up 120% Year-Over-Year
"We had a great quarter in our satellite business," said Martin Kits van Heyningen, KVH’s chief executive officer. "Revenue from the mini-VSAT business grew 61% compared to the first quarter last year, and unit sales increased 120%. Our mini-VSAT Broadband airtime revenue for the quarter was close to $7 million, and the related gross margin increased to approximately 28% from only 4% one year ago. This improvement reflects the beneficial leverage that we are achieving from the Ku-band network infrastructure, and it demonstrates the integrity of our VSAT business model."
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