KVH declares record net income in second quarter of 2008

Jul 23, 2008 (M2 EQUITYBITES via COMTEX) -- KVHI | Quote | Chart | News | PowerRating -- KVH Industries Inc (Nasdaq: KVHI), a manufacturer of systems providing mobile access to satellite TV, communications, and high-speed Internet, on Tuesday (22 July) reported financial results for the second quarter of 2008 ended 30 June 2008. Revenues for the quarter were USD22.3m, a 4% decrease over USD23.2m in the second quarter of 2007. For the first six months of 2008 revenues were up by 4% to USD45.4m, as compared with USD43.6m in the first six months of the prior year.

Net income for the quarter was a record USD2.0m or USD0.14 per diluted share, as compared with a net income of USD1.5m or USD0.10 per diluted share in the corresponding quarter of the prior year.

For the first six months of the fiscal year net income was USD3.6m or USD0.24 per diluted share, as compared with net income of USD1.6m or USD0.10 per diluted share basis in the corresponding period of the prior year.

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