|This sounds great but no mention of earnings or break even. When are they gonna stop burning cash?|
KVH Industries Provides Update
Forecast for 30-40% 2002 Revenue Growth Reiterated
MIDDLETOWN, R.I., April 1 /PRNewswire-FirstCall/ -- KVH Industries, Inc. (Nasdaq: KVHI - news) today provided an update on the progress of its business for 2002.
According to Martin Kits van Heyningen, president and chief executive officer, KVH's satellite communications and military orders have increased significantly compared to the first quarter of 2001. ``Our satellite communications business continues to perform well with a significant increase in bookings over the first quarter of 2001. We are seeing strong demand from our key distributors as our consumer markets continue to recover.
``Our military revenue for the quarter is expected to be up 100 percent over the same period last year, even though a large expected order was delayed by the military procurement process,'' Mr. Kits van Heyningen continued. ``As a result of the performance of our satellite communications and military groups, we expect that total revenues for the first quarter will be approximately $9.6 million, an 18 percent increase over the first quarter of 2001.
``Based on current sales trends and a total order backlog of roughly $7 million for the second quarter, we anticipate substantial growth beginning in Q2 and remain confident in our goal to achieve our forecast of 30 to 40 percent annual revenue growth for 2002,'' Mr. Kits van Heyningen concluded.
KVH expects to release actual results for the first quarter of 2002 on April 25, 2002.