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To: Sector Investor who wrote (1077)2/21/2002 8:01:09 AM
From: Sector Investor
   of 6947
 
Tabular data in fixed font format:

KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2001 and 2000

2001 2000

Assets:
Current assets:
Cash and cash equivalents $ 11,240,893 5,411,460
Accounts receivable, net 6,026,689 6,553,976
Costs and estimated earnings in
excess of billings on uncompleted
contracts 482,486 419,145
Inventories 4,124,203 3,600,660
Prepaid expenses and other deposits 406,866 346,518
Deferred income taxes 637,799 637,799

Total current assets 22,918,936 16,969,558
Property and equipment, net 7,431,287 6,580,375
Other assets, less accumulated
amortization 573,849 706,473
Deferred income taxes 2,238,430 2,238,430

Total assets $ 33,162,502 26,494,836

Liabilities and stockholders' equity:
Current liabilities:
Current portion long term debt $ 86,974 81,111
Bank line of credit -- 598,865
Accounts payable 2,084,507 1,478,198
Accrued expenses 1,143,790 1,164,790
Customer deposits 903,853 1,195,091

Total current liabilities 4,219,124 4,518,055
Long-term debt 2,697,147 2,784,121
Total liabilities 6,916,271 7,302,176
Stockholders' equity:
Common stock 109,612 86,191
Additional paid-in capital 34,478,002 21,186,459
Accumulated deficit (8,341,383) (2,079,990)
Total stockholders' equity 26,246,231 19,192,660
Total liabilities and
stockholders' equity $ 33,162,502 26,494,836


KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended Twelve months ended
December 31, December 31,
2001 2000 2001 2000

Net sales $ 8,805,833 8,844,466 32,707,123 29,953,727
Cost of sales 5,112,073 5,296,992 20,255,238 18,620,438
Gross profit 3,693,760 3,547,474 12,451,885 11,333,289

Operating expenses:
Research &
development 2,157,761 929,521 7,885,374 3,902,154
Sales & marketing 2,166,897 1,848,133 8,411,910 6,322,181
Administration 524,824 523,057 2,514,178 2,220,471

(Loss) income from
operations (1,155,722) 246,763 (6,359,577) (1,111,517)

Other income (expense):
Interest income 55,234 -- 364,212 54,056
Interest expense (49,217) (72,387) (224,039) (246,493)
Other expense (13,182) (67,268) (41,989) (196,803)

(Loss) income before
income taxes (1,162,887) 107,108 (6,261,393) (1,500,757)

Income tax expense
(benefit) -- 30,577 -- (559,637)

Net (loss)
earnings $(1,162,887) 76,531 (6,261,393) (941,120)

Per share information:
(Loss) income per
share -- basic $ (0.11) 0.01 (0.61) (0.12)
(Loss) income per
share -- diluted $ (0.11) 0.01 (0.61) (0.12)

Weight average number
of shares outstanding:
Basic 10,941,469 7,778,364 10,217,305 7,628,166
Diluted 10,941,469 8,197,506 10,217,305 7,628,166

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To: Sector Investor who wrote (1077)2/21/2002 8:59:18 AM
From: Bridge Player
   of 6947
 
No mention of power sensor. Which was supposed to be shipping this quarter. Any news on this product?

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To: Bridge Player who wrote (1079)2/21/2002 9:07:28 AM
From: Sector Investor
   of 6947
 
Wait for the CC, BP. (hey that rhymes! <g>)

Unlike all other KVH products, KVH is the tail on this one. They are under non-disclosure with their large European partner, (one of the top 3 power generation companies in the world) and, although it has been fully tested and in customer sites for years, they can't announce until their partner says they can. Supposedly, there is a phase out of old product, plant, inventory and equipment first.

Patiently waiting, but we have 30%-40% growth for 2002 reiterated today while we wait.

BTW, to those that don't know, most of the KVHI posting action is on Yahoo!

messages.yahoo.com

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To: david james who started this subject2/21/2002 5:32:15 PM
From: dvdw©
   of 6947
 
Quarter is on track, with substantial upside going forward.

Sitting here looking at EOY 99 data by comparison.

In 99 we finished the year with 22.8 million in sales, now we are rapping up cy 2001 at 32.7 million. By any measure that is an attractive growth rate.

What these numbers dontshow are all the sweet spots that have yet to hit. AEGIS, TacNav military is just getting deployed, the fiber Biz, the mystery power biz. Balance sheet is far stronger yet the float is still very small.

Against the current market backdrop; KVHI is executing it's business plan. For all the naysayers painting the entire market with a red brush, we are looking pretty damn good here.

Great execution by the KVHI team.

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To: dvdw© who wrote (1081)2/22/2002 1:19:16 PM
From: Sector Investor
   of 6947
 
Reply to Chartwatcher on Yahoo! Apparently Yahoo! is eating posts again.

<<They do have the fiber to sell, if that sector turns around and companies want it.>>

Chart, that's another area people should do some DD.

KVH's fiber is "special function" fiber. It is QUITE DIFFERENT than standard single mode or multi mode fiber used for telecom, which is produced by companies like Corning.

KVH makes two types of fiber, "D" fiber and "E-core" fiber. Both are polarization maintaining fibers, and both are patent protected. The maintaining of polarity is CRITICAL in the operation of FOGs and sensors, in detecting the phase-shift (Sagnac effect) between two opposite moving light beams. This is the Key to KVH FOGs, the Current Sensor, and the new PhotonicFiber technology.

You can read about it in detail in these KVH white papers off their website:

kvh.com

kvh.com

They now offer the E-core fiber for sale. This is primarily NOT for telecom customers. You can learn about it here:
kvh.com

but not the "D" fiber, which is the key to FOG and PhotonicFiber technology. I wrote a bit about the "D" fiber in my post on SI from when I toured the KVH FOG facility almost 2 years ago.

Message 13742694


Chart, it isn't until you really get "down and dirty" into these details, that you truly begin to understand how unique KVH is. No one else has "D" fiber and KVH holds the patents, and is the only one making it.

It's not the "devil" that is in the details here, it is the investment opportunity. The "details" is why I've been accumulating here for two years.

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To: robert b furman who wrote (1075)2/22/2002 3:55:18 PM
From: Roy F
   of 6947
 
Was that you, Bob? The 10.7K buy, that is. eom

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To: Roy F who wrote (1083)2/22/2002 4:04:31 PM
From: robert b furman
   of 6947
 
Nope,

It wasn't me - but I sure do like that boy's style.gggg

I bought some JDSU today. I just can't believe you can buy Jdsu cheaper than Kvhi, but then kvhi doesn't have over a billion shares outstanding - yet .hehehe

Bob

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To: robert b furman who wrote (1084)2/22/2002 4:20:14 PM
From: Roy F
   of 6947
 
OT... yes, it is an amazing time. I saw that someone predicted a 4.00 bottom for JDSU. Fast approaching.

OnT - Did you have a chance to listen to the CC? As always, I'm interested in your thoughts on the presentation.

Regards,

Roy

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To: Roy F who wrote (1085)2/22/2002 4:39:38 PM
From: robert b furman
   of 6947
 
Hi Roy,

Not yet,

I've been traveling buying some used vehicles and this week I'm judging an annual corvette show.I've been judging for 20 years - goes back to the days I worked for GM.

I love old cars and it is good to hang with some gear heads for 3 or 4 weekends out of the year.

I've been building a YENKO NOVA this last year and I need to buy some reconditioning supplies.

Todays close was very good to my account.Hope it holds.I 've finally getting back to where I was before I completly sold out in February of 2000.

It will make me feel good over the weekend.I'll be busy till 3:00 am Saturday and break away at 6:00 on sunday - it a burnout event but fun.

I'll get back after I do my DD on the CC.

Thanks - I value your thought as always.

Bob

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To: Roy F who wrote (1085)2/25/2002 10:06:43 AM
From: robert b furman
   of 6947
 
Good Morning Roy,

Long time since I've seen a 7500 share block tick by on kvhi @ 7.50.

Overall volume 32,000 shares by 9:00???


BBBBRRRRREEEEAAAAAKKKKOOOUUUTTTTT ?????????

Bob

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