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To: Sector Investor who wrote (1309)6/27/2002 11:14:04 AM
From: robert b furman
   of 6947
 
Yea,gg

After she signed a photo for my wife she said"Times getting short", "mama's got to go to work" _In short - get and quit asking stupid questions about my Darn bus.hehe

Bob

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To: robert b furman who wrote (1310)7/1/2002 7:39:30 AM
From: Sector Investor
   of 6947
 
KVH TracVision Selected as Exclusive Satellite TV Solution by Rexhall Motorhomes

MIDDLETOWN, R.I., Jul 1, 2002 /PRNewswire-FirstCall via COMTEX/ --

Selection Marks Continued Acceptance of TracVision as the Premier Mobile Satellite TV System by RV Manufacturers

Consumers purchasing a 2003 model year motorhome from Rexhall Industries, Inc., will now have the option to equip their new vehicle with a KVH TracVision in-motion or stationary satellite television system, following Rexhall's selection of TracVision as its exclusive satellite TV solution. In addition, Rexhall will pre-wire all of its new Class A motorhomes for use with TracVision antennas, making it even easier for Rexhall dealers to install TracVision systems for customers making an aftermarket purchase. The decision by Rexhall is the latest step in a growing trend of leading vehicle manufacturers selecting TracVision antennas, manufactured by KVH Industries (Nasdaq: KVHI), as standard or optional equipment for 2003 model year vehicles.

"KVH's award-winning line of TracVision land-mobile satellite television systems is renowned for its outstanding quality, versatility, and value," commented Jim Dodez, vice president of marketing, "and we are extremely pleased that Rexhall Industries has chosen TracVision as the exclusive satellite TV option for its customers. This decision is the latest evidence of the growing recognition among RV manufacturers that TracVision products are the premier in-motion satellite television systems available today."

Rexhall Industries, Inc., (Nasdaq: REXL; www.rexhall.com) designs, manufactures, and sells various models of Class A motorhomes used for leisure travel and outdoor activities. Rexhall's five lines of Class A motorhomes, sold through approximately 100 dealer locations across the U.S., Canada, and Europe, include RoseAir, RexAir, Aerbus, Vision, and American Clipper.

"Rexhall builds a quality product packed with value. The TracVision product line allows for a great deal of flexibility for Rexhall as a manufacturer or a dealer to tailor the satellite television experience to each individual customer, thus offering a higher level of value combined with the most current technology of its kind. We are excited about the TracVision satellite TV systems being a part of our current equipment offering," stated Steve Love, marketing director for Rexhall Industries, Inc.

Rexhall will be offering its customers a choice of two new TracVision systems: the TracVision LF, a fully stabilized in-motion system; and TracVision SF, a stationary, self-acquiring system for use when the vehicle is parked. These systems, designed specifically for OEM customers and factory/dealer installation, provide access to more than 300 channels of digital TV programming and digital-quality music via the DIRECTV(R) and DISH Network(TM) services. Programming includes news, sports, weather, movies, and other entertainment commonly found on cable TV systems, as well as dozens of channels of commercial-free CD-quality music catering to almost every taste.

KVH Industries, Inc., designs and manufactures products that enable mobile communication, defense navigation, and direction sensing through the use of its proprietary mobile satellite antenna and fiber optic technologies. The company is developing next-generation systems with greater precision, durability, and versatility for communications, navigation, and industrial applications. An ISO 9001-registered company, KVH has headquarters in Middletown, Rhode Island, with a fiber optic manufacturing facility in Illinois, and a European sales, marketing, and support office in Hoersholm, Denmark.

KVH Industries Contact:
Chris Watson, Communications Coordinator
401-847-3327
cwatson@kvh.com

Investor Relations Contact:
Phil Davidson or Jolinda Taylor
Morgen-Walke Associates
617-747-3600

Financial Media Contact:
Ron Heckmann
Morgen-Walke Associates
415-296-7383

SOURCE KVH Industries

CONTACT: Chris Watson, Communications Coordinator of KVH, +1-401-847-
3327, or cwatson@kvh.com; or investors, Phil Davidson or Jolinda Taylor, +1-
617-747-3600, or media, Ron Heckmann, +1-415-296-7383, all of Morgen-Walke
Associates

URL: rexhall.com
prnewswire.com

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To: Sector Investor who wrote (1311)7/1/2002 8:03:58 AM
From: Sector Investor
   of 6947
 
From Rexhall's 10K Annual report. The market size of class A motorhome in
the US,plus Rexhall's sales the last 3 years. 2001 was a down year,
but the industry is now rebounding.


% Change % Change
Unit From Prior Revenues From Prior
Sales Year (000) Year
----- ---- ----- ----

Total Recreational Vehicles
<S> <C> <C> <C> <C>
2001 321,000 (23.3%) 8,760,483 (20.8%)
2000 418,300 (11.7%) 11,055,173 (11.2%)
1999 473,800 .4% 12,452,384 .5%

Class A Motorhomes
2001 33,400 (18.5%) 3,486,492 (9.5%)
2000 41,000 (17.0%) 3,854,123 (12.3%)
1999 49,400 15.2% 4,394,722 5.2%

Rexhall Industries, Inc.
2001 726 (20.2%) 56,680 (15.3%)
2000 910 (27.1%) 66,957 (21.0%)
1999 1,249 11.3%

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To: Sector Investor who wrote (1312)7/1/2002 8:24:13 AM
From: Sector Investor
   of 6947
 
The Rexhall P/R mentioned after market purchase of KVH antennas. From their newsletter, here is the number of Rexhall motorhomes on the road.

<<Now, sixteen years later and more than 10,000 coaches on the road with the Rexhall name>>

More facts from the 10-K

<<Approximately 77 million Americans were born between the years of 1946 and 1964. Commonly known as "baby boomers", this demographic fact accounts for what the Company believes to be a rapidly growing population of potential Class A motorhome purchasers. Typically, Class A motorhome buyers are over the age of 60, however, increasing disposable income in the 40 to 60 year old age group is growing the potential Class A market. The Company's continued product development combined with the unified efforts of the RV industry as a whole to capture the attention of this buying demographic, would indicate significant future growth potential for the Company.>>

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To: Sector Investor who wrote (1312)7/1/2002 8:50:34 AM
From: robert b furman
   of 6947
 
Hi Sector,

Tried to find a by manufacturer registration report - but hey want 3500 bucks for their RV industry report - I'd rather buy more KVHI.gg

Lets see : 50 % penetration of a down year (321,000)=160500 units.
KVHI has perhaps 75% of all antenaes - 160500 x's .75 = 120375 / 12 = 10,031 per month.

Obviously the sales force still has feritle territory ahead of itself.

Of course satellite antennae are mostly high end so let's look at just Class A:
33400 x's 50% penetration x's 75% market share = 12525 - annually /12 = 1043 monthly x's 1500 (guessing cost)= $1,565,624 x12 = annual revenue of 18,787,500.


As price goes down penetration levels go up and expands into lower price reange of RV's.Plus monthly income of selling satellite subscription - remember they're exclusive with Bell vu Canada.Not sure how big that is??

Nice market anyhow - that's for sure.

You know I never thought of KVHI as a benefactor of 9/11 (other than military of course),but as flying gets replaced by vacationers driving RV's in the good ole safe USA - we win multidirectionally.

Still hoping they are in the black this Q - if so -I bet RV's got them there!!

Great info.

Still trying to find out who's who in total registrations and are they exclusive to KVHI ?- I know Foretravel is not - but it appears the majority are aligning themselves with - KVHI.

Great Momentum -now add the real big market: SUV's.

Should be that that announcement is just around the corner.Production was to start this month.gg

Up up and away - looking for a cup and handle around 11.44 then break out on high volume - HELLO 20's.gggg

Much faster THAN MANY WOULD THINK !!

Bob

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To: david james who started this subject7/1/2002 11:43:26 PM
From: dvdw©
   of 6947
 
Is there any major not yet on the KVHI ? I sent Sector a link to another Bus manufacturer, and was hoping he would get it out to the powers that be. Seems that Public transport like Rail and Buses could get more riders with these value added services. Amtrak has financial problems so that is probably a long shot short term.

I've come to understand that Dirigibles will be deployed in the coming years as support infrastructure for wireless networks, that would make above ground light rail services customers as well. This is definatly a fun investment.

lots of practical applications for a host of products. I've also heard that a modified current Sensors could be used in certain chemical detection applications? Anyone else caught wind of this yet? I'll post a link as soon as I can find it.

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To: dvdw© who wrote (1315)7/10/2002 7:39:14 AM
From: Sector Investor
   of 6947
 
Wednesday July 10, 7:30 am Eastern Time

Press Release

SOURCE: KVH Industries

KVH Awarded $1 Million in Development
Contracts by L-3 Communications

KVH to Use its Breakthrough DSP Fiber Optic Gyros in New, Low-cost Inertial
Measurement Units for Defense Applications

MIDDLETOWN, R.I., July 10 /PRNewswire-FirstCall/ -- KVH Industries (Nasdaq: KVHI - News) announced
today that it has been awarded development contracts valued at roughly $1 million by New York-based L-3
Communications Corporation (NYSE: LLL - News). Under the terms of the contract, KVH will use its new digital
signal processing (DSP)-based fiber optic gyros (FOGs) to create a low-cost, high-performance Inertial
Measurement Unit (IMU) for defense-related applications.

"Accurate IMUs are a vital component in a variety of military applications, including drone and unmanned aerial
vehicle navigation as well as missile and smart munitions guidance," explained Martin Kits van Heyningen, KVH
president and chief executive officer. "These systems have played a key role in the United States' counter-terrorism
operations and have been highlighted as critical new systems in the Pentagon's new defense budget. By miniaturizing
our DSP-based FOGs, we are making significant progress in our development of a 3-axis package for precision
IMUs that will meet both the operational and budgetary needs of these emerging defense applications."

The foundation of the proposed IMU is KVH's new DSP-based fiber optic gyro, the initial model of which accepts
data input as fast as 500 degrees per second. Future DSP systems could have input rates of 1,000 degrees per
second or more with no reduction in accuracy or stability. The KVH DSP gyros combine the company's proprietary
polarization-maintaining optical fiber and fiber components with integrated digital signal processing. The result is a
low- cost, tactical grade rate gyro with outstanding bias stability, low noise, high bandwidth, and accuracy
approaching 0.05 percent. The proposed IMU will use DSP gyros and accelerometers to accurately measure both
angular rate and linear acceleration in three dimensions and provide this data to onboard systems to control precise
navigation.

"The development of 3-axis, precision IMUs is the latest step in our strategic effort to address the opportunities
presented by the precision fiber optic gyro marketplace," continued Kits van Heyningen. "The introduction of our
DSP-based gyros equipped KVH with a rate gyro family capable of meeting the tactical-grade accuracy needs of
the most demanding military and commercial applications. I expect that this breakthrough technology will become
the foundation for all future KVH gyro-based products."

KVH Industries, Inc., is a leading provider of innovative high-bandwidth communications products. Using
proprietary fiber optic and satellite antenna technology, the company is developing next-generation systems with
greater precision, durability, and versatility for communications, navigation, and industrial applications. An ISO
9001-registered company, KVH has headquarters in Middletown, Rhode Island, a fully operational, 23,000-square
foot optical fiber and component manufacturing facility in Tinley Park, Illinois, and a European sales, marketing, and
support office in Hoersholm, Denmark.

Except for historical facts, the statements in this press release are forward-looking statements that involve risks and
uncertainties. For example, the statements regarding the company's product development goals are forward- looking
statements. Forward-looking statements are merely our current predictions of future events. The statements are
inherently uncertain, and actual results realized by the company could differ materially from the statements made
herein. Important factors that might cause such differences include: failure to develop and market fiber optic
products; unforeseen changes in competing technologies and products; poor or delayed research and development
results, and uneven military sales cycles. Additional factors that could affect future events are discussed in the
company's 2001 Form 10-K filed with the Securities and Exchange Commission on March 20, 2002. Copies are
available through the company's Investor Relations department and web site, www.kvh.com. We assume no
obligation to update our forward-looking statements to reflect new information and developments.

KVH Industries Contact:
Chris Watson, Communications Coordinator
401-847-3327
cwatson@kvh.com

Investor Relations Contact:
Phil Davidson or Jolinda Taylor
Morgen-Walke Associates
617-747-3600

Financial Media Contact:
Ron Heckmann
Morgen-Walke Associates
415-296-7383

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To: Sector Investor who wrote (1316)7/17/2002 8:03:58 AM
From: robert b furman
   of 6947
 
Hi Sector,

This is perhaps the most powerful growth market that would be instantly huge - with existing technology.

We all know KVHI wants to be just a component manufacturer.

Coupling with a well known lead project defense contractor like L-3 now accelerates the liklihood of fast implementation.

Let's face it waiting for Honeywell to share the Honey hole with KVHI on their deal with Boeing for the JDAM - might never happen.

Now coupling with L-3 as an alternate source - on a competitive bid basis - might well get them all the excess demand.

I can see the government liking the idea of bidding for the lion's share with the second source of total production.In the past I thought KVHI's second source had to bust into the Boeing contract- that would be very political and slow.

This approach is superior and offers a very exciting multiple factor of annual sales.

When approved it could be instantaneous- with sales in the hundred million range with just a small percent of total production.This ballons if the government retros the entire arsenal.

Here's a great picture of the JDAM as taken off KVHI's Website:http://www.kvh.com/uploaded/images/Jdam_3x3_300dpi.jpg

Earnings tomorrow - I can't wait.Hoping for a plus number at last!!!

Bob

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To: robert b furman who wrote (1317)7/18/2002 6:42:16 AM
From: Sector Investor
   of 6947
 
KVH Industries Names Patrick J. Spratt as Chief Financial Officer

New Executive Brings More than 25 Years of Fortune 100 Financial Leadership; Richard Forsyth to Remain as
Vice President, Finance

MIDDLETOWN, R.I., Jul 18, 2002 /PRNewswire-FirstCall from COMTEX/ -- KVH Industries (Nasdaq: KVHI chart, msgs) announced today that it has hired Patrick J. Spratt as the company's chief financial officer. Mr. Spratt succeeds Richard Forsyth, who will remain with KVH in the role of vice president, finance.

"Pat Spratt has a lengthy and outstanding track record with industry leaders, such as Digital Equipment Corporation, and other public and private technology firms," remarked Martin Kits van Heyningen, president and chief executive officer. "Pat's leadership in finance, investor relations, and business planning enhances the expertise of our entire team. His arrival at KVH is the latest step in our ongoing effort to expand the resources and experience available at the executive level and maximize our continuing growth. This trend was highlighted by this morning's announcement that KVH's second quarter revenues increased 61% over the same period last year."

Mr. Spratt, 54, brings to KVH 30 years of finance and operations experience. During Pat's 25-year career at Digital, he served in a variety of senior management positions, including vice president of finance for worldwide engineering, vice president of business operations for computer systems, and vice president of investor relations. His accomplishments included substantial improvement in product introduction cycles while reducing costs, restructuring of operations to drive growth and profit, and management of Digital's investor relations efforts, providing complete communications and coverage for more than 400 institutional investors and 25 sell-side analysts.

Mr. Spratt commented, "KVH Industries benefits from its versatile core technology, a diverse and expanding client base, sound business fundamentals, and a talented group of dedicated employees. With this foundation, I believe that the company is poised to continue to gain strength in its markets and provide exciting technological solutions to a worldwide audience of consumer, commercial, and government customers. I look forward to working with the entire KVH team and especially alongside Dick Forsyth, whose ongoing contributions will be invaluable to KVH's future success."

Mr. Kits van Heyningen added, "I am very pleased to have Dick Forsyth continue as a member of KVH's executive
management. Dick's dedication and efforts during his 14 years with KVH have been key factors in reaching our current levels of record revenues and financial stability. I know that he will continue to be an outstanding resource for the company and provide important collaboration with Pat Spratt."

Before joining KVH, Mr. Spratt served as the CFO of early-stage developers of products for broadband telecommunications and semi-conductor manufacturing. He also served as the CFO and treasurer of BioReliance
Corporation (Nasdaq: BREL chart, msgs), a pharmaceutical and biotechnology testing, development, and manufacturing firm. Mr. Spratt holds a BA in Mathematics from Boston College, an MBA from Boston University, and has completed Executive Education Programs at Columbia University and Harvard Business School.

A high-resolution, press-ready photo of Mr. Pat Spratt is available to download from the KVH Industries web site
(http://www.kvh.com/uploaded/images/pspratt_3x3_300dpi.jpg).

KVH Industries, Inc., designs and manufactures products that enable mobile communication, defense navigation, and direction sensing through the use of its proprietary mobile satellite antenna and fiber optic technologies. The company is developing next-generation systems with greater precision, durability, and versatility for communications, navigation, and industrial applications. An ISO 9001-registered company, KVH has headquarters in Middletown, Rhode Island, with a fiber optic manufacturing facility in Illinois, and a European sales, marketing, and support office in Hoersholm, Denmark.

KVH Industries Contact:
Chris Watson, Communications Coordinator
401-847-3327
cwatson@kvh.com

Investor Relations Contact:
Phil Davidson or Jolinda Taylor
FD Morgen-Walke
617-747-3600

Financial Media Contact:
Ron Heckmann
FD Morgen-Walke
415-296-7383


Source: KVH Industries, Inc. CONTACT: Chris Watson, Communications Coordinator of KVH Industries,
+1-401-847-3327, cwatson@kvh.com; or Investor Relations Contact: Phil Davidson or Jolinda Taylor, +1-617-747-3600,
or Financial Media

Contact:

Ron Heckmann,
+1-415-296-7383, both of FD Morgen-Walke
URL: kvh.com

siliconinvestor.com

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To: Sector Investor who wrote (1318)7/18/2002 7:05:49 AM
From: Sector Investor
   of 6947
 
KVH Industries Announces Results for the Second Quarter

- Revenues Up 61% to $12.6 Million - - Revenue at Highest Level in Company's History -

MIDDLETOWN, R.I., Jul 18, 2002 /PRNewswire-FirstCall from COMTEX/ -- KVH Industries (Nasdaq: KVHI chart, msgs), a leading provider of high-bandwidth satellite communications products, defense-related navigation systems, and fiber optic products, today reported its results for the second quarter ended June 30, 2002. Revenue for the period was $12.6 million, up 61% from $7.8 million for the second quarter ended June 30, 2001. Net loss for the period was $0.8 million, or $0.07 per share. By comparison, KVH recorded a net loss of $2.0 million, or $0.19 per share during the same period last year.

For the six months ended June 30, 2002, revenue increased roughly 40% to $22.3 million from $16.0 million for the six months ended June 30, 2001. KVH also reported a net loss of $2.0 million or $0.18 per share for the period, versus a $3.5 million loss, or $0.37 per share in the prior year.

"This quarter's record revenues, the improvement in our gross margins, and the introduction of several new products and services illustrate that we are successfully executing our business plan," commented Martin Kits van Heyningen, president and chief executive officer. "Based on growth in all of our target markets and the result of ongoing cost reduction efforts, we remain confident that we will achieve our goals of growing revenues 30 to 40% for the year and returning to profitability in the second half of 2002."

Overall, the company's satellite products recorded a 51% increase in revenue for the second quarter while sales of fiber optic products rose 7% for the same period. Sales of defense-related products rose 478% to $2.7 million.

"Because of our strong position in the market, our products continue to show strength despite the uncertainty in the overall economy. This is evidenced by several new OEM contracts for our TracVision land mobile satellite TV systems, and the selection of our fiber optic gyros for use in two new military simulators," continued Mr. Kits van
Heyningen. "We also continue to enhance our overall product line with introductions of new products and services. The initial acceptance of our new TracNet Mobile High-speed Internet System is very positive in both the land and marine markets, and our recently announced Inmarsat airtime service should create a new, recurring revenue stream for the company as we move forward."

With regard to the company's financial results, Richard Forsyth, vice president, finance, said, "The second quarter reflected substantial improvement in gross margins, which increased to 42% from 36% during the same period last year. This was the result of successful programs to increase efficiencies in our manufacturing operations and a
favorable shift in the mix of our products. We are also paying careful attention to operating expenses. We have made significant investments in R&D and other business infrastructure to position the company for growth. The benefits are reflected in the sales figures and in the improving operating margins that came with this growth. We expect to show additional improvement in operating efficiencies in the coming quarters."

"We are on pace for record yearly revenues, we are seeing growth across the board, and new products and services are expanding our customer and revenue base," concluded Mr. Kits van Heyningen. "Looking ahead to the third quarter and the year as a whole, KVH is well positioned to achieve its goals for revenue growth and a return to profitability."

Second Quarter Highlights:

* During the quarter, three major OEM customers (Fleetwood, Featherlite,
and Rexhall) selected KVH's TracVision mobile satellite TV antennas as
standard or optional equipment on model year 2003 recreational vehicles
and luxury motorcoaches.

* On May 13, 2002, KVH began shipping its KVH E-Core 4000 fiber optic
gyros for use in turret stabilization applications aboard vehicles being
constructed by two European systems integrators.

* On May 14, 2002, KVH announced that its fiber optic gyros had been
selected by the U.S. military to provide motion tracking, visual
stabilization, and image synchronization for the Stinger and Improved
Target Acquisition System (ITAS) training simulators.

* On June 13, 2002, KVH announced that it would be offering its own
branded global satellite communications services to complement its full
line of satellite communications hardware. The service represents a
new, recurring revenue opportunity for KVH as the company will purchase
wholesale airtime from Inmarsat and then sell the service to its retail
customers.

* On June 17, 2002, KVH received an award from the Defense Contract
Management Agency (DCMA), a component of the U.S. Department of Defense,
in recognition of the company's superior quality procedures. The award
followed more than three years of on-site DCMA observation and
assessment of KVH's quality and manufacturing system.

KVH is webcasting its second quarter 2002 conference call live at 11:30 a.m. Eastern Time today through the company's web site. The conference call may be accessed at kvh.com . The audio archive also will be available on the company web site within three hours of the completion of the call.

KVH Industries Inc., designs and manufactures products that enable mobile communication, defense navigation, and direction sensing through the use of its proprietary mobile satellite antenna and fiber optic technologies. The company is developing next-generation systems with greater precision, durability, and versatility for communications, navigation, and industrial applications. An ISO 9001-registered company, KVH has headquarters in Middletown, Rhode Island, with a fiber optic manufacturing facility in Illinois, and a European sales, marketing, and support office in Hoersholm, Denmark.


KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2002 and DECEMBER 31, 2001


June 30, December 31,
2002 2001
(Unaudited) (Audited)

Assets:
Current assets:
Cash and cash equivalents $6,518,863 11,240,893
Accounts receivable, net 7,684,622 6,026,689
Costs and estimated earnings
in excess of billings on uncompleted
contracts 460,470 482,486
Inventories 5,132,578 4,124,203
Prepaid expenses and other deposits 669,019 406,866
Deferred income taxes 551,699 637,799
Total current assets 21,017,251 22,918,936

Property and equipment, net 7,515,677 7,431,287
Other assets, less accumulated amortization 507,537 573,849
Deferred income taxes 2,238,430 2,238,430
Total assets $31,278,895 33,162,502

Liabilities and stockholders' equity:
Current liabilities:
Current portion long-term debt $86,974 86,974
Accounts payable 2,262,624 2,084,507
Accrued expenses 1,334,947 1,143,790
Customer deposits 361,868 903,853
Total current liabilities 4,046,413 4,219,124

Long-term debt 2,656,006 2,697,147
Total liabilities 6,702,419 6,916,271

Stockholders' equity:
Common stock 110,301 109,612
Additional paid-in capital 34,766,065 34,478,002
Accumulated deficit (10,299,890) (8,341,383)
Total stockholders' equity 24,576,476 26,246,231
Total liabilities and stockholders' equity $31,278,895 33,162,502


KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three months ended
June 30,
2002 2001
Net sales $12,641,244 7,829,217
Cost of sales 7,321,309 5,007,273
Gross profit 5,319,935 2,821,944

Operating expenses:
Research & development 2,432,512 2,261,296
Sales & marketing 2,775,751 1,978,904
Administration 813,592 639,794
Loss from operations (701,920) (2,058,050)

Other income (expense):
Other expense (28,632) (14,421)
Interest income (expense), net (29,985) 78,575
Loss before income taxes (760,537) (1,993,896)

Income tax expense 51,600 --
Net loss $(812,137) (1,993,896)

Per share information:
Loss per share
Basic $(0.07) (0.19)
Diluted $(0.07) (0.19)

Number of shares used in per share
calculation:
Basic 11,005,426 10,318,065
Diluted 11,005,426 10,318,065


KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Six months ended
June 30,
2002 2001
Net sales 22,282,757 15,961,888
Cost of sales 12,678,716 10,016,446
Gross profit 9,604,041 5,945,442

Operating expenses:
Research & development 4,766,211 4,005,501
Sales & marketing 5,094,015 4,227,236
Administration 1,532,932 1,278,045
Loss from operations (1,789,117) (3,565,340)

Other income (expense):
Other expense (30,656) (36,756)
Interest income (expense), net (52,634) 70,834
Loss before income taxes (1,872,407) (3,531,262)

Income tax expense 86,100 --
Net loss (1,958,507) (3,531,262)

Per share information:
Loss per share
Basic (0.18) (0.37)
Diluted (0.18) (0.37)

Number of shares used in per share
calculation:
Basic 10,989,609 9,477,323
Diluted 10,989,609 9,477,323

This press release contains certain forward-looking statements that involve risks and uncertainties. For example, the statements regarding the company's financial and product development goals are forward-looking statements. The actual results realized by the company could differ materially from the statements made herein. Factors that might cause such differences include, but are not limited to: failure to develop and market fiber optic products; lack of reliable vendors, service providers, and outside products; continued poor military sales cycles; unforeseen changes in competing technologies and products; worldwide economic variances; and poor or delayed research and development results. Additional factors are discussed in the company's 2001 Form 10-K filed with the Securities and Exchange Commission on March 20, 2002. Copies are available through the company's Investor Relations department and web site, kvh.com .


KVH Industries Contact: Richard Forsyth, Vice President, Finance
401-847-3327

Investor Relations Contact: Phil Davidson or Jolinda Taylor
617-747-3600

Financial Media Contact: Ron Heckmann,
FD Morgen-Walke
415-296-7383

Source: KVH Industries Inc.

Contact:

Richard Forsyth, Vice President, Finance, of KVH Industries,
+1-401-847-3327; Investor Relations - Phil Davidson or Jolinda Taylor,
+1-617-747-3600, or Financial Media - Ron Heckmann, +1-415-296-7383, all of FD
Morgen-Walke for KVH Industries
URL: kvh.com

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