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To: Brian W. Nash who wrote (146)7/22/1997 5:52:00 PM
From: david james
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I missed the conference call, but a recording will be available starting tomorrow at 8 a.m. at 1-800-633-8284.

Looking at the minute chart. The day's action looks dominated by the action around 12:30
A 6k sell at 8 1/2
A 13k buy at 8 13/16 (it appears)
A 2k sell at 8 1/2
A 1k sell at 8 3/8

Not sure what meeting estimates will do. Big question is whether they gave the analysts any reason to improve or doubt the estimates for next two quarters.

David

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To: Brian W. Nash who wrote (145)7/22/1997 8:20:00 PM
From: Mickey Szilagyi
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I see DTSI just reported this quarter's earnings as a loss of $.21. Revenues were below last year's same qt. Two analysts cover DTSI according to Yahoo, one a moderate buy and one a hold. They are ranked 103 out of 136 in their field.
KVHI on the other hand met earnings estimates in the plus column and are covered by two analyst both with strong buys. KVHI ranked 3 out of 35. DTSI and KVHI must differ enough to be in different catagories. Do DTSI units automatically follow a signal on a pitching boat? So I wonder if DTSI is a threat to KVHI. Looks to me like KVHI is in much better shape, at least for now. MJS

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To: david james who wrote (147)7/22/1997 10:31:00 PM
From: Roadkill
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I listened in on the conference call today. It went well. A couple of things caught my interest.

First, KVH has an order backlog of about $13 MM, which I believe is scheduled for delivery in the 3Q and 4Q 1997. Most of this backlog is for navigation equipment, which apparently has higher margins. Second, testing for TracVision II was just completed. Testing was very successful. The CEO (I can't spell his name without checking, so I'll just call him Martin) said that the product has drawn significant customer interest. It should begin shipping this quarter.

Second, testing for the INMARSET Tracphone continues, and has thus far been successful. Shipping should begin by the end of this quarter. The company looks forward to receiving revenue, as well as air-time residuals, from this product.

Third, the company announced a new TACNAV contract with Sweden, this one for $1.9 MM.

The company also announced a small contract with NEC Australia, but I forgot which product this contract involved. This is the Australian arm of the Japanese giant NEC. Although the contract is small, it offers a promising future connection.

Fourth, either Martin or Forsyth referred to R&D revenues the company is receiving from a large defense company to develop some sort of laser-based incoming fire system that would work with TACNAV. I kind of fell asleep during this part of the call, so I don't remember much.

Fifth, the digital gyro is doing well. Marine sales are "gaining momentum".

Finally, the company stressed that it is in a period of transition, from reliance on a major contract (AMSC) to numerous smaller contracts. KVH does not expect much more revenue from AMSC, at least at this time.

In short, it seems KVH is moving on from the AMSC contract in a nice fashion. I was concerned where KVH was going to find its revenue over this 2Q and the 3Q with the AMSC contract gone, and new products just being introduced. It appears that the company is bridging the gap just fine.

These notes are strictly from memory, and may not be totally accurate. I welcome any corrections.

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To: Roadkill who wrote (149)7/22/1997 11:47:00 PM
From: Gary
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To MWalsh and all,
You gotta love KVHI's balance sheet. It's current ratio (current assets to current liabiliities) and the fact that it has $1 per share in cash and cash equivalents. I think it will begin to get more attention now, and if it hits estimates for this year, it should be, short term, an $11-12 stock before year's end. I still like this stock long term but may sell half my position at $11-12. (My discipline now is to sell half of anything I have that has doubled in the past 2 years, so I am taking some money off the table and will let the rest ride....) Good luck, all. Gary C

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To: Mickey Szilagyi who wrote (148)7/23/1997 9:32:00 AM
From: Brian W. Nash
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DTSI was covered in the same issue of Red Chip Review that started coverage of KVHI. I'll have to read back over it, but I recall the tone was somewhat negative. I'll let you know tomorrow.

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To: Roadkill who wrote (149)7/23/1997 9:45:00 AM
From: Brian W. Nash
   of 6936
 
Here is the Swedish military contract announcement, for yourreading pleasure:

KVH Awarded $1.9 Million Contract to Manufacture TACNAV Navigation Systems For Armored Vehicles



July 23, 1997 08:12 AM

MIDDLETOWN, R.I., July 23 /PRNewswire/ -- KVH Industries, Inc. KVHI announced today that the Swedish government has placed a $1.9 million order to exercise a contractual option and purchase additional TACNAV(TM) compass-navigation systems for their Army's fleet of armored vehicles. In conjunction with KVH's original, completed $5.5 million contract and a subsequent $2 million systems shipment, the cumulative value to date of the Swedish TACNAV purchases is $9.4 million.

"Ongoing purchases of our TACNAV system by the Swedish Army represents valuable validation of the product's superiority in providing the military with critical orientation information," said KVH Industries President and Chief Executive Officer Martin Kits van Heyningen. "As a result of such recognition, we are exploring with a number of other countries how TACNAV can meet their military navigational needs."

TACNAV is a low-cost, digital compass-navigation system that can be integrated with a global positioning system (GPS) receiver to provide the crews and commanders of armored vehicles with the directional data that determines safety, accuracy and maneuverability in military encounters.

A particularly important feature of TACNAV is its ability to provide orientation feedback with or without GPS. In the event GPS signals are lost on the battlefield, TACNAV substitutes dead reckoning for global positioning.

The unique auto-calibration technology developed by KVH has overcome another problem, the magnetic effect of a vehicle's metals on compass accuracy. KVH's auto-calibration corrects for both hard and soft iron errors, and most importantly for those created by turret rotation and vehicle tilt.

KVH Industries develops, manufactures and markets digital navigation systems and mobile satellite communications systems for use in commercial, military and marine applications. The company's mobile satellite communications products provide an "on the move" link to communications satellites such as INMARSAT, AMSC and DBS systems. KVH navigation products combine proprietary direction and orientation sensors with inputs from other instruments to provide fully integrated displays for military, marine and OEM customers. SOURCE KVH Industries, Inc.

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To: david james who wrote (147)7/24/1997 11:27:00 AM
From: Brian W. Nash
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David, could you post the access code for the conference call? My (unimaginative) guesses were 584 and 5844 (KVH or KVHI).

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To: Brian W. Nash who wrote (153)7/24/1997 12:43:00 PM
From: david james
   of 6936
 
the reservation number I have is 2828756, but when I call it, it says the reservation is not currently valid. So don't quite know what is happening.
David

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To: david james who wrote (154)8/20/1997 9:45:00 PM
From: Gary
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To David, Brian, Walsh and all, Is anyone out there? Hello...
Just wanted to know if anyone still follows KVHI, as I do. Still bullish long term but am disappointed by the lack of volume and news on the stock. Also, my latest Quarterly report of TRowe Price New Horizons no longer as of 6/30 lists KVHI as one of its holdings. Does anyone have any thoughts on this or anything else about the company? Are you all still LONG? Thanks in advance. Gary C.

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To: Gary who wrote (155)8/20/1997 10:54:00 PM
From: david james
   of 6936
 
I reduced my position to about 1/3 in the last run. The company is actually growing much faster than shown in the earnings/share because the #of shares has increased quite a bit in the last year and a half. Unfortunately this has stalled the stock.
If they would keep the number of shares somewhat constant for the next three quarters or so, the stock should do great. Unfortunately, although the dilution helps the company and management, it scares away shareholders and funds.
David

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