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To: Roy F who wrote (1473)10/17/2002 7:19:26 AM
From: Sector Investor
   of 6936
 
KVH Financials in SI fixed font.

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

September 30, December 31,
2002 2001
(Unaudited) (Audited)
Assets:
Current assets:
Cash and cash equivalents $7,554,275 11,240,893

Accounts receivable, net 8,626,087 6,026,689

Costs and estimated earnings
in excess of billings on uncompleted contracts 414,059 482,486

Inventories 4,326,041 4,124,203

Prepaid expenses and other deposits 579,535 406,866

Deferred income taxes 551,699 637,799

Total current assets 22,051,696 22,918,936


Property and equipment, net 7,540,962 7,431,287

Other assets, less accumulated amortization 474,381 573,849

Deferred income taxes 2,238,430 2,238,430

Total assets $32,305,469 33,162,502


Liabilities and stockholders' equity:
Current liabilities:
Current portion long-term debt $86,974 86,974

Accounts payable 2,969,588 2,084,507

Accrued expenses 1,624,153 1,143,790

Customer deposits 130,320 903,853

Total current liabilities 4,811,035 4,219,124


Long-term debt 2,635,435 2,697,147

Total liabilities 7,446,470 6,916,271


Stockholders' equity:
Common stock 110,790 109,612

Additional paid-in capital 34,917,840 34,478,002

Accumulated deficit (10,149,947) (8,341,383)
Accumulated other comprehensive loss (19,684) -

Total stockholders' equity 24,858,999 26,246,231

Total liabilities and stockholders' equity $32,305,469 33,162,502


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

Three months ended Nine months ended
September 30, September 30,
2002 2001 2002 2001


Net sales $12,435,313 7,939,402 34,718,070 23,901,290

Cost of sales 6,837,186 5,126,719 19,515,902 15,143,165

Gross profit 5,598,127 2,812,683 15,202,168 8,758,125


Operating expenses:
Research &
development 2,230,457 1,722,112 6,996,668 5,727,613

Sales & marketing 2,316,560 2,017,777 7,410,575 6,245,013

Administration 850,191 711,309 2,383,123 1,989,354

Income (loss)
from operations 200,919 (1,638,515) (1,588,198) (5,203,855)

Other (expense) income:
Other (expense)
income (16,398) 7,950 (47,054) (28,806)
Interest (expense)
income, net (34,578) 63,321 (87,212) 134,155

Income (loss) before
income taxes 149,943 (1,567,244) (1,722,464) (5,098,506)

Income tax expense - - 86,100 -

Net income (loss) $149,943 (1,567,244) (1,808,564) (5,098,506)

Per share information:
Earnings (loss) per share
Basic $0.01 (0.14) (0.16) (0.51)
Diluted $0.01 (0.14) (0.16) (0.51)

Number of shares used in per share calculation:

Basic 11,056,374 10,924,145 11,017,596 9,964,896

Diluted 11,356,194 10,924,145 11,017,596 9,964,896

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To: Sector Investor who wrote (1474)10/17/2002 7:28:34 AM
From: Roy F
   of 6936
 
Still $2,230,457 for R & D!

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To: Sector Investor who wrote (1474)10/17/2002 7:35:25 AM
From: robert b furman
   of 6936
 
BACK IN BLACK I think I'll run out and buy the best of AC/DC - oh heck I just realized I already have it.

Gonna crank it up and wake up the wife!!!!

Maybe I'll just put on the headphones and smile.<VBG>

AAAAALLLLLLLLLL AAAAABBBBBOOOOOAAAAARRRRRDDDDD !!!!!

Bob

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To: Roy F who wrote (1475)10/17/2002 7:42:54 AM
From: robert b furman
   of 6936
 
Hi Roy,

And a profit to boot !!!

That was the first number that hit me - up from last year but off just a rad from 02 annual rate.

Really like margin growth up 10% to 45% - expenses down 600,000 - last quarter 640,000 nonrecurring expenses came in about right.

Best of all I LOVE the 1,000,000 in CASH.

Of course we all know depreciation is a cashless expense but a million bucks in cash with a profit of 150,000 and no taxes (using TLC) really results in triggering somebodies cashflow screens!!

All in all an outstanding day in the history of KVHI.

Well done.

P.S how did you get that release so quick - I was just at the website and it wasn't posted.

You're good <VBG>

Bob

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To: robert b furman who wrote (1476)10/17/2002 7:44:05 AM
From: Roy F
   of 6936
 
>>Maybe I'll just put on the headphones and smile.<VBG><<

That image certainly brings back fond memories.

Roy

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To: robert b furman who wrote (1477)10/17/2002 7:47:41 AM
From: Roy F
   of 6936
 
Hi Bob:

Sign up for their email notification.

Yes, KVH delivers on it's promises. Things look rosy for the future. It will be interesting to hear what MKVH has to say today... and, who asks the questions.

Roy

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To: Roy F who wrote (1478)10/17/2002 7:51:25 AM
From: robert b furman
   of 6936
 
Hi Roy,

yup college and rock and roll and I'm not going there.gg

It is particularly nice to see the rewards of long term investing pay off with KVHI.

It is ,in general, just so nice to read about a company being rewarded with growth.

It has been such a dry spell that it is extra sweet to see the hard efforts of all to be rewarded.

Where does all the diluted and basic stock growth in # of outstanding come from??

11.3 million - hard to keep up with the growth!!

Bob

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To: Roy F who wrote (1479)10/17/2002 7:52:30 AM
From: robert b furman
   of 6936
 
Can't wait.

Oh heck I forgot to check E-mail.

duh

Thanks

Bob

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To: Roy F who wrote (1479)10/17/2002 7:52:47 AM
From: Sector Investor
   of 6936
 
I like the increase in cash and the GMs up to 45%. The last time GMs were higher was in Q3 1997 BEFORE the acquisition of the FOG group from Andrew Corp.

Truly outstanding!

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To: Sector Investor who wrote (1482)10/17/2002 7:59:03 AM
From: robert b furman
   of 6936
 
Hi Sector,

That's about when I started buying this little jewel.

They had great margins and bottom lined a nice high percent as well.


Now lets get us a high volume breakout that has legs !!!

Right at the open !!!

Bob

If there was a time for all stockholders to buy 1000 shares at the open this A.M. is it !!!

JMHO

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