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To: robert b furman who wrote (258)3/11/1999 7:09:00 PM
From: Roy F
   of 6932
 
An up tick!

Hi Bob,

I have received a tape of the conference call for last quarter's earnings announcement. I'll post a summary in the next few days. An e-mail from Alice Andrews at KVH IR in response to my question as to whether she had anything she'd like to add to the information on the tape:

The only additional comment I might make is that TracVision LM
orders
are significantly exceeding our expectations for first-quarter
sales
of this new product, and we are increasing production. Also, we
are
receiving reports from beta users that LM performance is exceeding
their expectations.


Sounds encouraging. I guess whoever was selling might be finished for the time being. Time will tell.

Roy

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To: Roy F who wrote (259)3/13/1999 4:11:00 PM
From: Roy F
   of 6932
 
KVHI Conference Call summary

New strategy implemented in FY 98 – cost efficient re-focus on growth. Faster product development due to re-engineering. Short term financial pain is the result of long term strategy and short term decline in military orders.

R & D investment allowed product development time to be cut in half. Six new products provided 50% of 98 revenues. More new products to be introduced in 99.

Tracvision LM – for land mobile market. Developed on schedule and under budget. Began shipping 2/99. Initial sales far exceeding expectations. Targets RV, SUV, buses, etc. 40% cheaper than only other competing product.

Tracvision III – marine antenna that allows simultaneous reception of TV and data. See opportunity to work with companies like Teledesic and Skybridge in development of the end user antenna system for low orbit satellite reception.

TACNAV Lite – received a $5 mm upgrade to light military vehicles. Sees opportunity in precision navigation for military support vehicles. Developed in 6 months. Being tested in Taskforce 21 (Digital Battlefield)

TFOG Navigator .. received 750K development grant. No GPS jamming, ideal for heavy armored vehicles. Quantum leap in targeting accuracy.

The core satellite business is already growing rapidly. This is the basis for solid operating results going forward. Previously, growth was masked by declining military and OEM sales. This year they expect to see the full benefit of marketing and product development investment.

Able to supply military with tactical navigation systems for all land based applications.

New technology revolutionizes core navigation business – in demand from major OEM customers for various applications.

$3mm mortgage financing @ 7%.. also, $1mm in cash on hand – enough for all of 99. Cost of goods should decline, but sales and marketing expenses should increase. No significant revenues from FOG products for next 9-12 months. (Q & A they indicate they are being very conservative on their estimates for FOG products to make their plan easily achievable).

Q & A: Tracvision LM market. Suburbans and minivans showing interest in backseat video. Market is larger than marine market and initial reaction is greater than anticipated. Profit margin is “rich”.

They expect rising sales and decreasing costs. 15-25% sales growth. Expenses this Q were a result of reduction in revenue coupled with a $1.5mm fixed manufacturing cost related to FOG start-up (Illinios). Increased R & D .. 50% of new products due to R & D. Plan to be profitable by the end of 99, but it depends on FOG sales.

Have received orders from coach manufacturers for LM, happy with the results of beta testing. All sales so far are in the after-market. No Big 3 SUV testing at this time. Flat panel development is enabling technology for the passenger video market.

Only two persons asked questions on the call. Not included is information available in the earnings PR...


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To: Roy F who wrote (260)3/14/1999 2:20:00 PM
From: robert b furman
   of 6932
 
Hi Roy,
Trac Vision LM GO GO GO GO Kvhi's only huge non-niche product.Taxi's Limo's Suv's the best selling vehicles in the north american market.Between my computer at work and at home I'm always calling my broker on my mobile phone.I need to talk to alice about a stockholder Trac Vision LM purchase incentive.

No Kidding if they make it small enough and under 2000 I can envision them on a Harley.

I just love this stock and the + 5/8 on friday makes me think this stock has become thinly traded and in very strong hands. I' m feeling relly good about averaging down on this little market dog.Lets hope it becomes a thoroughbred. HEHEHEHE


Thanks for the recap.Whats your best guess on the next resistance level?


Bob

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To: robert b furman who wrote (261)3/14/1999 3:29:00 PM
From: Roy F
   of 6932
 
Bob, kinda fun to see KVHI move up on good volume. The chart doesn't tell me much. Pretty gradual decline from ~$4 with only a little base at ~$2. Plus 600K on the A/D in just the last few weeks.

I'm going to have to find out about the military prospects in the near term, but long term this looks like it has some real possibilities... especially if they can hook-up with Teledesic/Skybridge on the end-user antennas.

If you talk to Alice, say 'Hi' for me.. she's really been very responsive to any and all of my inquiries.

Regards,
Roy

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To: Roy F who wrote (262)3/14/1999 4:05:00 PM
From: robert b furman
   of 6932
 
Ditto on all.It's exciting to see something other than down.I think you hit it on the head by saying that the seller has gone.I guess it was a large fund offsetting some other gains.For the life of me I can't see why anyone would sell out several hundred thousand shares at 1 1/32 to 1 1/16k ??



Darn sure must be frustrating to see it go up 55/64 in 2 days-ugh

I'll give Alice a call - she is great to learn from and very knowledgable



Bob


Bob

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To: robert b furman who wrote (263)3/14/1999 4:12:00 PM
From: Roy F
   of 6932
 
Bab, on the resistance issue... KVHI is currently approaching the 200 day MA (~1.89), so that will be the next test.

Roy

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To: Roy F who wrote (264)3/18/1999 8:48:00 AM
From: Roy F
   of 6932
 
Interesting article about KVHI TracVision II design:
(courtesy of the Yahoo board)

techweb.com

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To: robert b furman who wrote (263)3/30/1999 12:25:00 PM
From: Roy F
   of 6932
 
Hi Bob: Alice advises that they had a visit from Tim Murray who writes an investment letter. His report is available at:

briarstock.com

They have a 30 day free trial subscription, after you sign up, you can access the report.

FYI,
Roy

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To: Roy F who wrote (266)3/30/1999 5:07:00 PM
From: robert b furman
   of 6932
 
Hi Roy,

Thanks for the neat news on KVHI.
I went into the BRIAR PATCH and enjoyed reading the article.Seems like his opinion closely matches mine.Didn't know that the FOG was so Iffy , felt like it was a prerequisite for continued military interest. JMHO

Sure is nice to see KVHI close above 2.
Must be our friends at the Briar Patch are having an influence. GO PATCH !!! GO PATCH !!! HEHEHEHE

THANKS FOR THE GREAT NEWS



Bob

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To: robert b furman who wrote (267)3/31/1999 7:21:00 AM
From: Roy F
   of 6932
 
Bob,

I think KVHI has maintained for some time that it would be late '99 before business really picked up. However, from their conference call, I think they're trying to be quite conservative... trying to make their projections 'easily attainable'. We'll see

Two dollars is good, I wonder how much influence Briar Patch can generate...?

Roy

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