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To: Roy F who wrote (279)7/29/1999 9:59:00 AM
From: Roy F
   of 6931
 
KVH Announces 2Q 1999 Financial Results

July 29, 1999 07:01 AM

MIDDLETOWN, R.I.--(BUSINESS WIRE)--July 29, 1999--KVH Industries, Inc. KVHI today announced financial results for the second quarter ending June 30, 1999. Revenues for the 1999 quarter increased slightly to just over $6.5 million from a little less than $6.5 million in the comparable 1998 quarter. Sales of mobile communications products increased 48% during the quarter to offset a 23% decrease in navigation sales that resulted from a drop in military and fiber optic gyro (FOG) sales. For the six months ended June 30, revenues increased 18% to $12.5 million in 1999 from $10.6 million in 1998 as communications sales rose 53% and navigation sales declined 1%.

"Once again we have achieved a significant growth in quarterly satellite communications sales," said Martin Kits van Heyningen, president and CEO. "In the second quarter this was attributable to ongoing growth in sales of TracVision(R) LM and TracVision 3. In addition, initial sales during the quarter of the low-cost TracVision Cruiser we just introduced were encouraging and bode well for future revenues. I'm also pleased to report that we have received our first TACNAV(TM) order from the United Kingdom (U.K.), which joins other NATO members Sweden, Canada and the U.S. in using the tactical navigation systems."

Net losses for the 1999 quarter were $307,120 or $.04 a share compared to $247,329 or $.03 a share in the 1998 quarter. Year-to-date net losses decreased to $452,737 in 1999 from $1.1 million in 1998.

Operating expenses declined in the 1999 quarter to $2.8 million from $3.0 million in the 1998 quarter. The quarterly decline and the six-month decline in operating expenses to $5.4 million from $5.6 million are due primarily to cost reductions the company began implementing in July 1998. KVH expects operating expenses to remain relatively flat or increase slightly as it continues to fund research and development efforts for new products.

"Our net results continue to reflect the impact of fixed manufacturing overhead costs for fiber optics and a shift in our revenue mix from high-margin military orders to lower-margin communications sales," said Richard C. Forsyth, CFO. "We have intensified efforts to expand our OEM customer base and increase FOG sales to a level that will offset these fixed costs. At the same time, we are continually improving operations to reduce costs throughout the company."

In June, KVH received ISO 9001 registration from KPMG Quality Registrar. The certification affirms for customers that KVH has implemented the appropriate controls to ensure the quality of its products and services. In addition to adding value for existing customers, the consistent quality system increases KVH's potential to enter new markets throughout the world.

KVH Industries utilizes its proprietary fiber optic, autocalibration and sensor technologies to produce navigation and mobile satellite communications systems for commercial, military and marine applications. The company has headquarters in Middletown, RI, (USA) with offices in Illinois, Florida and Denmark.

This press release may contain certain forward looking statements that involve risks and uncertainties. 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: volatility and uncertainties in communications and defense, the primary two industries targeted by the Company; 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; poor or delayed research and development results; and disparities between forecast and realized sales. Additional factors are discussed in the company's Annual Report on Form 10K filed with the Securities and Exchange Commission on March 24, 1999. Copies are available from the company's Corporate Communications Department.



KVH Industries, Inc. and Subsidiary
Consolidated Statements of Operations
(Unaudited)

Three months ended Six months ended
June 30, June 30,
1999 1998 1999 1998

Net sales $ 6,525,644 6,470,240 12,498,814 10,598,841
Cost of sales 4,283,824 4,079,633 8,053,582 7,078,052
Gross profit 2,241,820 2,390,607 4,445,232 3,520,789
Operating expenses:
Research &
development 1,040,299 1,181,868 1,909,840 2,032,920
Sales & marketing 1,241,469 1,172,569 2,394,200 2,275,223
Administration 482,776 631,615 1,051,959 1,263,952
Total operating
expense 2,764,544 2,986,052 5,355,999 5,572,095
Loss from operations (522,724) (595,445) (910,767) (2,051,306)
Other income 32,039 172,556 47,655 202,132
Loss before
income taxes (490,685) (422,889) (863,112) (1,849,174)
Income tax benefit 183,565 175,560 410,375 705,173
Net loss $ (307,120) (247,329) (452,737) (1,144,001)

Per share information:

Loss per
share-basic $ (0.04) (0.03) (0.06) (0.16)
Loss per
share-diluted $ (0.04) (0.03) (0.06) (0.16)
Shares - basic 7,207,007 7,109,856 7,206,474 7,098,107
Shares - diluted 7,207,007 7,109,856 7,206,474 7,098,107

KVH Industries, Inc. and Subsidiary
Consolidated Balance Sheets

June 30, Dec. 31,
1999 1998
(Unaudited) (Audited)
Assets:

Current assets:

Cash and cash equivalents $ 3,906,950 1,239,227
Accounts receivable, net 4,713,175 4,168,908
Costs and estimated earnings in excess of
billings on uncompleted contracts 232,606 768,156
Inventories 3,832,117 3,390,787
Prepaid expenses and other deposits 380,694 360,346
Deferred income taxes 382,905 234,158
Total current assets 13,448,447 10,161,582
Property and equipment, net 7,400,838 7,186,539
Other assets, less accumulated amortization 904,308 972,365
Deferred income taxes 689,932 425,150

Total assets $22,443,525 18,745,636

Liabilities and stockholders' equity:

Current liabilities:
Current portion long term debt $ 71,368 --
Accounts payable 1,843,513 853,238
Accrued expenses 942,922 822,533
Total current liabilities 2,857,803 1,675,771

Long term debt 2,904,982 --
Total current liabilities 5,762,785 1,675,771

Stockholders' equity:
Common stock 72,622 72,059
Additional paid-in capital 15,502,470 15,439,421
Retained earnings 1,105,648 1,558,385
Total stockholders' equity 16,680,740 17,069,865
Total liabilities and stockholders' equity $22,443,525 18,745,636





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To: Roy F who wrote (279)7/29/1999 10:13:00 AM
From: Roy F
   of 6931
 
Conference call may be heard at:

kvh.com.

Starts at 11:30 a.m. ET

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To: david james who wrote ()8/23/1999 3:14:00 PM
From: Roy F
   of 6931
 
KVH Pact with River Park Teams Industry Leaders In Satellite TV Systems for In-motion Vehicles

August 23, 1999 02:35 PM
MIDDLETOWN, R.I.--(BUSINESS WIRE)--Aug. 23, 1999--KVH Industries, Inc. has selected River Park, Inc., of Elkhart, Indiana, as a distributor for the TracVision(R) LM in-motion satellite television system. River Park, Inc. will market the land mobile antenna system to its OEM customers and network of retail dealers throughout the Midwest.

"River Park is the country's leading supplier of in-motion satellite systems to the recreational vehicle industry," reported Ian Palmer, KVH satellite sales director. "They are very careful in selecting products that will exceed their customers' expectations, and we are delighted that they are now offering our new TracVision LM."

TracVision LM is an effective, reliable and affordable system that maintains satellite contact in mobile environments by sensing vehicle motion and automatically adjusting the antenna position. Prior to the development of TracVision LM, the most affordable and commonly used options for recreational vehicles and motor coaches in the United States were automatic acquiring or crank-up units that could receive satellite television only while the vehicles were at rest. The only in-motion system that was previously available reportedly had performance issues and cost nearly 40% more than TracVision LM.

"We have achieved a dominant position in the land mobile market within only four months of introducing TracVision LM," said Martin Kits van Heyningen, KVH president and CEO. "This is ample evidence that there was an unmet demand for cost-effective and reliable on-the-road entertainment. KVH was able to meet the challenge of delivering such a system for land vehicles by building upon our experience in designing stabilized television and telephone systems for the marine industry, where we are a world leader for such products."

"Our OEM customers have been asking for an in-motion satellite television system which is both reliable and affordable," said Steve Bollero, vice president of operations of River Park. "With the KVH TracVision LM, we believe we've found the product which will exceed our customers' expectations at a price point significantly lower than we've been able to offer in the past."

Bollero is directing KVH marketing and sales activities at River Park. Since 1981, River Park has been distributing high-quality, high-value, mobile electronics from such leading manufacturers as Sony, Samsung, Quasar, and Bose. By offering superior products and world-class customer support that consistently exceed customer expectations, River Park has become a leading distributor of electronic components to manufacturers of van conversions, recreational vehicles, motor coaches and limousines.


KVH uses its proprietary autocalibration, sensor and fiber optic technologies to develop and market a range of products, from mobile satellite communications systems for land and sea to navigation systems for military and commercial applications. KVH has its headquarters in Middletown, RI, and additional offices in Illinois, Florida and Denmark.



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To: Roy F who wrote (282)10/5/1999 7:18:00 AM
From: robert b furman
   of 6931
 
Hi Roy, I haven't called Alice lately. Do you know when earnings will be announced ( end of the month ? ) - hoping for a break even with some military orders and nav trac LM picking up?

I'm thinking we are due a little move to 5 ish . Wish I could pick-up some more at 2 before it becomes history.

Bob

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To: robert b furman who wrote (283)10/5/1999 8:02:00 AM
From: Roy F
   of 6931
 
Hi Bob,

The web site says 'the third week' after the end of the Q, nothing more specific. Alice's e-mail is aandrews@kvh.com if you'd like to get something more finite. Tell her I said hi.

Roy

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To: robert b furman who wrote (283)10/6/1999 4:07:00 PM
From: Roy F
   of 6931
 
Camping World Selects TracVision LM For1999 Best New Product Award

October 6, 1999 03:50 PM
MIDDLETOWN, R.I.--(BUSINESS WIRE)--Oct. 6, 1999--Camping World, the world's largest retailer of recreational vehicle (RV) accessories and supplies, has chosen the TracVision(R) LM from KVH Industries, Inc. KVHI as the first in-motion satellite television system to be offered through its catalog and stores. At its recent Vendor Co-op Meeting in Bowling Green, Kentucky, Camping World also named TracVision LM Best New Installation Product for 1999.

"It is an honor to be recognized in two major ways by a company with Camping World's presence in the RV industry, especially since this is a totally new market for us," said Martin Kits van Heyningen, KVH president and CEO. "We already are experiencing increased visibility for TracVision LM since Camping World included the system in a catalog mailing to its database of over 2 million people and after we began placing displays in their 30 retail stores. To be selected Best New Installation Product by Camping World is an added distinction for TracVision LM."

TracVision LM is a low-cost system that delivers direct broadcast satellite (DBS) programming to a range of recreational and other vehicles travelling the roads of North America. Drivers and passengers can receive hundreds of TV and music channels from DIRECTV(R) and the DISH(tm) Network whether a vehicle is on the road or at rest. KVH also expects to add broadcast Internet access in the near future for real-time news, stock market data and weather information.

"Reliability and price were our key criteria in evaluating and selecting TracVision LM," said Merchandise Manager Ron Ray of Camping World. "TracVision LM is the first in-motion system to meet our standards for quality and affordability, and initial sales indicate our customers consider this a highly desirable product. Our Best New Product Award to KVH recognized both the fine execution of a promising product idea and the introduction to our market of a high-quality system with exceptional support and on-time deliveries."

TracVision LM is an effective, reliable and affordable system that maintains satellite contact in mobile environments by sensing vehicle motion and automatically adjusting the antenna position. Prior to the development of TracVision LM, the most affordable and commonly used options for recreational vehicles and motor coaches in the United States were self-acquiring or crank-up units that could only receive satellite television when a vehicle was still.

The proprietary sensor and software technologies KVH has incorporated into TracVision LM function automatically to acquire satellite contact, maintain pointing with 1(Degree) accuracy and actively track satellite signals at rates exceeding 30(Degree) per second. To meet the challenge of delivering cost-effective, stable, in-motion satellite reception for land vehicles, KVH built upon its experience in designing stabilized television and telephone systems for the marine industry, where the company is a world leader.

TracVision LM is the smallest in-motion land system available and retails for $2,995 (not including TVs, receivers or installation). The system weighs about 33 pounds with all components inside a flush-mount antenna dome that can be easily installed in approximately two hours on vehicles pre-wired with power and RF cables. Nationwide service is available through an established support network. The market KVH is targeting with TracVision LM includes 8.6 million RVs. In addition, owners of 1.7 million trucks, 100,000 private buses, and millions of SUVs, vans and mini-vans are potential TracVision LM customers.

Camping World established its Vendor Co-op program in 1989 to build relationships with vendors and channel resources. KVH is working with Camping World to train its salespeople, technicians and catalog call center representatives on TracVision LM features and installation procedures. The two companies also are coordinating retail and catalog marketing efforts.

Camping World's headquarters is in Bowling Green, Kentucky, and the company has annual sales of over $200 million. The company has been providing RV products and services since 1966, and it now offers a variety of benefits ranging from product discounts through the President's Club to low-cost insurance, a service plan, and emergency roadside assistance. To contact Camping World, call 800-838-1923 or visit its website at www.campingworld.com.

KVH Industries, Inc. manufactures and markets digital navigation systems and mobile satellite communication products for use in commercial, military, and marine applications. The company's headquarters are in Middletown, RI, and additional offices are located in Hoersholm, Denmark, Tinley Park, Illinois, and St. Petersburg, Florida.

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To: robert b furman who wrote (283)10/7/1999 1:28:00 PM
From: Roy F
   of 6931
 
Bob,

What did you find out about the earnings? There's a little volume so far today and it appears to be mostly buys. Nothing spectacular, but it could be a start... :)

Roy

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To: Roy F who wrote (286)10/7/1999 5:29:00 PM
From: robert b furman
   of 6931
 
Hi Roy,

Haven't called yet.Been chasing my tail at work today - try to call Alice tomorrow.Sure looks like this Nav Trac LM is beginning to work. What do you think about a stockholder evaluation program. I like the idea of satellite real time quotes in my pickup. HEHEHE!!!

I'll give you a shout after my call, thanks for the post

Bob

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To: robert b furman who wrote (287)10/7/1999 5:33:00 PM
From: Roy F
   of 6931
 
LOL

stockholder evaluation program

Hopefully the sale of a minute amount of stock will allow you to purchase one in the not too distant..

Roy

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To: robert b furman who wrote (287)10/20/1999 8:03:00 AM
From: Roy F
   of 6931
 
Bob, FYI, CC link

kvh.com

Regards,

Roy

Ps: Hi Alice -g-

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