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To: Sector Investor who wrote (506)7/20/2000 9:05:42 AM
From: robert b furman
   of 6936
 
Hi Sector,

So Close but no cigar!!!!

Sales growth will take us to the black if as Martin suggests it continues. It seems the military part of KVHI is just not stable enough - it is a nice plus but not a core reoccurring business.

This is still the same story.Communications must be the breakeven - FOG the growth - Military the frosting.

We are still looking at a small growth company and it now appears we must wait for at least another quarter for the communications and fog to grow enough to cover overhead.

Same gameplan just takes patience.


Wonder if this miss of breakeven will allow us to buy some bargain priced stock??

Wonder what a bargain price is these days - we're close to being in the black - just 170,000 in gross away.

Sales growth and expense control should get us there in 90 days!


Bob

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To: robert b furman who wrote (507)7/20/2000 9:18:49 AM
From: Sector Investor
   of 6936
 
I'm very pleased with the top line.

Communications revs up 47% Q-Q. Q1 was up 44% Q-Q, so that growth IS excellerating as management stated.

Communication revenues alone now have to be $6 million or more. Factor in another 40+% growth and you get between $8.5 million - $9 million JUST FROM COMMUNICATIONS!

Unless there is something negative in the CC, Q3 looks nicely BLACK.

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To: Sector Investor who wrote (508)7/20/2000 9:38:26 AM
From: robert b furman
   of 6936
 
Throw in a little military and it could well be SURPRISE NICELY in the BLACK !!!


All in all a good job and we must be patient. I can do that.


Bob

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To: robert b furman who wrote (509)7/20/2000 9:50:54 AM
From: Sector Investor
   of 6936
 
Yes military should be in there of course, but the real story could be the FOG growth.

Up 300%, but from a tiny base, I'm sure. But continued growth from there will be exciting!

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To: robert b furman who wrote (509)7/20/2000 10:11:00 AM
From: Roy F
   of 6936
 
Hi Bob and Sector,

Are either of you participating in the CC? I'm still waiting for news on the current sensor testing/opportunity and am somewhat curious regarding the rather lean earnings PR. It's a bit unusual for KVH to give such little verbal detail in their announcement. Perhaps they're waiting for the call...

Regards,

Roy

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To: Roy F who wrote (511)7/20/2000 11:09:35 AM
From: Sector Investor
   of 6936
 
More news:

KVH Sets Pace as First to Market in Europe
With Land Mobile Satellite TV System

Middletown, RI, July 20, 2000 - European drivers and passengers no longer have to look "across the pond" in envy at the satellite systems that deliver television to mobile vehicles in North America. KVH Industries, Inc., (NASDAQ:KVHI) has stepped into the breach with TracVision® L3, the first system designed to deliver satellite television, music and broadcast Internet data to recreational vehicles (RVs), coaches and buses traveling the roads of Europe.

Whether a vehicle is on the road or stationary, TracVision L3 provides the link to live satellite television and music broadcasts, delivering a broad range of entertainment and news with the fastest acquisition time of any automatic system on the market. The completely automatic system requires no user input to rapidly and accurately locate, acquire and track channels selected from Astra, Hotbird, Hispasat, Thor, or any high-powered, DVB-compliant European TV satellite.

"KVH became the world leader in stabilized, in-motion television and communications satellite antennas by valuing our foreign customers and addressing their specific needs," said Martin Kits van Heyningen, president and CEO. "We are very pleased to be the first company to design and offer a land mobile satellite system for the European market, and believe the TracVision L3 will become as popular on land as the systems we develop for consumers on the waterways of Europe."


-more-

In addition to movies, news, sports, weather and broadcast stations, TracVision L3 offers users on the move more than 100 channels of CD-quality music and the latest Internet broadcasts of news, weather and stock data. The gyro-stabilized system is easy to install and maintenance free, with an impact-resistant and weatherproof dome. KVH has an established international service network to support TracVision L3 and its other satellite systems.

TracVision L3 incorporates proven designs and technology pioneered by KVH and used widely throughout North America on luxury coaches, motor homes, trucks and RVs. The effective, reliable and affordable system maintains satellite contact in mobile environments by sensing vehicle motion and automatically adjusting the antenna position. The proprietary sensor and software technologies in TracVision L3 function automatically to acquire satellite contact, maintain pointing with 1° accuracy and actively track satellite signals at rates exceeding 30° per second. The flush-mount antenna dome measures 31" x 14.5" (79 cm x 37 cm), weighs about 33 pounds (15 kg), and is easily installed on RVs, motor coaches, trucks and vans.

KVH Industries, Inc., manufactures and markets digital navigation systems and mobile satellite communication products for land and marine applications in commercial and military markets worldwide. The ISO 9001-registered company has its headquarters in Middletown, Rhode Island, and additional facilities in Hoersholm, Denmark, Tinley Park, Illinois, and St. Petersburg, Florida.

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To: Roy F who wrote (511)7/20/2000 11:45:32 AM
From: robert b furman
   of 6936
 
Hi Roy,

Haven't heard the details.I'll call Alice and inquire.

Bob

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To: Sector Investor who wrote (508)7/20/2000 12:24:33 PM
From: Sector Investor
   of 6936
 
I appear to be in error on the communications growth. The 47% was clearly stated in the CC as over 1999 Q2 (which was also a record).

They have to do a better job on using clear and consistent terminology. In Q1 they used a 44% sequential quarter-quarter number. In Q2 it is 47% Y-Y. That can be misleading, as I interpretted that as Q-Q.

Simply breaking down the numbers for the three segments each quarter would solve the problem nicely.

They state in the CC that the $17 million 5-year military contract they received has items in it that could increase it's value to double over those years.

Because FOG is in a separate facility, they have to reach their own breakeven point, which they are close to but have not yet reached. That is creating the drag on overall GMs.
They state that at $6 million annual sales the FOG GMs would be quite healthy. With $2 million in bookings in Q2, they are moving quickly towards that goal.

They anticipate military sales will move up "very quickly".

They are confident that Communications sales will continue growing significantly.

They anticipate a "significant growth in profitability" in 2001.

They place the power sensor market at over $1 Billion over the next decade.

Annualized sales per employee grew 18% over the 1999 quarter.

The Q&A was skimpy. The A/R question was addressed. They said the numbers don't tell the whole story. The had several large shipments late in June. DSOs actually declined by 6 days. They are confident they are managing this area correctly.

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To: Sector Investor who wrote (514)7/20/2000 12:36:35 PM
From: akmike
   of 6936
 
I haven't listened to the cc yet but someone heard something they liked and none of my buy order has yet filled. From the press release alone we are making good progress and the second half should be very interesting. As an aside we are now in peak season for RV use and as these units roll into the campground and the owners show off their Trac3's there is an incredible "I've got to have that" mentality being germinated. Momentum is building across the product line now that military is back on track.

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To: akmike who wrote (515)7/21/2000 6:29:42 AM
From: robert b furman
   of 6936
 
To all on thread,

Over the years,each summer my partner and I go on a fishing trip.Two years ago I was in San Diego's harbor-found one Trac Vision.Last year we were in the Bahama's (West Bahama at the port of Port Lucaya)found 6 Trac visions.This year as in past years we go fishing in the Mississippi delta area.There have never been any Trac Visions there.The boats max out at 55 feet and are generally sport fisherman boats not the big buck motor yachts. The good news is there were three Trac Visions this year.

This is just a recorded observation I've made each year.It is not scientific but make no mistake it does show momentum of the product reaching down into the $500,000 to 2 million dollar boats.

As Mike points out RV'rs and Boaters alike are affluent buyers.Once the I've got to have that gets in their blood they will have that.I think this speaks well for the continued growth of the communications sales ay KVHI.It is unusual for a CEO to express confidence in future growth.I think Martin is aware of the fast acceptance of Trac Vision.

The demographics of RVrs and Boaters is very powerful as we boomers settle and play into our pre-golden years as we receive the assets of our now departing parents.

Just a note that things look good - in fact much better than ever before.


Bob

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