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To: Sector Investor who wrote (911)10/23/2001 7:31:09 AM
From: Sector Investor
   of 6936
 
Tabular info posted in fixed font.


KVH INDUSTRIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS

September 30, December 31,
2001 2000
(Unaudited) (Audited)

Assets:
Current assets:
Cash and cash
equivalents $ 13,258,113 5,411,460
Accounts
receivable, net 5,738,014 6,553,976
Costs and
estimated earnings
In excess of
billings on uncompleted
contracts 677,704 419,145
Inventories 3,569,368 3,600,660
Prepaid expenses and
other deposits 761,956 346,518
Deferred income taxes 637,799 637,799

Total current assets 24,642,954 16,969,558

Property and equipment,
net 7,134,534 6,580,375
Other assets, less
accumulated amortization 607,005 706,473
Deferred income taxes 2,238,430 2,238,430

Total assets $ 34,622,923 26,494,836

Liabilities and stockholders'
equity:
Current liabilities:
Bank line of credit $ -- 598,865
Current portion long-term
debt 81,111 81,111
Accounts payable 1,609,256 1,478,198
Accrued expenses 2,004,394 1,164,790
Customer deposits 1,124,914 1,195,091

Total current liabilities 4,819,675 4,518,055

Long-term debt 2,729,964 2,784,121

Total liabilities 7,549,639 7,302,176

Stockholders' equity:
Common stock 109,242 86,191
Additional paid-in capital 34,142,538 21,186,459
Accumulated deficit (7,178,496) (2,079,990)

Total stockholders' equity 27,073,284 19,192,660

Total liabilities and
stockholders' equity $ 34,622,923 26,494,836


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

Three months ended Nine months ended
September 30, September 30,
2001 2000 2001 2000

Net sales $7,939,402 7,461,492 23,901,290 21,109,261
Cost of sales 5,126,719 4,454,136 15,143,165 13,323,446
Gross profit 2,812,683 3,007,356 8,758,125 7,785,815

Operating
expenses:
Research &
development 1,722,112 882,350 5,727,613 2,972,633
Sales & marketing 1,017,777 1,433,292 6,245,013 4,474,048
Administration 711,309 605,353 1,989,354 1,697,414
(Loss) income
from operations (1,638,515) 86,361 (5,203,855)( 1,358,280)

Other income
(expense):
Other income
(expense) 7,950 (3,493) (28,806) (120,050)
Interest income
(expense), net 63,321 (51,533) 134,155 (129,535)
Loss (income) before
income tax expense
(benefit) (1,567,244) 31,335 (5,098,506) (1,607,865)

Income tax
expense (benefit) -- 13,097 -- (590,214)
Net (loss) income $(1,567,244) 18,238 (5,098,506) (1,017,651)

Per share
information:
(Loss) income per
share
Basic $(0.14) 0.00 (0.51) (0.13)
Diluted $(0.14) 0.00 (0.51) (0.13)

Number of shares
used in per share
calculation:
Basic 10,924,145 7,677,043 9,964,896 7,578,471
Diluted 10,924,145 8,127,286 9,964,896 7,578,471

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To: robert b furman who wrote (891)10/23/2001 6:00:59 PM
From: Roy F
   of 6936
 
Bob!!!

Are you still with us? From the Yahoo! posts regarding the CC, I guess we're to expect additional PR tomorrow about the satellite TV/internet agreement.

I trust all is well with you.

Roy

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To: Roy F who wrote (913)10/24/2001 7:53:53 AM
From: Roy F
   of 6936
 
KVH Industries Unveils TracNet Mobile Internet Server for High-speed Internet

TracNet Makes Broadband Internet Access at Sea a Reality via Mobile DirecPC®, Available only from KVH Industries

MIDDLETOWN, R.I.--(BUSINESS WIRE)--Oct. 24, 2001-- Broadband Internet access is now a reality aboard vessels with the introduction of the TracNet(TM) Mobile Internet Server from KVH Industries (Nasdaq: KVHI - news). When connected to a Digital Video Broadcast (DVB)-compatible KVH TracVision® antenna and the high-powered version of the DirecPC® satellite service, TracNet receives Internet downloads at speeds reaching 400 kilobits per second (Kbps). This new mobile Internet server brings together all of the elements necessary to offer high-speed Internet and wireless data access through the same award-winning TracVision antennas used to receive satellite TV entertainment.

``The TracNet Mobile Internet Server is the newest component in KVH's mobile satellite communications solution,'' said Martin Kits van Heyningen, president and chief executive officer. ``The combination of TracNet, our TracVision satellite TV antennas, and our status as the exclusive reseller of mobile DirecPC Internet service for U.S. consumers has positioned KVH as the one company that can provide a comprehensive, satellite-based television, Internet, and communications solution to the American mobile consumer.''

TracNet consists of the server, a DirecPC modem, and a cellular/satellite return path antenna. Any one of KVH's existing DVB-compatible TracVision antennas can be used to receive the high-powered DirecPC downloads and relay them to the TracNet server. Two-way access to Internet data from any laptop or PC aboard is available through TracNet's 802.11b wireless network, which permits multiple users to surf the web at any time from virtually anywhere on the vessel. Requests for additional data, outgoing e-mail, and other information are relayed to DirecPC through TracNet's return path, which includes a land-line connection for use while at dockside and a wireless satellite/cellular system for use underway.

Not only does TracNet provide access to broadband Internet data, but it does so using the existing DVB-compatible TracVision antennas that many KVH customers already have aboard their vessels. As a result, passengers and crew can easily switch from their favorite satellite TV entertainment to high-speed, fully functional Internet access without purchasing a new antenna. At the same time, all future TracVision antennas will be ``TracNet-ready,'' providing new TracVision owners the option to access the Internet via KVH's mobile Internet solution.

``The TracNet system offers a dramatic increase in download speed compared to existing mobile Internet solutions,'' explained Ian Palmer, vice president of satellite sales. ``Internet downloads will be delivered to TracNet users via DirecPC at speeds reaching 400 Kbps, 6 times faster than the more expensive Inmarsat B HSD, 7 times faster than the 56 Kbps dial-up connections found in most homes, and almost 30 times faster than the next fastest alternative mobile data connections. This translates into significant cost savings based on download size. For instance, a 1 megabyte file would typically cost $0.26 to receive via TracNet versus $3.70 using a cellular modem or almost $42.00 using Iridium.''

The initial TracNet Mobile Internet Server will be offered for marine vessels. KVH has fielded initial versions of the product aboard Canadian Coast Guard vessels. A TracNet system suitable for use aboard recreational vehicles, trucks, motor coaches, and automobiles will be introduced soon.

``The launch of TracNet and the introduction of mobile DirecPC directly relate to our ongoing development of ultra-low profile satellite antennas suitable for use aboard sport utility vehicles, mini-vans, and smaller automobiles,'' remarked Kits van Heyningen. ``An exploding population of Internet users, increasing acceptance of wireless technology as a means to access the Internet, and the transformation of vehicles in multimedia platforms is opening an exciting new market, and KVH is able to offer the only mobile broadband solution.''

The DirecPC service was developed by Hughes Network Systems, a leader in satellite technology and worldwide communications systems. Broadcast using Bell ExpressVu's high-powered Digital Video Broadcast (DVB) satellite and available to mobile users only through KVH, the DirecPC signal will be accessible using any of KVH's 18- and 24-inch DVB-compatible TracVision satellite antennas mounted on boats and vehicles anywhere within the continental United States and as far as 100 miles off the coast.

KVH Industries, Inc., is an international leader in developing and manufacturing innovative, mobile, high-bandwidth satellite communications systems, tactical navigation products, and fiber optic products. The company is based in Middletown, Rhode Island, and has a fiber optic research and manufacturing facility in Tinley Park, Illinois, and a European sales office in Hoersholm, Denmark.


SUPPLEMENTAL INFORMATION

KVH Mobile Broadband via TracNet and DirecPC is the Only
Mobile Solution to Provide True, High-speed Internet Access


Mobile Internet Download Typical Cost Time to Cost for
System Speed Per Minute Download 1 MB
(Kbps) 1MB (mins) Download

KVH TracNet 400 $0.79 0.3 $0.26

Inmarsat B HSD 64 $7.00 2 $14.58

Cellular Modem 14.4 $0.40 9 $3.70

Globalstar 9.6 $1.29 14 $17.92

Iridium 4.8 $1.50 28 $41.67

TMI/Motient 4.8 $1.19 28 $33.06

Inmarsat mini-M 2.4 $2.25 56 $125.00


--------------------------------------------------------------------------------
Contact:
KVH Industries
Jim Dodez
401-847-3327
or
Investor Relations Contact
Morgen-Walke Associates
617-747-3600
or
Financial Media Contact
Morgen-Walke Associates
Ron Heckmann
415-296-7383

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To: Roy F who wrote (914)10/24/2001 7:54:44 AM
From: Roy F
   of 6936
 
KVH Industries Introduces DirecPC -R- Satellite-based Internet Service for Mobile Customers

Access to High-speed Internet Service Available to Mobile Customers throughout the United States for the First Time

MIDDLETOWN, R.I.--(BUSINESS WIRE)--Oct. 24, 2001-- Enhancing its position as the leader in mobile satellite services, KVH Industries (Nasdaq: KVHI - news) today introduced high-speed DirecPC® broadband Internet service for mobile customers. For the first time, true broadband access to the Internet will be available aboard moving vehicles and vessels throughout the continental United States. Internet content will be delivered to customers at speeds reaching 400 kilobits per second (Kbps), 7 times faster than the 56 Kbps dial-up connections found in most homes, and almost 30 times faster than typical mobile data connections.

``Bringing mobile, high-speed Internet service to the American consumer has been a goal for KVH from the time we entered the satellite TV marketplace,'' explained Martin Kits van Heyningen, president and chief executive officer. ``Now, the same Internet resources that consumers rely upon at home and in the work place will be available to them while they are traveling in vehicles and vessels equipped with KVH TracVision® antennas. Being the first company to introduce true broadband Internet service to mobile customers is an exciting milestone in our efforts to become the conduit for digital entertainment and information in automobiles and boats.''

As the exclusive mobile reseller, KVH is the only company licensed to promote the high-powered mobile DirecPC service, accept subscriptions, and activate accounts for mobile customers in the United States. The DirecPC service is being offered by Bell ExpressVu, a Canadian satellite service provider, through arrangement with Hughes Network Systems. Broadcast using Bell ExpressVu's high-powered Digital Video Broadcast (DVB) satellite, the DirecPC signal will be accessible using any of KVH's 18- and 24-inch DVB-compatible TracVision® satellite antennas mounted on boats and vehicles anywhere within the continental United States and as far as 100 miles off the coast.

``True mobile broadband Internet access will be a tremendous resource for both business and recreational consumers,'' explained Kits van Heyningen. ``Business people on the road will be able to access their company's web site and critical information directly through the Internet, eliminating the need for proprietary networks and equipment. The emerging telematic industry will be able to use Internet-based data to provide valuable information to travelers, such as real-time traffic maps, while consumers will have the ability to communicate via the web with friends and relatives, research their destinations, and access the complete, full-featured Internet they depend on.''

KVH has also introduced its new TracNet(TM) Mobile Internet Server, which brings together all of the tools necessary to access satellite Internet broadcasts, including cellular and satellite modems, wireless connections to laptops or other computers, and a high-volume hard drive for caching data broadcasts. With TracNet and mobile DirecPC, consumers will be able to surf the entire World Wide Web from virtually anywhere aboard ship or within the vehicle. To request data or send e-mail, mobile DirecPC customers will have two return link options: a land-line connection for use while parked or dockside, and a satellite/cellular system for use while on the move. In each case, the return link will run at moderate speeds compared to the satellite download delivering data. This arrangement parallels the asynchronous nature of the Internet, which allows a significant amount of data (e.g., streaming video, full-featured web sites, images, audio files, etc.) to be requested using only a few keystrokes (e.g., a URL or a mouse click).

Ian Palmer, KVH's vice president of satellite sales, commented on the technical capabilities that make KVH the ideal conduit for this valuable new service, ``The key to receiving satellite Internet will be the antenna's ability to track the proper satellite. Most KVH products offer integrated DVB compatibility, which enables our antennas to decode the satellite's digital data directly and correctly identify it. In addition, DVB compatibility permits TracVision antennas to shift from one satellite to another on command. This allows consumers to switch to and from their favorite satellite TV entertainment, offered by such services as DIRECTV®, the DISH Network(TM), and ExpressVu, to full-featured, broadband Internet service via DirecPC. These features will be available immediately to our entire line of latest-generation marine TracVision satellite TV antennas as well as our premier land-mobile system, the TracVision L3, all of which are DVB-compatible. We are examining future enhancements that would make the service available to our non-DVB-compatible TracVision satellite antennas later in 2002.''

The high-powered mobile DirecPC service will be sold to mobile users through KVH Industries' extensive distribution network, which includes more than 3,000 dealers nationwide. KVH is the world's leading provider of in-motion satellite communications to consumers in both the marine and land-mobile markets. Platforms using TracVision satellite television antennas include a wide variety of marine craft, recreational vehicles, motor coaches, and long-haul trucks. The company is also pursuing the development of ultra-low profile antennas suitable for use aboard automobiles, mini-vans, and sport utility vehicles.

KVH Industries, Inc., is an international leader in developing and manufacturing innovative, mobile, high-bandwidth satellite communications systems, tactical navigation products, and fiber optic products. The company is based in Middletown, Rhode Island, and has a fiber optic research and manufacturing facility in Tinley Park, Illinois, and a European sales office in Hoersholm, Denmark.


--------------------------------------------------------------------------------
Contact:

KVH Industries Contact:
Jim Dodez
401-847-3327
or
Investor Relations Contact:
Morgen-Walke Associates
Kristian Svindland or Jolinda Taylor
617-747-3600
or
Financial Media Contact:
Morgen-Walke Associates
Ron Heckmann, 415-296-7383

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To: Roy F who wrote (913)10/24/2001 8:08:31 AM
From: robert b furman
   of 6936
 
Hi Roy,

Yup I'm here. I must be certifiable - but I had to average down.I picked up some more stock while it dipped into the 4's.

I really like the idea of being the exclusive seller of Internet BVD.This is like being the first person to talk to about buying your merchandise.This is a great ploy.

I'm not real concerned about KVH becoming the retail leg - in this sector they have already established themselves as the retail leg.Heck if they sold 100 dish contracts - the monthly commissions would add to the bottom line AND you'd gain market share over competing entries.

It's a lousey way of looking at it but Kvh's R&D exceeded the loss. I think it is exciting that R&D have peaked.

Now(

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To: robert b furman who wrote (916)10/24/2001 8:28:21 AM
From: Roy F
   of 6936
 
Hi Bob,

...and once again, kudos on your shrewd move. Before long your average will be microscopic.

The CC seemed very upbeat and all initiatives appear to be on track. We should be hearing about the current sensor before year end. The FO and antenna projects are on course... what would you expect from KVH. >gg< Seemed to be some new blood on the inquiry side of the call, as well.

I think we'll get a pretty good bump in the military side of the business when Congress gets a chance to pass the defense spending and anti-terrorist legislation... but that's a secret. Or, should I say that MKVH was unable to go into any detail on the business prospects on the military side.

2002 should be a good year for KVH. Even the FO initiative is unaffected by the recent downturn in the sector, since it's basically pointed toward the next generation.

Good the read from you.

Roy

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To: Roy F who wrote (917)10/24/2001 8:51:47 AM
From: robert b furman
   of 6936
 
Hi Roy,

My keyboard locked up.Must be my lightning speed typing!hehehe

This internet BVD on land and sea is perhaps the best exposure KVH could get.Any one out there doubt the internet is big?

If this would've have happened when we were talking about it (back in the bubble era) - KVHI would've opened up 200% (maybe this morning is the morning). hehehehe

As I was saying in the last post - now we need to see continued announcements of new products:

1)mobile trac-net/vision for suv's and smaller vehicles - this is the huge segment.This is where the numbers are - all downtown taxi's/shuttles where exec's now work on the way to the airport.SUV's ,I sell more Suv's than trucks into the suburban area's, where American affluence resides - this market is huge. I will be the first Demo in Texas - bet on it - It is my "must have" Toy !!!!

2)Fog current sensor - this product's time has come - it needs to get announced !! Wondering if sponsoring companies inventory of old technology is delaying announcement???

3) 40 gbps Modulator - This will be huge as well. IBD featured an article on a company called "Photon Ex". They've received a third round of financing (90 million) bringing total funding to 178 million.The funding was done for the production of 40 gigabit fiber optics.The article states funding was done after due diligence made sure there was "ready demand" for the capability to send 40 billion bits of data a second.I bet they know KVH as well.

If we can build up to the 12's have a nice little 2-3 week decline to 10 and then announce the products and be in the black - well 20 will be a quick trip.The best part is revenue growth is quite impressive through out this entire industry wide decline.

Dynamic growth based on new technology.We must announce actual product availability and let the growth lead us to the black - the rest will take care of itself.

Times are exciting !!!

Great to hear from you - I'M LONG AND ALIVE

Bob

KVH's Trac vision is a no brainer now: Faster and Cheaper to use and only costs 2300-2995.This is pocket change for RV owners and Boat owners - not to mention SUV's.It is a big option for SUV's but still very doable.Keep in mind the purchase of a fold down flat panel display must also be done - makes the toy cost 4000 to 5000 plus a monthly subscription.A best seller on Cadillac SUV'S I bet.When Cadillac launched their "hi tech" night vision - they couldn't satisfy demand and that had very little to do with an established need much less the internet.Yikes I'm getting excited - better go out and run 10 miles.gggg

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To: robert b furman who wrote (918)10/24/2001 12:40:40 PM
From: Sector Investor
   of 6936
 
Compare the prices. KVH mentioned 79 cents a minute yesterday, which
some on Yahoo! thought was high.

But look at this comparison chart KVH published today.

Mobile Internet Download Typical Cost Time to Cost for
System Speed Per Minute Download 1 MB
(Kbps) 1MB (mins) Download

KVH TracNet 400 $0.79 0.3 $ 0.26

Inmarsat B HSD 64 $7.00 2 $ 14.58

Cellular Modem 14.4 $0.40 9 $ 3.70

Globalstar 9.6 $1.29 14 $ 17.92

Iridium 4.8 $1.50 28 $ 41.67

TMI/Motient 4.8 $1.19 28 $ 33.06

Inmarsat mini-M 2.4 $2.25 56 $125.00

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To: Sector Investor who wrote (919)10/25/2001 7:20:27 AM
From: robert b furman
   of 6936
 
Hi Sector,

Right! In the past the best justification for Trac- Phone was its relatively cheaper rates thru it's Inmarsat relationship(as long as you didn'y get outside that 100 mile outperimeter - then other global satellite plans were the only game in town).

I still think this announcement is HUGE.Not only do they gain commissions from being the exclusive reseller of this Internet service - but it also makes you the first to call when looking for info on purchasing the hardware.

That would be like setting up my dealership to be the only source of driver's licenses and while filling out the test application I'd be able to say " by the way have you heard about our first time buyer program?". hehehehehe nice referral program.

That in itself should sell more TracNet's than any distributorship arrangement previously made.

Think about it ! Silicon Investor while your driving down the road in your SUV.People think Anthrax is dangerous!!hehehe


I guess your breathing a little lighter seeing our favorite stock pop up these last three days - I know I am.

I really liked yesterday's price action - up 1.40 on 50,000 shares -NO SELLERS

TO DA MOON

Nice revenue growth on old products(old being two years old) - R&D has peaked out and on the decline - just in time for new products to launch and drive revenue up as high margin products drive bottomline profits up exponentially:
old - military & fog's
new - fog's (electrical current sensors) and active fiber/modulators

The times they are exciting !!!

Bob

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To: robert b furman who wrote (920)10/25/2001 8:16:43 AM
From: Roy F
   of 6936
 
New KVH Tracphone 252 Offers Economical Access to Global Satellite Communications

Tracphone 252 is Fully Compatible with Inmarsat mini-M, the World's Most Popular Satellite Communications Service

MIDDLETOWN, R.I.--(BUSINESS WIRE)--Oct. 25, 2001-- For commercial and recreational vessels at sea, being out of touch is not an option. To ensure that mariners can stay in contact with businesses, friends, and family on shore, KVH Industries (Nasdaq: KVHI - news) unveiled the Tracphone® 252, successor to the award-winning Tracphone 25. Introduced today at the Fort Lauderdale Boat Show, Tracphone 252 is one of the smallest and most affordable fully stabilized marine telephones for Inmarsat mini-M service, which provides global communications to more than 85,000 users worldwide.

``Satellite phone services from Inmarsat have set the standard for the communications industry,'' remarked Ian Palmer, vice president of satellite sales. ``The launch of the new Tracphone 252 reaffirms KVH Industries' commitment to this immensely popular satellite service as we continue to support mariners worldwide who need reliable, trouble-free satellite communications.''

Housed in a 10`` (25 cm) diameter dome, Tracphone 252 makes it affordable for boats as small as 35' (10 m) to keep in touch by providing secure voice, fax, data, and e-mail. With a completely self-contained, single-cable design, installation is quick and easy. The system offers exceptional versatility for onboard communications, with interfaces for additional telephones (PABX systems), a fax machine, and a PC. The system will automatically route incoming and outgoing calls to and from the proper device, equipping the vessel with a complete communications center with the global reach of Inmarsat mini-M. For additional security and accountability, Tracphone 252 is fully compatible with password-protected smart cards.

``When developing Tracphone 252, we built on the legacy of its extremely successful predecessor, the Tracphone 25, which was named the ''Best Satellite Telephone`` in each of the last four years by the National Marine Electronics Association (NMEA),'' continued Palmer. ``We wanted to build a new system that offered the same outstanding reliability and service with added convenience in its installation and operation. To achieve this, we designed Tracphone 252 as a completely self-contained system with a single cable leading below decks, while the integrated digital gyro sensors ensure that the powerful 9.5 dB antenna reliably tracks the mini-M satellites, regardless of the sea conditions.''

Inmarsat Ltd., with more than 20 years experience, is a leading global mobile communications company serving marine, land mobile, and aeronautical customers worldwide. In June 2001, Inmarsat announced that the number of registered mini-M phones had exceeded 85,000, making it the industry's most widely used satellite voice, fax, data, and e-mail service.

KVH Industries, Inc., is an international leader in developing and manufacturing innovative, mobile, high-bandwidth satellite communications systems, tactical navigation products, and fiber optic products. The company is based in Middletown, Rhode Island, and has a fiber optic research and manufacturing facility in Tinley Park, Illinois, and a European sales office in Hoersholm, Denmark.


--------------------------------------------------------------------------------
Contact:

KVH Industries Contact:
Chris Watson
401-847-3327
or
Investor Relations Contact:
Morgen-Walke Associates
Kristian Svindland or Jolinda Taylor
617-747-3600
or
Financial Media Contact:
Morgen-Walke Associates
Ron Heckmann
415-296-7383

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