Technology StocksKVH Industries, Inc.

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To: Roy F who wrote (1067)2/14/2002 8:47:29 AM
From: Roy F
   of 7013
KVH Industries Introduces the eTrac Satellite E-mail System for Maritime Applications

The KVH eTrac Equips Vessels with Worldwide, Affordable Access to E-mail and Real-time Position Reporting

The compact KVH eTrac, introduced today at the Miami International Boat Show by KVH Industries (Nasdaq: KVHI - news), offers mariners a combination of global e-mail access via the new Inmarsat mini-C system and real-time GPS position reporting, creating a great standalone communications center for leisure craft and an invaluable business tool for any commercial vessel. eTrac's e-mail capabilities and worldwide coverage via Inmarsat mini-C make it the ideal, low-cost solution for vessel owners and fleet managers who need to keep in touch wherever they are worldwide.

``Real-time access to e-mail is a great way for mariners traveling to remote locations to communicate with family, friends, business associates, and other vessels,'' said Ian Palmer, vice president of satellite sales. ``With the introduction of eTrac, KVH Industries has not only made real-time e-mail at sea a reality but we've made it affordable for fleets of vessels as well as individual boat owners.''

Standing less than 6`` high and weighing only 2.4 lbs., the eTrac antenna is a fully integrated unit, containing a transceiver, antenna, and a 12-channel GPS receiver. Brought to market in cooperation with Thrane & Thrane, the leading designer of Inmarsat equipment, the system offers e-mail, position reporting and polling, fax, telex, X.25, mobile-to-mobile communications, non-SOLAS emergency alerting, reception of weather charts, and electronic chart correction. With minimal power requirements and a rugged design, eTrac is the ideal solution for e-mail communication, fleet management, and monitoring. Access to information is made easy through either on-board computers or the optional eTrac Message Terminal.

``The KVH eTrac is an outstanding solution for vessels and fleet managers who need to stay in touch wherever they are worldwide,'' Palmer commented. ``In addition to the e-mail and other data services, eTrac also provides real-time position reporting via its integrated GPS receiver. When combined with fleet management software, you can not only communicate with every eTrac-equipped vessel in the fleet but you can track their position and progress worldwide in real-time.''

Thrane & Thrane, founded in 1981, is one of the world's leading manufacturers of terminals and land earth stations for global mobile satellite communication via the Inmarsat system. The company provides equipment for land-based, maritime, and aeronautical use. Thrane & Thrane has manufactured approximately 35 percent of the Inmarsat-compatible systems in use worldwide. Thrane & Thrane has also been selected by Inmarsat to design, develop, and manufacture the ground infrastructure that will be used by Inmarsat's next generation of satellites, scheduled for launch in 2004.

KVH Industries, Inc., is a leading provider of innovative high-bandwidth communications products. Using proprietary fiber optic and satellite antenna technology, the company is developing next-generation systems with greater precision, durability, and versatility for communications, navigation, and industrial applications. An ISO 9001-registered company, KVH has headquarters in Middletown, Rhode Island, with a fiber optic manufacturing facility in Illinois, and a European sales, marketing and support office in Hoersholm, Denmark.


KVH Industries Contact:
Chris Watson
Investor Relations Contact:
Morgen-Walke Associates
Kristian Svindland or Jolinda Taylor
Financial Media Contact:
Morgen-Walke Associates
Ron Heckmann

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To: Roy F who wrote (1067)2/14/2002 8:56:25 AM
From: robert b furman
   of 7013
Hi Roy,


This eliminates the second barrier I have to using Trac Phone/Trac Vision.To have real time quotes via the Satellite requires way too much money to be on all the time.

This allows constant contact by "real time alerts".Now I can afford to use.

Now back to my other barrier - To be able to afford that 62 foot Hatteras - I figure I'm 20 points away.

Patience that's all - Patience!!

This really is a "MUST HAVE TOY" for those with every thing.

Trac net,Trac Phone,and Trac Vision - a stable of high growth,high margin products ,growing at a high rate in multiple markets.

That's a win.



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To: robert b furman who wrote (1069)2/14/2002 9:58:43 AM
From: Roy F
   of 7013
Hi Bob,

It always sounds so much better when you say it.

They had a bit on CNBC this morning from the Miami show... basically looking at a $16mm yacht... 198'(?) and unbelievably plush. I was surprised by their estimate of 10% of the price for annual maintenance. Not necessarily for the middle-class, unless you talking about Arab sheiks.

I assume we'll get more press before the CC. Wouldn't you know it... the money flow doesn't look like it will get to 20 this time. gg


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To: Roy F who wrote (1070)2/14/2002 10:10:22 AM
From: robert b furman
   of 7013
Hi Roy,

I stopped drooling when that women said 10 % annual maintanance.

This little picture next to my computer hasn't cost me a penny.

She also said the under 50 was soft this last year and a half - but the big boats have been steady - I guess that puts me squarely in the wannabe category.

Money flow only really comes with EARNINGS and MARGINS.

Back to the Patience part of my post.

I can be Patient.

Thanks for all your keen updates and analysis.


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To: david james who started this subject2/19/2002 8:53:42 PM
From: singajane
   of 7013
I see that the earnings release and conference call/ webcast are set for Thursday... will anyone on the thread be listening in? If so, your comments would be much appreciated.

This is a fascinating company... Thank you to Minorejoy2000 for bringing it to my attention!

thank you all for your great posts,

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To: singajane who wrote (1072)2/19/2002 11:21:59 PM
From: robert b furman
   of 7013
Hi singajane.

Welcome to the thread.

You've got that right! Up .09 on a Dow down 159. day aint exactly weak.ggg

Earnings due in 2 days - don't suppose anybody knows anything do you ????



I just love owning stocks that swim upstream!!

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To: singajane who wrote (1072)2/19/2002 11:30:06 PM
From: Sector Investor
   of 7013
I'm sure everyone here and almost everyone on Yahoo! listens to the CC - and probably multiple times. We even transcribe it for future reference.

This is an excellent group of long term holders. Although I've been building a position on dips for over 2 years now, I'm far from the longest term person here.

Yes the company is fascinating. A small company, well established in key niche markets world-wide, with a well recognized brand name in their industries, superb products, and excellent management. They also have superb patent protection, and have been preparing the past 18 months to move into much larger markets such as optical components, automobiles, and electric power, all of which should happen in 2002. Then factor in that their new Photonicfiber technology fits the definition of disruptive technology, with significant technical advantages and pricing power. They are even helped out by the physical limits of existing materials becoming handicaps to key items like voltage and optical loss, at the 40Gbps and higher levels - except for polymers, which is what they use.

Then throw in their military prospects, which used to be considered gravy, but now after 9/11, is set to explode and really provide a firm recession-proof revenue base for years to come.

Finally, add in their imminent return to profitability, the low float, stable institutional owners, a recovering economy, the fact they are practically unknown to the street with only one analyst covering them, and the fact that the market is not pricing ANY of their prospects in right now.

Put all that together, watch carefully, stir occasionally, and wait several quarters, while the stock appreciates and splits. That's the recipe for getting a multi-bagger return on your investment.

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To: Sector Investor who wrote (1074)2/19/2002 11:38:45 PM
From: robert b furman
   of 7013
Hi Sector,

On that post - I'm gonna call Hatteras and get that floating platform for Trac_Net,Trac-Phone,and Trac Vision in que for production.

I wonder if they take orders for delivery 2-3 years out??


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To: singajane who wrote (1072)2/20/2002 8:07:21 AM
From: minorejoy2000
   of 7013
Nice to see you here, Jane. And you're welcome, though no one's ever known I was here faithfully as a secret lurker.
I always enjoy your posts and look forward to meeting you here again.
There's not much TA here, from what I've seen, not that I know much about that. I wonder if it's too illiquid to apply much TA to its' chart, or if it looks like KVH has been establishing a narrow range base for the last few months. Does anyone here ever look at it in that context?

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To: minorejoy2000 who wrote (1076)2/21/2002 7:57:28 AM
From: Sector Investor
   of 7013
Thursday February 21, 7:32 am Eastern Time

Press Release

SOURCE: KVH Industries, Inc.

KVH Industries Reports Results for the Fourth Quarter

Company Reaffirms Goal of 30-40% Growth in 2002

MIDDLETOWN, R.I.--(BUSINESS WIRE)--Feb. 21, 2002--KVH Industries (Nasdaq: KVHI
- news), a leading provider of high-bandwidth communications products, tactical navigation
systems, and fiber optic products, today reported its results for the fourth quarter ended
December 31, 2001. Revenue for the period was $8.8 million with a net loss of $1.2 million, or
$0.11 per share. By comparison, KVH reported revenue of $8.8 million and a net profit of
$76,531, or $0.01 per share for the fourth quarter ended December 31, 2000. Overall, the
company's commercial products recorded a 25 percent increase in revenue for the fourth quarter
over the same period last year. However, these positive gains were offset by a 40% or $1.4
million decline in defense sales. The decline in profitability of $1.2 million for the quarter reflected
KVH's investment in its photonic fiber and mobile broadband initiatives.

For the fiscal year ended December 31, 2001, revenue increased 9 percent to $32.7 million from
$29.9 million in 2000. KVH reported a net loss of $6.3 million, or $0.61 per share for the year,
versus a loss of $941,120 or $0.12 per share in the prior year.

``KVH's balanced approach, with unique products supporting diverse markets, has allowed the
company to maintain its growth in the face of slowing economic conditions in 2001,'' remarked
Martin Kits van Heyningen, president and chief executive officer. ``While the preliminary financial
results we released in January anticipated quarterly revenues of approximately $9 million, a
$191,000 defense order was not recognized as revenue due to a delay in export licensing.
However, the export license has been received and revenue for that shipment will be recorded in
the first quarter of 2002. At this time, we remain confident in our goals to achieve profitability in
the second half of this year and annual revenue growth in the 30 to 40 percent range for the full

``A key element in our continued growth has been the outstanding performance of our fiber optic
revenues, with sales up 164 percent for the year,'' Mr. Kits van Heyningen continued. ``These
sales, as well as the 5 percent growth of our satellite communications revenues, helped to offset
the decline in our defense-related sales, which were down 22 percent for the year. Despite this
decline, we reiterate our goal of doubling defense revenues during 2002. We are already well on
our way as we entered 2002 with a defense order backlog of $5.5 million, roughly equal to last
year's total defense shipments.''

Development continued in KVH's photonic fiber initiative, which will allow the company to build high-speed optical networking components directly within a strand of optical fiber.

``We've made major breakthroughs in both the insertion loss and in the temperature stability of our photonic fiber,'' explained Mr. Kits van Heyningen. ``We believe that our polymer approach now offers the best combination of stability and electro-optic coefficient of any known material.''

The company has also made progress in its development of an ultra low-profile satellite television antenna for the automotive market. The company anticipates introducing the antenna to the marketplace in the second half of 2002. Efforts are underway to establish the initial distribution channels for the system, including KVH's existing dealer network, leading after-market retailers, major OEMs, and Tier 1 component suppliers.

With regard to the company's financial results, Richard Forsyth, chief financial officer, said, ``Our fourth quarter gross profit as a percentage of sales increased to 42 percent in 2001 from 40 percent in the prior year, evidence that our cost reduction measures are having a beneficial effect. At the same time, our fiber optic manufacturing capability ramped up significantly as fiber optic sales grew almost 300 percent quarter-over-quarter, significantly reducing our manufacturing overhead as a percentage of sales. In 2002, we expect our gross profit to continue to increase gradually as we add higher margin defense and fiber optic products.''

"Looking ahead, 2002 promises to be a breakthrough year for KVH,'' concluded Mr. Kits van Heyningen. ``We have a solid backlog in our military and fiber optic markets, and our new services and products will fuel accelerating growth. I believe we will also begin to see a return on our significant investment in research and development in the past year. While we made this investment with the understanding that it would delay our return to profitability in the short run, I believe that the long-term results will be worthwhile.''

Fourth Quarter Highlights:

On October 22, 2001, KVH announced that Bell ExpressVu of Canada had named KVH the exclusive value-added reseller for the mobile DirecPC high-speed Internet service to U.S. customers. As the exclusive mobile reseller, KVH is the only company licensed to promote the high-powered DirecPC service, accept subscriptions, and activate accounts for mobile customers in the United States.

On October 24, 2001, KVH introduced the TracNet Mobile High-speed Internet System, which offers high-speed Internet and wireless data access from mobile DirecPC through the company's TracVision satellite TV antennas.

On November 9, 2001, KVH announced that the company had received a $3.9 million order from a prime contractor to procure KVH's TACNAV(TM) FOG tactical navigation system for use aboard U.S. military vehicles.

KVH is webcasting its fourth quarter/year-end 2001 conference call live at 11:30 a.m. Eastern Time today through the company's web site. The conference call may be accessed at The audio archive also will be available on the company web site within three hours of the completion of the call.

KVH Industries, Inc., is a leading provider of innovative high-bandwidth communications products. Using proprietary fiber optic and satellite antenna technology, the company is developing next- generation systems with greater precision, durability, and versatility for communications, navigation, and industrial applications. An ISO 9001-registered company, KVH has headquarters in Middletown, Rhode Island, with a fiber optic manufacturing facility in Illinois, and a European sales, marketing, and support office in Hoersholm, Denmark.

DECEMBER 31, 2001 and 2000

2001 2000

Current assets:
Cash and cash equivalents $ 11,240,893 5,411,460
Accounts receivable, net 6,026,689 6,553,976
Costs and estimated earnings in
excess of billings on uncompleted
contracts 482,486 419,145
Inventories 4,124,203 3,600,660
Prepaid expenses and other deposits 406,866 346,518
Deferred income taxes 637,799 637,799

Total current assets 22,918,936 16,969,558
Property and equipment, net 7,431,287 6,580,375
Other assets, less accumulated
amortization 573,849 706,473
Deferred income taxes 2,238,430 2,238,430

Total assets $ 33,162,502 26,494,836

Liabilities and stockholders' equity:
Current liabilities:
Current portion long term debt $ 86,974 81,111
Bank line of credit -- 598,865
Accounts payable 2,084,507 1,478,198
Accrued expenses 1,143,790 1,164,790
Customer deposits 903,853 1,195,091

Total current liabilities 4,219,124 4,518,055
Long-term debt 2,697,147 2,784,121
Total liabilities 6,916,271 7,302,176
Stockholders' equity:
Common stock 109,612 86,191
Additional paid-in capital 34,478,002 21,186,459
Accumulated deficit (8,341,383) (2,079,990)
Total stockholders' equity 26,246,231 19,192,660
Total liabilities and
stockholders' equity $ 33,162,502 26,494,836


Three months ended Twelve months ended
December 31, December 31,
2001 2000 2001 2000

Net sales $ 8,805,833 8,844,466 32,707,123 29,953,727
Cost of sales 5,112,073 5,296,992 20,255,238 18,620,438
Gross profit 3,693,760 3,547,474 12,451,885 11,333,289

Operating expenses:
Research &
development 2,157,761 929,521 7,885,374 3,902,154
Sales & marketing 2,166,897 1,848,133 8,411,910 6,322,181
Administration 524,824 523,057 2,514,178 2,220,471

(Loss) income from
operations (1,155,722) 246,763 (6,359,577) (1,111,517)

Other income (expense):
Interest income 55,234 -- 364,212 54,056
Interest expense (49,217) (72,387) (224,039) (246,493)
Other expense (13,182) (67,268) (41,989) (196,803)

(Loss) income before
income taxes (1,162,887) 107,108 (6,261,393) (1,500,757)

Income tax expense
(benefit) -- 30,577 -- (559,637)

Net (loss)
earnings $(1,162,887) 76,531 (6,261,393) (941,120)

Per share information:
(Loss) income per
share -- basic $ (0.11) 0.01 (0.61) (0.12)
(Loss) income per
share -- diluted $ (0.11) 0.01 (0.61) (0.12)

Weight average number
of shares outstanding:
Basic 10,941,469 7,778,364 10,217,305 7,628,166
Diluted 10,941,469 8,197,506 10,217,305 7,628,166

This press release contains certain forward-looking statements that involve risks and uncertainties. For example, the statements regarding the company's financial and product development goals are forward-looking statements. 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: 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; and poor or delayed research and development results. Additional factors are discussed in the company's Annual Report on Form 10K filed with the Securities and Exchange Commission on February 8, 2001. Copies are available through the company's Investor Relations Department and web site,


KVH Industries
Richard Forsyth, 401/847-3327
Morgen-Walke Associates
Investor Relations Contact:
Phil Davidson or Jolinda Taylor, 617/747-3600
Financial Media Contact:
Ron Heckmann, 415/296-7383

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