Technology StocksKVH Industries, Inc.

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To: david james who wrote ()9/13/1997 11:21:00 PM
From: Michael Paul Langley
   of 7024
I recentley received a newsletter called "The Cutting Edge" (editor Brian Hicks). It included the usual teaser stock picks (ones not mentioned by name but includes lots of pertinent details of the company highlighted). His pick is for KVH Industries to triple by year 2000 if I have guessed right. He mentions the company is invloved with GPS and is located in the "New England tech belt" (Middletown, Rhode Island). Also mentions $20 milllion NASA deal and the contract to install GPS navigation units in the entire 4,000 Bradley Fighting Vehicles. He expects revenue to double from 1996 (the gov contracts alone will exceed revenues in all of 1996) levels which itself rose 82% from 1995 figures and earnings up 66% to .35. (earnings were .35 in 1996 for KVHI). Seems like this stock is a compelling value play with about a $60 million market cap and float around 2.1 million shares. Any comments?

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To: david james who wrote ()9/24/1997 6:03:00 PM
From: Brian W. Nash
   of 7024
Downgrade today from Cowen. Here's the text:

"Wednesday September 24 12:43 PM EDT

RESEARCH ALERT - KVH Industries cut

NEW YORK, Sept 24 (Reuter) - Cowen & Co said on Wednesday it had lowered its rating on KVH Industries to buy from strong buy.

-- Analyst Blaine Carroll said he was concerned about the upcoming quarter and possibly the following quarter, as the company rolled out its new satellite phone. "

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To: Brian W. Nash who wrote (169)9/25/1997 3:32:00 PM
From: Gary
   of 7024
Brian, I do not know about you, but I never expected anything earth shatterring to come out of the 3rd quarter of the year, this year. Isn't the 3rd Q always KVHI's weakest, anyway? I think you HAVE to look long term, at least another 12 months down the road, to own this stock. I do not even think about $11 per share again until maybe the middle or end of next year (although I am hoping I am conservative). Do you think and feel the same way? The "downgrade" to buy from strong buy does not bother me at all. It is going to take some time for the new products and the contracts to hit the bottom line. Gary C.

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To: Gary who wrote (170)10/23/1997 10:49:00 PM
From: david james
   of 7024
MIDDLETOWN, R.I., Oct. 23 /PRNewswire/ -- KVH Industries, Inc.
(Nasdaq: KVHI) today announced earnings per share of $.14 on net income of
$1.0 million in the third quarter of 1997 ended September 30, a 17 percent
increase over 1996 third quarter per share earnings of $.12 on net income of
$920,000. For the 1997 nine-month period, KVH achieved earnings per share of
$.27, a 29 percent increase over $.21 per share earnings in the comparable
1996 period. Net income for the first nine months of 1997 was $2.0 million, a
41 percent increase from $1.4 million in the 1996 nine-month period.
Revenues for the 1997 third quarter were $7.0 million, down 2 percent from
$7.1 million in the comparable 1996 quarter. Revenues for the nine-month 1997
period were $18.7 million, a 10 percent increase over $17.0 million in the
comparable 1996 period. The decline in quarterly revenues was due primarily
to an anticipated decrease in communications sales as new products began to
replace Tracphone sales to American Mobile Satellite Corporation that
comprised a large portion of the 1996 third quarter revenues. Quarterly
revenues also were affected by product development delays related to two new
products, Tracphone(R) 50 and TracVision(R) II, which resulted in the company
rescheduling their release for later in the quarter than anticipated.
"We achieved our objective of releasing Tracphone 50 and TracVision II
during the third quarter, which represents a critical step in executing the
company's communications marketing strategy," said Martin Kits van Heyningen,
KVH president and CEO. "Preliminary feedback from TracVision II users has
been very positive. Shipments of Tracphone 50 also are well underway, and
customer uptake rates to date indicate strong initial product acceptance."
"Our drive to enhance product lines and expand internationally is
accelerating development and marketing spending," said Chief Financial Officer
Richard Forsyth. "During this period, we expect our growth rate to fluctuate,
with some moderation in revenues and earnings over the short term. Long-term,
we anticipate that these financial and resource investments will yield added
value for KVH shareholders."
KVH Industries produces digital navigation systems and mobile satellite
communications products for commercial, military and marine applications. The
company was founded in 1982 and has headquarters in Middletown, RI, (USA) and
a European office in Hoersholm, 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: implementation of
mobile satellite communications technology; market potential and penetration;
reliability of outside vendors, service providers and products; regulatory
issues; maintaining appropriate inventory levels; disparities between forecast
and realized sales; and design delays and defects. Additional factors are
discussed in the company's Annual Report on Form 10K filed with the Securities
and Exchange Commission on March 27, 1997. Copies are available from the
company's Corporate Communications Department.
September 30, December 31,
1997 1996
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $7,905,205 7,005,682
Accounts receivable, net 3,566,750 6,130,567
Contract receivables 51,282 29,226
Costs and estimated earnings in
excess of billings on
uncompleted contracts 682,801 835,720
Inventories 3,022,096 3,242,270
Prepaid expenses and
other deposits 217,915 179,705
Deferred income taxes 134,552 134,552
Total current assets 15,580,601 17,557,722
Property and equipment,
net 5,156,492 3,881,088
Other assets, less
accumulated amortization 0 25,978
Deferred income taxes 88,862 88,862
Total assets $ 20,825,955 21,553,650
Liabilities and stockholders' equity:
Current liabilities:
Current lease obligation $18,337 $57,676
Accounts payable 1,025,623 1,031,309
Accrued expenses 1,117,675 1,371,193
Customer deposits 0 2,527,500
Total current liabilities 2,161,635 4,987,678
Obligations under
capital leases, excluding
current installments 0 3,341
Total liabilities 2,161,635 4,991,019
Stockholders' equity:
Common stock 70,751 69,932
Additional paid-in capital 14,960,717 14,884,806
Accumulated earnings 3,632,852 1,607,893
Total stockholders' equity18,664,320 16,562,631
Total liabilities and
stockholders' equity $ 20,825,955 21,553,650
Three months ended Nine months ended
September 30, September 30,
1997 1996 1997 1996
Net sales $ 7,025,976 7,147,270 18,712,814 17,041,532
Cost of sales 3,479,079 4,228,801 9,908,852 9,750,437
Gross profit 3,546,897 2,918,469 8,803,962 7,291,095
Operating expenses:
Research and
development 826,906 433,890 2,068,127 1,717,908
Sales and marketing 866,709 628,249 2,596,449 2,272,171
Administration 492,537 414,456 1,338,760 1,124,875
Income from
operations 1,360,745 1,441,874 2,800,626 2,176,141
Other income (expense):
Other income (expense) 102,897 (14,331) 92,778 (4,106)
Interest income, net 84,156 93,201 270,431 195,861
Foreign currency
gain (loss) 47,664 (13,152) 54,125 (35,598)
Income before
income taxes 1,595,462 1,507,592 3,217,960 2,332,298
Income tax expense 576,663 587,079 1,193,001 904,117
Net income $1,018,799 920,513 2,024,959 1,428,181
Per share information:
Income per share $0.14 0.12 0.27 0.21
Number of shares
used in per share
calculation 7,523,790 7,574,037 7,457,987 6,892,793
SOURCE KVH Industries, Inc.
CO: KVH Industries, Inc.
ST: Rhode Island

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To: Brian W. Nash who wrote (169)10/23/1997 10:53:00 PM
From: david james
   of 7024
KVH makes the Forbes best 200 companies list

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To: david james who wrote (172)10/24/1997 3:02:00 AM
From: Roadkill
   of 7024
Interesting conference call. I only heard portions because I had to field a number of work-related calls, but the tone of management was unmistakeable. IMHO, management did a great job of simultaneously touting the products in their pipeline and their recently-released TracPhone II and TracVision 50, while subtly hinting that the next few quarters may be a little rockier than we're all hoping for. I'm not sure if I heard all this correctly, but I glean that R&D and SG&A may rise, while revenues may remain stagnant versus last year's AMSC-fueled growth. In essence, this is a small company going through product transitions after the AMSC bust. Management was very enthusiastic about the TracVision II, but seemed to talk more about the upcoming TracPhone 25 (due in mid-'98) than the recently-released TracPhone 50.

Despite the potential near-term volatility, I'm as interested as ever in KVHI. I like the idea of the recurring user revenues from the TracPhone (talk about margin builders) and management's effusive comments about their products. I've heard several KVHI conference calls, and management used glowing phrases I haven't heard before to describe the acceptance of their new products in the marketplace. I'll be looking to load up over the next several months.

Anyone else have any comments on the call?

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To: david james who wrote (171)10/24/1997 10:14:00 AM
From: Gary
   of 7024
Thank you David. I had seen this on Yahoo this AM. KVHI is having tours of its new facility on 11/13 at 7PM. The balance sheet looks real good, but the comments from Kits underscore what I have felt all along-- that this is a real long-term investment, and it could be another year of decent earnings growth, a few more intriguing contracts, and some fresh analyst coverage, before we get any significant moves to the upside. Overall I would increase my position if the stock falls to below 7. Thanks again. Gary

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To: Gary who wrote (174)10/28/1997 5:16:00 PM
From: Gary
   of 7024
Just a note to the few on this thread. You followers of lackluster KVHI probably know this, or have seen this already. A friend of mine, who is a tenured university professor in Business, and a CPA, as well as an attorney, saw the annual report and thought that the financial strength of the company was especially impressive, for a small company. Specifically, its current ratio, which is a very healthy 7:1 (approx.), and its minimal amount of long term debt. (Often, a 2:1 current ratio is considered adequately strong in larger companies.) FWIW, Gary C

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To: david james who wrote ()11/1/1997 6:11:00 PM
From: Roadkill
   of 7024
Major spanking by the analysts (from First Call):

Period -- Estimate Before Last Week -- Current Estimate

4Q '97 -- .17 -- .12

FY '98 -- .55 -- .26 (!!)

This '98 number represents a 33% drop from the estimated FY '97 numbers, after the downward adjustment for 4Q '97. I guess the analysts didn't like what they were hearing on the conference call. I heard the CC and didn't think it was that bad. What I heard (between the lines) was that things are OK and new products doing fine, but the big cash won't start to flow until mid-98, when recurring usage revenues, etc. become material. Any comments out there?

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To: Roadkill who wrote (176)11/4/1997 8:09:00 AM
From: david james
   of 7024
- Yes. I saw that dropin estimates, but it doesn't look like this encouraged any funds to dump their stock. One of the analysts still has a strong buy and the other has a buy. I must admit that I'm think of selling my few remaining shares and buying yet more of my 'favorite stock'.

- I've ended up with a profit overall, but I certainly had higher expectations. They've unfortunately diluted the shares faster than their growth which has destroyed the potential gain for shareholders. The company is very healthy, and their technology has great potential over the next few years, but so far, it doesn't appear as though they've made much effort to increase the value of the stock.


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