Technology StocksKVH Industries, Inc.

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To: Sector Investor who wrote (381)4/3/2000 9:29:00 AM
From: robert b furman
   of 7012
Hi SI,

Good reading thanks for the post.The last link regarding Ka band satellites really puts this future technology in KVHI's very advanced competencies.Several years ago Nasa licensed the use of Ka band to KVHI.

When the investor world realizes that Ka band birds pencil spotting to stabilized antennae will enable high speed MOBILE internet access, The one real and only necessary KILLER APPLICATION will carry KVHI to price heights that I just only dare to dream about.

That article was the best reading I've seen on the evolution of satellites.For Kvhi to fully bloom the birds must also advance.

I wonder if the development of switching satellites will, with time ,make their two satellite patent worth less Or is it the introduction of switching satellites calling the other satellites ,the "code to the o.s"that locks their future greatness to their destiny????

Thanks for the post


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To: robert b furman who wrote (382)4/3/2000 8:45:00 PM
From: akmike
   of 7012
Greetings to Robert and Roy and those of you from the MRVC thread. I am in as of today and like Steve, like what I see. One hole in my due diligence is an opinion of management outside of the performance reported publicly. Robert and Roy have reported good cooperation from IR but there are no anecdotal opinions about management in the posts which I have reviewed. (Back to early l997) Has anyone gotten an opinion which arises from personal experience?
For disclosure purposes, I am a Globalstar shareholder and don't see much overlap between GEO and LEO. I am a landlubber but feel that the marine telephony market will be won by G* since it will be a lot more convenient to use the G* terrestrial connection when possible and the handset is much more portable.
I am excited about the KVH market for mobile internet and TV and also the fiber optic voltage sensor.
Good luck to all and a special thank you to Sector for alerting me of the opportunity.

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To: akmike who wrote (383)4/4/2000 7:18:00 AM
From: robert b furman
   of 7012
Well, I just can't help myself.In the spirit of going with the new guys on this thread I bot 1000 shares at 6 1/2.I've been terribly spoiled from past bargain prices - but I just think this company is doing all the right things that high growth small caps should:

dominant leaders in a niche (this perhaps should be plural)
strong margins
no debt
high quality product
frequent innovation


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To: robert b furman who wrote (384)4/16/2000 6:03:00 PM
From: Sector Investor
   of 7012
I've been spending some time reviewing information in the
last several SEC quarterly and annual reports looking at the
expense components, especially R&D and Sales and Marketing
to gleen where these are going in the future. Both of these
items were higher in 1998 and 1999, which combined with
mailitary sales, led to the string of losses.

The R&D of course is what is allowing the new products (and
thus new revenus streams) to become available. Looking this
over, and recognizing that they are just scratching the
surface on sensor based products and markets, I think R&D
will remain high for some time to come.

Sales and Marketing may decrease a bit from Q4 through, as I
think they may have had some one time expenses due to new
product introductions.

There are hints the military orders are bouncing back,
especially in the Q4 report which said:

"Navigation sales decreased 18% in 1999 to $11.4 million
from $14.0 million in 1998 due to slow sales during the
first half of the year and some delays during the second
half of the year in finalizing certain military contracts
that had been awarded.

Communications revenues have been consistently increasing,
and the Marathon Coach and Delfin contracts have not been
felt yet. As such, I am looking for revenue around 7 million
in Q1.

This information is from the 1999 annual report.

Research and Development

The Company's research and development efforts are based
on its core sensor technologies and focused on developing
new products that will have broad application across
existing and anticipated strategic markets while improving
performance and reducing manufacturing costs for
products in the market.
A substantial portion of the
Company's research and development expenditure is devoted
to basic research for core technology development projects.

The Company's research and development activities fall into
two categories: internally funded research and development
and customer-funded research and development. The Company
has financed virtually all of the cost of developing the
Company's marine navigation and satellite communications
products. Prior to 1999, development of the Company's core
sensor technologies was subsidized to a large extent by
grants under the United States government's SBIR program.
Much of the funding used to develop KVH's products for the
military navigation market, in which a significant
engineering effort to develop enhanced features requested
by the customer is frequently involved, also has been
derived from government sources. However, in 1999 the
Company internally funded a large percentage of its military
and FOG research. Customer-funded research and development
is included in cost of sales.

The Company's total expenditures for research and
development during 1999, 1998 and 1997 were as follows:

<C> <C> <C>
Year ended December 31,
1999 1998 1997
(in thousands)

Internally funded R&D $ 4,199 3,991 3,175
Customer funded R&D $ 648 936 630
-------- -------- --------
Total R&D $ 4,847 4,927 3,805
======== ======== ========


As of December 31, 1999, the Company employed 170 full-time
employees. The increase in total employees from 154 at
December 31, 1998, resulted primarily from a need to
strengthen research and development, customer support
and marketing activities related to new products.

KVH utilizes the services of temporary or contract
personnel within all functional areas to assist on
project-related activities.

From the 1998 (not the latest) Annual report

Several new TACNAV orders that contributed modest
revenues in 1998 have potential for more significant
sales going forward. The United States Army extended its
TACNAV use by installing systems in National Guard
vehicles, the first deployment that expanded upon the
initial contracted applications. TACNAV systems also were
selected in 1998 as a key component for testing in the
U.S. Army's Task Force XXI Battle Command Brigade and Below
(FBCB2) program. FBCB2 is the digital battlefield effort
that the Army has underway to provide battlefield
commanders with comprehensive, real-time digital
information, electronic coordination and situational
awareness through an integrated tactical computer system.
Also in 1998, the United States Marine Corps selected
TACNAV Light systems for a rebuild of AAV-7's.

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To: Sector Investor who wrote (385)4/17/2000 12:06:00 PM
From: Brasco One
   of 7012
sector, i'm in. 3s look good.

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To: Brasco One who wrote (386)4/19/2000 12:11:00 AM
From: Sector Investor
   of 7012
Earnings are Thursday. The call is at 11:30 Eastern.

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To: Sector Investor who wrote (387)4/19/2000 12:15:00 AM
From: Brasco One
   of 7012
sector, i got introduced to this stock when it was 6 or 7.

fortunately, i waited and got in at 3 1/2.

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To: Brasco One who wrote (388)4/19/2000 8:36:00 AM
From: Roy F
   of 7012
KVH Receives $1.2M in Fiber Optic Gyro Orders for Military Antenna Stabilization Applications
April 19, 2000 08:02 AM Eastern Time
MIDDLETOWN, R.I.--(BUSINESS WIRE)--April 19, 2000--Two major defense companies have placed orders totaling nearly $1.2 million with KVH Industries, Inc. KVHI for fiber optic gyroscopes (FOGs) that will be used for pointing and stabilizing military antennas. General Dynamics Armament Systems is using KVH FOGs for stabilizing the Aegis MK82 Gun and Guided Missile Director that is part of a system designed to provide ships self defense. Contract Assembly, Inc., acting as a subcontractor for Raytheon, is using the FOG sensors as a critical component in a system that stabilizes satellite communications antennas. Both contracts include significant potential for additional FOG orders as U.S. military implementation rates accelerate.

Contract Assembly is using its initial FOG order of $672,000 for shipboard antennas, and expects future gyro orders will be for shore installations and submarines. The new systems with KVH FOGs offer faster and more accurate performance than the equipment they are replacing.

General Dynamics is using FOGs for the MK81 Director Group missile guidance aboard the Arleigh Burke Class Aegis Destroyers, replacing more costly and less durable mechanical gyros. KVH designed a specialized dual-axis FOG configuration to meet the specifications of General Dynamics and the military, which have conducted extensive tests and qualified the new sensors. The General Dynamics FOG order is valued at $474,500.

"We are delighted that our fiber optic gyros have met the stringent performance requirements of two key defense companies responsible for bringing the military up to prime combat readiness for conflicts in the new century," said Martin Kits van Heyningen, KVH president and CEO. "Military requirements for precise, cost-effective pointing and stabilization capabilities are strong and growing every day as pressures increase to modernize all battle forces. The selection of KVH's gyros for military stabilization applications strongly validates our fiber optic technology, and our own drive to incorporate FOGs into the high bandwidth antennas we are designing for two-way Internet and other advanced communications features."

Stabilizing in-motion antenna dishes is a prerequisite to achieving the precise pointing that the military requires for maintaining communications, aiming missiles, and other applications. The data that determines where a communications antenna is pointed or how a missile is aimed can be accurate only if there is a sensor constantly measuring and compensating for movement of each particular platform (ship, submarine or land vehicle). The KVH FOG sensor continually detects platform pitch, roll and yaw, and the system computes how each movement changes the relative position of an identified target, such as an attacking aircraft. With this constant data feed, missile coordinates and/or target location can be as accurate as possible before, during, and after missile firing. The more precise the sensor, the more accurate the data that maintains fire direction or antenna pointing for communications.

"Our fiber optic gyros allow General Dynamics and Contract Assembly to provide the military with highly precise aiming capabilities that are critical to dominating the battlefield," said Jim Dodez, vice president of marketing. "With a new generation of ship- and vehicular-mounted stabilization equipment that incorporates FOGs, military forces have a significant edge in identifying and counteracting hostile attacks. We added fiber optics to our stable of core technologies several years ago, and now are seeing the benefits of that decision in both a broader military market presence and enhanced communications products."

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. The company has its headquarters in Middletown, RI, and additional offices in Illinois, Florida and Denmark.

CONTACT: KVH Alice Andrews 401-847-3327

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To: Roy F who wrote (389)4/19/2000 9:22:00 AM
From: dvdw©
   of 7012
KVHI TRACKVISION in widely read Stereo Review Sound and Vision Magazine pg 28.
This is the first time I've seen Trackvision advertising in such a horizontel publication as Stereo Review.

It's on News stands NOW.

BTW I've seen an Aegis class destroyer where our Fog sensors will be employed and it seems like a perfect fit.

The Gun they are retrofitting puts out a wall of lead that is unbelievable. Targets are toast when approaching a ship equipped with Aegis / KVHI Fog Stabilizers!

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To: dvdw© who wrote (390)4/20/2000 8:22:00 AM
From: Roy F
   of 7012
KVH Announces 1st Quarter 2000 Results
Communications Sales Up 71 Percent

Middletown, RI, April 20, 2000 &#61630; KVH Industries, Inc. (NASDAQ:KVHI) today announced that it ended the company&#8217;s first quarter of 2000 with yet another dramatic growth in communications sales. In addition to increasing 71 percent over the 1999 first quarter, combined revenues from the company&#8217;s satellite television and telephony sales in 2000 were up more than 44 percent over the preceding 1999 fourth quarter.

&#8220;We continue to see sales of our TracVision© land and marine systems exceeding our expectations as new products are introduced,&#8221; said Martin Kits van Heyningen, president and CEO. &#8220;Our land vehicle product line expanded during the quarter when we added a system for stationary use to the highly popular mobile system introduced last year. Our marine product line also advanced during the quarter, leapfrogging our competitors with two new systems that automatically deliver signals from both Digital Video Broadcasting and Digital Satellite System satellites. Consumer response to our products is providing clear evidence that the demand for mobile communications is increasing exponentially.&#8221;

Total revenues for the first quarter were $5.7 million compared to $6.0 million in the 1999 period. The decline in overall revenues was due primarily to a $1.7 million decline in military orders, which resulted in lower overall navigation sales than expected. Cost of sales was flat at $3.8 million in both the 2000 and 1999 first quarters. Gross profits declined during the quarter to $1.9 million from $2.2 million and gross margin as a percentage of net sales decreased to 33 percent from 37 percent in 1999. Total operating expenses increased to $3.0 million from $2.6 million and the operating loss increased to $1.1 million from a $0.4 million loss in 1999. The net loss for the 2000 quarter was $0.9 million or $.12 a share compared to a net loss of $0.2 million or $.02 per share in 1999.
&#8220;We are beginning to see signs of recovery in our military and fiber optic sales,&#8221; said Kits van Heyningen. &#8220;In the first quarter, we received a $1.4 million repeat order for our TACNAV&#8482; TLS systems, and yesterday we announced that two major defense companies have ordered $1.2 million in fiber optic gyros. We anticipate that momentum in both these markets will increase as the military begins spending to upgrade its forces and as we increase the visibility of our fiber optic products in multiple OEM markets.&#8221;

According to Richard Forsyth, chief financial officer, &#8220;We improved direct costs as a percentage of net sales during the quarter by four percent for communications systems and two percent for navigation products. Our increase in operations expense during the quarter is attributable in part to research and development efforts that we are supporting primarily with company funds. In addition, the number of new products we introduced during the first quarter required greater sales and marketing expenditures. The decrease in gross profit is related to increased manufacturing overheads and the shift in our product revenue mix, where communication sales are dominating higher-margin military sales.&#8221;

KVH is webcasting its first quarter 2000 conference call live at 11:30 a.m. Eastern time today through the company&#8217;s web site at The audio also will be archived at the company web site within three hours after the call is completed.

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: 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&#8217;s Annual Report on Form 10K filed with the Securities and Exchange Commission on March 27, 2000. Copies are available through the company&#8217;s Investor Relations Department or web site.
KVH Industries, Inc. and Subsidiary
Consolidated Statements of Operations

Three months ending
March 31,
2000 1999

Net sales $ 5,696,515 5,973,170
Cost of sales 3,818,276 3,769,758

Gross profit 1,878,239 2,203,412

Operating expenses:

Research and development 1,074,442 869,541
Sales and marketing 1,418,388 1,152,731
Administration 527,734 569,183

Total operating expense 3,020,564 2,591,455

Loss from operations (1,142,325 ) (388,043 )

Other expense (income) 207,541 (15,616 )

Loss before income taxes (1,349,866 ) (372,427 )

Income tax benefit 483,619 226,810

Net loss $ (866,247 ) (145,617 )

Per share information:

Loss per share - basic $ (0.12 ) (0.02 )

Weighted average number of shares outstanding, basic

KVH Industries, Inc. and Subsidiary
Consolidated Balance Sheets

March 31, 2000
(Unaudited) December 31, 1999

Current assets:

Cash and cash equivalents $ 1,524,315 2,047,838
Accounts receivable, net 4,066,031 3,362,390
Costs and estimated earnings
in excess of billings on uncompleted contracts
Inventories 3,257,743 3,672,269
Prepaid expenses and other deposits 386,978 292,793
Deferred income taxes 376,628 376,628

Total current assets 10,084,360 10,196,410

Property and equipment, net 7,063,955 7,227,778
Other assets, less accumulated amortization 805,945 839,113
Deferred income taxes 2,055,101 1,571,409

Total assets $ 20,009,361 19,834,710

Liabilities and stockholders&#8217; equity:

Current liabilities:
Current portion long term debt $ 77,378 75,643
Accounts payable 1,800,423 1,599,770
Accrued expenses 1,152,963 792,086

Total current liabilities 3,030,764 2,467,499

Long term debt 2,851,769 2,865,232

Total liabilities 5,882,533 5,332,731

Stockholders&#8217; equity:
Common stock 75,981 72,969
Additional paid-in capital 16,055,964 15,567,880
Accumulated deficit (2,005,117 ) (1,138,870 )

Total stockholders&#8217; equity 14,126,828 14,501,979

Total liabilities and stockholders&#8217; equity $ 20,009,361 19,834,710

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