[SatNews] Revenues are up in the Company's latest financial report...

KVH Industries, Inc., (Nasdaq:KVHI) has reported financial results for the second quarter ended June 30, 2011. Revenue for the second quarter of 2011 was $30.6 million, up 4 percent from the quarter ended June 30, 2010. Diluted earnings per share for the quarter totaled $0.01 on net income of $0.2 million. During the same period last year the company reported net income of $5.3 million or $0.36 per diluted share, on revenues of $29.5 million. Excluding a change in the deferred tax asset valuation allowance in the second quarter of 2010, quarterly adjusted net income was approximately $1.3 million and adjusted EPS was $0.09 for that period.

For the six months ended June 30, 2011, revenue was $55.0 million, down 4 percent compared to $57.5 million for the six months ended June 30, 2010. KVH reported a net loss of $1.3 million or $0.09 on a per share basis for the first six months of 2011. During the same period last year, the company reported net income of $7.4 million or $0.50 on a per diluted share basis. Excluding a change in the deferred tax asset valuation allowance in the second quarter of 2010, six months year to date adjusted net income was approximately $3.4 million and adjusted EPS was $0.23 per diluted share for that period.

"The excellent performance of our global satellite communication business helped us achieve record revenue for the second quarter and a substantial sequential improvement on the bottom line," explained Martin Kits van Heyningen, KVH's chief executive officer. "Our total mini-VSAT Broadband(SM) airtime and compatible hardware revenues for the quarter were very strong, increasing approximately 81 percent year over year, including the benefit of CommBox(TM) sales by our new Norway subsidiary. Total shipments of our mini-VSAT Broadband TracPhone(R) systems more than doubled reaching an all-time quarterly high, in part due to record TracPhone V7 unit sales showing a better than 40 percent year-over-year increase from the second quarter last year. We also saw a very positive response to our new 14.5-inch diameter TracPhone V3, the world's smallest maritime VSAT system. The success of these two products enabled us to ship our 1,500th TracPhone system for use with the mini-VSAT Broadband network, making it the world's fastest growing and most popular maritime VSAT system." To read the entire financial report, access this direct infolink.