....for the fourth quarter ended December 31, 2011. Revenue for the fourth quarter of 2011 was $31.9 million, up 18 percent from the quarter ended December 31, 2010. Diluted earnings per share for the quarter totaled $0.11 on net income of $1.6 million. During the same period last year the company reported net income of $0.2 million or $0.02 per diluted share on revenues of $27.0 million. For the year ended December 31, 2011, revenue was $112.5 million, compared to $112.2 million for the year ended December 31, 2010. KVH reported net income of $0.9 million or $0.06 on a per diluted share basis for the full year 2011. For the year ended December 31, 2010, the company reported net income of $8.3 million or $0.56 on a per diluted share basis. Excluding transaction costs associated with the acquisition of Virtek Communication and changes to the deferred income tax valuation allowance, 2010 full year adjusted net income was $5.3 million, and adjusted diluted EPS was $0.36.
"Overall results were right in line with our expectations for the quarter," said Martin Kits van Heyningen, KVH's chief executive officer. "Unit sales of our mini-VSAT Broadband TracPhone® systems in the fourth quarter were up 94 percent compared to the same quarter last year. Revenue from our TACNAV® line of military vehicle navigation systems was very strong, due primarily to acceleration in certain customer programs, which offset a decline in our FOG business. In the fourth quarter of 2011, our mobile communications business, including our satellite television products, had revenue of $17.5 million, a 21 percent increase on a year-over-year basis."
KVH's guidance and stabilization revenue from otheirur fiber optic gyro (FOG) solutions, TACNAV military navigation systems, and related services was $14.5 million in the fourth quarter of 2011, up 15 percent on a year-over-year basis. To read the entire financial report, access this direct link.