MIDDLETOWN, R.I., Apr 1, 2002 /PRNewswire-FirstCall via COMTEX/ -- KVH Industries, Inc. (Nasdaq: KVHI) today provided an update on the progress of its business for 2002.
According to Martin Kits van Heyningen, president and chief executive officer, KVH's satellite communications and military orders have increased significantly compared to the first quarter of 2001. "Our satellite communications business continues to perform well with a significant increase in bookings over the first quarter of 2001. We are seeing strong demand from our key distributors as our consumer markets continue to recover.
"Our military revenue for the quarter is expected to be up 100 percent over the same period last year, even though a large expected order was delayed by the military procurement process," Mr. Kits van Heyningen continued. "As a result of the performance of our satellite communications and military groups, we expect that total revenues for the first quarter will be approximately $9.6 million, an 18 percent increase over the first quarter of 2001.
"Based on current sales trends and a total order backlog of roughly $7 million for the second quarter, we anticipate substantial growth beginning in Q2 and remain confident in our goal to achieve our forecast of 30 to 40 percent annual revenue growth for 2002," Mr. Kits van Heyningen concluded.
KVH expects to release actual results for the first quarter of 2002 on April 25, 2002.
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.
This press release may contain certain forward-looking statements that involve risks and uncertainties. For example, the statements regarding the company's financial goals and expectations 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; delays in military procurement schedules; and 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 10-K filed with the Securities and Exchange Commission on March 20, 2002.