KVH Industries Q3: revenue up 2%, adjusted EBITDA $4.1M; inertial nav sale gain boosts net income to $29.6M

KVH INDUSTRIES INC DE

Revenue from continuing ops $35.2M (+2% YoY); net loss from continuing ops $0.1M vs net income $3.7M (included $7M PPP forgiveness) YoY.
Non-GAAP adjusted EBITDA from continuing ops $4.1M vs $0.8M; non-GAAP EPS $0.07 vs -$0.07 YoY.
Disposed inertial navigation business for $30.9M pre-tax gain; net income including discontinued ops $29.6M ($1.58 diluted EPS).
Mini-VSAT Broadband airtime revenue grew 8% to $26.7M on 4% subscriber growth; launched TracNet H-series and KVH ONE hybrid network.
Won five-year U.S. Coast Guard contract worth up to $69M; recurring operating expenses cut ~15% from Q3 2021.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

KVH INDUSTRIES INC DE reported third quarter ended September 30, 2022 results: revenue $35.2 million, net income $29.6 million, EPS $1.58.

Period: third quarter ended September 30, 2022
Revenue: $35.2 million
Net income: $29.6 million
EPS: $1.58
Result: reported results

Exact text from the filing

Third Quarter 2022 Highlights • We disposed of our inertial navigation business in the third quarter of 2022, which generated a gain of $30.9 million before tax. Reflecting this gain and the results of these discontinued operations, net income for the third quarter of 2022 amounted to $29.6 million, and diluted EPS was $1.58. • Total revenues from continuing operations in the third quarter of 2022 were $35.2 million, up 2% from $34.4 million in the third quarter of 2021.

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Source: SEC EDGAR

accession 0001007587-22-000018

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