KVH Industries, Inc. (KVHI) saw its loss widen to $4.88 million, or $0.30 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.79 million, or $0.18 a share. On the other hand, adjusted net loss for the quarter widened to $1.42 million, or $0.09 a share from a loss of $0.62 million or $0.04 a share, a year ago. Revenue during the quarter went down marginally by 0.42 percent to $40.21 million from $40.38 million in the previous year period. Gross margin for the quarter contracted 61 basis points over the previous year period to 40.79 percent. Operating margin for the quarter stood at negative 11.12 percent as compared to a negative 8.36 percent for the previous year period.
Operating loss for the quarter was $4.47 million, compared with an operating loss of $3.37 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $0.82 million compared with $0.97 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 2.03 percent for the quarter compared to 2.40 percent in the last year period.
Commenting on the quarter, Martin Kits van Heyningen, KVH’s chief executive officer, said, "We are particularly pleased with the growth in our Airtime service revenues and margins, and with our strong cash flow which allowed us to reduce our net debt by over $3.0 million at the end of the quarter. In addition, we have recently launched our new subscription-based Connectivity as a Service program, AgilePlans by KVH, and the preliminary feedback we have received from potential customers is quite positive. We reached an important milestone this quarter having shipped our 7,000th mini-VSAT Broadband system."
For financial year 2017, KVH Industries, Inc. expects revenue to be in the range of $170 million to $190 million. The company forecasts net loss to be in the range of $11.10 million to $6.10 million. It company projects diluted loss per share to be in the range of $0.69 to $0.38 and projects diluted earnings per share to be in the range of $0.07 to $0.27 on adjusted basis.
For the second-quarter 2017, KVH Industries, Inc. expects revenue to be in the range of $40 million to $42 million. The company forecasts net loss to be in the range of $4.30 million to $3.60 million. It company projects diluted loss per share to be in the range of $0.27 to $0.23. On an adjusted basis, the company projects diluted loss per share to be in the range of $0.07 to $0.04.
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