KVH Industries (NASDAQ: KVHI) reported Q4 EPS of $0.12, $0.01 better than the analyst estimate of $0.11. Revenue for the quarter came in at $39 million versus the consensus estimate of $40.47 million.

Fourth Quarter 2017 Highlights

• Total unit shipments of VSAT products, including AgilePlans products, increased 16% for the quarter.
• AgilePlans, our new Connectivity as a Service Program for the commercial maritime sector, increased to 65% of total commercial VSAT shipments, and unit shipments more than doubled compared to the 2017 third quarter.
• Overall revenue declined 11% in our fourth quarter of 2017 to $39.0 million from $43.9 million in the fourth quarter of 2016, driven in part by the continuing shift in our business model from hardware sales to a recurring revenue model.
• Strong sales of inertial measurement unit (IMU) products drove fiber optic gyro (FOG) product revenuehigher by 18% compared to the fourth quarter of 2016, the fourth consecutive double-digit growth quarter.
• mini-VSAT Broadband airtime revenue grew $0.5 million, or 3%, compared to the fourth quarter of 2016.
• Net loss in the fourth quarter of 2017 was $1.7 million, or $0.10 per share, compared to a net loss of $6.8 million, or $0.43 per share in the fourth quarter of 2016.
• Non-GAAP net income in the fourth quarter of 2017 was $2.0 million, or $0.12 per share, compared to $2.2 million, or $0.13 per share in the fourth quarter of 2016.
• Non-GAAP adjusted EBITDA in the fourth quarter of 2017 was $3.8 million, compared to $4.3 million in the fourth quarter of 2016.
• We continued to make progress in our photonic chip development which has now been successfully built into a working gyro prototype.

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