KVH Industries, Inc. (NASDAQ: KVHI) reported Q1 EPS of ($0.07), $0.02 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $37 million versus the consensus estimate of $38.33 million.

Our first quarter results were in line with our previous guidance and reflected continued solid growth in our mobile broadband communications business offset by the expected sharp year-over-year decline in TACNAV® sales in our guidance and stabilization business," said Martin Kits van Heyningen, KVH's chief executive officer. "We were pleased with the growth in our maritime VSAT airtime revenues in the first quarter which increased 37% compared to the same quarter last year. We continue to grow our multi-year subscription base both for VSAT airtime and for our media business."

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