KVH Announces $8.3 Million in New Orders for Fiber Optic Gyro (FOG) Products and Services
January 16 2018 - 9:00AM
KVH Industries, Inc., (Nasdaq:KVHI), announced today that it has
received $5.8 million in product orders for precision fiber optic
gyros (FOGs) from major remote weapons systems (RWS) manufacturers,
and a FOG-related $2.5 million development contract from a U.S.
defense prime contractor. KVH expects to recognize the majority of
the contracts’ revenue during 2018.
The $5.8 million in FOG product orders include KVH’s single-axis
DSP-3100, dual-axis DSP-1760, and dual-axis DSP-1750. KVH FOGs are
designed for demanding stabilization and pointing applications
where low drift, low noise, and high bandwidth are critical
performance attributes. The characteristics of KVH’s solid state,
robust FOG products include exceptional bias stability, scale
factor linearity, and excellent reliability.
In addition to the above orders from RWS manufacturers, KVH also
received an engineering and services development contract from a
major U.S. defense prime contractor. This $2.5 million effort is to
enhance KVH’s existing three-axis DSP-1760 FOG for use in a
surveillance system. Work has already begun, and is expected to
conclude in the third quarter of 2018. “These new orders emphasize
the value of our patented FOG technology and the proven performance
of KVH FOG products in a wide range of defense and commercial
applications,” says Jay Napoli, KVH vice president for FOG/OEM
sales. KVH offers an entire line of FOGs and FOG-based inertial
systems that are utilized in cutting-edge applications including
sensor fusion-based navigation, guidance, stabilization, and
positioning solutions. KVH FOGs are in use in production programs
for a wide range of commercial applications, including underwater
unmanned vehicle navigation, rail/track geometry measurement
systems, land-based street mapping platforms, and air, land, and
maritime autonomous platforms. KVH FOGs and FOG-based IMUs are also
in use in numerous prototype and development programs for
autonomous cars.Note to Editors: For more information about
the DSP-3100, the DSP-1760,
the DSP-1750, and KVH’s entire line of FOGs,
inertial measurement units, and inertial navigation systems,
visit KVH’s “Guiding Intelligent
Systems” website, kvh.com/unmanned. High-resolution images
are available at the KVH Press Room Image
Library.
About KVH Industries, Inc.KVH Industries, Inc.
is a premier manufacturer of high-performance sensors and
integrated inertial systems for defense and commercial guidance and
stabilization applications, having sold more than 20,000 TACNAV®
systems and more than 100,000 fiber optic gyros. KVH is also a
leading provider of solutions that bring global high-speed
Internet, television, voice services, and content via satellite to
mobile users at sea, on land, and in the air. KVH is based in
Middletown, RI, with research, development, and manufacturing
operations in Middletown, RI, and Tinley Park, IL. The company’s
global presence includes offices in Brazil, Cyprus, Denmark, Hong
Kong, India, Japan, Norway, the Philippines, Singapore, and the
United Kingdom.
This press release contains forward-looking
statements that involve risks and uncertainties. For example,
forward-looking statements include statements regarding our
anticipated revenue and the impact of our future initiatives on
revenue, competitive positioning, profitability, and product
orders. Actual results could differ materially from the
forward-looking statements made in this press release. Factors that
might cause these differences include, but are not limited to:
delays in the receipt of anticipated orders for our products and
services, or the potential failure of such orders to occur at all;
continued substantial fluctuations in defense sales, including to
foreign customers; the unpredictability of defense budget
priorities as well as the order timing, purchasing schedules, and
priorities for defense products and services, including possible
order cancellations; the uncertain impact of potential budget cuts
by government customers; the need for, or delays in, qualification
of products to customer or regulatory standards; export
restrictions, delays in procuring export licenses, and other
international risks. These and other factors are discussed in more
detail in KVH’s most recent Form 10-Q filed with the SEC on
November 2, 2017. Copies are available through its Investor
Relations department and website, http://investors.kvh.com. KVH
does not assume any obligation to update its forward-looking
statements to reflect new information and developments.
KVH and TACNAV are registered trademarks of KVH
Industries, Inc.
For further information, please
contact:Jill ConnorsMedia Relations & Industry Analyst
ManagerKVH Industries, Inc.Tel: +1 401 851 3824jconnors@kvh.com
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