Multiple customers for KVH precision FOGs include major manufacturers of remote weapons systems
MIDDLETOWN, R.I. , Jan. 16, 2018 (GLOBE NEWSWIRE) -- 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:
Media Relations & Industry Analyst Manager
KVH Industries, Inc.
Tel: +1 401 851 3824
KVH Industries, Inc.