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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


FORM 8-K


CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) November 14, 2003


KVH Industries, Inc.
(Exact Name of Registrant as Specified in Charter)

Delaware
(State or Other Jurisdiction of Incorporation) 		0-28082
(Commission File Number)

05-0420589
(IRS Employer Identification No.)

                 50 Enterprise Center
                      Middletown, RI
 (Address of Principal Executive Offices) 		02842
(Zip Code)

Registrant’s telephone number, including area code: (401) 847- 3327

N/A

(Former Name or Former Address, if Changed Since Last Report)







ITEM 12.    RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

         On November 14, 2003, KVH Industries, Inc. issued a press release which is filed as exhibit 99.1 to this report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


KVH Industries, Inc.


Date: November 14, 2003 BY: /S/ Patrick J. Spratt
——————————————
Patrick J. Spratt
Chief Accounting & Financial Officer





Exhibit: 99.1 Press Release Dated November 14, 2003

FOR IMMEDIATE RELEASE

PRESS RELEASE


KVH Industries Contact: Pat Spratt, Chief Financial Officer
401-847-3327

Investor Relations Contact: FD Morgen-Walke
Jolinda Taylor, 617-747-3600
Paul Johnson, 212-850-5600



KVH and Agility Agree to Settle Pending Litigation

MIDDLETOWN, RI – November 14, 2003 – KVH Industries, Inc., (Nasdaq: KVHI) announced today that on November 3, 2003, KVH and Agility Robotics, Inc., and Ross-Hime Designs, Inc., (collectively, "Agility") agreed to settle pending litigation. Because this agreement was reached prior to the filing of KVH's third quarter Form 10-Q, the company is required to record the settlement costs in the company's financial statements for the three- and nine-month periods ended September 30, 2003. This is in accordance with generally accepted accounting principles, notably Statement on Financial Accounting Standards No. 5, "Accounting for Contingencies." To reflect this agreement and associated costs, the company has recorded a $305,000 operating expense accrual in its third quarter financial statements as filed on Form 10-Q with the SEC on November 14, 2003.

"We are pleased to have successfully resolved this issue," said Martin Kits van Heyningen, KVH's president and chief executive officer, "and that the terms of this settlement should not affect our future operating results."

“Under the general terms of the settlement, all claims pending against the company will be released, the lawsuit will be dismissed, and Agility's rights under certain of its patents will be licensed to KVH.”

KVH Industries, Inc., designs and manufactures products that enable mobile communication, navigation, and precision pointing through the use of its proprietary mobile satellite antenna and fiber optic technologies. The company is developing next-generation systems with greater precision, durability, and versatility for communications, navigation, and industrial applications. An ISO 9001-certified company, KVH has headquarters in Middletown, Rhode Island, with a fiber optic manufacturing facility in Tinley Park, Illinois, and a European sales, marketing, and support office in Hoersholm, Denmark.





KVH INDUSTRIES, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2003, AND DECEMBER 31, 2002

(Unaudited)


  September 30,
2003
 December 31,
2002
Assets:            
    Current assets:  
        Cash and cash equivalents   $ 7,572,996    7,239,255  
        Accounts receivable, net    9,523,479    9,716,292  
        Costs and estimated earnings  
            in excess of billings on uncompleted contracts    438,971    377,058  
        Inventories    6,401,177    3,947,207  
        Prepaid expenses and other deposits    585,726    587,647  
        Deferred income taxes    552,871    616,877  
            Total current assets    25,075,220    22,484,336  
     Property and equipment, net    8,739,411    7,384,888  
     Other assets, less accumulated amortization    346,707    441,225  
     Deferred income taxes    2,238,430    2,238,430  
                Total assets   $36,399,768    32,548,879  
Liabilities and stockholders' equity:  
      Current liabilities:  
        Current portion long-term debt   $96,574    93,262  
        Accounts payable    4,486,200    2,321,104  
        Accrued expenses    2,593,895    2,007,470  
        Customer deposits    31,230    91,665  
            Total current liabilities    7,207,899    4,513,501  
    Long-term debt    2,531,238    2,603,885  
                Total liabilities    9,739,137    7,117,386  
    Stockholders' equity:  
        Common stock    115,297    111,498  
        Additional paid-in capital    36,208,567    35,134,093  
        Accumulated deficit    (9,663,233)    (9,818,025)  
        Accumulated other comprehensive income    --    3,927  
            Total stockholders' equity    26,660,631    25,431,493  
                Total liabilities and stockholders' equity   $36,399,768    32,548,879  




KVH INDUSTRIES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)


Three months ended
September 30,		 Nine months ended
September 30,
2003
2002
2003
2002
Net sales $    13,514,792  12,435,313  41,017,886  34,718,070 
Cost of sales 7,712,109 
 6,837,186 
 22,680,578 
 19,515,902 
Gross profit 5,802,683  5,598,127  18,337,308  15,202,168 

Operating expenses:
Research & development 2,140,144  2,230,457  6,565,708  6,996,668 
Sales & marketing 2,917,349  2,316,560  8,150,129  7,410,575 
Administration 1,387,699 
 850,191 
 3,467,317 
 2,383,123 
Income (loss) from operations (642,509)  200,919  154,154  (1,588,198) 

Other expense:
Other expense (21,892)  (16,398)  (68,361)  (47,054) 
Interest expense, net (37,053) 
 (34,578) 
 (115,288) 
 (87,212) 
Income (loss) before income taxes (701,454)  149,943  (29,495)  (1,722,464) 

Income tax expense (benefit)
(235,293) 
- 
(184,287) 
86,100 
Net income (loss) $    (466,161) 
 149,943 
 154,792 
 (1,808,564) 

Per share information:
Earnings (loss) per share
Basic $    (0.04)  0.01  0.01  (0.16) 
Diluted $    (0.04)  0.01  0.01  (0.16) 

Number of shares used in per share
calculation:
Basic 11,487,900  11,056,374  11,352,489  11,017,596 
Diluted 11,487,900  11,356,194  11,845,942  11,017,596 



This press release may contain certain forward-looking statements that involve risks and uncertainties. For example, the statements regarding the license and settlement agreement and the impact of the costs under such agreement on the company's operating results are forward-looking statements. The actual results realized by the company could differ materially from the statements made herein. Factors that might cause such differences include, but are not limited to: the final terms and conditions agreed upon as a part of the definitive license and settlement agreement or any court order with respect to the settlement. Additional factors are discussed in the company's most recent Form 10-Q filed with the SEC on November 14, 2003. Copies are available through the company's Investor Relations department and web site, www.kvh.com. KVH assumes no obligation to update its forward-looking statements to reflect new information and developments.