KVH Industries Inc. (Nasdaq: KVHI) posted a 22.37 percent increase in annual profit, despite a sharp fourth-quarter decline, citing “a very difficult environment” that slowed sales of its marine and land-based mobile media systems.

“While the economic situation is a serious challenge for all companies, our innovative strategic plan and diversified business model are generating revenue from satellite communications on land, sea, and air, as well as growth from our defense and commercial businesses,” CEO Martin Kits van Heyningen said in the report today. “I am confident in our ability to continue to grow the company in spite of the current recession while strengthening our strategic position for the long term.”

Full Story: KVH profit rises 22.37% in 2008 Source: Providence Business News, February 5th, 2009 Author: Susan A. Baird Added on February 6th, 2009 at 9:53 am, by Matt Mikula