Roy,
On Slide #32, KVH breaks down the Q4 2001 revenue. They say "$9 million" and show a pie chart with percentages.
Based on that, here is what Q4 looks like
Revenue $9.0 million
Communications 52% = $4.68 million
Sensors 15% = $1.35 million
Military 33% = $2.97 million
Using that $2.97 million in my spreadsheet, I get $11.24 million in Military and Navigation for 2001.
If that doubles in 2002, figure $22.5 million in revenue.
Subracting that out from the $43-$46 million projections, we get $20.5 - $23.5 for communications and Sensors.
That is FLAT or NEGATIVE growth in the other two segments, which totaled $21.5 million in 2001. Now, from what I can see, that isn't going to happen, with RV sales rebounding, new products, TRACNET fee revenue, STAGPARKWAY adding many new dealers and FOG sales ramping off a >50% capacity increase, against a back drop of a recovering economy.
Although Martin mentions military "could" double, I don't think their projected numbers reflect a double. That's why I think these 2002 numbers are very conservative, not reflecting Current Sensor, flat antenna or modulator sales, and can be revised upward as we move though 2002. |
