KVH Industries, of Middletown, yesterday reported second-quarter net income of $2.0 million, or 14 cents on a per-diluted share basis, compared with $1.5 million, or 10 cents per diluted-share, in the year-ago period.

Revenue was $22.3 million, down 4 percent from the second-quarter last year.

For the six months ended June 30, revenue increased 4 percent, to $45.4 million, from $43.6 million for the six months ended June 30 of last year. KVH reported net income of $3.6 million, or 24 cents on a per diluted-share basis for the 2008 period, versus net income of $1.6 million, or 10 cents, in the year-ago period.

“Despite challenging economic conditions, we achieved solid top-line results and earned record profits during the second quarter as our long-term strategic growth drivers began to hit their stride. We also received new orders for our fiber-optic gyros to help meet the growing demand for remote weapons stations. Our airtime business started to become a significant contributor to our revenues, and we took a major step toward the global expansion of the mini-VSAT Broadband service,” said Martin Kits van Heyningen, company chief executive officer.

Stock in KVH (KVHI:NASDAQ) closed yesterday at $7.55 per share, down $1.36.

Stanley Works

Toolmaker The Stanley Works, of New Britain, Conn., said yesterday second-quarter profit fell 7 percent, largely because of the national economic slowdown.

The company earned $79.6 million, or $1 a share, compared with $85.3 million, or $1.01 a share, in the year-earlier period.

Revenue climbed 5 percent, to $1.15 billion, from $1.1 billion a year ago.

“As expected, U.S. market conditions remained challenging during the second quarter,” said John F. Lundgren, chairman and chief executive officer, in a statement.

“The proactive cost-containment actions implemented by our operating teams, complemented by our strong price realization processes and the benefits of a more diversified revenue base have positioned the company to protect its earnings base and cash flows despite a highly inflationary environment and weakened U.S. economy.”

Stock in Stanley (SWK:NYSE) closed yesterday at $46.68 per share, up $3.24.

Webster Financial

Waterbury, Conn.-based Webster Financial Corp., the holding company for Webster Bank, yesterday announced a net loss of $28.9 million, or 56 cents per diluted share, for the second quarter, compared with net income of $24.4 million, or 47 cents per diluted share, for the first quarter and $35.5 million in net income, or 63 cents, in earnings per share for the second quarter of last year. Results in the second quarter of this year reflect certain cash and non-cash charges aggregating to 98 cents per share. For the first six months of this year, net loss totaled $4.6 million, or 9 cents per diluted share, compared with net income of $70.5 million, or $1.25 per diluted share, in the year-ago period.

Webster’s stock (WBS:NYSE) closed yesterday at $18.39 per share, up 79 cents.