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KVH Industries Reports Third Quarter 2024 Results

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KVH Industries (KVHI) reported Q3 2024 financial results with total revenues decreasing 13% to $29.0 million from $33.2 million in Q3 2023. Airtime revenue declined 17% to $22.8 million. The company recorded a net loss of $1.2 million, or $0.06 per share, compared to a net loss of $4.4 million in Q3 2023. Non-GAAP adjusted EBITDA was $2.9 million, down from $4.4 million. The company took $1.1 million in non-cash impairment charges related to plans to sell a warehouse building. Despite challenges, KVH reported increased hybrid LEO/GEO deployments and record communication antenna shipments for the third consecutive quarter.

KVH Industries (KVHI) ha riportato i risultati finanziari del terzo trimestre 2024, con ricavi totali in diminuzione del 13% a $29,0 milioni rispetto ai $33,2 milioni del terzo trimestre 2023. I ricavi da airtime sono calati del 17% a $22,8 milioni. L'azienda ha registrato una perdita netta di $1,2 milioni, ovvero $0,06 per azione, rispetto a una perdita netta di $4,4 milioni nel terzo trimestre 2023. L'EBITDA rettificato non GAAP è stato di $2,9 milioni, in calo rispetto ai $4,4 milioni. L'azienda ha registrato $1,1 milioni in oneri di impairment non monetari relativi a piani per la vendita di un edificio magazzino. Nonostante le difficoltà, KVH ha riportato un aumento delle distribuzioni ibride LEO/GEO e un record nelle spedizioni di antenne per comunicazione per il terzo trimestre consecutivo.

KVH Industries (KVHI) informó los resultados financieros del tercer trimestre de 2024, con ingresos totales disminuyendo un 13% a $29,0 millones desde $33,2 millones en el tercer trimestre de 2023. Los ingresos por tiempo de aire cayeron un 17% a $22,8 millones. La compañía registró una pérdida neta de $1,2 millones, o $0,06 por acción, en comparación con una pérdida neta de $4,4 millones en el tercer trimestre de 2023. El EBITDA ajustado no GAAP fue de $2,9 millones, por debajo de los $4,4 millones. La empresa incurrió en $1,1 millones en cargos por deterioro no monetarios relacionados con planes para vender un edificio de almacenamiento. A pesar de los desafíos, KVH informó un aumento en las implementaciones híbridas LEO/GEO y un envío récord de antenas de comunicación durante el tercer trimestre consecutivo.

KVH Industries (KVHI)는 2024년 3분기 재무 결과를 발표했으며, 총 수익은 13% 감소하여 $29.0 백만으로, 2023년 3분기의 $33.2 백만에서 줄어들었습니다. 사용료 수익은 17% 감소하여 $22.8 백만에 이르렀습니다. 회사는 $1.2 백만의 순손실을 기록했으며, 주당 $0.06로, 2023년 3분기의 $4.4 백만의 순손실에 비해 개선되었습니다. 비-GAAP 조정 EBITDA는 $2.9 백만으로, $4.4 백만에서 감소했습니다. 회사는 창고 건물 판매 계획과 관련하여 $1.1 백만의 비현금 손상 비용을 기록했습니다. 어려움에도 불구하고, KVH는 하이브리드 LEO/GEO 배치 증가와 세 번째 연속 분기 통신 안테나 출하 기록을 보고했습니다.

KVH Industries (KVHI) a rapporté les résultats financiers du troisième trimestre 2024, avec des revenus totaux en baisse de 13 % à $29,0 millions contre $33,2 millions au troisième trimestre 2023. Les revenus liés au temps d'antenne ont diminué de 17 % pour atteindre $22,8 millions. L'entreprise a enregistré une perte nette de $1,2 millions, soit $0,06 par action, par rapport à une perte nette de $4,4 millions au troisième trimestre 2023. L'EBITDA ajusté hors normes était de $2,9 millions, en baisse par rapport à $4,4 millions. L'entreprise a subi des charges de perte de valeur non monétaires de $1,1 million liées à des plans de vente d'un batiment d'entrepôt. Malgré les difficultés, KVH a signalé une augmentation des déploiements hybrides LEO/GEO et un expédition record d'antennes de communication pour le troisième trimestre consécutif.

KVH Industries (KVHI) hat die finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben, wobei die Gesamterlöse um 13 % auf 29,0 Millionen US-Dollar von 33,2 Millionen US-Dollar im dritten Quartal 2023 gesunken sind. Die Airtime-Erlöse sanken um 17 % auf 22,8 Millionen US-Dollar. Das Unternehmen verzeichnete einen Nettoverlust von 1,2 Millionen US-Dollar oder 0,06 US-Dollar pro Aktie, verglichen mit einem Nettoverlust von 4,4 Millionen US-Dollar im dritten Quartal 2023. Das bereinigte EBITDA nach Nicht-GAAP betrug 2,9 Millionen US-Dollar, ein Rückgang von 4,4 Millionen US-Dollar. Das Unternehmen verbuchte 1,1 Millionen US-Dollar an nicht zahlungswirksamen Abschreibungen im Zusammenhang mit Plänen zur Veräußerung eines Lagergebäudes. Trotz der Herausforderungen berichtete KVH von einem Anstieg der Hybrid-LEO/GEO-Einsätze und einem Rekord bei den Lieferungen von Kommunikationsantennen im dritten Quartal in Folge.

Positive
  • Net loss improved to $1.2 million from $4.4 million year-over-year
  • Operating expenses decreased by $6.3 million to $11.3 million
  • Product revenues increased 20% in Q3 2024
  • Record communication antenna shipments for third straight quarter
  • Increased margin contribution from Starlink data subscriptions
Negative
  • Total revenues decreased 13% to $29.0 million
  • Airtime revenue declined 17% to $22.8 million
  • Non-GAAP adjusted EBITDA decreased to $2.9 million from $4.4 million
  • $1.1 million non-cash impairment charges taken against long-lived assets
  • Airtime gross margins declined compared to previous year

Insights

The Q3 2024 results reveal concerning trends for KVH Industries. Total revenue declined 13% to $29.0 million, with a significant 17% drop in airtime revenue to $22.8 million. While product revenues showed a modest increase driven by Starlink sales, the core business continues to face headwinds from technological disruption in maritime communications. The shift toward LEO-based systems, exemplified by the U.S. Coast Guard's transition, presents both challenges and opportunities.

The company's financial health shows mixed signals - while net loss improved to $1.2 million ($0.06 per share) from $4.4 million last year, adjusted EBITDA declined to $2.9 million from $4.4 million. Cost reduction efforts, including workforce reductions and facility sales, demonstrate management's active response to market changes, but margin pressures persist despite sequential improvements in airtime margins.

MIDDLETOWN, R.I., Nov. 07, 2024 (GLOBE NEWSWIRE) -- KVH Industries, Inc. (Nasdaq: KVHI), reported financial results for the quarter ended September 30, 2024 today. The company will hold a conference call to discuss these results at 9:00 a.m. ET today, which can be accessed at investors.kvh.com. Following the call, a replay of the webcast will be available through the company’s website.

Third Quarter 2024 Highlights

  • Total revenues decreased by 13% in the third quarter of 2024 to $29.0 million from $33.2 million in the third quarter of 2023.
     
  • Airtime revenue decreased $4.6 million, to $22.8 million, or 17%, in the third quarter of 2024 compared to the third quarter of 2023.
     
  • Non-cash impairment charges of $1.1 million were taken against long-lived assets for the Mobile Broadband reporting unit as the company commenced a plan to sell the warehouse building and surface parking lot located at 75 Enterprise Center in Middletown, Rhode Island.
     
  • Net loss in the third quarter of 2024 was $1.2 million, or $0.06 per share, compared to net loss of $4.4 million, or $0.23 per share, in the third quarter of 2023.
     
  • Non-GAAP adjusted EBITDA was $2.9 million in the third quarter of 2024, compared to $4.4 million in the third quarter of 2023.

Commenting on the company’s third quarter results, Brent C. Bruun, KVH’s Chief Executive Officer, said, “KVH, together with the rest of the maritime industry, continues to adapt to significant technological disruptions. We continue to feel the impact of these changes, illustrated by the U.S. Coast Guard’s anticipated shift to LEO-based communication on its smaller cutters. However, we have reacted decisively to this fundamental shift by expanding our portfolio of new technology, delivering the products and services our customers desire, and making the decisions necessary to reconfigure our business operations. As a result, our hybrid LEO/GEO deployments are increasing, we are meeting the demands from leisure boaters and commercial fleets for LEO technology and sophisticated value-added services, and we are establishing a solid pipeline for ongoing growth in service activations.

“While third quarter airtime gross margins declined slightly versus the same period last year due to a shift in our airtime subscriber base, airtime margins increased sequentially versus the second quarter. This improvement was driven by increased margin contribution from Starlink data subscriptions, now sold through our bulk data purchase agreement, which went into effect on July 1, 2024. At the same time, we increased our subscribing vessel count for the second consecutive quarter, shipped a record number of communication antennas for the third straight quarter, and increased CommBox Edge shipments for the second consecutive quarter. Challenges remain, but I believe we have laid out a path forward toward growth and profitability.”

Financial Highlights - (in millions, except per share data)

  Three Months Ended Nine Months Ended
  September 30, September 30,
   2024   2023   2024   2023 
GAAP Results        
Revenue $                    29.0  $                    33.2  $                    86.9  $                  100.9 
Loss from operations $                     (2.0) $                     (5.2) $                    (8.7) $                     (5.1)
Net loss $                     (1.2) $                     (4.4) $                    (6.7) $                     (3.2)
Net loss per share $                  (0.06) $                  (0.23) $                  (0.35) $                  (0.17)
         
Non-GAAP Adjusted EBITDA $                      2.9  $                      4.4  $                      7.5  $                    12.1 


Third
Quarter Financial Summary

Revenue was $29.0 million for the third quarter of 2024, a decrease of 13% compared to $33.2 million in the third quarter of 2023.

Service revenues for the third quarter were $24.4 million, a decrease of $5.0 million compared to the third quarter of 2023. The decrease in service sales was primarily due to a $4.6 million decrease in our airtime service sales.

Product revenues for the third quarter were $4.6 million, an increase of 20% compared to the third quarter of 2023. The increase in product sales was primarily due to a $1.2 million increase in Starlink product sales and a $0.2 million increase in VSAT Broadband product sales, partially offset by a $0.5 million decrease in accessory product sales and a $0.3 million decrease in TracVision product sales.

Our operating expenses decreased by $6.3 million to $11.3 million for the third quarter of 2024 compared to $17.6 million for the third quarter of 2023. This decrease was primarily due to a $4.9 million decrease in aggregate non-cash impairment charges against goodwill and long-lived assets. During the third quarter of 2024, impairment charges of $1.1 million were taken against long-lived assets as the company commenced a plan to sell the warehouse building and surface parking lot located at 75 Enterprise Center in Middletown, Rhode Island. During the third quarter of 2023, impairment charges of $6.0 million were taken against goodwill and long-lived assets, which was driven by the significant decline in our stock price that followed the August 9, 2023 announcement of our financial results for the second quarter of 2023. In addition to the decrease in non-cash impairment charges, there was a $1.4 million decrease in salaries, benefits and taxes, which was driven by the reduction in force resulting from the staged wind-down of our manufacturing activities in our facility in Middletown, Rhode Island.

Nine Months Ended September 30 Financial Summary

Revenue was $86.9 million for the nine months ended September 30, 2024, a decrease of 14% compared to $100.9 million for the nine months ended September 30, 2023.

Service revenues for the nine months ended September 30, 2024 were $74.1 million, a decrease of 15% compared to the nine months ended September 30, 2023. The decrease in service sales was primarily due to a $12.0 million decrease in our airtime services sales.

Product revenues for the nine months ended September 30, 2024 were $12.8 million, a decrease of 9% compared to the nine months ended September 30, 2023. The decrease in product sales was primarily due to a $2.2 million decrease in VSAT Broadband product sales, a $1.7 million decrease in TracVision product sales and a $1.2 million decrease in accessory and service product sales, partially offset by a $3.8 million increase in Starlink product sales and a $0.4 million increase in CommBox Edge product sales.

Our operating expenses decreased $5.4 million to $36.8 million in the nine months ended September 30, 2024, compared to $42.2 million in the nine months ended September 30, 2023. This decrease was primarily due to the previously mentioned $4.9 million decrease in aggregate non-cash impairment charges against goodwill and long-lived assets, a $1.3 million decrease in salaries, benefits and taxes, excluding costs related to the previously mentioned reduction in workforce, a $1.0 million decrease in professional fees, a $0.4 million decrease in external commissions and a $0.3 million decrease in computer expenses. These decreases in expenses were partially offset by $2.0 million of costs related to the reduction in our workforce begun in February 2024 and concluded in June 2024 and a $0.7 million reduction in reimbursements made by EMCORE for expenses incurred under the transition services agreement relating to the sale of the inertial navigation business in August 2022.

Other Recent Announcements

  • November 4, 2024 – KVH and Pacific Basin Completing Hybrid Connectivity and Network Management Upgrade
  • September 24, 2024 – National Marine Electronics Association Names KVH TracVision UHD7 Its 2024 Satellite TV Product of Excellence
  • September 1, 2024 – KVH Introduces MAILlink+ Email Service Available for Commercial Vessels and Fleets
  • September 1, 2024 – KVH Launches New Delivery Methods for Award-Winning Crew Content Service
  • August 1, 2024 – KVH Expands Starlink Maritime Options, Flexibility with New Plans, Value-added Services while Achieving New Subscriber Milestone

Conference Call Details

KVH Industries will host a conference call today at 9:00 a.m. ET through the company’s website. The conference call can be accessed at investors.kvh.com and listeners are welcome to submit questions pertaining to the earnings release and conference call to ir@kvh.com. The audio archive will be available on the company website within three hours of the completion of the call.

Non-GAAP Financial Measures

This release provides non-GAAP financial information as a supplement to our condensed consolidated financial statements, which are prepared in accordance with generally accepted accounting principles (“GAAP”). Management uses these non-GAAP financial measures internally in analyzing financial results to assess operational performance. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. The non-GAAP financial measures used in this press release adjust for specified items that can be highly variable or difficult to predict. Management generally uses these non-GAAP financial measures to facilitate financial and operational decision-making, including evaluation of our historical operating results and comparison to competitors’ operating results. These non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting our business.

Some limitations of non-GAAP adjusted EBITDA include the following: non-GAAP adjusted EBITDA represents net income (loss) from continuing operations before, as applicable, interest income, net, income tax expense (benefit), depreciation, amortization, stock-based compensation expense, goodwill impairment charges, long-lived assets impairment charges, charges for disposal of discontinued projects, loss on unfavorable future contracts, employee termination and other variable costs, executive separation costs, transaction-related and other variable legal and advisory fees, irregular inventory write-downs, excess purchase order obligations, gains and losses on sale of subsidiaries, and foreign exchange transaction gains and losses.

Other companies, including companies in KVH’s industry, may calculate these non-GAAP financial measures differently or not at all, which will reduce their usefulness as a comparative measure.

Because non-GAAP financial measures exclude the effect of items that increase or decrease our reported results of operations, management strongly encourages investors to review our consolidated financial statements and publicly filed reports in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

About KVH Industries, Inc.

KVH Industries, Inc. is a global leader in maritime and mobile connectivity delivered via the KVH ONE network. The company, founded in 1982, is based in Middletown, RI, with research, development, and manufacturing operations in Middletown, RI, and more than a dozen offices around the globe. KVH provides connectivity solutions for commercial maritime, leisure marine, military/government, and land mobile applications on vessels and vehicles, including the TracNet, TracPhone, and TracVision product lines, the KVH ONE OpenNet Program for non-KVH antennas, AgilePlans Connectivity as a Service (CaaS), and the KVH Link crew wellbeing content service.

This press release contains forward-looking statements that involve risks and uncertainties. For example, forward-looking statements include statements regarding projected financial results, the anticipated benefits of our restructuring and other initiatives, anticipated cost savings, our investment plans, our development goals, and the potential impact of our future initiatives on revenue, competitive positioning, profitability, and orders. Actual results could differ materially from the results projected in or implied by the forward-looking statements made in this press release. Factors that might cause these differences include, but are not limited to: continued increasing competition, particularly from lower-cost providers, low earth orbit satellite systems and other telecommunications systems, especially in the global leisure market, which is reducing demand for geosynchronous satellite services, including ours; the impact of anticipated lower revenue from the U.S. Coast Guard; potentially lower product and service margins from reseller arrangements; the risk that sales of Starlink terminals will slow down or decrease; potential hardware and software competition for our new CommBox product offerings; unanticipated obstacles to implementation of our manufacturing wind-down; unanticipated costs and expenses arising from the wind-down; unanticipated effects of the wind-down on our ongoing business; the risks associated with increased customer reliance on third-party hardware; the lack of future product differentiation; new service offerings from hardware providers; potential customer delays in selecting our services; the uncertain impact of continuing industry consolidation; the risk that our OpenNet program will lead to further reductions in sales of our satellite products; the risk that our current and future non-exclusive arrangements with Starlink and OneWeb will not provide material benefits; uncertainty regarding customer responses to new product and service introductions; challenges and potential additional expenses in retaining our employees, particularly in the current competitive labor market characterized by rising wages; the challenges of meeting customer expectations with a smaller employee base; uncertainties created by our new business strategy, which may impact customer recruitment and retention; the uncertain impact of ongoing disruptions in our supply chain and associated increases in our costs; the uncertain impact of inflation, particularly with respect to fuel costs, and fears of recession; the uncertain impact of the wars in Ukraine and the Middle East and international tensions in Asia; unanticipated changes or disruptions in our markets; technological breakthroughs by competitors; changes in customer priorities or preferences; potential customer terminations; unanticipated liabilities, charges and write-offs; the potential that competitors will design around or invalidate our intellectual property rights; a history of losses; continued fluctuations in quarterly results; the uncertain impact of changes in trade policy, including actual and potential new or higher tariffs and trade barriers, as well as trade wars with other countries, all of which could change materially under a new presidential administration or a change in control of Congress; unanticipated obstacles in our product and service development, cost engineering and manufacturing efforts; adverse impacts of currency fluctuations; our ability to successfully commercialize our new initiatives without unanticipated additional expenses or delays; potential reduced sales to companies in or dependent upon the turbulent oil and gas industry; the impact of extended economic weakness on the sale and use of marine vessels and recreational vehicles; the potential inability to increase or maintain our market share in the market for airtime services; the risk that declining sales of the TracNet H-series and TracPhone V-HTS series products and related services will reduce airtime gross margins; the risk that reduced product sales will continue to erode product gross margins and lead to increased losses; potential declines or changes in customer demand, due to economic, weather-related, seasonal, and other factors, particularly with respect to the TracNet H-series and TracPhone V-HTS series; exposure for potential intellectual property infringement; changes in tax and accounting requirements or assessments; and export restrictions, delays in procuring export licenses, and other international risks. These and other factors are discussed in more detail in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 1, 2024. Copies are available through our Investor Relations department and website, investors.kvh.com. We do not assume any obligation to update our forward-looking statements to reflect new information and developments.

KVH Industries, Inc., has used, registered, or applied to register its trademarks in the USA and other countries around the world, including but not limited to the following marks: KVH, KVH ONE, TracPhone, TracVision, AgilePlans, CommBox, and TracNet. Other trademarks are the property of their respective companies.


KVH INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)
     
  Three months ended
September 30,
 Nine months ended
September 30,
   2024   2023   2024   2023 
Sales:        
Service $    24,410  $    29,397  $    74,122  $    86,883 
Product           4,561            3,798         12,789         14,041 
Net sales        28,971         33,195         86,911       100,924 
Costs and expenses:        
Costs of service sales        14,983         16,238         44,496         47,848 
Costs of product sales           4,714            4,511         14,321         16,042 
Research and development           1,407            2,398            6,771            7,379 
Sales, marketing and support           4,932            4,841         15,650         15,673 
General and administrative           3,789            4,367         13,214         13,139 
Goodwill impairment charge                —            5,333                 —            5,333 
Long-lived assets impairment charge           1,137               657            1,137               657 
Total costs and expenses        30,962         38,345         95,589       106,071 
Loss from operations         (1,991)         (5,150)         (8,678)         (5,147)
Interest income              629               997            2,416            2,660 
Interest expense                  2                 —                   2                 — 
Other income (expense), net              216             (121)            (348)            (583)
Loss before income tax expense         (1,148)         (4,274)         (6,612)         (3,070)
Income tax expense                51                 95               126               159 
Net loss $    (1,199) $    (4,369) $    (6,738) $    (3,229)
         
Net loss per common share        
Basic $       (0.06) $       (0.23) $       (0.35) $       (0.17)
Diluted $       (0.06) $       (0.23) $       (0.35) $       (0.17)
         
Weighted average number of common shares outstanding:        
Basic        19,433          19,231          19,367          19,090  
Diluted        19,433          19,231          19,367          19,090  


KVH INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
  September 30,
2024
 December 31,
2023
ASSETS    
Cash, cash equivalents and marketable securities $                49,765 $                69,771
Accounts receivable, net                    24,757                    25,670
Inventories, net                    25,203                    19,046
Prepaid expenses and other current assets                    20,531                      4,331
Current assets held for sale                    11,410                            —
Total current assets                  131,666                   118,818
Property and equipment, net                    29,894                    47,680
Intangible assets, net                          922                      1,194
Right of use assets                      1,104                      1,068
Other non-current assets                      2,914                      3,618
Deferred income tax asset                          221                          256
Total assets $              166,721  $              172,634
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts payable and accrued expenses $                21,387                    22,412
Deferred revenue                      1,536                      1,774
Current operating lease liability                          692                          786
Total current liabilities                    23,615                     24,972
Long-term operating lease liability                          406                          289
Deferred income tax liability                              2                              1
Stockholders’ equity                  142,698                  147,372
Total liabilities and stockholders’ equity $              166,721  $              172,634


KVH INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP
EBITDA AND NON-GAAP ADJUSTED EBITDA
(in thousands, unaudited)
 
  Three months ended
September 30,
 Nine months ended
September 30,
   2024   2023   2024   2023 
Net loss - GAAP $     (1,199) $     (4,369) $     (6,738) $     (3,229)
Income tax expense                 51                  95                126                159 
Interest income, net             (627)             (997)         (2,414)         (2,660)
Depreciation and amortization           3,265            3,199          10,250          10,119 
Non-GAAP EBITDA           1,490           (2,072)           1,224             4,389  
Stock-based compensation expense               385                559            1,629            1,433 
Goodwill impairment charge                 —            5,333                  —            5,333 
Long-lived assets impairment charge           1,137                657            1,137                657 
Employee termination and other variable costs             (423)                 —            2,937                  — 
Transaction-related and other variable legal and advisory fees               295                  —                295                234 
Foreign exchange transaction loss (gain)                 48                (92)               317                  18 
Non-GAAP adjusted EBITDA $       2,932   $       4,385   $       7,539   $     12,064  
         


Contact:KVH Industries, Inc.
Chris Watson
401-845-2441
IR@kvh.com

FAQ

What was KVH Industries (KVHI) revenue in Q3 2024?

KVH Industries reported total revenue of $29.0 million in Q3 2024, representing a 13% decrease from $33.2 million in Q3 2023.

What was KVHI's net loss per share in Q3 2024?

KVH Industries reported a net loss of $0.06 per share in Q3 2024, compared to a net loss of $0.23 per share in Q3 2023.

How much did KVHI's airtime revenue decrease in Q3 2024?

KVH Industries' airtime revenue decreased by $4.6 million to $22.8 million, representing a 17% decline compared to Q3 2023.

What was KVHI's adjusted EBITDA for Q3 2024?

KVH Industries reported non-GAAP adjusted EBITDA of $2.9 million in Q3 2024, down from $4.4 million in Q3 2023.

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Communication Equipment
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MIDDLETOWN