New Skies Satellites [NYSE: NSK] reported first quarter net income of $3.6 million, rebounding from a net loss of $17 million during the same quarter last year.

The big difference consisted of a one-time charge of $23.4 million for an accounting change affecting goodwill during the first quarter last year that wiped out what otherwise would have been net income of $6.4 million. Revenues for New Skies grew slightly to $52 million in the first quarter, compared with $51.8 million for the same quarter last year. Operating expenses, excluding depreciation, fell by $0.2 million to $51.8 million during the first quarter, in contrast to $52 million for the same quarter a year ago.