Satelites Mexicanos (Satmex), a Mexico City-based satellite operator, reported revenues of $20.8 million for the first quarter, compared to $22.6 million for the same quarter in 2002. The company attributed the revenue decline to lower capacity utilization of the fleet, driven by an Innova contract that expired on March 31, 2002.

The company’s EBITDA (earnings before interests, taxes, depreciation and amortization) was $11.2 million in the quarter, a 53.9 percent margin, as compared to $13.0 million and a 57.4 percent EBITDA margin during the first quarter last year.