Intelsat Ltd. reported a slight drop in revenues and a 74-percent drop in net income for the first quarter of 2004, compared with the same period last year.

Revenues of $235.4 million were earned during the first quarter ended March 31, down from $238.9 million recorded in the first quarter of 2003. Officials attributed the drop to a decline in the volume of capacity sold as channel and carrier services, offset by managed-service revenue and lease services along with other revenues generated from the operations of the assets acquired from Loral Space & Communications March 17.

Net income for the just-ended first quarter was $16.8 million, down from $64.1 million during the same period last year. The drop was attributed in part to lower revenues, and to higher operating and interest expenses.