Orbital Sciences Corp. reported revenues of $167.1 million for the first quarter of 2005, up 10 percent from the $151.4 million in revenues for the first quarter of 2004. Revenue growth was attributed primarily to a 19 percent revenue increase in the company’s satellites and related space systems segment and a five percent increase in the launch vehicles segment. The science and related space systems growth was driven by significantly higher revenues from science, technology and defense satellite contracts. That growth was partially offset by lower revenues in the company’s communications satellites product line.

Net income dropped to $6.2 million during the recently completed first quarter, compared to $11.5 million in net income reported during the same period one year ago. The drop in net income was attributed to a substantially higher income tax expense reported in the first quarter of 2005.