Panamsat Holdings Corp. reported revenues of $208.8 million for the first quarter of 2005 ending March 31, up 1.6 percent from the $205.4 million in revenues reported in the first quarter of 2004. The company also reported a net income of $1.1 million for the first quarter of 2005, compared to a net loss of $31.9 million during the same period last year. The net loss during the first quarter of 2004 included a one-time satellite impairment loss.

First quarter 2005 Fixed Satellite Services (FSS) revenues increased $4.5 million to $193.9 million compared to first quarter 2004 FSS revenues. Panamsat attributed the increase to higher video service sales, partially offset by a reduction in network services revenues. Revenues from the company’s G2 government services business unit decreased by $1.3 million during the first quarter 2005 from the same period in 2004. The decrease, according to company executives, was due primarily to a delay in the receipt of revenues of $1.5 million associated with the construction of an L-band payload on the Galaxy 15 satellite.

“Our year-over-year revenue growth was predominantly driven by our core video business, where we are continuing to realize incremental capacity sales for the delivery of high definition television programming to cable distribution systems over our satellites,” Panamsat CEO Joseph Wright said in a prepared statement. “We also are encouraged by recent developments in our telecommunications and satellite-based Internet protocol businesses. As international customers are looking to expand their telecommunications infrastructure, we see an opportunity to leverage low-cost ground terminal and hub management systems and provide a cost effective solution for expanding in-country and international connectivity using our satellite assets.”