Spacedev Inc. reported revenues of $7.2 million in the first quarter of 2006, up nearly 300 percent from the same period a year ago, primarily due to the acquisition of Starsys Research Corp. during the period, Spacedev announced May 16. Revenues in the first quarter of 2005 were $1.8 million.

Spacedev’s profit fell from $101,000 in the first quarter of 2005 to $7,000 in the first three months of 2006. Spacedev attributed the decline to stock option expense, as well as additional expenditures related to preparation of contract proposals for a pair of government programs.