GeoEye, Inc. has reported its financial results for the first quarter of 2009.

First quarter 2009 revenues were $45.2 million, a 26 percent increase compared to $35.9 million in the first quarter of 2008. The increase was primarily due to their GeoEye-1 satellite starting commercial operations in February 2009, resulting in increased imagery orders from the National Geospatial-Intelligence Agency (NGA). In addition, we began recognizing deferred revenue related to the cost share from NGA for GeoEye-1. Income from operations was $1.7 million for the first quarter 2009 compared to $5.6 million for the first quarter 2008. The decrease was due to increased costs related to GeoEye-1 becoming operational, offset by our initial revenues from GeoEye-1. Beginning in the first quarter of 2009, operating expenses included operating costs related to the GeoEye-1 satellite including depreciation, satellite insurance and salary costs. Our net loss for the first quarter of 2009 was $1.7 million compared to a net loss of $0.8 million for the corresponding period in 2008. Read the entire financial report at this direct link.