Worldspan has posted revenues worth $262.1 million, operating income of $54.3 million and net income of $36.5 million in the first quarter.

Worldspan’s financial results for the quarter benefited from a reduction in expenses of $11.3 million related to contractual payments that were received from certain former online travel agencies towards settlement of disputes, according to the company.

Excluding these benefits, operating income would have been $43 million and net income would have been $25.2 million. The year-over-year net income comparison also benefited from a $55.6 million charge the company incurred in the first quarter of 2005 in connection with its refinancing activities in February 2005. Excluding this charge, the company’s reported net loss of $34.1 million in the first quarter of 2005 would have been net income of $21.5 million.

The quarter revenue was up $1.5 million or one percent over the first quarter of 2005. Electronic travel distribution revenue was $242.7 million, a $0.7 million increase compared to $242.0 million in the first quarter of 2005. This increase was a result of higher yields, offset by a decline in transactions in the first quarter of 2006 versus 2005. IT Services revenue was $19.4 million, an increase of $0.8 million, or four percent, compared to revenue of $18.6 million in the first quarter of 2005.

First quarter reported net income was $36.5 million compared to a net loss of $34.1 million for the same period last year. Both periods had non-recurring items.