Newly launched international news service had a good first quarter and sees positive signs for the rest of the year, including coming in under budget and raising more money to finance its operations. That’s not bad, and looks all the better considering how the news business is under assault these days. Oh, and it aims to be cash-flow positive by the fourth quarter of 2011.

Here is a quick reminder of what GlobalPost is, lifted from a story I wrote about it earlier this year:

With 65 correspondents in 46 countries, GlobalPost will have its own website and sell news to papers whose readers want in-depth, analytical stories that supplement what they get from news wires such as The Associated Press, Reuters and Bloomberg.

The idea is that, as U.S. newspapers cut overseas staff to save money, GlobalPost would step in with a network of regular freelancers to help fill the gap. Its importance on a wider level is that it wants to find a way to sustain a viable overseas news service at a time when it looks like the old advertising/subscription model is moribund and the future is bleaker than ever. Its success could provide some clues to old media news outlets on how they can survive.

Here are excerpts from Chief Executive Philip Balboni’s first-quarter memo, with areas in boldface highlighted by me.