This paper deals with the dynamic features of a spin stabilized satellite having flexible appendages. The satellite is assumed to be constituted as a central rigid body and flexible appendages attached in the spin plane. The analysis is based on the method of averaging. The decay time constant for nutational body motion derived as the first-order solution of this method is the same as the result obtained by the energy sink method. The second-order decay time constants obtained by this method are in good agreement with numerically computed solutions over a range of parameter values for which corresponding results obtained by the energy sink method are not accurate. Analytical stability criteria are also obtained. Furthermore, the heavy damping characteristics of nutational body motion due to nonlinear internal resonance are investigated analytically by this method, and a closed form solution is obtained.