Revenues for the quarter ended December 31, 2008 were $274.0 million, up 8.9% from $251.6 million in the same quarter last year. Acquisitions less than 12 months old contributed around $14.2 million to the growth in revenues for the quarter. Gross profit was $125.3 million, up 11.5% from $112.4 million in the same quarter last year. Gross profit as a percent of revenue was 45.7% versus 44.7% in the fourth quarter of 2007.
Net income for the fourth quarter of 2008 was $39.1 million or $0.45 per diluted share compared with net income of $24.1 million or $0.27 per diluted share for the fourth quarter of 2007. Net income for the fourth quarter of 2007 included the effect of $9.8 million of charges or $0.11 per diluted share related to an arbitration settlement, trade name write-down and foreign investment write-down. These charges were partially offset by receipt of insurance proceeds and a gain on sale of assets.
Full Year Results
Gross profit was $485.0 million, up 16.1% from $417.9 million in the same period last year. Gross profit as a percent of revenues was 44.8% in both 2008 and 2007. Earnings per diluted share for 2008 increased 27.9% to $1.68 from $1.32 per diluted share for 2007. Earnings per diluted share for 2008 were negatively impacted by $0.05 per diluted share related to the arbitration settlement recorded in the first quarter of 2008 and impairment of fixed assets. Earnings per diluted share for 2007 were negatively impacted by $9.3 million of charges or $0.10 per diluted share for the impairment of permit, fixed assets write-offs and the charges described in the quarterly results paragraph above, partially offset by the receipt of insurance proceed and gains from sale of assets.
Cash flow from operations was $210.6 million for the full year of 2008. Cash flow and increased loan balances were used to strengthen our business by acquisitions, international investments, capital expenditures and funding share repurchases.
