Fourth Quarter 2008 Highlights

• Revenues for the fourth quarter of 2008 were $2,048 million, a decrease of 18% compared to $2,504 million for the fourth quarter of 2007 and a decrease of 25% compared to $2,731 million for the third quarter of 2008.
• Net income for the fourth quarter of 2008 was $598 million or $2.53 per diluted share compared to net income of $2 million or $0.01 per diluted share for the same period in 2007 and compared to net loss of $20 million or $0.09 loss per diluted share for the third quarter of 2008.  Adjusted net loss from continuing operations for the fourth quarter of 2008 was $91 million or $0.38 loss per diluted share compared to adjusted net income from continuing operations of $51 million or $0.22 per diluted share for the same period in 2007 and adjusted net loss from continuing operations of $2 million or $0.01 loss per diluted share for the third quarter of 2008.
• Adjusted EBITDA from continuing operations for the fourth quarter of 2008 was $51 million compared to $195 million for the same period in 2007 and compared to $194 million for the third quarter of 2008.

2008 Highlights

• Revenues for 2008 were $10,215 million, an increase of 6% compared to $9,651 million for 2007.
• Net income for 2008 was $609 million or $2.60 per diluted share compared to net loss of $172 million or $0.74 loss per diluted share for 2007.  Adjusted net loss from continuing operations for 2008 was $57 million or $0.24 loss per diluted share compared to adjusted net income from continuing operations of $271 million or $1.16 per diluted share for 2007.
• Adjusted EBITDA from continuing operations for 2008 was $643 million compared to $926 million for 2007.

Read the full release here. (PDF, 154 kb)