Revenues for the fourth quarter of 2008 were $66.1 million, compared to $72.7 million for the same period in 2007. Net loss for the fourth quarter of 2008 was $6.5 million or $0.16 per diluted share, compared to a net loss of $6.2 million or $0.16 per diluted share in the fourth quarter of 2007. Non-GAAP net loss for the fourth quarter of 2008 was $1.8 million, or $0.04 per diluted share, compared to Non- GAAP net income of $6.2 million, or $0.15 per diluted share in the fourth quarter of 2007. Revenues for the twelve month period ended December 31, 2008 were $267.5 million, compared to $282.6 million in the comparable period of 2007. Net loss for the twelve month period ended December 31, 2008 was $1.1 million or $0.03 per diluted share, compared to net income of $10.1 million or $0.24 per diluted share in the same period of 2007. Non-GAAP net income for the twelve month period ended December 31, 2008 was $5.2 million, or $0.12 per diluted share, versus Non-GAAP net income of $23.6 million, or $0.57 per diluted share, in the comparable period of 2007.
At the end of 2008, the Company announced the successful execution of new agreements with the Ministry of Colombia, closing long negotiations and clearing the way for the Company to be able to release $24 million from its restricted cash during 2009 and 2010. The net loss in the 2008 GAAP results includes an impairment of the Company's long lived assets and other charges in an amount of $5 million relating to these new agreements (compared to $12.2. million recorded in 2007 relating to operations in Colombia).