Total revenues excluding client reimbursements for the third quarter of 2008 were $19.6 million, compared with $21.2 million in the third quarter of 2007. Adjusted revenues were $19.6 million, compared to adjusted revenues of $24.2 million in the same quarter of 2007. Adjusted EBITDA was $1 million, compared to $2.2 million for the same quarter of 2007.
For the nine months ended September 30, 2008, total revenues excluding client reimbursements were $79 million, compared with $70.9 million in the prior-year period. Net income for the year was $7.7 million, or $0.42 per share, compared with a loss of $3.9 million, or $0.21 per share, for the nine-month 2007 period. Adjusted revenues for the period were $72.5 million, compared with $74 million in 2007. Adjusted EBITDA for the 2008 nine-month period was $9.9 million, compared with $8.4 million in the 2007 period.
Trip Davis, president and CEO of TRX, said: We anticipate that the challenging conditions in the travel industry both in the US and globally will continue to affect our revenue for the remainder of 2008 and in 2009. As announced previously, we anticipate that transitions with two clients, Citibank and Expedia, will reduce both client concentration and revenue from large customized installations. This will position us to focus on being a more nimble and scalable hosted travel technology and data services leader for a broader client base in 2009 and beyond.
