The acquisitions less than 12 months old contributed about $19.8 million to the growth in revenues for the quarter. The revenues increased 15.1% compared to the first quarter of 2008 when adjusted for the unfavorable foreign exchange impact of $16.1 million. Gross profit was $127.8 million, up 12.5% from $113.6 million in the same quarter last year. Gross profit as a percent of revenue was 46.1% versus 44.6% in the first quarter of 2008.
The net income for the first quarter of 2008 incorporated the effect of $3.3 million of charges associated to an arbitration settlement and net income for the first quarter of 2009 incorporated the effect of $0.4 million of charges related to the adoption of FAS 141R expensing of acquisition transaction related expenses. Adjusted for these charges, the earnings per diluted share increased from $0.39 in the first quarter of 2008 to $0.47 in the first quarter of 2009 or 20.8%.
Cash flow from operations was $76.0 million for the first quarter of 2009. Cash flow and increased loan balances were used to strengthen the company’s business by acquisitions, international investments, capital expenditures and funding share repurchases.
