Operating income was $40.7 million, or 40.3% of revenues, for the fourth quarter of 2007, compared to $25.5 million, or 39.1% of revenues, for the prior-year quarter. Net income for the fourth quarter of 2007 was $25.8 million, or $0.97 per diluted share, compared to $16.6 million, or $0.62 per diluted share, in the year-ago quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2007 was $51.5 million, compared to the fourth quarter 2006 EBITDA of $34.2 million.
Revenues for 2007 increased 23.5% to $339 million, compared to $274.6 million for 2006. Operating income was $145.9 million, or 43% of revenues, for 2007, compared to $120.4 million, or 43.8% of revenues, for 2006. Net income for 2007 increased 25.2% to $94.8 million, or $3.58 per diluted share, compared to net income of $75.7 million, or $2.76 per diluted share, for 2006. Net income in 2006 and 2007 each included pre-tax gains on vessel sales of $1.9 million, or $0.04 per diluted share.
