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million in the first quarter, compared to a $9.2 million loss in the same periodrof 2008. NCO said the net loss included $443,000 of restructuring charges primarily related to the acquisitioj of OutsourcingSolutions Inc. in 2007. The 2008 first-quarter loss includeed a noncash allowance for impairment of purchased accounts receivableof $6.2 million and $5.5 millionn of restructuring and other nonrecurring chargeas primarily related to the acquisition of OSI and Systemas & Services Technologies Inc. Revenues were up to $402 milliob from $365 million in first quarter 2008.
NCO is organizede into three operating divisions: Accounts Receivable Managemeny (ARM), Customer Relationship Management and PortfolioManagement (PM). The additiona revenue was primarily the result of increasexd volume from new and existing clientsd as they continued to increase their use of outsourced partners in order to meet staffing needs in a risingdelinquency environment. This was partially offset by reducedc collections as a result of the ongoingy difficulteconomic climate.
During the quarter, the CRM division operateds above its revenue and profitability targets primarily as a resulty of better than expected volumes from existing clients, as well as increased work force During the quarter, PM operated below revenue target and slightly above its profitability target. PM'ds lower revenue was primarily a resulg of less than expected purchases durinvthe quarter. NCO was taken private in 2006 by a groul including CEOMichael J. Barrist, other NCO executived and One Equity Partner sII LP.
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