The privately held company blamed a "weaker collection environment," the effect of foreign currency exchange rates, unexpected changes in client programs, and the "consumer-driven downturn" in the economy.

"Historically, these types of downturns initially impact our business negatively as consumers slow their payment patterns, and our clients are forced to make operational changes to offset the adverse impact to their businesses," NCO chairman and chief executive officer Michael J. Barrist said.

The company said its fourth-quarter revenue was $279.7 million, and it had operating earnings - before such items as interest and taxes - of $14.7 million

Revenue was reduced by $25.0 million for an allowance for impairment of purchased accounts receivable.