For the quarter ended Dec. 31, the real estate services company said net income fell 95 percent to $6.5 million, or 3 cents per share, from $122.4 million, or 54 cents per share, in 2007's fourth quarter.

Those earnings per share amounts do not include the effect of "significant" non-cash goodwill and other impairment charges that the company said it was still assessing. The company said it would provide details on the charges when it files its earnings statements with the Securities and Exchange Commission.

After excluding other one-time charges related to mergers, acquisitions and asset impairments, CB Richard Ellis would have recorded fourth-quarter net income of $87.7 million, 37 cents per share, down from net income of $144.3 million, or 63 cents per share, in the same period the year before.

Revenue fell to $1.3 billion from $1.8 billion in the year-ago period, the company said in Tuesday's earnings report.

Analysts polled by Thomson Reuters expected net income of 27 cents per share on revenue of $1.4 billion. Analyst estimates typically exclude one-time charges.

Shares gained 53 cents, or 14 percent, to $4.30 in afternoon trading after reaching as high as $4.89 earlier in the day.

For all of 2008, the company's net income dropped to $83.9 million, or 39 cents per share, from $390.5 million, or $1.66 per share, the year before.

Full-year revenue totaled $5.1 billion, down from $6 billion in 2007.

Without one-time charges, CB Richard Ellis would have recorded full-year net income of $208.7 million, or 97 cents per share, compared with net income of $496.8 million, or $2.11 per share, in 2007.

The company said quarterly results were hurt by weak sales and leasing activity caused by the economic downturn.

However, lower revenue in the company's investment management business in the U.S., Europe and Asia -- and reduced sales volume in its development services segment -- were mitigated by growth in its outsourcing business, lower compensation expenses and cost reductions.

In a statement, Chief Executive Brett White said the credit crunch and global economic weakness present challenges for the real estate market this year.

"As such, we will continue to manage our business carefully to sustain profitability in a market where property sales and leasing activity remains highly constrained," White said.