ISG reported revenues totaled $ 37.4 million and $ 18.9 million during the fourth quarters of 2008 and 2007 , respectively . On a proforma basis , ISG fourth quarter revenues decreased $ 5.7 million or 13.3 % ( down 5.0 % before the impact of currency translation ) from $ 43.1 million in the fourth quarter of 2007 . Fee revenues ( revenues before client reimbursable expenses ) decreased 13.2 % year-over-year to $ 34.4 million . Revenues from international operations decreased 4.7 % from proforma fourth quarter 2007 primarily attributable to impact of currency translation offset by demand for strategy and assessments and contract negotiation services in Europe and Asia Pacific . Fourth quarter 2008 revenues in the Americas were down 19.0 % from the same prior period primarily due to current and prospective clients deferring sourcing decisions in the face of the challenging macro-economic conditions .