The world’s largest collection agency, NCO Group, reported results for the full year and fourth quarter 2008 Wednesday. The results?

Horsham, Pennsylvania’s NCO Group, Inc. reported a net loss for the full year 2008 of $337.1 million. In the fourth quarter of 2008 alone, the company reported a net loss of $286.6 million.

Mike Barrist, NCO Group Chairman and CEO, said that the company had achieved its objectives for the 2008 calendar year. The company’s EBITDA (earnings before interest, taxes and depreciation) for 2008 was $95.5 million. “As we continue to navigate through 2009, we believe NCO is well positioned among its peers within each of its core markets to capitalize on all available opportunities,” said NCO CEO Mike Barrist.

NCO Group acquired OSI in early 2008 and that acquisition contributed to the record revenue of $1.51 billion in 2008. $1.22 billion of that revenue was generated by NCO’s Collection Agency business. The company noted in an SEC filing that 60 percent of the ARM unit’s revenues were generated “from the recovery of delinquent accounts receivable on a contingency fee basis.” NCO also stated in an SEC filing that they spent $126.5 million purchasing debt portfolios in 2008.

In addition to being the world’s largest debt collector, NCO is infamous for a 2004 FTC Lawsuit which it paid the largest civil fine ever for an FCRA case, $1.5 million.