Travelport, parent of the Galileo and Worldspan GDSs, reported that revenue declined 19% in the fourth quarter of 2008, but the company's EBITDA (earnings before interest taxes, depreciation and amortization) was $117 million.

The $117 million in earnings reversed a $151 million loss in the fourth quarter of 2007.

"I'm pleased Travelport was able to grow profitability in the fourth quarter and full year 2008, given the significant decline in industry demand and the unprecedented macroeconomic environment," said Travelport CEO Jeff Clarke. "This was made possible by the excellent execution during these challenging times"

Clarke said GDS segments declined 15% during the quarter and 11% for the year.

However, cost-saving initiatives aided the bottom line, said Travelport CFO Mike Rescoe.

"Over two years ago, we started reducing Travelport's cost structure through our re-engineering cost savings and Worldspan synergies programs," Rescoe said. "These actions have better positioned the company to withstand the significant decline in travel demand that has continued to deteriorate throughout the year. We believe we are better positioned to operate through this challenging environment and take advantage of a rebound in travel when it occurs.

"During the quarter, we realized $48 million of cost savings from our re-engineering program, compared to $37 million of cost savings realized during the fourth quarter of 2007. We also realized $30 million from Worldspan synergies during the period."

As part of further cost cutting, Travelport said the company would consolidate corporate financial and human resources functions into its U.K.-based GDS headquarters in the fourth quarter of 2009.

Rescoe and Jo-Anne Kruse, Travelport's executive vice president of human resources, have chosen not to relocate to the U.K. and will depart Travelport in October 2009, said the company.

Following a transition period, the company expects to appoint Philip Emery, currently chief financial officer of Travelport GDS, to Rescoe's position.

Travelport is a private company owned by the Blackstone Group. Travelport owns 48% of Orbitz Worldwide, a public company.