or the nine-month period ended June 30, 2008, net income was us$ 290.5 million or us$ 0.92 per diluted share compared to us$ 385.6 million or us$ 1.14 per diluted share in the same period last year. Comparability for the year-to-date periods is affected by a number of significant items. A supplemental schedule of these items is included at the end of this release.
"Although the market environment continues to be impacted by unfavorable economic conditions, IGT delivered strong revenues and gross profits during the third quarter," said Chairman and CEO TJ Matthews. "We furthered our server-based gaming initiatives with the release of several new models on our Advanced Video Platform (AVP) and the completion of the strategic acquisition of Million-2-1 in the third quarter, as well as closing the acquisition of substantially all of the assets of Cyberview Technology, Inc. in July. In addition, we have repurchased 14.6 million shares of IGT stock since April 18, 2008."
Third quarter revenues and gross profit from gaming operations were us$ 333.6 million and us$ 202.1 million, respectively, compared to us$ 341.9 million and us$ 210.6 million for the same quarter last year. For the nine months ended June 30, 2008, revenues and gross profit from gaming operations totaled us$ 1 billion and us$ 585.4 million, respectively, compared to us$ 1 billion and us$ 608.3 million in the same prior year period.
For the current quarter and year-to-date, gross margins on gaming operations were 61% and 58%, respectively, compared to 62% and 60% in the prior year. Gross profit and margins in the current year-to-date period were impacted by significant interest rate reductions that increased jackpot-related expense and technical obsolescence charges for fixed assets related to our transition to new game cabinets and platforms. In the prior year-to-date period, gross profit and margins were favorably impacted by a gain from the Gulf Coast hurricane property damage portion of the insurance proceeds that totaled us$ 5 million before tax.
As of June 30, 2008, our gaming operations installed base totaled 59,200, an increase of 1,000 units from the prior year quarter and 500 units from the immediately preceding quarter. Sequential and year-over-year growth was primarily the result of expansion in international lease operations markets.