SOUTH PORTLAND (AP) – Wright Express Corp. on Wednesday reported increased revenues during the fourth quarter of 2005.

Net income to common shareholders on a GAAP, or generally accepted accounting principles, basis for the fourth quarter of 2005 was $28.3 million, or 69 cents per diluted share, compared with net income of $14.3 million, or 35 cents per diluted share, for the same period a year earlier.

For the year ending Dec. 31, net income on a GAAP basis was $18.7 million, or 46 cents per diluted share, compared with $51.2 million, or $1.25 per diluted share, for full-year 2004.

Adjusted net income for full-year 2005 was $48.9 million, which represents a 20 percent increase over the $40.8 million of non-GAAP net income for full-year 2004.

Total revenues increased 28 percent to $64.4 million from $50.4 million for the fourth quarter of 2004.

“Our results were driven by growth in average number of vehicles serviced and number of transactions processed, as well as productivity gains as our business model scales,” said Michael Dubyak, president and chief executive officer of the company, which provides payment processing and information management services to the commercial and government fleet industry.

Bubyak said the company’s solid cash flow enabled it to pay down another $7 million of financing debt during the fourth quarter, raising the total paid down for 2005 to $47.5 million.

The company said fourth-quarter and full-year results for 2005 are not directly comparable with 2004 on a GAAP basis due to the non-cash earnings fluctuations associated with the company’s fuel-price related derivative instruments.

The GAAP financial results for the fourth quarter of 2005 include an unrealized $20.9 million pretax, non-cash, mark-to-market gain on these instruments.

Wright Express shares closed at $26.89 on the New York Stock Exchange on Wednesday, up 55 cents, or 2.09 percent per share.