Halifax-based Seamark Asset Management Ltd. announced on Thursday that it experienced net earnings of $93,000 on revenue of $10.5 million for the full year ended Dec. 31, 2008, including the impact of an impairment charge, down from net earnings of $2.8 million and revenue of $14.2 million the year prior.

The impairment charge arose from the company’s temporary investments, the market value of which declined significantly in late 2008 as global equity markets retreated. The impairment charge and a future tax asset valuation allowance together resulted in a reduction in earnings per share of $0.09 for both the full year and Q4.

Overall, liquid assets increased during Q4, ending the year at $11.3 million compared with $11.0 million as of Sept. 30, 2008. Positive net cash flow during the quarter resulted in an increase in cash and short-term investments from $8.7 million on Sept. 30 to $9.4 million at yearend, more than offsetting market value declines in temporary investments, which ended the year at $1.9 million.

“History will remember 2008 as one of the most trying years ever experienced by investors,” said Stuart Raftus, Seamark’s president and CEO. “Through these difficult markets, our investment team executed on our investment discipline, and delivered above median results for our clients in each of our major investment mandates. Seamark’s balanced, fixed-income and Canadian equity mandates all rank very well in industry surveys over one-, two-, three-, four- and 10-year periods. This strong relative performance during difficult times has positioned the company very well for resumed asset growth.

“Recent market turmoil has highlighted how important it is for companies in the financial services sector to maintain the confidence of their clients. In this regard, Seamark may rely not only on its strong relative performance, but also on its enviable financial position. Our cash and short-term investments continue to build, providing us with significant financial flexibility. We remain debt free and our financial resources on hand are more than adequate to allow us to continue to deliver excellence in client service through these difficult times,” Rafter concludes.