Net earnings were $516,000, or $0.05 per diluted share, for the fourth quarter of 2007, compared to $1.26 million, or $0.11 per diluted share, for the same period of 2006.
For the full year period of 2007, total revenue was $14.17 million, compared to $20.50 million for the full year period of 2006. Net earnings were $6.27 million, or $0.25 per diluted share, for 2007, compared to $6.27 million, or $0.55 per diluted share, for 2006.
Stuart Raftus, president and CEO, said: 2007 was a pivotal year for Seamark. The operational changes undertaken in 2006 had a positive impact. Although earnings were under pressure as assets under management declined, we made progress in enhancing client relations and investment performance.