WP Stewart & Co. Ltd. suffered a net loss of $6.6 million or $1.26 per share for the fourth quarter 2008.

This loss includes fourth quarter non-recurring, cash and non-cash charges of approximately $297,000 or six cents per share.

In addition, non-recurring, cash charges of about $232,000 were incurred in the period, mainly reflecting agreements with employees whose employment terminated during the quarter.

Excluding these non-recurring, cash and non-cash charges, the fourth quarter net loss was $6.3 million or $1.20 per share. These results compare with net loss in the fourth quarter of 2007 of $21 million or $4.53 per share.

These prior year results include non-recurring charges of $15.7 million, including a non-cash charge of approximately $15.6 million related to an impairment of assets, or $3.37 per share.

This impairment reflected a decrease in assets under management, the fees from which were supporting intangible assets per the Financial Accounting Standards Board.