Seamark Asset Management Ltd. swung to a loss in second quarter of 2009, the Halifax-based company said Thursday.

The net loss for the quarter ended June 30 was $73,000, 1¢ a share. That compared with net income of $312,000, or 3¢ a share, a year ago

This quarterly loss “includes a 1¢ per share impact from costs associated with a reduction in staffing late in the quarter,” Seamark said.

Revenue for the quarter was $1.6 million, down from $2.8 million in the year-earlier period.

Assets under management at the end of the quarter slipped to $1.96 billion, down from $2.38 billion at the end of the first quarter of 2009, and $3.77 billion a year ago.

“Following a tumultuous start to the year, the second quarter was characterized by a greater sense of normalcy for the markets and our company,” said Brent Barrie, CEO. “Investment industry conditions have begun to recover and our results on behalf of clients position us well for future growth.”

“We have restored the financial balance in our operations and our cash expenses now better reflect the needs of our business. In order to realize on our growth potential, we now need to demonstrate that we have the conditions in place to ensure long-term organizational stability. Our efforts are focused on creating these conditions for the benefit of clients, employees and shareholders,” Barrie said.

IE