NEW YORK (AP) ? Bermuda-based asset manager W.P. Stewart & Co. said this week that fourth-quarter profit fell 87 percent because of the impairment of certain assets.

Net income dropped to $2.8 million, or 6 cents per share, from $21.8 million, or 48 cents per share, a year ago. Results included the liquidation of certain customer accounts in a company owned by W.P. Stewart.

Excluding this charge, the Hamilton, Bermuda-based company reported fourth-quarter net income of $15.2 million, or 33 cents per share. Revenue fell 6 percent to $45.5 million from $48.4 million last year.

Analysts surveyed by Thomson Financial expected earnings per share of 33 cents on revenue of $38.6 million.

For the full year, the company posted net income of $40.1 million, or 87 cents per share, down from $63.1 million, or $1.39 per share, last year.

Excluding charges, the company reported earnings of $52.5 million, or $1.14 per share. Revenue fell 3 percent to $147.9 million from $152.3 million. Analysts forecast earnings per share of $1.15 on revenue of $139.8 million.