* Q4 loss per share $8.83 vs $1.81

* Revenue falls 21.6 pct to $101 million

* Shares drop 16 pct to 44.5 Canadian cents (Adds details, company comments, updates share price; in U.S. dollars unless noted)

TORONTO, April 6 (Reuters) - Mega Brands (MB.TO: Quote, Profile, Research) posted a wider fourth-quarter loss on Monday and warned of even tougher times ahead, sending its shares down more than 16 percent.

The Montreal-based toy and stationery products maker said it lost $323.3 million, or $8.83 a share for the quarter, compared with a loss of $66.2 million, or $1.81 a share, in the year ago period.

Sales declined 21.6 percent to $101 million from $128 million.

The results were hurt by impairment of goodwill and intangible assets and other charges amounting to $234.4 million or $6.40 per diluted share.

"Instead of the turnaround we anticipated, the fourth quarter turned out to be a disappointment," Chief Executive Marc Bertrand said on a conference call.

Bertrand said the company planned to take additional measures to preserve cash and increase liquidity.