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Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A) Announces 2012 Third Quarter Operating Results

TORONTO, ONTARIO -- (Marketwire) -- 11/13/12 -- Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A) -


For the periods ended September 30          Three Months      Nine Months   
($ in thousands, except per share amounts)    2012    2011     2012    2011 
----------------------------------------------------------------------------
Net revenue                                $20,858 $18,871  $61,231 $53,869 
Operating earnings                           4,647   4,344   14,347  11,809 
Net gains (losses)                           2,045  (2,013)   1,481  (1,707)
Net earnings before net gains (losses) on                                   
 securities held for sale                    6,045   2,136   13,262   9,570 
Adjusted cash flow from operations           5,091   5,227   15,737  13,892 
Per Share                                                                   
Net earnings before net gains (losses) on                                   
 securities held for sale                                                   
                                                                            
  Basic                                    $  0.20 $  0.11  $  0.42 $  0.34 
  Diluted                                     0.19    0.10     0.42    0.33 
Adjusted cash flow from operations                                          
  Basic                                    $  0.16 $  0.16  $  0.50 $  0.43 
  Diluted                                     0.16    0.16     0.49    0.43 
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The Company's operating results for the third quarter of 2012 reflect the   
early adoption by the Company of IFRS standards 10, 11 and 12, and the      
amendment of its policies regarding controlled entities which are held for  
sale.                                                                       
                                                                            
Net gains (losses) on securities held for                                   
 sale (1)                                  $ 2,849 $(8,410) $ 3,475 $(7,729)
Net earnings (loss) available to                                            
 shareholders                                8,750  (5,876)  16,641   2,258 
Per Share                                                                   
Net earnings (loss) available to                                            
 shareholders                                                               
  Basic                                    $  0.30 $ (0.18) $  0.53 $  0.07 
  Diluted                                     0.29   (0.18)    0.52    0.07 
(1) The "Net gains (losses) on securities held for sale" disclosed above    
    represents, for the periods indicated, the net changes in the fair value
    of certain mutual funds, which have been recorded in accordance with new
    accounting standards and policies which the Company has adopted in the  
    current quarter, on a retrospective basis.                              
                                                                            
----------------------------------------------------------------------------

All per share figures disclosed below are stated on a diluted basis.

Assets under management were $18.0 billion as at September 30, 2012, compared to $15.9 billion as at December 31, 2011 and $15.2 billion as at September 30, 2011. Assets under administration were $9.2 billion as at September 30, 2012, compared to $8.7 billion as at December 31, 2011, and $8.4 billion as at September 30, 2011.

Net earnings before net gains (losses) on securities held for sale available to shareholders for the quarter were $6.0 million or $0.19 per share, compared to $2.1 million or $0.10 per share in the third quarter of 2011. Net earnings before net gains (losses) on securities held for sale available to shareholders for the nine months in 2012 were $13.3 million, or $0.42 per share, compared with $9.6 million, or $0.33 per share in the year 2011. Management believes that the "Net earnings before net gains (losses) on securities held for sale" stated above is the most directly comparable measure of the historical presentation of the Company's operating results.

Adjusted cash flow from operations for the quarter was $5.1 million or $0.16 per share, compared to $5.2 million or $0.16 per share in the third quarter of 2011.

The fair value of the Company's holdings of securities as at September 30, 2012 was $377 million, or $11.82 per share, compared with $364 million, or $11.17 per share at December 31, 2011, and $385 million, or $11.82 per share at September 30, 2011.

Guardian Capital Group Limited is a diversified financial services company founded in 1962 and celebrating its 50th year in business. Guardian serves the wealth management needs of a range of clients through its various business segments. Guardian's operations include investment management; financial advisory; and corporate investments. Its Common and Class A shares are listed on The Toronto Stock Exchange.

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