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Guardian Capital Group Limited (TSX: GCG; GCG.A) Announces 2014 Second Quarter Operating Results

TORONTO, ONTARIO -- (Marketwired) -- 08/11/14 -- Guardian Capital Group Limited (TSX: GCG)(TSX: GCG.A) -

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


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For the periods ended June 30         Three Months          Six Months
($ in thousands, except per share
amounts)                               2014      2013         2014     2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net revenue                        $ 29,257 $  25,041  $    56,979 $ 48,198
Operating earnings                    9,199     6,390       17,755   11,469
Net gains                             2,737       666        6,384    1,236
Net earnings before net gains
 (losses) on securities held for
 sale                                10,066     6,255       20,690   11,320
Net gains (losses) on securities
 held for sale                          222    (1,243)         608     (728)
Net earnings available to
 shareholders                        10,163     4,963       21,079   10,506
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EBITDA                             $ 10,427 $   7,859  $    20,198 $ 14,330
Adjusted cash flow from operations    9,040     6,856       16,516   11,591
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Per Share
Net earnings before net gains
 (losses) on securities held for
 sale                              $   0.32 $    0.20  $      0.66 $   0.36
Net earnings available to
 shareholders                          0.33      0.16         0.68     0.34
EBITDA                                 0.33      0.25         0.65     0.46
Adjusted cash flow from operations     0.29      0.22         0.53     0.38
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As at                              June 30, March 31, December 31, June 30,
($ in millions, except per share
 amounts)                              2014      2014         2013     2013
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Assets under management            $ 24,601 $  23,237  $    22,228 $ 20,379
Assets under administration          12,732    12,227       11,559   10,322
Fair value of corporate holdings of
 securities                             497       468          449      394
Shareholders' equity                    463       438          415      355
----------------------------------------------------------------------------
Per Share
Fair value of corporate holdings of
 securities                        $  15.78 $   14.88  $     14.26 $  12.51
Shareholders' equity                  14.72     13.93        13.17    11.27
----------------------------------------------------------------------------
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The Company's assets under management ("AUM") as at June 30, 2014 grew to $24.6 billion, an increase of 6% since March 31, 2014 and 21% since June 30, 2013. Assets under administration ("AUA") were $12.7 billion as at June 30, 2014, an increase of 4% since March 31, 2014 and 23% since June 30, 2013.

The Company's operating earnings for the current quarter were $9.2 million, an increase of 44% from $6.4 million in Q2 2013. All segments of the Company's operations contributed positively to the overall growth in operating earnings. In addition, the net gains for the quarter at $2.7 million were significantly higher than in the same quarter in 2013.

Net earnings available to shareholders for the quarter were $10.2 million, or $0.33 per share, compared to $5.0 million, or $0.16 per share, in Q2 2013. The increase in net earnings was due to a combination of the strong operating earnings growth and the increase in net gains from the Company's diversified global investment portfolio.

EBITDA for the quarter was $10.4 million, or $0.33 per share, compared to $7.9 million, or $0.25 per share in Q2 2013. Adjusted cash flow from operations for the quarter was $9.0 million, or $0.29 per share, compared to $6.9 million, or $0.22 per share in 2013. These two non-IFRS financial measures used by the Company are defined in its quarterly Management's Discussion and Analysis. The increases in each of these measures reflect the strong growth in operating earnings for the quarter.

The fair value of the Company's holdings of securities as at June 30, 2014 was $497 million, or $15.78 per share, compared to $449 million, or $14.26 per share, as at December 31, 2013 and $394 million, or $12.51 per share, as at June 30, 2013. The Company's shareholders' equity as at June 30, 2014 was $463 million, or $14.72 per share, compared to $415 million, or $13.17 per share, at December 31, 2013 and $355 million, or $11.27 per share, as at June 30, 2013.

The Board of Directors has declared a quarterly dividend of $0.065 per share, payable on October 17, 2014, to shareholders of record on October 10, 2014.

Guardian Capital Group Limited is a diversified financial services company founded in 1962. Guardian provides institutional and high net worth investment management services to clients; financial services to international investors; and services to financial advisors in its national mutual fund dealer, securities dealer, and insurance distribution network. Its Common and Class A shares are listed on The Toronto Stock Exchange.

The following table summarizes Guardian's financial results for the past eight quarters.


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Quarters ended
($ in thousands,
 except per
share amount)         Jun 30, 2014  Mar 31, 2014  Dec 31, 2013  Sep 30, 2013
----------------------------------------------------------------------------

Net revenue             $   29,257   $    27,722   $    27,907   $    25,173
Operating earnings           9,199         8,556         8,564         6,898
Net gains (losses)           2,737         3,647         7,218         3,183
Net earnings before
 net gains (losses) on
 securities held for
 sale                       10,066        10,624        14,879         8,602
Net gains (losses) on
 securities held for
 sale                          222           386           238           432
Net earnings available
 to shareholders            10,163        10,916        14,980         8,946
Shareholders' equity       463,306       438,363       414,985       393,670
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Per average Class A
 and Common Share
Net earnings before
 net gains (losses) on
 securities held for
 sale:
 - Basic                $     0.33   $      0.35   $      0.48   $      0.28
 - Diluted                    0.32          0.34          0.47          0.27
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Net earnings:
 - Basic                $     0.34   $      0.36   $      0.49   $      0.29
 - Diluted                    0.33          0.35          0.48          0.29
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Shareholders' equity:
 - Basic                $    15.34   $     14.49   $     13.68   $     12.94
 - Diluted                   14.72         13.93         13.17         12.51
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Quarters ended
($ in thousands,
 except per
share amount)         Jun 30, 2013  Mar 31, 2013   Dec 31, 2012 Sep 30, 2012
----------------------------------------------------------------------------

Net revenue             $   25,041   $    23,157    $    24,146  $    21,370
Operating earnings           6,390         5,079          5,791        4,647
Net gains (losses)             666           570           (144)       2,045
Net earnings before
 net gains (losses) on
 securities held for
 sale                        6,255         5,065          4,938        6,045
Net gains (losses) on
 securities held for
 sale                       (1,243)          515          1,084        2,849
Net earnings available
 to shareholders             4,963         5,543          5,915        8,750
Shareholders' equity       354,622       366,519        353,756      336,362
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Per average Class A
 and Common Share
Net earnings before
 net gains (losses) on
 securities held for
 sale:
 - Basic                $     0.20   $      0.16    $      0.16  $      0.19
 - Diluted                    0.20          0.16           0.15         0.18
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Net earnings:
 - Basic                $     0.16   $      0.18    $      0.19  $      0.28
 - Diluted                    0.16          0.18           0.19         0.27
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Shareholders' equity:
 - Basic                $    11.64   $     11.97    $     11.44  $     10.78
 - Diluted                   11.27         11.59          11.16        10.54
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Contacts:
Guardian Capital Group Limited
Vern Christensen
Senior Vice-President and Secretary
(416) 947-4093

Guardian Capital Group Limited
George Mavroudis
President and Chief Executive Officer
(416) 364-8341

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