Guardian Capital Group Limited Announces Third Quarter 2009 Operating Results

Guardian Capital Group Limited (TSX: GCG)(TSX: GCG.A) -


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For the periods ended September 30          Three Months        Nine Months
                                          2009      2008     2009      2008
($ in thousands, except per share
 amounts)                                       (amended)          (amended)
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Gross revenues, net of commissions
 paid to advisors                     $ 16,271 $  16,578 $ 44,157 $  51,935

Net earnings                             3,443     1,885    7,340     8,305

Cash flow from operations before
 change in non-cash working capital      4,477     3,627   10,375    10,602

Per Share
Basic net earnings                    $   0.10 $    0.05 $   0.21 $    0.22
Diluted net earnings                      0.10      0.05     0.21      0.22

Basic cash flow from operations before
 change in non-cash working capital   $   0.13 $    0.10 $   0.30 $    0.28
Diluted cash flow from operations
 before change in non-cash
 working capital                          0.13      0.10     0.29      0.28

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--  Net earnings for the quarter were $3.4 million, or $0.10 per share,
    diluted, compared to $1.9 million, or $0.05 per share, diluted, for the
    third quarter of 2008.

--  Assets under management were $13.5 billion as at September 30, 2009
    compared to $11.8 billion as at December 31, 2008 and $14.7 billion as
    at September 30, 2008.

--  Assets under administration were $6.5 billion as at September 30, 2009,
    compared to $5.7 billion as at December 31, 2008 and $6.6 billion as at
    September 30, 2008.

--  Cash flow from operations for the quarter was $4.5 million, compared to
    $3.6 million for the third quarter of 2008.

--  The fair value of the Company's holdings of securities as at September
    30, 2009 was $356.7 million, or $10.15 per share, diluted.

--  The 2008 comparative figures shown above have been amended to reflect
    the retrospective consolidation of the Company's Employee Profit Sharing
    Plan Trust, which the Company has determined is a Variable Interest
    Entity requiring consolidation. In doing so, the Company has
    retrospectively recorded the bank loan and the Company shares owned by
    the Trust, and has recorded interest expense related to the bank loan
    and compensation cost based on the values of certain entitlements
    provided to employees. The amounts which have been retrospectively
    recorded are not material in any of the past periods to which they
    refer, or in the current period.

Guardian Capital Group Limited is a diversified financial services company founded in 1962. Guardian provides investment management services to institutional and high net worth clients; provides financial services to international investors; and provides 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.

Contacts: Guardian Capital Group Limited Vern Christensen (416) 947-4093 Guardian Capital Group Limited Sam K. Greiss (416) 947-3743

Guardian Capital (TSX:GCG)
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