Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A) Announces 2010 Operating Results

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



For the period ended December 31            Three Months       Twelve Months
($ in thousands, except per share                                           
 amounts)                                 2010      2009      2010      2009
----------------------------------------------------------------------------
                                                                            
Revenues, net of commissions paid to                                        
 advisors                             $ 19,322  $ 18,207  $ 68,458  $ 62,364
Net earnings                             5,513     6,934    15,075    14,274
Cash flow from operations, before                                           
 change in non-cash working capital      4,707     5,362    16,463    14,778
                                                                            
Per Share                                                                   
                                                                            
Basic net earnings                    $   0.17  $   0.20  $   0.46  $   0.41
Diluted net earnings                      0.16      0.20      0.45      0.41
Basic cash flow from operations,                                            
 before change in non-cash working                                          
 capital                                  0.14      0.16      0.50      0.42
Diluted cash flow from operations,                                          
 before change in non-cash working                                          
 capital                                  0.14      0.15      0.49      0.42



Assets under management were $16.3 billion as at December 31, 2010 compared to
$14.0 billion as at December 31, 2009. Assets under administration (AUA) were
$7.8 billion as at December 31, 2010, compared to $7.1 billion as at December
31, 2009.


Net earnings for the year 2010 were $15.1 million or $0.45 per share, diluted,
compared to $14.3 million or $0.41 per share, diluted, for 2009. Net earnings
for 2009 include a benefit of $2.0 million, or $0.06 per share, diluted, as a
result of the decrease in future Ontario income taxes enacted during that year.


Cash flow from operations before change in non-cash working capital for the year
was $16.5 million or $0.49 per share, diluted compared to $14.8 million or $0.42
per share, diluted for 2009.


The fair value of corporate holdings of securities as at December 31, 2010 was
$379.4 million, or $11.39 per share, diluted, compared to $362.5 million, or
$10.49 per share, diluted, as at December 31, 2009.


The Board of Directors has declared an "eligible" dividend of $0.16 per share,
payable on March 18, 2011 to shareholders of record on March 11, 2011. This is
an increase in the dividend from the $0.15 paid in 2010.


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; 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.

Guardian Capital (TSX:GCG)
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