Guardian Capital Group Limited
TSX : GCG
TSX : GCG.A

Guardian Capital Group Limited

November 09, 2009 18:02 ET

Guardian Capital Group Limited Announces Third Quarter 2009 Operating Results

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2009) - Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A) -

For the periods ended September 30  Three Months  Nine Months
    2009  2008   2009  2008
($ in thousands, except per share amounts)    (amended)     (amended)
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
  • 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.

Contact Information

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