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

Guardian Capital Group Limited

February 27, 2009 16:25 ET

Guardian Capital Group Limited Announces 2008 Operating Results

TORONTO, ONTARIO--(Marketwire - Feb. 27, 2009) - Guardian Capital Group Limited ("Guardian") (TSX:GCG)(TSX:GCG.A) -



---------------------------------------------------------------------------
For the period ended December 31
($ in thousands, except per Three Months Twelve Months
share amounts) 2008 2007 2008 2007
---------------------------------------------------------------------------

Net earnings (loss) $ (771) $ 12,058 $ 7,941 $ 27,026

Cash flow from operations, before
change in non-cash working capital 3,555 4,314 13,833 17,820

Per Share
Basic net earnings (loss) $ (0.02) $ 0.30 $ 0.20 $ 0.68
Diluted net earnings (loss) (0.02) 0.30 0.20 0.68

Basic cash flow from operations,
before change in non-cash working
capital 0.06 0.11 0.35 0.45
Diluted cash flow from operations,
before change in non-cash working
capital 0.06 0.11 0.35 0.45



Assets under management were $11.8 billion as at December 31, 2008 compared to $16.9 billion as at December 31, 2007. Assets under administration were $5.7 billion as at December 31, 2008, compared to $5.9 billion as at December 31, 2007.

Net earnings for the year 2008 were $7.9 million or $0.20 per share, diluted, compared to $27.0 million or $0.68 per share, diluted, for 2007. In the Fourth Quarter, we recorded a loss of $0.8 million, or $0.02 per share, diluted, in part as a result of restructuring costs and writedowns of securities, totalling $3.8 million. Net earnings for 2007 include a benefit of $6.6 million, or $0.16 per share, diluted, as a result of the decrease in future Federal income taxes enacted during that year.

Earnings before interest, income tax, amortization and restructuring costs for the year 2008 were $11.7 million, or $0.30 per share, diluted. Cash flow from operations before change in non-cash working capital for the year was $13.8 million or $0.35 per share, diluted compared to $17.8 million or $0.45 per share, diluted for 2007.

The fair value of corporate holdings of securities as at December 31, 2008 was $241.6 million, or $6.46 per share, diluted.

The Board of Directors has declared an "Eligible" dividend of $0.15 per share, payable on March 17, 2009 to shareholders of record on March 11, 2009.

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.

Contact Information

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