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

Guardian Capital Group Limited

February 24, 2011 16:30 ET

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

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) - 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.

Contact Information

  • Guardian Capital Group Limited
    Vern Christensen
    Senior Vice-President, Finance and Secretary
    (416) 947-4093
    or
    Guardian Capital Group Limited
    George Mavroudis
    President
    (416) 364-8341