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) -

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.