CORRECTION FROM SOURCE: Guardian Capital Group Limited (TSX: GCG)(TSX: GCG.A) Announces 2012 Operating Results

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TORONTO, ONTARIO--(Marketwire - Mar 1, 2013) -

This press release corrects the press release disseminated on March 1, 2013 at 5:00 PM ET for Guardian Capital Group Limited (GCG.TO) (TSX:GCG.A). The 2011 numbers in the "Per Share Net earnings available to shareholders" were incorrect, as the earlier press release was issued in error.  The complete and corrected press release follows:

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

For the years ended December 31   2012   2011
($ in thousands, except per share amounts)       (amended)1
             
Net revenues   $ 85,030   $ 73,693
             
Operating earnings     20,138     17,133
             
Net gains (losses)     1,337     (131)
             
Net earnings before net gains (losses) on securities held for sale     18,200     16,228
             
Net gains (losses) on securities held for sale     4,559     (5,493)
             
Net earnings available to shareholders     22,556     10,003
             
Adjusted cash flow from operations available to shareholders     21,281     19,339
             
Per Share            
Net earnings before net gains (losses) on securities held for sale            
available to shareholders:            
  - Basic   $ 0.57   $ 0.48
  - Diluted     0.57     0.48
             
Net earnings available to shareholders:            
  - Basic     0.72     0.31
  - Diluted     0.71     0.31
             
Adjusted cash flow from operations available to shareholders:            
  - Basic     0.67     0.60
  - Diluted     0.66     0.60
               

Assets under management were $18.8 billion as at December 31, 2012, up from $15.9 billion as at December 31, 2011. Assets under administration (AUA) were $9.9 billion as at December 31, 2012, up from $8.7 billion as at December 31, 2011.

Net earnings available for shareholders before net gains (losses) on securities held for sale for the year 2012 were $18.2 million or $0.57 per share, compared to $16.2 million or $0.48 per share, for 2011. Net earnings available to shareholders before net gains (losses) on securities held for sale were reduced in 2012 as a result of an increase in deferred Income Taxes of $1.1 million, or $0.03 per share. With this exception, management believes that the "Net earnings before net gains (losses) on securities held for sale" stated above is the most directly comparable measure of the historical presentation of the Company''s operating results.

Net earnings available to shareholders for the year 2012 were $22.6 million or $0.71 per share, compared to $10.0 million or $0.31 per share, for 2011.

Adjusted cash flow from operations available to shareholders for the year was $21.3 million or $0.66 per share, compared to $19.3 million or $0.60 per share for 2011.

The fair value of corporate holdings of securities as at December 31, 2012 was $380.0 million, or $11.99 per share, compared to $364.2 million, or $11.17 per share, as at December 31, 2011.

The Board of Directors has declared an eligible dividend of $0.20 per share, payable on March 20, 2013 to shareholders of record on March 14, 2012. This is a 17.6% increase in the dividend from the $0.17 paid in 2012. The Board has also decided to transition to a quarterly dividend payment schedule, beginning in July, 2013.

2012 marked the 50th year in business for Guardian Capital Group Limited, a diversified financial services company founded in 1962. Guardian provides institutional and high net worth investment management services to clients; financial services to international investors; and 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.

1The Company''s operating results for 2012 and 2011 reflect the early adoption by the Company of IFRS standards 10, 11 and 12, and the amendment of its policies regarding controlled entities which are held for sale.

Contact:
Guardian Capital Group Limited
Vern Christensen
Senior Vice-President, Finance and Secretary
(416) 947-4093
Guardian Capital Group Limited
George Mavroudis
President and Chief Executive Officer
(416) 364-8341

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