CORRECTION FROM SOURCE-Guardian Capital Group Limited (TSX: GCG; GCG.A) Announces Corrected 2012 Third Quarter Operating Results

Marketwired

TORONTO, ONTARIO--(Marketwire - Nov 14, 2012) - A correction from source is issued for the press release disseminated on November 14, 2012 at 4:58 PM ET for Guardian Capital Group Limited (GCG.TO)(TSX:GCG.A). Some numbers in the "net earnings before net gains (losses) on securities held for sale" and "Net earnings (loss) available to shareholders" sections were incorrect, as the earlier press release was issued in error. The complete and corrected press release follows.

For the periods ended September 30 Three Months   Nine Months  
($ in thousands, except per share amounts) 2012 2011   2012 2011  
Net revenue $ 20,858 $ 18,871   $ 61,231 $ 53,869  
Operating earnings   4,647   4,344     14,347   11,809  
Net gains (losses)   2,045   (2,013 )   1,481   (1,707 )
Net earnings before net gains (losses) on securities held for sale   6,045   2,136     13,262   9,570  
Adjusted cash flow from operations   5,091   5,227     15,737   13,892  
Per Share                    
Net earnings before net gains (losses) on securities held for sale                    
  Basic $ 0.19 $ 0.08   $ 0.42 $ 0.31  
  Diluted   0.18   0.08     0.41   0.31  
Adjusted cash flow from operations                    
  Basic $ 0.16 $ 0.16   $ 0.50 $ 0.43  
  Diluted   0.16   0.16     0.49   0.43  

The Company''s operating results for the third quarter of 2012 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.

Net gains (losses) on securities held for sale (1) $ 2,849 $ (8,410 ) $ 3,475 $ (7,729 )
Net earnings (loss) available to shareholders   8,750   (5,876 )   16,641   2,258  
Per Share                    
Net earnings (loss) available to shareholders                    
  Basic $ 0.28 $ (0.18 ) $ 0.53 $ 0.07  
  Diluted   0.27   (0.18 )   0.52   0.07  
   
(1) The "Net gains (losses) on securities held for sale" disclosed above represents, for the periods indicated, the net changes in the fair value of certain mutual funds, which have been recorded in accordance with new accounting standards and policies which the Company has adopted in the current quarter, on a retrospective basis.

All per share figures disclosed below are stated on a diluted basis.

Assets under management were $18.0 billion as at September 30, 2012, compared to $15.9 billion as at December 31, 2011 and $15.2 billion as at September 30, 2011. Assets under administration were $9.2 billion as at September 30, 2012, compared to $8.7 billion as at December 31, 2011, and $8.4 billion as at September 30, 2011.

Net earnings before net gains (losses) on securities held for sale available to shareholders for the quarter were $6.0 million or $0.18 per share, compared to $2.1 million or $0.07 per share in the third quarter of 2011. Net earnings before net gains (losses) on securities held for sale available to shareholders for the nine months in 2012 were $13.3 million, or $0.41 per share, compared with $9.6 million, or $0.30 per share in the year 2011. 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.

Adjusted cash flow from operations for the quarter was $5.1 million or $0.16 per share, compared to $5.2 million or $0.16 per share in the third quarter of 2011.

The fair value of the Company''s holdings of securities as at September 30, 2012 was $377 million, or $11.82 per share, compared with $364 million, or $11.17 per share at December 31, 2011, and $385 million, or $11.82 per share at September 30, 2011.

Guardian Capital Group Limited is a diversified financial services company founded in 1962 and celebrating its 50th year in business. Guardian serves the wealth management needs of a range of clients through its various business segments. Guardian''s operations include investment management; financial advisory; and corporate investments. Its Common and Class A shares are listed on The Toronto Stock Exchange.

Contact:
Guardian Capital Group Limited
George Mavroudis
President and Chief Executive Officer
(416) 364-8341
info@guardiancapital.com
Guardian Capital Group Limited
C. Verner Christensen
Senior Vice-President, Finance and Secretary
(416) 947-4093
info@guardiancapital.com

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