Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A) Announces 2012 First Quarter Operating Results

TORONTO, ONTARIO--(Marketwire - May 11, 2012) - Guardian Capital Group Limited (GCG.TO - News)(GCG-A.TO - News)





For the three months ended March 31                         2012        2011

($ in thousands, except per share amounts)                                  

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Net revenue                                             $ 20,168    $ 17,623

Operating earnings                                         4,840       4,149

Net (losses) gain on securities                             (16)         784

Net earnings available to shareholders                     4,418       4,598

Adjusted cash flow from operations                         5,484       4,624

                                                                            

Per Share                                                                   

Net earnings, basic                                     $   0.14    $   0.14

Net earnings, diluted                                       0.14        0.14

                                                                            

Adjusted cash flow from operations, basic               $   0.17    $   0.14

Adjusted cash flow from operations, diluted                 0.17        0.14



Assets under management were $16.9 billion as at March 31, 2012, compared to $15.9 billion as at December 31, 2011 and $16.4 billion as at March 31, 2011. Assets under administration were $9.1 billion as at March 31, 2012, compared to $8.7 billion as at December 31, 2011, and $8.1 billion as at March 31, 2011.

Net earnings available to shareholders for the quarter were $4.4 million or $0.14 per share, diluted, compared to $4.6 million or $0.14 per share, diluted, in the first quarter of 2011. This reduction in earnings resulted from the recording of net losses from securities in the current quarter, compared with $0.8 million of gains recorded in the first quarter of 2011.

Adjusted cash flow from operations for the quarter was $5.5 million or $0.17 per share, diluted, compared to $4.6 million or $0.14 per share, diluted, in the first quarter of 2011.

The fair value of the Company's holdings of securities as at March 31, 2012 was $386.8 million, or $11.92 per share, diluted, compared with $364.2 million, or $11.17 per share, diluted, at December 31, 2011, and $411.1 million, or $12.42 per share, diluted, at March 31, 2011.

Guardian Capital Group Limited is a diversified financial services company founded in 1962 and celebrating its 50th year in business. Guardian provides institutional and private client investment management services; 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.