GCG.A Guardian Capital Group Ltd

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



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For the periods ended June 30               Three Months          Six Months
($ in thousands, except per share                                           
 amounts)                                 2012      2011      2012      2011
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Net revenue                           $ 20,085  $ 17,500  $ 40,253  $ 35,123
Operating earnings                       4,860     3,316     9,700     7,465
Net (losses) gains on securities          (548)     (478)     (564)      306
Net earnings available to                                                   
 shareholders                            2,847     2,855     7,265     7,453
Adjusted cash flow from operations       5,242     4,007    10,646     8,649
Per Share                                                                   
Net earnings, basic                   $   0.09  $   0.09  $   0.23  $   0.23
Net earnings, diluted                     0.09      0.09      0.23      0.23
                                                                            
Adjusted cash flow from operations,                                         
 basic                                $   0.17  $   0.12  $   0.34  $   0.27
Adjusted cash flow from operations,                                         
 diluted                                  0.17      0.12      0.34      0.27



Assets under management were $16.9 billion as at June 30, 2012, compared to
$15.9 billion as at December 31, 2011 and $16.2 billion as at June 30, 2011.
Assets under administration were $8.9 billion as at June 30, 2012, compared to
$8.7 billion as at December 31, 2011, and $8.0 billion as at June 30, 2011.


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

Net earnings available to shareholders for the quarter were $2.8 million or
$0.09 per share, compared to $2.9 million or $0.09 per share in the second
quarter of 2011. Net earnings available to shareholders for the quarter were
reduced as a result of an increase in deferred income taxes of $1.2 million or
$0.04 per share, resulting from increased Ontario income tax rates enacted in
June, 2012.


Adjusted cash flow from operations for the quarter was $5.2 million or $0.17 per
share, compared to $4.0 million or $0.12 per share in the second quarter of
2011.


The fair value of the Company's holdings of securities as at June 30, 2012 was
$368 million, or $11.43 per share, compared with $364 million, or $11.17 per
share at December 31, 2011, and $403 million, or $12.23 per share at June 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.

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