Guardian Capital Group Limited Announces Third Quarter 2009 Operating Results

TORONTO, ONTARIO, Nov 09 (MARKET WIRE) --
Guardian Capital Group Limited (TSX: GCG)(TSX: GCG.A) -

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For the periods ended September 30 Three Months Nine Months
2009 2008 2009 2008
($ in thousands, except per share
amounts) (amended) (amended)
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Gross revenues, net of commissions
paid to advisors $ 16,271 $ 16,578 $ 44,157 $ 51,935

Net earnings 3,443 1,885 7,340 8,305

Cash flow from operations before
change in non-cash working capital 4,477 3,627 10,375 10,602

Per Share
Basic net earnings $ 0.10 $ 0.05 $ 0.21 $ 0.22
Diluted net earnings 0.10 0.05 0.21 0.22

Basic cash flow from operations before
change in non-cash working capital $ 0.13 $ 0.10 $ 0.30 $ 0.28
Diluted cash flow from operations
before change in non-cash
working capital 0.13 0.10 0.29 0.28

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-- Net earnings for the quarter were $3.4 million, or $0.10 per share,
diluted, compared to $1.9 million, or $0.05 per share, diluted, for the
third quarter of 2008.

-- Assets under management were $13.5 billion as at September 30, 2009
compared to $11.8 billion as at December 31, 2008 and $14.7 billion as
at September 30, 2008.

-- Assets under administration were $6.5 billion as at September 30, 2009,
compared to $5.7 billion as at December 31, 2008 and $6.6 billion as at
September 30, 2008.

-- Cash flow from operations for the quarter was $4.5 million, compared to
$3.6 million for the third quarter of 2008.

-- The fair value of the Company's holdings of securities as at September
30, 2009 was $356.7 million, or $10.15 per share, diluted.

-- The 2008 comparative figures shown above have been amended to reflect
the retrospective consolidation of the Company's Employee Profit Sharing
Plan Trust, which the Company has determined is a Variable Interest
Entity requiring consolidation. In doing so, the Company has
retrospectively recorded the bank loan and the Company shares owned by
the Trust, and has recorded interest expense related to the bank loan
and compensation cost based on the values of certain entitlements
provided to employees. The amounts which have been retrospectively
recorded are not material in any of the past periods to which they
refer, or in the current period.

Guardian Capital Group Limited is a diversified financial services
company founded in 1962. Guardian provides investment management services
to institutional and high net worth 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.

Contacts:
Guardian Capital Group Limited
Vern Christensen
(416) 947-4093

Guardian Capital Group Limited
Sam K. Greiss
(416) 947-3743

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