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

Fri Mar 1, 2013 7:17pm EST

* Reuters is not responsible for the content in this press release.

  TORONTO, ONTARIO, Mar 01 (MARKET WIRE) --


    This press release corrects the press release disseminated on March 1,
2013 at 5:00 PM ET for Guardian Capital Group Limited (TSX: GCG) (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 (TSX:GCG)(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.

    (1)The 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.

Contacts:
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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