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Press release from Marketwire

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

Monday, November 12, 2012

Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A) Announces 2012 Third Quarter Operating Results20:13 EST Monday, November 12, 2012TORONTO, ONTARIO--(Marketwire - Nov. 12, 2012) - Guardian Capital Group Limited (TSX:GCG)(TSX:GCG.A) -For the periods ended September 30Three MonthsNine Months($ in thousands, except per share amounts)2012201120122011Net revenue$20,858$18,871$61,231$53,869Operating earnings4,6474,34414,34711,809Net gains (losses)2,045(2,013)1,481(1,707)Net earnings before net gains (losses) on securities held for sale6,045 2,13613,262 9,570Adjusted cash flow from operations5,0915,22715,73713,892Per ShareNet earnings before net gains (losses) on securities held for saleBasic$0.20$0.11$0.42$0.34Diluted0.190.100.420.33Adjusted cash flow from operationsBasic$0.16$0.16$0.50$0.43Diluted0.160.160.490.43The 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 shareholders8,750(5,876)16,6412,258Per ShareNet earnings (loss) available to shareholdersBasic$0.30$(0.18)$0.53$0.07Diluted0.29(0.18)0.520.07(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 $0.19 per share, compared to $2.1 million or $0.10 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 $0.42 per share, compared with $9.6 million, or $0.33 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.FOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: Guardian Capital Group LimitedGeorge MavroudisPresident and Chief Executive Officer(416) 364-8341Guardian Capital Group LimitedC. Verner ChristensenSenior Vice-President, Finance and Secretary(416) 947-4093info@guardiancapital.com