Guardian Capital Group Limited (TSX: GCG)(TSX: GCG.A) Announces 2010 Operating Results
February 24 2011 - 3:30PM
Marketwired
Guardian Capital Group Limited (TSX: GCG)(TSX: GCG.A) -
For the period ended December 31 Three Months Twelve Months
($ in thousands, except per share
amounts) 2010 2009 2010 2009
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Revenues, net of commissions paid to
advisors $ 19,322 $ 18,207 $ 68,458 $ 62,364
Net earnings 5,513 6,934 15,075 14,274
Cash flow from operations, before
change in non-cash working capital 4,707 5,362 16,463 14,778
Per Share
Basic net earnings $ 0.17 $ 0.20 $ 0.46 $ 0.41
Diluted net earnings 0.16 0.20 0.45 0.41
Basic cash flow from operations,
before change in non-cash working
capital 0.14 0.16 0.50 0.42
Diluted cash flow from operations,
before change in non-cash working
capital 0.14 0.15 0.49 0.42
Assets under management were $16.3 billion as at December 31,
2010 compared to $14.0 billion as at December 31, 2009. Assets
under administration (AUA) were $7.8 billion as at December 31,
2010, compared to $7.1 billion as at December 31, 2009.
Net earnings for the year 2010 were $15.1 million or $0.45 per
share, diluted, compared to $14.3 million or $0.41 per share,
diluted, for 2009. Net earnings for 2009 include a benefit of $2.0
million, or $0.06 per share, diluted, as a result of the decrease
in future Ontario income taxes enacted during that year.
Cash flow from operations before change in non-cash working
capital for the year was $16.5 million or $0.49 per share, diluted
compared to $14.8 million or $0.42 per share, diluted for 2009.
The fair value of corporate holdings of securities as at
December 31, 2010 was $379.4 million, or $11.39 per share, diluted,
compared to $362.5 million, or $10.49 per share, diluted, as at
December 31, 2009.
The Board of Directors has declared an "eligible" dividend of
$0.16 per share, payable on March 18, 2011 to shareholders of
record on March 11, 2011. This is an increase in the dividend from
the $0.15 paid in 2010.
Guardian Capital Group Limited is a diversified financial
services company founded in 1962. Guardian provides institutional
and high net worth investment management services to 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 Senior
Vice-President, Finance and Secretary (416) 947-4093 Guardian
Capital Group Limited George Mavroudis President (416) 364-8341
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