Guardian Capital Group Ltd. reported a slight drop in earnings for the quarter ended March 31.

Net earnings for the quarter were $4.5 million, or 11¢ a share, diluted, compared to $4.6 million, or 12¢ a share, diluted, for 2006.

Cash flow from operations for the quarter was $4.7 million compared to $4 million during the same period in 2006.

Assets under management were $17.4 billion as at March 31, 2007 compared to $17.3 billion as at Dec. 31, 2006 and $18.9 billion as at March 31, 2006.

Assets under administration were $5.5 billion as at March 31, 2007, compared to $5.3 billion as at Dec. 31, 2006 and $4.9 billion as at March 31, 2006.

The fair value of corporate holdings of securities as at March 31, 2007 was $448.1 million, or $11.27 per share, diluted.

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.