FISCAL 2025 SUMMARY
- Revenues of $450.4 million in 2025 were down 6.2%, or $29.6 million vs. $480.0 million in 2024
- SG&A expenses of $79.8 million and 17.7% of revenues, were 8.9% lower, vs. $87.6 million or 18.2% of revenues in 2024
- Adjusted EBITDA1 of $60.4 million and 13.4% of revenues compared to $63.9 million and 13.3% of revenues in 2024
- Net income of $9.3 million, vs. $3.6 million in 2024 and Adjusted Net Income1 of $9.9 million, vs. $11.3 million in 2024
- Basic earnings per share of $0.17 (diluted EPS of $0.16), compared to $0.06 in 2024 (diluted EPS of $0.06)
- Free cash flow1 of $13.4 million, up 144.7%, or $7.9 million vs. $5.5 million in 2024
- Net debt1 at year-end of $77.1 million, down 2.2%, or $1.8 million vs. $78.9 million in 2024
- Returned $17.6 million of capital to shareholders, including $16.6 million in total dividends paid and $1.0 million of common shares repurchased
Brampton, Ontario--(Newsfile Corp. - March 11, 2026) - DATA Communications Management Corp. (TSX: DCM) (OTCQX: DCMDF) ("DCM" or the "Company"), a leading Canadian provider of print and digital solutions that help simplify complex marketing communications and workflow, today reported fourth quarter and fiscal year 2025 financial results.
MANAGEMENT COMMENTARY
"While challenging market conditions and revenue headwinds persisted throughout 2025, our focus remained squarely on controlling what we can control - protecting margins, strengthening cash flow, and maintaining balance sheet discipline. That focus is evident in our full-year 2025 results. Free cash flow1 increased meaningfully compared to 2024, reflecting disciplined management of SG&A expenses and lower capital expenditures. We also reduced debt while initiating capital returns to shareholders, underscoring our confidence in DCM's growth potential and our ability to generate strong free cash flow going forward," said Richard Kellam, President & CEO of DCM.
"While still early in the year, we are seeing some initial signs of stabilization in overall business conditions including with the expected resolution of the Canada Post labour dispute which we anticipate will increase direct mail volumes and other postal applications across our client base. Our new business development activity remains solid, and we are well positioned to benefit as market conditions improve," added Kellam.
"We continue to closely monitor developments in the external environment including the potential for cross-border tariff actions and continued trade policy volatility and we remain prepared to respond as needed. With a strong balance sheet and disciplined cost management, we are well positioned to navigate continued uncertainty."
FOURTH QUARTER 2025 RESULTS COMPARED TO 2024
- Revenues of $107.5 million in the fourth quarter vs. $116.2 million in Q4 2024
- SG&A expenses decreased to $18.2 million vs. $19.7 million in the prior year quarter
- Adjusted EBITDA1 of $12.8 million (11.9% of revenues) vs. $15.8 million (13.6% of revenues) in Q4 2024
- Company repurchased 218,200 common shares during the quarter
During the fourth quarter, DCM launched contentcloud.ai, the Company's enhanced Digital Asset Management ("DAM") platform powered by artificial intelligence ("AI"). contentcloud.ai builds on DCM's first-generation DAM platform, ASMBL, launched in 2024, and features key enhancements including expanded AI capabilities, a connected ecosystem, an enhanced user interface and stronger security protocols. contentcloud.ai further advances DCM's commitment to being at the forefront of digital innovation and helping organizations of all sizes harness the full potential of their digital assets.
Also, during the quarter, the Company achieved a new sustainability milestone having planted over three million trees in certified reforestation projects through our innovative partnership with PrintReleaf.
2026 PRIORITIES
DCM has established the following strategic priorities for 2026.
- Maintain a high revenue retention rate and execute on new business development.
- Improve gross margin through business mix, operational efficiencies and digital acceleration.
- Generate strong cash flow for continued capital returns and debt repayment.
- Leverage the current market environment to be opportunistic on M&A.
Q4 AND FISCAL 2025 EARNINGS CALL DETAILS
The Company will host a conference call and webcast on Thursday, March 12, 2026 at 9:00 a.m. EST
Mr. Kellam and James Lorimer, CFO, will present the fourth quarter and fiscal 2025 results followed by a live Q&A.
Register for the webcast prior to the start of the event: Microsoft Virtual Events Powered by Teams
All attendees must register for the webinar prior to the call. Please complete the phone field in the form at the above link (prior to the start of the event) if you wish to dial in.
The Company's full results will be posted on its Investor Relations page and on SEDAR+.
Footnotes:
1 Adjusted EBITDA, Adjusted EBITDA as a percentage of revenues, Adjusted net income (loss), Adjusted net income (loss) as percentage of revenues, Net debt, Net debt to Adjusted EBITDA and Free cash flow are non-IFRS Accounting Standards measures. For a description of the composition of these and other non-IFRS Accounting Standards measures used in this press release, and a reconciliation to their most comparable IFRS Accounting Standards measure, where applicable, see the information under the heading "Non-IFRS Accounting Standards Measures", the information set forth on Table 2 and Table 3 herein, and our most recent Management Discussion & Analysis filed on SEDAR+.
TABLE 1 The following table sets out selected historical consolidated financial information for the periods noted.
| (in thousands of Canadian dollars, except share and per share amounts, unaudited) | October 1 to December 31, 2025 | October 1 to December 31, 2024 | January 1 to December 31, 2025 | January 1 to December 31, 2024 | ||||||||
| Revenues | $ | 107,518 | $ | 116,225 | $ | 450,358 | $ | 479,956 | ||||
| Gross profit | 25,285 | 30,413 | 116,684 | 130,067 | ||||||||
| Gross profit, as a percentage of revenues | 23.5 | % | 26.2 | % | 25.9 | % | 27.1 | % | ||||
| Selling, general and administration and research and development expenses | 19,362 | 20,732 | 84,352 | 92,408 | ||||||||
| As a percentage of revenues | 18.0 | % | 17.8 | % | 18.7 | % | 19.3 | % | ||||
| Adjusted EBITDA | 12,790 | 15,788 | 60,352 | 63,908 | ||||||||
| As a percentage of revenues | 11.9 | % | 13.6 | % | 13.4 | % | 13.3 | % | ||||
| Net income (loss) for the period | (634 | ) | 699 | 9,252 | 3,570 | |||||||
| Adjusted net income | 729 | 2,574 | 9,936 | 11,325 | ||||||||
| As a percentage of revenues | 0.7 | % | 2.2 | % | 2.2 | % | 2.4 | % | ||||
| Basic earnings (loss) per share | $ | (0.01 | ) | $ | 0.01 | $ | 0.17 | $ | 0.06 | |||
| Diluted earnings (loss) per share | $ | (0.01 | ) | $ | 0.01 | $ | 0.16 | $ | 0.06 | |||
| Adjusted net income per share, basic | $ | 0.01 | $ | 0.05 | $ | 0.18 | $ | 0.21 | ||||
| Adjusted net income per share, diluted | $ | 0.01 | $ | 0.04 | $ | 0.18 | $ | 0.20 | ||||
| Weighted average number of common shares outstanding, basic | 55,037,637 | 55,308,952 | 55,220,741 | 55,222,122 | ||||||||
| Weighted average number of common shares outstanding, diluted | 56,429,403 | 57,481,819 | 56,775,082 | 57,731,674 | ||||||||
TABLE 2 The following table provides reconciliations of net income to EBITDA and of net income to Adjusted EBITDA for the periods noted.
EBITDA and Adjusted EBITDA reconciliation
| (in thousands of Canadian dollars, unaudited) | October 1 to December 31, 2025 | October 1 to December 31, 2024 | January 1 to December 31, 2025 | January 1 to December 31, 2024 | ||||||||
| Net income (loss) for the period | $ | (634 | ) | $ | 699 | $ | 9,252 | $ | 3,570 | |||
| Interest expense, net | 4,982 | 5,291 | 20,281 | 21,483 | ||||||||
| Debt modification gain | — | — | (762 | ) | — | |||||||
| Amortization of transaction costs | 111 | 140 | 493 | 560 | ||||||||
| Current income tax expense | 426 | 333 | 5,133 | 2,338 | ||||||||
| Deferred income tax expense (recovery) | (894 | ) | 710 | (2,982 | ) | (664 | ) | |||||
| Depreciation of property, plant and equipment | 1,730 | 1,062 | 6,909 | 6,200 | ||||||||
| Amortization of intangible assets | 305 | 495 | 1,342 | 2,011 | ||||||||
| Depreciation of the ROU Asset | 4,937 | 4,550 | 19,769 | 18,038 | ||||||||
| EBITDA | $ | 10,963 | $ | 13,280 | $ | 59,435 | $ | 53,536 | ||||
| Acquisition and integration costs | — | 6,170 | — | 8,773 | ||||||||
| Restructuring expenses | 622 | 1,032 | 935 | 4,378 | ||||||||
| Net fair value (gains) losses on financial liabilities at fair value through profit or loss | 1,205 | (2,194 | ) | (18 | ) | (279 | ) | |||||
| Other gains | — | (2,500 | ) | — | (2,500 | ) | ||||||
| Adjusted EBITDA | $ | 12,790 | $ | 15,788 | $ | 60,352 | $ | 63,908 | ||||
TABLE 3 The following table provides reconciliations of net income (loss) to Adjusted net income and a presentation of Adjusted net income per share for the periods noted.
Adjusted net income reconciliation
| (in thousands of Canadian dollars, except share and per share amounts, unaudited) | October 1 to December 31, 2025 | October 1 to December 31, 2024 | January 1 to December 31, 2025 | January 1 to December 31, 2024 | ||||||||
| Net income (loss) for the period | $ | (634 | ) | $ | 699 | $ | 9,252 | $ | 3,570 | |||
| | ||||||||||||
| Acquisition and integration costs | — | 6,170 | — | 8,773 | ||||||||
| Restructuring expenses | 622 | 1,032 | 935 | 4,378 | ||||||||
| Net fair value (gains) losses on financial liabilities at fair value through profit or loss | 1,205 | (2,194 | ) | (18 | ) | (279 | ) | |||||
| Other gains | — | (2,500 | ) | — | (2,500 | ) | ||||||
| Tax effect of the above adjustments | (464 | ) | (633 | ) | (233 | ) | (2,617 | ) | ||||
| Adjusted net income | $ | 729 | $ | 2,574 | $ | 9,936 | $ | 11,325 | ||||
| | ||||||||||||
| Adjusted net income per share, basic | $ | 0.01 | $ | 0.05 | $ | 0.18 | $ | 0.21 | ||||
| Adjusted net income per share, diluted | $ | 0.01 | $ | 0.04 | $ | 0.18 | $ | 0.20 | ||||
| Weighted average number of common shares outstanding, basic | 55,037,637 | 55,308,952 | 55,220,741 | 55,222,122 | ||||||||
| Weighted average number of common shares outstanding, diluted | 56,429,403 | 57,481,819 | 56,775,082 | 57,731,674 | ||||||||
About DATA Communications Management Corp.
DCM is a leading Canadian tech-enabled provider of print and digital solutions that help simplify complex marketing communications and operations workflow. DCM serves over 2,500 clients including 70 of the 100 largest Canadian corporations and leading government agencies. Our core strength lies in delivering individualized services to our clients that simplify their communications, including customized printing, highly personalized marketing communications, campaign management, digital signage, and digital asset management. From omnichannel marketing campaigns to large-scale print and digital workflows, our goal is to make complex tasks surprisingly simple, allowing our clients to focus on what they do best.
Additional information relating to DATA Communications Management Corp. is available on www.datacm.com, and in the disclosure documents filed by DATA Communications Management Corp. on SEDAR+ at www.sedarplus.ca.
For further information, contact
| Mr. Richard Kellam | Mr. James E. Lorimer |
| President and Chief Executive Officer | Chief Financial Officer |
| DATA Communications Management Corp. | DATA Communications Management Corp. |
| Tel: (905) 791-3151 | Tel: (905) 791-3151 |
| ir@datacm.com |
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of DCM, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. When used in this press release, words such as "may," "would," "could," "will," "expect," "anticipate," "estimate," "believe," "intend," "plan," and other similar expressions are intended to identify forward-looking statements. These statements reflect DCM's current views regarding future events and operating performance, are based on information currently available to DCM, and speak only as of the date of this press release.
These forward-looking statements involve a number of risks, uncertainties, and assumptions. They should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Many factors could cause the actual results, performance, objectives or achievements of DCM to be materially different from any future results, performance, objectives or achievements that may be expressed or implied by such forward-looking statements. We caution readers of this press release not to place undue reliance on our forward-looking statements since a number of factors could cause actual future results, conditions, actions, or events to differ materially from the targets, expectations, estimates or intentions expressed in these forward-looking statements.
The principal factors, assumptions and risks that DCM made or took into account in the preparation of these forward-looking statements and which could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are described in further detail in our most recent annual and interim Management Discussion and Analysis filed on SEDAR+, and include but are not limited to the following: industry conditions are influenced by numerous factors over which the Company has no control, including: declines in print consumption; labour disruptions at suppliers and customers, including Canada Post; the impact of tariffs and responses thereto (including by governments, trade partners and customers), which may include, without limitation, retaliatory tariffs, export taxes, restrictions on exports to the U.S. or other measures, increases in our input costs, and the effect of governmental regulations and policies in general; our ability to achieve and meet our revenue, profitability, free cash flow and debt reduction targets for 2026 and in the future; while we have received consents from our lenders for the declaration and payment of the special dividend in 2025 and regular recurring dividend, including the exclusion of the special dividend from our fixed charge coverage ratios, our financial leverage may increase, and there is no guarantee that we will pay such dividends in the future; and, our ability to comply with our financial and other covenants under our credit facilities, which may preclude us from paying future dividends if our outlook and future financial liquidity changes.
Additional factors are discussed elsewhere in this press release and under the headings "Liquidity and capital resources" and "Risks and Uncertainties" in DCM's Management Discussion and Analysis and in DCM's other publicly available disclosure documents, as filed by DCM on SEDAR+.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated, or expected. Unless required by applicable securities law, DCM does not intend and does not assume any obligation to update these forward-looking statements.
NON-IFRS ACCOUNTING STANDARDS MEASURES
NON-IFRS ACCOUNTING STANDARDS AND OTHER FINANCIAL MEASURES
This press release includes certain non-IFRS Accounting Standards measures, ratios and other financial measures as supplementary information. This supplementary information does not represent earnings measures recognized by IFRS Accounting Standards and does not have any standardized meanings prescribed by IFRS Accounting Standards. Therefore, these non-IFRS Accounting Standards measures, ratios and other financial measures are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that this supplementary information should not be construed as alternatives to net income (loss) determined in accordance with IFRS Accounting Standards as an indicator of DCM's performance. Definitions of such supplementary information, together with a reconciliation of net income (loss) to such supplementary financial measures, can be found in our most recent annual and interim Management Discussion and Analysis and filed on SEDAR+ at www.sedarplus.ca.
Consolidated statements of financial position
| (in thousands of Canadian dollars, unaudited) | December 31, 2025 $ | December 31, 2024 $ | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 1,941 | $ | 6,773 | ||
| Trade receivables | 95,745 | 103,445 | ||||
| Inventories | 19,272 | 23,843 | ||||
| Prepaid expenses and other current assets | 4,899 | 5,989 | ||||
| Income taxes receivable | 245 | 3,432 | ||||
| 122,102 | 143,482 | |||||
| Non-current assets | ||||||
| Other non-current assets | 2,068 | 9,104 | ||||
| Deferred income tax assets | 9,180 | 8,224 | ||||
| Property, plant and equipment | 32,045 | 34,812 | ||||
| Right-of-use assets | 158,452 | 162,510 | ||||
| Pension assets | 4,269 | 3,142 | ||||
| Intangible assets | 7,072 | 8,282 | ||||
| Goodwill | 22,747 | 22,747 | ||||
| $ | 357,935 | $ | 392,303 | |||
| Liabilities | ||||||
| Current liabilities | ||||||
| Bank overdraft | — | 880 | ||||
| Trade payables and accrued liabilities | $ | 43,822 | $ | 59,890 | ||
| Current portion of credit facilities | 11,856 | 15,175 | ||||
| Current portion of lease liabilities | 12,228 | 10,525 | ||||
| Provisions | 2,350 | 8,016 | ||||
| Deferred revenue | 3,918 | 6,199 | ||||
| 74,174 | 100,685 | |||||
| Non-current liabilities | ||||||
| Provisions | 215 | 1,279 | ||||
| Credit facilities | 65,470 | 68,515 | ||||
| Lease liabilities | 163,982 | 158,603 | ||||
| Deferred income tax liabilities | — | 60 | ||||
| Pension obligations | 11,862 | 18,354 | ||||
| Other post-employment benefit plans | 1,268 | 1,409 | ||||
| Asset retirement obligations | 3,548 | 3,438 | ||||
| $ | 320,519 | $ | 352,343 | |||
| Equity | ||||||
| Shareholders' equity | ||||||
| Shares | $ | 284,206 | $ | 284,592 | ||
| Warrants | — | 219 | ||||
| Contributed surplus | 2,806 | 3,078 | ||||
| Translation Reserve | 192 | 307 | ||||
| Deficit | (249,788 | ) | (248,236 | ) | ||
| $ | 37,416 | $ | 39,960 | |||
| $ | 357,935 | $ | 392,303 |
Consolidated statements of operations
| (in thousands of Canadian dollars, except per share amounts, unaudited) | For the three months ended December 31, 2025 $ | For the three months ended December 31, 2024 $ | ||||
| Revenues | $ | 107,518 | $ | 116,225 | ||
| Cost of revenues | 82,233 | 85,812 | ||||
| Gross profit | 25,285 | 30,413 | ||||
| Expenses | ||||||
| Selling, commissions and expenses | 9,467 | 9,140 | ||||
| General and administration expenses | 8,743 | 10,517 | ||||
| Research and development expenses | 1,152 | 1,075 | ||||
| Restructuring expenses | 622 | 1,032 | ||||
| Acquisition and integration costs | — | 6,170 | ||||
| Net fair value (gains) losses on financial liabilities at fair value through profit or loss | 1,205 | (2,194 | ) | |||
| Other gains | — | (2,500 | ) | |||
| 21,189 | 23,240 | |||||
| Income before finance costs and income taxes | 4,096 | 7,173 | ||||
| Finance costs | ||||||
| Interest expense on long term debt and pensions, net | 1,690 | 2,037 | ||||
| Interest expense on lease liabilities | 3,292 | 3,254 | ||||
| Debt modification loss | 105 | — | ||||
| Amortization of transaction costs | 111 | 140 | ||||
| 5,198 | 5,431 | |||||
| (Loss) income before income taxes | (1,102 | ) | 1,742 | |||
| Income tax expense (recovery) | ||||||
| Current | 426 | 333 | ||||
| Deferred | (894 | ) | 710 | |||
| (468 | ) | 1,043 | ||||
| Net (loss) Income for the period | $ | (634 | ) | $ | 699 |
Consolidated statements of operations
| (in thousands of Canadian dollars, except per share amounts, unaudited) | For the year ended December 31, 2025 $ | For the year ended December 31, 2024 $ | ||||
| Revenues | $ | 450,358 | $ | 479,956 | ||
| Cost of revenues | 333,674 | 349,889 | ||||
| Gross profit | 116,684 | 130,067 | ||||
| Expenses | ||||||
| Selling, commissions and expenses | 39,422 | 40,112 | ||||
| General and administration expenses | 40,337 | 47,467 | ||||
| Research and development expenses | 4,593 | 4,829 | ||||
| Restructuring expenses | 935 | 4,378 | ||||
| Acquisition and integration costs | — | 8,773 | ||||
| Net fair value (gains) losses on financial liabilities at fair value through profit or loss | (18 | ) | (279 | ) | ||
| Other gains | — | (2,500 | ) | |||
| 85,269 | 102,780 | |||||
| Income before finance costs and income taxes | 31,415 | 27,287 | ||||
| Finance costs | ||||||
| Interest expense on long term debt and pensions, net | 7,141 | 8,950 | ||||
| Interest expense on lease liabilities | 13,140 | 12,533 | ||||
| Debt modification gain | (762 | ) | — | |||
| Amortization of transaction costs | 493 | 560 | ||||
| 20,012 | 22,043 | |||||
| Income before income taxes | 11,403 | 5,244 | ||||
| Income tax expense (recovery) | ||||||
| Current | 5,133 | 2,338 | ||||
| Deferred | (2,982 | ) | (664 | ) | ||
| 2,151 | 1,674 | |||||
| Net income for the period | $ | 9,252 | $ | 3,570 | ||
| Other comprehensive income: | ||||||
| Items that may be reclassified subsequently to net income | ||||||
| Foreign currency translation | (115 | ) | 130 | |||
| (115 | ) | 130 | ||||
| Items that will not be reclassified to net income | ||||||
| Re-measurements of pension and other post-employment benefit obligations | 7,741 | 8,983 | ||||
| Taxes related to pension and other post-employment benefit adjustment above | (1,966 | ) | (2,284 | ) | ||
| 5,775 | 6,699 | |||||
| Other comprehensive income for the period, net of tax | $ | 5,660 | $ | 6,829 | ||
| Comprehensive income for the period | $ | 14,912 | $ | 10,399 | ||
| Basic earnings per share | $ | 0.17 | $ | 0.06 | ||
| Diluted earnings per share | $ | 0.16 | $ | 0.06 |
Consolidated statements of cash flows
| (in thousands of Canadian dollars, unaudited) | For the year ended December 31, 2025 $ | For the year ended December 31, 2024 $ | ||||
| Cash provided by (used in) | ||||||
| Operating activities | ||||||
| Net income for the year | $ | 9,252 | $ | 3,570 | ||
| Items not affecting cash | ||||||
| Depreciation of property, plant and equipment | 6,909 | 6,200 | ||||
| Amortization of intangible assets | 1,342 | 2,011 | ||||
| Depreciation of right-of-use-assets | 19,769 | 18,038 | ||||
| Share-based compensation expense | 89 | 460 | ||||
| Net fair value (gains) losses on financial liabilities at fair value through profit or loss | (18 | ) | (279 | ) | ||
| Pension expense | 1,484 | 1,040 | ||||
| (Gain) loss on disposal of property, plant and equipment | 83 | 911 | ||||
| Loss on disposal of sale and leaseback | — | (11 | ) | |||
| Provisions | 935 | 4,378 | ||||
| Debt modification gain | (762 | ) | — | |||
| Amortization of transaction costs, net of debt extinguishment gain | 493 | 560 | ||||
| Accretion of asset retirement obligation, net of reversals | 104 | (114 | ) | |||
| Other post-employment benefit plans expense | 184 | (1,904 | ) | |||
| Right-of-use assets impairment | — | 445 | ||||
| Intangible assets impairment | — | 1,072 | ||||
| Income tax expense (recovery) | 2,151 | 1,674 | ||||
| Changes in non cash working capital | (5,661 | ) | 3,721 | |||
| Employee incentive bonus accruals | — | (108 | ) | |||
| Contributions made to pension plans | (1,297 | ) | (1,281 | ) | ||
| Contributions made to other post-employment benefit plans | (390 | ) | (281 | ) | ||
| Provisions paid | (7,665 | ) | (12,002 | ) | ||
| Income taxes paid | (1,946 | ) | (3,360 | ) | ||
| Total cash generated from operating activities | 25,056 | 24,740 | ||||
| Investing activities | ||||||
| Acquisition of Zavy, net of cash acquired | — | (363 | ) | |||
| Purchase of property, plant and equipment | (4,228 | ) | (12,307 | ) | ||
| Proceeds on sale and leaseback transactions | 6,694 | 11,536 | ||||
| Purchase of intangible assets | (132 | ) | (360 | ) | ||
| Proceeds on disposal of property, plant and equipment | — | 845 | ||||
| Purchase of non-current assets | (143 | ) | (9,426 | ) | ||
| Total cash used in investing activities | 2,191 | (10,075 | ) | |||
| Financing activities | ||||||
| Proceeds from credit facilities | 69,733 | 50,962 | ||||
| Repayment of credit facilities | (75,409 | ) | (68,083 | ) | ||
| Repayment of Zavy loans | — | (314 | ) | |||
| Increase in bank overdrafts | (880 | ) | (684 | ) | ||
| Proceeds from exercise of options | — | 337 | ||||
| Transactions costs | (419 | ) | — | |||
| Dividends paid | (16,579 | ) | — | |||
| Repurchase of shares | (966 | ) | — | |||
| Principal portion of lease payments | (7,455 | ) | (7,812 | ) | ||
| Total cash (used in) provided by financing activities | (31,975 | ) | (25,594 | ) | ||
| Change in cash and cash equivalents during the year | (4,728 | ) | (10,929 | ) | ||
| Cash and cash equivalents – beginning of year | $ | 6,773 | $ | 17,652 | ||
| Effects of foreign exchange on cash balances | (104 | ) | 50 | |||
| Cash and cash equivalents – end of year | $ | 1,941 | $ | 6,773 |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288148