DATA COMMUNICATIONS MANAGEMENT CORP. REPORTS 2025 FINANCIAL RESULTS

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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 – 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
As a percentage of revenues
19,362
18.0%
20,732
17.8%
84,352
18.7%
92,408
19.3%
Adjusted EBITDA
As a percentage of revenues
12,790
11.9%
15,788
13.6%
60,352
13.4%
63,908
13.3%
Net income (loss) for the period (634) 699 9,252 3,570
Adjusted net income
As a percentage of revenues
729
0.7%
2,574
2.2%
9,936
2.2%
11,325
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

DATA Communications Management Corp

Tel: (905) 791-3151

Mr. James E. Lorime

Chief Financial Officer

DATA Communications Management Corp.

Tel: (905) 791-3151

[email protected]


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 6 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 7 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
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
Foreign currency translation (115) 130
(115) 130
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 39 460
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 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 (814)
Increase in bank overdrafts (880) (684)
Proceeds from exercise of options 419 337
Transaction costs (16,579)
Dividends paid
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

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Geneviève Gravel

Vice President, People Experience

As VP, People & Culture, Geneviève supports DCM in all aspects of Human Resources, mentoring and motivating team members to grow and flourish personally as much as professionally. With her strategic vision, Geneviève leads her team to proactively align HR goals with the goals of the business, providing consulting expertise on HR issues, recruitment, policies, and procedures. Fueled by empowering positive change, Geneviève continues to hone her communication expertise with the latest HR courses and skill-building programs.

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“When you stop dealing with the employee and start dealing with the human being, you can figure out what really drives that person—and help them find where they need to be.”
Over her 25-year career, Geneviève negotiated labour relations between employees and unions before cultivating her passion for a more behavioural-based HR approach at Delta, AccorHotels, Rolls-Royce Canada, and, since 2014, DCM. A certified Life & Business Coach and Neuro-Linguistic Programming (NLP) Coach, Geneviève has a Bachelor’s degree in Industrial Relations from the University of Montreal.
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Barbara Franovic-Wilkins

Vice President, Marketing

When our clients want to get their brand or message out into the marketplace—and when we at DCM want to share our own stories and successes—Barb provides the direction and oversight that ensure the right strategy and resources are in place. Passionate about the power of marketing and communication to inform and incent, Barb makes sure that from first spark to final execution, initiatives progress smoothly, according to plan, with the right DCM technology supporting them.
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“As the ‘face’ of your business, your brand is truly one of your most valuable assets. It’s how customers perceive you and relate to you. My goal is to help it stand out, make sure it ‘speaks’ in a relevant and compelling way, and is flawlessly expressed wherever it appears.”
Having worked for over 20 years managing campaign development and rollout in sectors such as retail, financial services, consumer goods packaging, and not-for-profit, Barb is intimately familiar with the many moving parts within marketing and what it takes to mobilize them and get results. She ensures our marketing expertise and solutions align with what clients need now, and can drive future growth.
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Patrick Aussant

Vice President, IT Operations

A seasoned IT executive with extensive experience in change management, Patrick knows how to rally a team around a new path forward. As VP, IT Operations since 2009, Patrick is responsible for planning, implementing, upgrading, and maintaining the infrastructure, applications, and cyber-security at DCM. Under Patrick’s leadership, his groups consistently deliver great internal and external customer experiences—ensuring maximum uptime, stability, and security in the company’s computer systems and networks.
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“IT should be transparent. It should provide our internal teams and external customers with easy access to timely, accurate information so seamlessly they don’t even know it’s there. That is my vision for IT.”
Over the course of his 30 years in information technology, Patrick has developed a deep knowledge in acquisition, merger, and ERP implementation. Previous to DCM, he was Senior IT Director at Relizon Canada. Patrick studied Business Administration at UQAM, Montreal, and Information Technology at Control Data Institute, Montreal.
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Jason Sharpe​

Senior Vice President, Commercial Leadership

Taking an idea from concept to commercialization requires an innate ability to balance opportunity with risk while maintaining a bird’s-eye view of constantly evolving market trends. Jason’s ability to do that, and help clients leverage their potential, is second-to-none.
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“You have to start by knowing how the client measures their success—by understanding their higher-order needs. Only then can you bring forward ideas that align with their growth strategy.”
A business development and sales professional with over 20 years of experience, Jason has a unique knack for helping clients drive value in their organizations. To that end, he pushes the DCM sales team to think not just about volume of ideas, but finding the best ideas on an enterprise-wide basis. Ideas that meet clients’ objectives, fulfill the needs of their customers, and move metrics in the right direction.
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Sharad Verma

Senior Vice President, Strategy & Marketing

It takes insight and foresight to assess big-picture challenges and turn them into meaningful opportunities, supported by the right solutions. Sharad is a master of interpreting complex client requirements and market trends, and responding with ideas ground in both evidence and aspiration.
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“My job is to unify our teams around one central mission: to ensure our customers get the best solutions for their business—from strategy to execution—that will improve the bottom line.”
With over 25 years of experience in digital marketing and management consulting, Sharad has helped a diverse set of clients create value through innovative marketing and consumer solutions. Backed by his own entrepreneurial experience founding and running a successful digital agency, he brings together DCM’s multi-disciplinary teams to solve problems and drive sustainable business performance for our clients.
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James E. Lorimer

Chief Financial Officer

With more than 20 years of experience as a finance professional in capital markets, James knows a thing or two about aligning business and finance strategy. As CFO, James plays a key role in guiding the long-term direction of DCM, providing the proper financial planning, analysis tools, and leadership to the organization. Previously an investment banker, private equity fund advisor, and a senior member of an executive search firm, James is all about collaborating with people to develop and implement capital markets and M&A strategies

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“It’s been exciting transforming the business from printing to marketing and communications; our clients value the transparency and insights into our new strategic direction that my team has offered throughout the transition.”

James’ extensive career as an investment banker began at Midland Walwyn Capital (now Bank of America Merrill Lynch), leading small- and mid-cap, high-growth companies. He later co-founded Clarus Securities, a leading Canadian institutional-focused investment dealer, where he served as head of investment banking and as a member of the executive committee. Before joining DCM in 2015, he held a senior role with Ludwig Wessel & Associates, a boutique executive search firm specializing in the capital markets. He also advised a private equity fund and its portfolio companies on debt & equity financings and mergers & acquisitions. James holds an MBA from the Ivey Business School at Western University.

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Richard Kellam

President & Chief Executive Officer

Arriving with a fresh vision, an appetite for learning and growth, and more than 35 years of experience in general management, customer development and marketing communications, Richard Kellam is well set up to lead DCM into the future. His resume reads like a who’s-who of major brands. Before coming to DCM, Richard was Chief Executive Officer of Advantage Group International, a leading consulting and business development company serving major global enterprises.
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“I do this work because I’m passionate about the potential of exceptional marketing. I’ve learned something new in every position I’ve held, and I bring that to bear in every role I undertake.”
Richard’s professional learning began as Brand Manager for Playtex Limited. He took his on-the-job education to higher levels with positions at Robin Hood Multifoods, Molson Breweries, Mars Inc., and The William Wrigley Company. By the time he became Senior Vice President of Global Sales and Marketing at Goodyear, he had earned the leadership expertise and industry reputation to teach a master class. Richard’s formal education was taken at the University of Western Ontario.
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Shelly  Anwyll

Senior Vice President, North America, Retail & Emerging Markets

With her keen eye for budding opportunities, Shelly guides market strategy and oversight for DCM’s enterprise business solutions in her role as SVP, North America, Retail & Emerging Markets. Leveraging her strong background in retail, healthcare and Consumer Packaged Goods (CPG), she is especially active in positioning DCM as a leader in the cannabis space and nurturing partnerships with over a dozen of Canada’s leading cannabis producers. Recently, Shelly’s expertise helped DCM develop a full solution to meet Health Canada’s regulatory labelling requirements.
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“My entrepreneurial spirit, open mind, and appetite to win drives me to challenge my clients on the status quo and inspire them to think beyond today to new opportunities for excellence tomorrow.”

Shelly has held various VP roles over her 25-year career in outsourced marketing services, on both the client-side and at agencies including Mosaic, Match Marketing, and Consumer Impact Marketing. A proud supporter of SickKids, Shelly was the Vice President of Strategic and Corporate Partnerships at SickKids Foundation. She has a Bachelor of Arts in Economics from Laurentian University.
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James E. Lorimer

Corporate Secretary

With more than 20 years of experience as a finance professional in capital markets, James knows a thing or two about aligning business and finance strategy. As CFO, James plays a key role in guiding the long-term direction of DCM, providing the proper financial planning, analysis tools, and leadership to the organization. Previously an investment banker, private equity fund advisor, and a senior member of an executive search firm, James is all about collaborating with people to develop and implement capital markets and M&A strategies.

James’ extensive career as an investment banker began at Midland Walwyn Capital (now Bank of America Merrill Lynch), leading small- and mid-cap, high-growth companies. He later co-founded Clarus Securities, a leading Canadian institutional-focused investment dealer, where he served as head of investment banking and as a member of the executive committee. Before joining DCM in 2015, he held a senior role with Ludwig Wessel & Associates, a boutique executive search firm specializing in the capital markets. He also advised a private equity fund and its portfolio companies on debt & equity financings and mergers & acquisitions. James holds an MBA from the Ivey Business School at Western University.

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Derek J. Watchorn

Director

Derek joined DCM’s board in 2016, bringing with him a wealth of global experience. Over the past six years, he was consultant and management committee member on the redevelopment of Buttonville Airport land, as well as consultant on a joint venture involving a major shopping centre in Budapest. A lawyer by trade, Derek has extensive executive experience in the real estate industry in Ontario and abroad. Currently a director of Timbercreek Financial Corp., he also served in London, England as Executive Vice President of Canary Wharf plc and Executive Director of TrizecHahn plc.

Derek joined the law firm Davies Ward Phillips & Vineberg LLP as a solicitor in 1968, becoming partner two years later. Until 2004, he was a senior advisor to the Paul Reichmann family in Toronto, a capacity in which he served on a seconded basis as Executive Director of Olympia & York Canary Wharf plc. Derek was previously a director of Patheon Inc.

Mike Sifton

Mike Sifton

Director

With his long and successful career in the newspaper publishing business, Mike brings extensive experience and expertise in print operations management to DCM, where he has served as a director since 2015, and was CEO until 2018. Previously, Mike was President and CEO of Sun Media, and before that, led the formation and eventual public offering of Osprey Media Group. Prior to forming Osprey, Mike was President of Hollinger Canadian Newspapers L.P. and President and CEO of family-owned Armadale Communications.

Most recently, Mike has served as a Managing Director at Beringer Capital, a private equity firm based in Toronto that focuses on the marketing, specialty-media and advertising industries in North America. In addition to Mike’s work at DCM, he is a past Director of Yellow Pages Limited and is involved in a number of not-for-profit organizations, including serving as the former Chairman of the Board of Governors for St. Andrews College in Aurora, Ontario. Mike holds a B. Comm (Honours) from Queen’s University.

James J. Murray

James J. Murray, SIOR

Director

With a rich career spanning 50 years in the commercial brokerage industry, James has always been passionate about helping people put their ideas into action. Currently a Principal and SVP of Lennard Commercial Realty Limited, he joined DCM’s board in June 2016. As SVP and Director of Business Development at Cushman & Wakefield Ltd. Brokerage, James led major assignments across Canada, including the Mississauga and Oakville campuses of Sheridan College, Movati Health Clubs, and the TPCL head office in Calgary. Prior to that, he was the Managing Director and a Partner at J.J. Barnicke. Named “Business Person of the Year” by the Mississauga Board of Trade in 2009, James has received the Queen’s Silver Jubilee and Diamond Jubilee medals and, in 2015, the prestigious Order of Ontario.

James is a member of the Society of Industrial & Office Realtors and is President and Chair of the Hazel McCallion Foundation for Arts, Heritage and Culture. He has also served two six-year terms as a board member and vice chair of the Peel Regional Police Services Board, as well as a 12-year term on the board of governors at Credit Valley Hospital.

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Merri L. Jones, ICD.D

Director

The first woman in Canada to have led a schedule II bank, Merri brings over 40 years of deep experience in sales & marketing, finance, strategy, and human resources to DCM. Joining the board in 2018, Merri was previously a member of the company’s Advisory Committee. A highly accomplished senior executive, she holds an Institute of Corporate Directors Director (ICD.D) designation from the Rotman School of Management at the University of Toronto and currently sits on the board for Leith Wheeler. Since 2016, Merri has been a director of Sentry Investments Inc., where she is head of its HR & Compensation Committee. She previously held senior roles at Fiera Capital, GBC Asset Management, AGF Private Wealth Management, TAL Global Asset Management, and CIBC Trust.

Merri has served on a number of advisory boards and investment review committees. An active supporter of not-for-profit and charitable organizations, she is passionate about helping the Centre for Addiction and Mental Health (CAMH), the Sunnybrook Foundation, Institute for Private Investors, and the Victorian Order of Nurses (VON). Merri holds an Executive CFA through the Institute of Private Investors from the Wharton School of Business.

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Richard Kellam

Director & Officer

Arriving with a fresh vision, an appetite for learning and growth, and more than 35 years of experience in general management, customer development and marketing communications, Richard Kellam is well set up to lead DCM into the future. His resume reads like a who’s-who of major brands. Before coming to DCM, Richard was Chief Executive Officer of Advantage Group International, a leading consulting and business development company serving major global enterprises.


Richard’s professional learning began as Brand Manager for Playtex Limited. He took his on-the-job education to higher levels with positions at Robin Hood Multifoods, Molson Breweries, Mars Inc., and The William Wrigley Company. By the time he became Senior Vice President of Global Sales and Marketing at Goodyear, he had earned the leadership expertise and industry reputation to teach a master class. Richard’s formal education was taken at the University of Western Ontario.

 

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Greg Cochrane

Vice Chairman

Greg provides well-rounded oversight of DCM, having led the company from 2016 to 2021 as President and CEO. He now serves as Vice Chairman of the company, bringing his experience in marketing services, communications, event management, and private equity investment to the company and its shareholders.

As an owner of Mariposa Communications earlier in his career, he helped build it into Canada’s largest event company by the time it was sold to Mosaic. Soon after, he became lead investor and director of Pareto Corporation, a marketing services start-up that he helped go public before its sale to a private equity firm. Greg continued his career at VRG Capital, where he served as lead investor and director in a number of public and private companies. In 2016, he joined DCM as an investor and director, becoming President and then CEO. He has held his current role of Vice Chairman since April 2021. Passionate about giving back to Canadian communities, Greg was recognized with Canada’s 125th Commemorative Anniversary medal for volunteerism. He has an MBA from the Smith School of Business at Queen’s University.
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J.R. Kingsley Ward

Chairman of the Board

With over 30 years of experience as an investor in, and director of, private equity and public company investments, Kingsley provides incomparable guidance to DCM. He became director of the company in 2014 and Chairman in 2016. Kingsley began his career in 1991 at Vimy Ridge Group Ltd., later serving as President of VRG Capital. He co-founded and was director of Globalive Technology Partners, an AI and blockchain technology company, and also founded IPEC (now Flint Energy Services). Later, he founded Pareto Corp., a marketing services company, and served as Director of PLM Group, a commercial printing and direct marketing company. Now Managing Partner of VRG Capital Corp., he is also Chairman on a number of boards across a wide range of industries including finance, communications, and pharma.

Passionate about giving back to Canadian communities, Kingsley has worked with Polo for Heart, a Heart & Stroke Foundation charity event, for 25 years. He is a co-chair of the Capitalize for Kids board, an investor conference in support of SickKids Hospital, and is a past director of the Special Olympics Canada Foundation. Actively involved in YPO (Young Presidents’ Organization) since 1999, Kingsley has held a number of positions, including chairman of the Ontario chapter and Canadian regional educational officer.