A deeply personal, firsthand look at how Regent Park became a global model for inclusive urban revitalization
TORONTO--(BUSINESS WIRE)--Rhythms of Change, the new book by Mitchell Cohen – social activist, musician and president and CEO of The Daniels Corporation (Daniels) – draws from Cohen’s personal reflections on the 18-year transformation of Toronto’s Regent Park, in partnership with Toronto Community Housing (TCHC). Gaining international acclaim as a groundbreaking blueprint for community-led urban transformation, Rhythms of Change offers insights for cities around the world. Recognized by UN-Habitat at the 12th annual World Urban Forum in Cairo, Egypt on November 5th, Rhythms of Change also recently achieved bestseller status on Amazon, underscoring its influence and relevance.
At the book’s recent launch event, Mitchell Cohen reflected on the importance of Regent Park’s unique transformation: “For most of us, the concept of urban renewal is certainly nothing new,” he shared with the audience. “Over the years, we’ve all seen or read about urban renewal projects that reflect a heavy-handed, top-down process. The Regent Park revitalization turned that practice on its head, putting local voices and aspirations at the top of the agenda.”
The book chronicles the remarkable journey of Regent Park, Canada’s oldest and largest social housing project, originally designed in the 1940s under a “garden city” model. However, this planning approach ultimately isolated the neighbourhood, leaving it stigmatized and disconnected from surrounding areas. Through Rhythms of Change, Mitchell shares how the revitalization reversed these issues by focusing on resident rights, specifically with principles like the “right of return,” which ensured that displaced residents would have the opportunity to come back to a newly built home in their community.
“Rhythms of Change tells both a business and a political story,” Cohen explained, “but most importantly, the book tells a community story. It is about how local residents came together in the mid-1990s to envision a better future—a better quality of life for themselves, their families and their neighborhood.”
In addition to exploring the human impact of Regent Park’s revitalization, the book also details the public-private partnerships between Daniels and TCHC that powered this massive transformation. Cohen emphasizes the collaborative approach taken with residents, stakeholders and city officials to create a “complete community” with a mix of tenures, incomes and uses. These features have helped Regent Park become a thriving, inclusive community where diversity and quality of life are celebrated.
“Regent Park is a real-time demonstration of how a stigmatized urban neighbourhood can be reimagined and transformed, setting a new global gold standard for inclusive urban revitalization. It is also a place where everyone is welcome, and where quality of life rivals that of any neighborhood in the world,” Cohen added.
Reflecting on the profound lessons learned through the process, Cohen hopes that readers of Rhythms of Change will be inspired to become agents of positive change within their own communities. “I hope that people reading this book will recognize their unique potential to become an agent of change and, like the residents of Regent Park, harness that potential to build healthy and sustainable neighbourhoods in which everyone is welcome, and everyone belongs.”
Rhythms of Change, Reflections on the Regent Park Revitalization is essential reading for anyone looking to be inspired, informed and actively engaged in shaping the future of their communities.
Rhythms of Change is now available at Amazon, Indigo and local book stores.
Praise for Rhythms of Change: Reflections on the Regent Park Revitalization:
“Rhythms of Change is a magnificent tour de force, reflecting personal experiences and those of so many comrades who brought the world’s largest mixed-income social housing transformation to life.”
– Mark L. Joseph, PhD, Founding Director, National Initiative on Mixed-Income Communities, Leona Bevis and Marguerite Haynam Professor of Community Development, Jack, Joseph and Morton Mandel School of Applied Social Sciences, Case Western Reserve University
"This book is a revolutionary ray of sunshine. Mitchell Cohen’s herculean story of the revitalization of Regent Park provides an antidote to a world weighed down by seemingly insurmountable social problems. Read it and reignite your idealism."
– Denise Donlon, CM, music and media executive
"Rhythms of Change chronicles the Regent Park revitalization story, but also the personal journey of a true champion of progressive urban change. This gem of a book is essential reading for anyone interested in building strong, resilient communities."
– Meric Gertler, president, University of Toronto
"Mitchell Cohen’s insights remind us of the need for both long-term vision and short-term pragmatism. His confidence in humanity, his dedication and persistence in building trust are needed now as never before."
– Elizabeth Dowdeswell, Lieutenant Governor of Ontario, 2014–2023
About the Author:
Mitchell Cohen, CM, is president and CEO of The Daniels Corporation, steering the organization’s strategic and long-term vision since 1984. Under his leadership, Daniels has become known for building residential offerings for people at all stages of life, and for its commitment to building a healthy social infrastructure within each new community. Over the past four decades the company has also created innovative affordable rental programs as well as programs that help tenants become first-time homeowners.
Cohen has a Masters in Social Psychology from the London School of Economics and a Bachelor of Science in Psychology from McGill University. In 2019, Cohen was appointed to the Order of Canada in recognition of his "contributions to urban development and for his commitment to community building.”
In 2013, he received an Honorary Doctorate from the Faculty of Community Services at Toronto Metropolitan University. In addition, Cohen has received the Queen Elizabeth II Diamond Jubilee Medal and an Award of Merit from the St. George’s Society.
A songwriter and musician as well as a socially conscious real estate developer, Cohen seamlessly bridges the intersection of business and the arts.
About The Daniels Corporation:
The Daniels Corporation is one of Canada’s pre-eminent builders/developers, building nearly 40,000 new homes across the Greater Toronto Area for over 40 years. Daniels is the developer of TIFF Lightbox in Toronto’s Entertainment District and the City of the Arts community on Toronto’s East Bayfront. Among its many initiatives, Daniels partnered with Toronto Community Housing to revitalize 53 of the 69-acre Regent Park community in Toronto. Regent Park is home to the World Urban Pavilion, a collaboration between the Urban Economy Forum, UN Habitat, Canada Mortgage and Housing Corporation and Daniels. Understanding that quality of life is created by much more than physical buildings, Daniels goes above and beyond to integrate building excellence with opportunities for social, cultural, and economic well-being.
Contacts
For more information or to request an interview, please contact:
Emma McNally at emma.mcnally@kaiserpartners.com
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News provided by Business Wire
TORONTO--(BUSINESS WIRE)--Messagepoint Inc. announced it has been named a Leader in the IDC MarketScape: Worldwide Intelligent Customer Communications Management 2024 Vendor Assessment (Doc #US51359124, December 2024) and the IDC MarketScape: Worldwide Automated Document Generation 2024 Vendor Assessment (Doc #US52111324, December 2024).
Messagepoint is positioned in the Leaders Category in both of these reports which focus on solutions for managing personalized customer communications. The IDC MarketScape for Intelligent Customer Communications Management evaluates vendors that natively own or integrate forms technology and artificial intelligence, or generative AI (GenAI) features for the enhancement of automation in content creation, management or insights and discusses the shift from traditional document generation to a more intelligent communication platform. The IDC MarketScape for Automated Document Generation examines the automated generation of documents and communications for multichannel delivery while highlighting the shift of document generation to a more personalized form of communication outside of traditional regulated requirements. Vendor inclusion criteria involved a comprehensive survey and investigation of each vendor to ensure their offerings were qualified by capabilities and strategies related to success in the CCM market. The report provides a comparative evaluation of the criteria that are most valuable to a company when choosing a CCM solution.
We believe recognition as a Leader in intelligent customer communications management applications underscores Messagepoint’s commitment to providing modern approaches and solutions leveraging AI and machine learning (ML) to optimize the way organizations create, deliver and manage customer communications across multiple channels. For the past eight years, Messagepoint has invested in a specialized AI team focused on enhancing the capabilities of the company’s proprietary AI and ML engine, Messagepoint Advanced Rationalization and Content Intelligence Engine (MARCIE), making the platform exceptionally qualified to deliver dynamic digital experiences efficiently at scale. Messagepoint stands alone in its ability to provide a flexible content system that facilitates headless CCM capabilities for supporting digital communications and seamlessly integrate with platforms like Unqork to provide codeless content management and application development hooks for creating comprehensive digital experiences.
“Messagepoint’s AI-powered platform continues to change traditional customer communications management with its ability to incorporate intelligence that makes real-time, contextually relevant experiences possible. Another important element to AI/ML/GenAI is Messagepoint’s AI-based search and content intelligence features for content authors and curators to effectively leverage content snippets as a foundation for creating highly personalized communications across digital channels,” said Marci Maddox, research director, enterprise content strategies at IDC and author of the report.
Messagepoint has pioneered advancements in the industry by being the first to introduce AI-powered Assisted Authoring, content rationalization and migration through its MARCIE platform. The solution provides a no-code platform for business users, offering a modern and comprehensive cloud-based approach that enhances the speed and efficiency of communications management. Messagepoint also provides organizations with the ability to utilize centrally managed and controlled content objects across various digital channels, eliminating redundant content operations that typically come with managing multiple channels. According to the IDC MarketScape for Intelligent CCM, “Messagepoint’s AI-Assisted Authoring tool optimizes content creation by identifying redundancies, improving readability, and suggesting alternative personalized phrasings while ensuring brand consistency, translation and translation accuracy, proactively identifying and addressing potential issues related to sentiment, and reading levels acting as a compliance agent to validate against standards.”
The IDC MarketScape for Intelligent CCM report also noted, “Messagepoint Touchpoint Exchange acts like a communications app store to an intelligent content hub, allowing customers and partners to efficiently create, distribute, and manage content across various channels, with customizable templates and prebuilt touch points to accelerate content development and streamline communication processes.” The solution makes it possible to efficiently create, distribute and manage content across various channels, with customizable templates and pre-built touchpoints to accelerate content development and streamline communication processes.
“We are honored to be recognized as a Leader in two important IDC MarketScape reports for CCM,” said Steve Biancaniello, CEO of Messagepoint. “With the market evolving rapidly, AI is set to play an even more significant role in shaping the future of customer communications, making implementing digital strategies critical to enhancing the customer experience. By staying ahead of the curve, we are able to help organizations capitalize on both of these dynamics by leveraging the power of AI and digital innovation to drive meaningful growth and customer satisfaction.”
To access the IDC Marketscape report, click here.
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors, can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
About Messagepoint
Messagepoint is a leading provider of customer communications management software. Only Messagepoint harnesses AI-powered Content Intelligence to automate and simplify the process of migrating, optimizing, authoring and managing complex customer communications for non-technical (business) users. Customers rely on its award-winning platform to consistently deliver exceptional, highly personalized customer communications across all platforms and channels. For more information, visit www.messagepoint.com.
Contacts
Patricia Kilgore
Sterling Kilgore
pkilgore@sterlingkilgore.com
Klick Health’s ‘Holiday Hugs,’ produced in support of the Foundation for Social Connection, encourages viewers to “hug someone you love”
TORONTO & NEW YORK--(BUSINESS WIRE)--#AI--When dozens of Klick Health team members said they wouldn’t be able to hug loved ones over the festive season, the company turned to AI and other magic to orchestrate a series of sentimental, surprise reunions captured in its ‘Holiday Hugs’ video, released today. The heartwarming four-minute video, benefitting the D.C.-based Foundation for Social Connection (F4SC), parallels recent findings from a Maru/Blue Public Opinion survey commissioned by Klick.
The poll found 74 percent of Americans and Canadians won’t be able to hug at least one person they wish they could over the holidays. And like those in the video, survey participants cited geographical distance and loved ones having passed away as the leading factors preventing their hugs.
“I just wish I could really squeeze her right now,” says teary-eyed New York Klickster Kari Bocassi watching her AI-generated hug with her sister Marlene, moments before she bursts onto the set for a long in-person embrace. The siblings have spent the past 14 years caring for their mother since her Alzheimer’s diagnosis, but haven’t been together for the holidays since Marlene moved to Virginia. Similarly, Toronto’s Fred Duarte gets the bear hug of his life when his brother Rico, who lives in Brazil, walks into Klick’s production studio for their first holiday reunion in seven years.
Embracing the Health Benefits of Hugs
‘Holiday Hugs’ also taps into the fact that hugs don’t just make people feel better emotionally, they also have numerous health benefits. According to the National Institutes of Health, hugs can lower blood pressure and boost the immune system.
Jillian Racoosin Kornmeier, Executive Director of the Foundation for Social Connection said, “The holidays can often heighten experiences of loneliness and isolation, but hugs offer a simple, meaningful way to foster greater social connection and well-being. This season, the Foundation for Social Connection is proud to partner with Klick Health to bring loved ones closer and promote the transformative power of a hug.”
“There’s nothing quite like the warmth and reassurance of a heartfelt hug,” added Klick’s Chief Creative Officer Rich Levy. “With ‘Holiday Hugs,’ we wanted to celebrate the profound connections that hugs create — even when distance or life circumstances keep us apart. Seeing the joy and tears of our Klicksters reminds us that no technology can truly replace the magic of human connection, but it can help bring us closer in the most surprising ways.”
Key Findings from Public Opinion Survey on Hugs
- Three-in-four (74 percent) of the North Americans polled said there is at least one person they wish they could hug this holiday season, but won't be able to.
- Geographical distance was the reason why about half (48 percent) of respondents were not getting that hug, while about three-in-five (62 percent) said the person they wanted to hug passed away.
- Holidays aside, more than half (52 percent) of those surveyed said they could use at least a few more hugs, while only 31 percent said they get all the hugs they could want.
- Interestingly, more than half (54 percent) of people said they hug about the same as they did before the pandemic, while 34 percent said they hug less and 12 percent said they hug more.
‘Holiday Hugs’ was filmed in Klick’s in-house Studio K production facility, with original soundtrack by Canadian-Screen-Award-winner Antonio Naranjo. The company’s creative production team took Klicksters’ photo submissions and transformed them into life-like hug videos using the Gen-3 Alpha Turbo tool by Runway. Plus, Klick animators created a handy how-to-video for anyone who wants to create their own AI-generated holiday hugs.
For the last 15 years, Klick’s annual holiday videos have inspired millions of people around the world with themes of kindness, creativity, and connection. ‘Holiday Hugs’ can be viewed, liked, and shared on YouTube. For every view, Klick will donate $1 to the F4SC (up to $10,000).
About The Survey
This Maru Public Opinion survey conducted on behalf of Klick Health was undertaken by the sample and data collection experts at Maru/Blue. In the US, 1,519 randomly selected American adults who are Unlock Surveys online panelists were surveyed from October 31st to November 1st, 2024. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. The results have been weighted by age, gender, race and region to match the population according to Census data which ensures the sample is representative of the entire adult population. Discrepancies in or between totals when compared to the data tables are due to rounding. In Canada, 1,516 randomly selected Canadian adults who are Maru Voice Canada online panelists were surveyed from October 31st to November 1st, 2024. The results of this study have been weighted by education, age, gender, and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. Discrepancies in or between totals when compared to the data tables are due to rounding.
About Klick Health
Klick Health is the world’s largest independent commercialization partner for life sciences, focused on hacking the boundaries of health by developing, launching, and supporting life sciences brands to achieve their full potential. The agency provides best-in-class marketing and advertising, media strategy and purchasing, medical affairs and medical communications, value and market access services, as well as enterprise omnichannel enablement among its specialized offerings. Klick’s client service is rooted in deep medical and scientific understanding, enabled by over 185 post-graduate, in-house medical experts; unrivaled decision sciences capabilities; and innovative, results-driven creative.
One of the most-awarded advertising agencies on the planet, Klick was named 2024 Clio Health Independent Agency of the Year, London International Awards Global (and Regional) Independent Health & Pharma Agency of the Year, as well as Cannes Lions #2 Healthcare Agency and #2 Healthcare Network for the second year running. Cannes Lions also recognized Klick as the 2024 #3 Independent Agency of the Year. In 2023, Klick won 160 top creative honors and seven agency distinctions from the most respected advertising awards shows. Klick has also been ranked a Best Managed Company, Great Place to Work, Best Workplace for Women, Best Workplace for Inclusion, Best Workplace for Professional Services, Most Admired Corporate Culture, and a FORTUNE Best Workplace in Advertising.
Established in 1997, Klick Health (including Klick Katalyst and btwelve) has offices in New York, Philadelphia, Toronto, London, São Paulo, and Singapore. It is part of the Klick Group of companies, which also includes Klick Media Group, Klick Applied Sciences (including Klick Labs), Klick Consulting, Klick Ventures, and Sensei Labs. Follow Klick Health on LinkedIn and for more information on joining Klick, go to careers.klick.com.
About The Foundation for Social Connection (F4SC)
The Foundation for Social Connection (F4SC) was founded in 2020 with the vision of a vibrant society where social connection is at the heart of how we live. As the leading US organization focused on addressing our crisis of disconnection, our mission is to advance social connection nation-wide rooted in evidence for our collective well-being. Together with our Scientific Leadership Council, Action Network, and partners, we translate research into practice, create long-lasting partnerships and convening opportunities for field builders, and prioritize social connection as a national value powered by lived experiences.
Contacts
Press
Marisa McWilliams or Erin O’Sullivan at pr@klick.com or (416) 214-4977
The new journal is dedicated to advancing neonatal care through global collaboration and clinical case reports
TORONTO--(BUSINESS WIRE)--The University of Toronto Press (UTP), Canada’s largest university press and leading academic publisher, today announced its plan to launch the Journal of Clinical Insights in Neonatology. The new publication is dedicated to advancing the field of neonatology through high-quality clinical case reports and research and is developed in partnership with the Toronto Centre for Neonatal Health (TCNH). TCNH is a collaboration among The Hospital for Sick Children (SickKids), Mount Sinai Hospital, St. Michael’s Hospital, and Sunnybrook Health Sciences Centre.
The Journal will serve as a platform for neonatologists, clinicians, and researchers from around the world to share and discuss complex and impactful case studies. The first issue will be published in the spring of 2025.
"The Toronto Centre for Neonatal Health identified a critical need for a dedicated platform for the global community of neonatologists to collaborate and share insights. In line with our mission of connecting ideas for a better world, we are thrilled to partner with the TCNH to develop this essential publication," says Antonia Pop, Vice President, Publishing Division at UTP. "The Journal will deliver important insights to support healthcare professionals and ultimately improve outcomes for newborns worldwide."
"The launch of the Journal of Clinical Insights in Neonatology represents a pivotal moment in neonatal research and care," says Dr. Estelle B. Gauda, Head of Neonatology at SickKids and Director of the Toronto Centre for Neonatal Health. "By focusing on clinical case reports, we are enhancing the exchange of critical knowledge that can lead to innovative treatments and better care for our most vulnerable patients."
About the Toronto Centre for Neonatal Health
A collaboration among The Hospital for Sick Children (SickKids), Mount Sinai Hospital, St. Michael’s Hospital, and Sunnybrook Health Sciences Centre, the Toronto Centre for Neonatal Health (TCNH) is a collective of healthcare professionals and experts striving to provide the best outcomes possible for newborns and families through Community, Advocacy, Research and Education (CARE). For more information, please visit https://torontocentreforneonatalhealth.com.
About the University of Toronto Press
The University of Toronto Press (UTP) is one of the largest university presses in North America, publishing landmark scholarship since 1901. Each year UTP releases over 250 new scholarly, course, and general interest books in both print and ebook format and over 80 journals. In addition, UTP manages the distribution for over 200 publishers and imprints in Canada, the US, and around the world, with warehouses in Toronto, Ontario and Buffalo, New York. UTP also runs all of the University of Toronto Bookstores across the three main campuses, serving over 95,000 students and 15,000 faculty. For more information, please visit utorontopress.com.
Contacts
MEDIA CONTACT
Anne-Marie Tremble, Senior Account Manager, Talk Shop Media
annemarie@talkshopmedia.com | 613-914-3551
TORONTO--(BUSINESS WIRE)--Everybody Loves Languages Corp. . (“ELL”) (TSX-V: ELL; OTC: LMDCF; FSE: LIMA), www.everybodyloveslanguages.com, an edtech language learning edutainment and content development company announces its financial results for the third quarter ended September 30, 2024. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
Q3 2024 Operational Highlights
-
Online English Language Learning:
-
ELL’s AcadeMe Junior program:
- Created 2200 new Disney inspired illustrations which were implemented in the content
- Developed 8 booklets with 400+ printable worksheets
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English AcadeMe
- Delivered 240 new lessons
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English for Success:
- Enhanced 600 lessons in the Portuguese world languages
- Onboarded new distributors in Colombia, Peru, and Uruguay
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ELL’s AcadeMe Junior program:
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Content-Based English Language Learning:
- Continued to develop content for the latest revision of the PEP books
- Expanded sales in one additional province in China
Q3 2024 Financial Highlights
Third Quarter Ended September 30th |
| 2024 |
| 2023 | ||
Revenue | $ | 297,273 | $ | 123,866 | ||
Operating and development expenses |
| 496,213 |
| 443,975 | ||
Loss before amortization, share-based payments, depreciation, finance charges and taxes |
| (198,940) |
| (320,109) | ||
Amortization, share-based payments, and depreciation |
| 5,636 |
| 27,486 | ||
Finance charges, taxes, foreign exchange |
| 11,182 |
| (65,063) | ||
Net loss |
| (215,757) |
| (282,532) | ||
Total comprehensive loss |
| (209,403) |
| (291,606) | ||
Loss per share (Basic) | $ | (0.01) | $ | (0.01) |
- Revenue for the third quarter ended September 30, 2024 totalled $297,273 as compared to $123,866 in Q3 2023.
- Operating and development expenses for the quarter ended September 30, 2024 totaled $496,213 compared to the expenses of $443.975 in Q3 2023. Included as a reduction of selling, general and administrative expenses are government grants of $45,000 as compared to $53,393 relating to the Company's publishing and software projects in Q3 2023.
- Net loss for the quarter ended September 30, 2024 was $(215,757) or $(0.01) loss per share (basic) based on 35.6 million shares and $(0.01) loss per share (diluted) based on 37.6 million shares as compared to a net loss of $(282,532) for Q3 2023 or $(0.01) loss per share (basic and diluted) based on 35.6 million shares.
- Loss before amortization, share-based payments, depreciation, finance charges and taxes was $(198,940) in Q3 2024 compared to the loss of $(320,109) in Q3 2023.
Financial Highlights for the Nine-Month Period Ended September 30, 2024
Nine Month Period Ended September 30th |
| 2024 |
| 2023 | ||
Revenue | $ | 1,438,538 | $ | 1,338,660 | ||
Operating and development expenses |
| 1,555,873 |
| 1,661,786 | ||
Income (Loss) before amortization, share-based payments, depreciation, finance charges and taxes |
| (117,335) |
| (323,126) | ||
Amortization, share-based payments and depreciation |
| 51,099 |
| 56,140 | ||
Finance charges, taxes and foreign exchange |
| (2,494) |
| (57,736) | ||
Net profit (loss) |
| (165,940) |
| (321,530) | ||
Total comprehensive income (loss) | $ | (176,912) | $ | (323,266) | ||
Earnings (Loss) per share (Basic and Diluted) | $ | (0.00) | $ | (0.01) |
- Revenue for the nine-month period ended September 30, 2024 totalled $1,438,538 compared to $1,338,660 for the same period in 2023.
- Operating and development expenses for the nine-month period ended September 30, 2024 totaled $1,555,873 as compared to $1,661,786 for the same period in 2023.
- Net loss for the nine-month period was $(165,940) as compared to net loss of $(321,530) for the same period in 2023.
- Loss before amortization, share-based payments, depreciation, finance charges and taxes was $(117,335), as compared to $(323,126) for the same period in 2023.
“We continuously refine our products, leveraging market feedback to drive meaningful enhancements. Currently, we're advancing development to optimize mobile accessibility, with completion targeted for the fourth quarter,” said Gali Bar-Ziv, President & CEO of Everybody Loves Languages.
The unaudited condensed interim financial statements for the quarter ended September 30, 2024 and Management Discussion & Analysis are available at www.sedarplus.ca.
About Everybody Loves Languages Corp. (TSX-V: ELL; OTC: LMDCF; FSE: LIMA):
Everybody Loves Languages Corp. is an edtech language-learning and content development company empowering language educators to easily transition from traditional teaching methods to digital learning by integrating education, edutainment, and technology.
The Company provides online and print-based solutions through two distinct business units: Everybody Loves Languages Inc. and Lingo Learning Inc. Everybody Loves Languages is a state-of-the-art technology platform that delivers personalized learning experiences in classrooms and online. Its programs provide innovative SaaS-based eLearning solutions, including online and offline content, a learning management system, assessments, real-time reports, speech recognition technology, and white-label tools. At the same time, Lingo Learning is the content development arm and co-publishes print-based English language learning materials in China.
Everybody Loves Languages has established successful relationships with key government and industry organizations internationally, with a presence in LATAM and China, and continues to expand its product offerings and extend its market reach.
Follow Everybody Loves Languages on social media:
Facebook: https://www.facebook.com/everybodyloveslanguages
Twitter: twitter@elltechnologies
YouTube: Everybody Loves Languages (ELL)
LinkedIn: https://www.linkedin.com/company/elltechnologies
Portions of this press release may include "forward-looking statements" within the meaning of securities laws. These statements involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. These statements are based on management's current expectations and involve certain risks and uncertainties. Actual results may vary materially from management's expectations and projections and thus readers should not place undue reliance on forward-looking statements. Everybody Loves Languages has tried to identify these forward-looking statements by using words such as "may," "should," "expect," "hope," "anticipate," "believe," "intend," "plan," "estimate" and similar expressions. Everybody Loves Languages’ expectations depend upon general economic conditions, the continued and growth in demand for its products, retention of its key management and operating personnel, its need for and availability of additional capital and other uncontrollable or unknown factors. No assurance can be given that the actual results will follow the forward-looking statements. Except as otherwise required by securities laws, Everybody Loves Languages undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, changed circumstances or any other reason. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's filings with the Canadian securities regulators available on www.sedar.com.
___________________________________________________________________________________________________
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Contacts
For further information, contact:
Everybody Loves Languages
Corporate Communications
Khurram Qureshi
Tel: (647) 831-1462
Email: kqureshi@elltechnologies.com
Media Relations
Dwain Schenck
Tel: (203)-223-5230
Email: dwain@schenckstrategies.com
Everybody Loves Languages Reports Financial Results for the Third Quarter Ended September 30, 2024
University of Toronto Press is proud to represent Hopkins Press books in the North American campus market, increasing access to international scholarly works and course materials.
TORONTO--(BUSINESS WIRE)--University of Toronto Press (UTP), Canada’s largest university press and leading academic publisher, is proud to announce a new partnership with Hopkins Press, one of the largest university presses in the United States. This collaboration marks a significant expansion of UTP's campus representation services, offering an expanded catalogue of highly esteemed course materials to North American college and university students and faculty.
UTP has a long history of serving scholarly and professional societies with publishing and sales services, as well as supporting book publishers with distribution services. The new partnership with Hopkins Press marks an expansion to also offer representation for international publishers into North American higher education. As the first publisher to partner with UTP in this area, UTP's sales team will now represent Hopkins Press titles alongside its own when visiting US and Canadian campuses.
“We are thrilled to build on our long-standing relationship with Johns Hopkins University Press, a publisher we have proudly collaborated with for many years,” says Lily Bergh, Director of Business Development at UTP. “This partnership enhances the diversity of course materials available to students and faculty and underscores our commitment to supporting global academic discourse.”
“Expanding our partnership with the University of Toronto Press aligns with our shared values of advancing scholarly works and fostering academic excellence,” says Davida Breier, Co-Director, Marketing and Sales at Hopkins Press. “UTP's strong relationships with US and Canadian universities and colleges make them an ideal partner to help us better reach this critical audience. Together, we are empowering educators and students by providing greater access to our publications.”
This collaboration builds upon the successful partnership established in 2022 between UTP Distribution and Hopkins Fulfillment Services (HFS) for the distribution of Hopkins titles in Canada and distribution of UTP titles in the US, as well as the decades-long representation of UTP content within Project MUSE. The continued support and cooperation between the two publishers provide a strong foundation to continue to disseminate great content across trade, academic and higher education audiences.
About Hopkins Press
At Hopkins Press, we publish trusted scholarship and connect people to evidence-based knowledge from leading experts, in alignment with Johns Hopkins University’s mission to bring the benefits of discovery to the world. Our vision—that every person’s life be strengthened by knowledge—serves to energize us every day. Whether through our expansive book collection, broad catalog of scholarly journals, vast and immersive aggregation of humanities and social sciences content with Project MUSE®, or book distribution and sales services via Hopkins Fulfillment Services, we embrace diversity, equity, inclusion, and access as we strive to bring enhanced knowledge to all. For more information, please visit https://www.press.jhu.edu/.
About the University of Toronto Press
The University of Toronto Press (UTP) is one of the largest university presses in North America, publishing landmark scholarship since 1901. Each year UTP releases over 250 new scholarly, course, and general interest books in print, ebook and audio format and over 80 journals. In addition, UTP manages the distribution for over 200 publishers and imprints in Canada, the US, and around the world, with warehouses in Toronto, Ontario and Buffalo, New York. UTP also runs all of the University of Toronto Bookstores across the three main campuses, serving over 95,000 students and 15,000 faculty. For more information, please visit utorontopress.com.
Contacts
MEDIA CONTACT
Anne-Marie Tremble, Senior Account Manager, Talk Shop Media
annemarie@talkshopmedia.com | 613-914-3551
TORONTO--(BUSINESS WIRE)--Postmedia Network Canada Corp. (“Postmedia” or the “Company”) today released financial information for the three months and year ended August 31, 2024.
“While we continue to operate in a challenging advertising marketplace dominated by large, foreign media platforms, Postmedia achieved some important milestones during the quarter that give us optimism around the future of Canadian news media. It is clear from our digital audience that Canadians look to us to provide accurate and timely local, provincial, and national news,” said Andrew MacLeod, President and CEO.
“We are appreciative of the Ontario government’s recent policy change to support local media in Ontario. We hope to see similar initiatives from governments and corporate Canada.
We are encouraged by the successful completion of the C-18 negotiations and look forward to the release of funding.
The improving environment gave us confidence to both step into a challenging situation in Atlantic Canada and save local news brands that have operated in those provinces for over 150 years and to invest millions of dollars in a new digital platform with improved capabilities.
While we are seeing successes, this work must be augmented and supported by a renewed commitment from Canadian governments to ensure trusted journalism is delivered for Canadians across the country.”
Fourth Quarter Operating Results
Revenue for the quarter was $93.2 million as compared to $101.3 million in the same period in the prior year, representing a decrease of $8.1 million (8.0%). The revenue decrease was primarily due to decreases in advertising revenue of $3.6 million (7.7%) circulation revenue of $2.3 million (6.7%) and other revenue of $2.8 million (32.8%), partially offset by increases in parcel revenue of $0.6 million (5.1%).
Total operating expenses excluding depreciation, amortization and restructuring decreased $18.5 million, or 18.6%, for the quarter ended August 31, 2024, relative to the same period in the prior year. The decrease relates to decreases in compensation, newsprint, production and other operating expenses, partially offset by an increase in distribution expense.
Operating income before depreciation, amortization and restructuring in the quarter was $12.2 million, an increase of $10.3 million relative to the same period in the prior year. The increase in operating income before depreciation, amortization and restructuring is due to a decrease in operating expenses excluding depreciation, amortization and restructuring, partially offset by a decrease in total revenue.
Net loss in the quarter ended August 31, 2024 was $3.1 million, as compared to a net loss of $11.0 million in the same period in the prior year. The decrease in net loss was primarily the result of an increase in operating income before depreciation, amortization and restructuring, an increase in foreign currency gains, and a decrease in restructuring expenses, partially offset by an increase in interest expense, loss on disposal of property, plant and equipment, right-of-use assets, and assets held-for-sale.
Fiscal 2024 Operating Results
Revenue for the year ended August 31, 2024 was $395.9 million as compared to $448.5 million in the same period in the prior year, a decrease of $52.6 million or 11.7%. The revenue decrease was primarily due to decreases in advertising revenue of $35.9 million (16.2%), circulation revenue of $16.9 million (11.5%) and other revenue of $7.6 million (20.4%), partially offset by increases in parcel revenue of $7.8 million (17.9%).
Total operating expenses excluding depreciation, amortization and restructuring decreased $56.7 million or 13.0% for the year ended August 31, 2024, relative to the same period in the prior year. The decrease relates to decreases in compensation, newsprint, production and other operating expenses, partially offset by an increase in distribution expense.
Operating income before depreciation, amortization and restructuring of $14.8 million in the year ended August 31, 2024 represents an increase of $4.2 million relative to the same period in the prior year. The increase is due to a decrease in operating expenses excluding depreciation, amortization and restructuring, partially offset by a decrease in total revenue.
Net loss in the year August 31, 2024 was $49.7 million, as compared to a net loss of $72.6 million in the same period in the prior year. The decrease in net loss is primarily the result of an increase in operating income before depreciation, amortization and restructuring, an increase in gain on derivatives and financial assets and foreign currency gains, and a decrease in interest expense, partially offset by an increase in interest expense, an increase in loss on disposal of property and equipment, right-of-use assets, and assets held-for-sale.
Acquisition of The Halifax Herald Limited and Saltwire Network Inc.
On August 25, 2024, PNI Maritimes LP completed the purchase (the “Saltwire Asset Purchase Transaction”) of certain businesses and assets of Saltwire Network Inc. and The Halifax Herald Limited (collectively, “Saltwire”), pursuant to an Asset Purchase Agreement dated July 25, 2024 (the “Saltwire Purchase Agreement”). Postmedia intends to continue operations of certain Saltwire publications, leveraging existing Postmedia newsmedia back-office resources and operational infrastructure to ensure there continues to be reliable and high-quality local news provided to the affected communities. The acquisition included Saltwire’s daily and weekly papers, and parcel delivery business. The purchase price consisted of $1 million of cash consideration and $3.1 million of estimated contingent consideration.
Additional Information
Additional information, including financial statements and management’s discussion and analysis can be found on the Company’s website at www.postmedia.com or on SEDAR+ at www.sedarplus.ca.
Note: All dollar amounts are expressed in Canadian dollars unless otherwise specified.
About Postmedia Network Canada Corp.
Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 130 brands across multiple print and digital platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences. Our expertise in home delivery and expanding distribution network powers Postmedia Parcel Services. For more information, visit www.postmedia.com, www.postmediasolutions.com and www.postmediaparcelservices.com.
Forward-Looking Information
This news release may include information that is “forward-looking information” under applicable Canadian securities laws. The Company has tried, where possible, to identify such information and statements by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “may,” “will,” “could,” “would,” “should” and similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance. Forward-looking statements in this news release include statements with respect the implementation and results of the Company’s transformation initiatives, continued benefits of historical results into future periods, the realization of anticipated cost savings, the identification and undertaking of ongoing cost savings initiatives. By their nature, forward-looking information and statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, among others: competition from digital and other forms of media; the effect of economic conditions on advertising revenue; the ability of the Company to build out its digital media and online businesses; the failure to maintain current print and online newspaper readership and circulation levels; the realization of anticipated cost savings; possible damage to the reputation of the Company’s brands or trademarks; possible labour disruptions; possible environmental liabilities, litigation and pension plan obligations; fluctuations in foreign exchange rates and the prices of newsprint and other commodities.
For a complete list of our risk factors please refer to the section entitled “Risk Factors” contained in our annual management’s discussion and analysis for the years ended August 31, 2024 and 2023. Although the Company bases such information and statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates, may differ materially from any such information and statements in this press release. Given these risks and uncertainties, undue reliance should not be placed on any forward-looking information or forward-looking statements, which speak only as of the date of such information or statements. Other than as required by law, the Company does not undertake, and specifically declines, any obligation to update such information or statements or to publicly announce the results of any revisions to any such information or statements.
Postmedia Network Canada Corp. Consolidated Statements of Operations
(UNAUDITED)
| ||||
(In thousands of Canadian dollars, except per share amounts) | For the three months ended | For the year ended | ||
|
August 31,
|
August 31,
|
August 31,
|
August 31,
|
|
|
|
|
|
Revenues |
|
|
|
|
Advertising | 43,115 | 46,709 | 185,134 | 221,019 |
Circulation | 32,079 | 34,377 | 130,183 | 147,043 |
Parcel Services | 12,146 | 11,553 | 51,016 | 43,257 |
Other | 5,817 | 8,651 | 29,588 | 37,180 |
Total revenues | 93,157 | 101,290 | 395,921 | 448,499 |
Expenses |
|
|
|
|
Compensation | 19,734 | 32,542 | 124,780 | 155,455 |
Newsprint | 2,825 | 3,716 | 11,597 | 17,636 |
Distribution | 34,214 | 32,222 | 137,922 | 129,999 |
Production | 8,881 | 12,088 | 40,405 | 56,135 |
Other operating | 15,288 | 18,831 | 66,398 | 78,620 |
Operating income before depreciation, amortization, impairment, and restructuring | 12,215 | 1,891 | 14,819 | 10,654 |
Depreciation | 2,395 | 3,253 | 10,431 | 12,894 |
Amortization | 1,894 | 2,396 | 8,081 | 9,411 |
Restructuring | 3,843 | 4,249 | 9,144 | 25,784 |
Operating loss | 4,083 | (8,007) | (12,837) | (37,435) |
Interest expense | 9,965 | 8,486 | 37,179 | 33,988 |
Net financing expense related to employee benefit plans | 343 | 350 | 1,376 | 1,398 |
Loss (gain) on disposal of property and equipment, assets held-for-sale, right of use assets and other assets | 295 | (5,065) | 156 | (8,242) |
Loss (gain) on derivative financial instruments and financial assets at fair value through profit and loss | 146 | 330 | (1,076) | 470 |
Loss on debt refinancing | - | - | 367 | - |
Foreign currency exchange (gains) losses | (3,589) | (1,064) | (1,177) | 7,519 |
Net loss attributable to equity holders of the Company | (3,077) | (11,044) | (49,662) | (72,568) |
|
|
|
|
|
|
|
|
|
|
Loss per share attributable to equity holders of the Company |
|
|
|
|
Basic and diluted | $(0.03) | $(0.11) | $(0.50) | $(0.73) |
|
|
|
|
|
Postmedia Network Canada Corp. Consolidated Statements of Financial Position
(UNAUDITED)
| ||
(In thousands of Canadian dollars) | As at August 31, 2024 | As at August 31, 2023 |
|
|
|
Assets |
|
|
Current Assets |
|
|
Cash | 2,454 | 6,191 |
Restricted cash | - | 6,968 |
Trade and other receivables | 53,931 | 46,764 |
Assets held-for-sale | 2,560 | 2,560 |
Inventory | 2,318 | 3,408 |
Prepaid expenses and other assets | 8,522 | 8,837 |
Total current assets | 69,785 | 74,728 |
Non-Current Assets |
|
|
Property and equipment | 35,089 | 48,299 |
Intangible assets | 19,868 | 16,236 |
Right of use assets | 19,783 | 26,780 |
Derivative financial instruments and other assets | 4,399 | 3,335 |
Total assets | 148,924 | 169,378 |
|
|
|
Liabilities and Deficiency |
|
|
Current Liabilities |
|
|
Accounts payable and accrued liabilities | 38,509 | 35,609 |
Provisions | 1,514 | 10,201 |
Contract Liabilities | 16,716 | 17,841 |
Current portion of lease obligations | 7,773 | 8,320 |
Current portion of long-term debt | 29,509 | 17,772 |
Total current liabilities | 94,021 | 89,743 |
Non-Current Liabilities |
|
|
Long-term debt | 323,129 | 292,524 |
Employee benefit obligations and other liabilities | 34,250 | 35,131 |
Lease obligations | 19,345 | 24,286 |
Total liabilities | 470,745 | 441,684 |
|
|
|
Deficiency |
|
|
Capital stock | 820,357 | 820,131 |
Contributed surplus | 19,511 | 18,923 |
Deficit | (1,161,689) | (1,111,360) |
Total deficiency | (321,821) | (272,306) |
Total liabilities and deficiency | 148,924 | 169,378 |
Postmedia Network Canada Corp. Consolidated Statements of Cash Flows
(UNAUDITED)
| ||||
(In thousands of Canadian dollars) |
For the three months
|
For the year
| ||
|
August 31,
|
August 31,
|
August 31,
|
August 31,
|
|
|
|
|
|
Cash Generated (Utilized) by: |
|
|
|
|
Operating Activities |
|
|
|
|
Net loss attributable to equity holders of the Company | (3,077) | (11,044) | (49,662) | (72,568) |
Items not affecting cash: |
|
|
|
|
Depreciation | 2,395 | 3,253 | 10,431 | 12,894 |
Amortization | 1,894 | 2,396 | 8,081 | 9,411 |
Loss on debt refinancing | - | - | 367 | - |
Loss (gain) on derivative financial instruments and financial assets at fair value through profit and loss | 146 | 330 | (1,076) | 470 |
Non-cash interest | 9,554 | 7,078 | 34,312 | 26,709 |
Loss (gain) on disposal of property and equipment, assets held-for-sale, right of use assets and other assets | 295 | (5,065) | 156 | (8,242) |
Non-cash foreign currency exchange (gains) losses | (5,996) | (1,221) | (3,028) | 7,342 |
Share-based compensation plans | 214 | 164 | 814 | 950 |
Net financing expense relating to employee benefit plans | 343 | 350 | 1,376 | 1,398 |
Employee benefit plan funding in excess of compensation expense | (777) | (101) | (3,169) | (2,983) |
Net change in non-cash operating accounts | (13,900) | (4,345) | (15,610) | 1,120 |
Cash flows used in operating activities | (8,909) | (8,205) | (17,008) | (23,409) |
Investing Activities |
|
|
|
|
Net proceeds from the sale of property and equipment, assets held-for-sale and other assets | 3,053 | 7,002 | 6,125 | 29,464 |
Purchases of property and equipment | (126) | (96) | (575) | (502) |
Purchases of intangible assets | (544) | (371) | (1,291) | (794) |
Acquisition | (1,000) | - | (1,000) | - |
Cash flows from (used in) investing activities | 1,383 | 6,535 | 3,259 | 28,168 |
Financing activities |
|
|
|
|
Repayment of senior secured notes | - | (1,569) | (24,475) | (22,629) |
Repayment of first lien senior secured notes | - | - | (699) | - |
Restricted cash | - | (5,379) | 6,968 | (6,238) |
Advances from senior secured asset-based revolving credit facility | - | 6,800 | 8,500 | 25,300 |
Repayment of senior secured asset-based revolving credit facility | - | (27,300) | (14,500) | (27,300) |
Advances from asset-based lending credit facility | 4,997 | - | 13,788 | - |
Repayment of asset-based lending facility | - | - | (6,347) | - |
Proceeds on issuance of unsecured promissory notes | - | 27,300 | - | 27,300 |
Repayment of unsecured promissory notes | - | - | (4,696) | - |
Issuance of first lien senior secured notes | - | - | 20,158 | - |
Issuance of asset-based lending facility | - | - | 15,393 | - |
Issuance of short-term promissory note | 5,000 | - | 5,000 | - |
Debt issuance costs | 111 | - | (2,307) | - |
Lease payments | (1,642) | (1,818) | (6,771) | (7,062) |
Cash flows from (used in) financing activities | 8,466 | (1,966) | 10,012 | (10,629) |
Net change in cash for the period | 940 | (3,636) | (3,737) | (5,870) |
Cash at beginning of period | 1,514 | 9,827 | 6,191 | 12,061 |
Cash at end of period | 2,454 | 6,191 | 2,454 | 6,191 |
Supplemental disclosure of operating cash flows |
|
|
|
|
Interest paid | 834 | 1,357 | 3,541 | 9,860 |
Contacts
Media Contact
Communications
inquiries@postmedia.com
Investor Contact
John Bode
Executive Vice President, Chief Financial Officer and Chief Transformation Officer
investors@postmedia.com
Postmedia Reports Fourth Quarter Results
New Book Explains the Complexity of the Tech Finance Ecosystem
VANCOUVER, British Columbia--(BUSINESS WIRE)--#Techfinance--A new book released today by Strategic Exits Partners, a boutique investment bank specializing in the sale of technology companies, reveals the secrets of using friends and family financing, angel and venture capital, and exit strategies as new founders of tech companies navigate an ever-evolving and more sophisticated financial ecosystem.
“As capital markets thaw after years in the deep freeze, the timing of going to the market for funding must consider the impact the macroeconomic situation has on the broader capital markets, and consequently, the appetite for financing. It is no longer sufficient to survey how much money is left in current angel and venture capital funds,” says David Rowat, author of YOUR COMPANY; THEIR MONEY and Partner at Strategic Exits Partners.
YOUR COMPANY; THEIR MONEY is the essential manual for tech founders revealing how to navigate today’s complex tech financial ecosystem. New angel and venture capital tech financing vehicles are forming, providing founders with many new alternative financing sources, such as angel and VC arms of large companies, VC scouts, Venture Studios, and even family offices.
It helps founders strategize a path to optimal financing and exit strategies for their startups. Tech company founders need to understand the potential pitfalls and have the information to avoid them.
“The financing strategy that a founder pursues in the beginning may have irreversible consequences for the company’s exit. Founders need to adopt a business strategy which starts with the exit and works backwards to the startup,” advises Rowat.
YOUR COMPANY; THEIR MONEY is the essential financing guide for tech founders and an important tool for navigating success in today’s tech finance ecosystem.
ABOUT STRATEGIC EXITS PARTNERS:
Based in Vancouver, BC, Strategic Exits Partners is a boutique investment bank, specializing in advising entrepreneurs on the sale of their technology companies. Strategic Exits has been the M&A advisor to many technology companies based in the US, Canada, Europe and virtually. The company was founded in 2008.
Contacts
MEDIA CONTACT:
Debra Hadden, Communications Director, Strategics Exits Partners
mail: debra@exits.partners
mobile: +1.604.240.3196
What Tech Founders Need to Know About Finance
A deeply personal, firsthand look at how Regent Park became a global model for inclusive urban revitalization
TORONTO--(BUSINESS WIRE)--Rhythms of Change, the new book by Mitchell Cohen – social activist, musician and president and CEO of The Daniels Corporation (Daniels) – draws from Cohen’s personal reflections on the 18-year transformation of Toronto’s Regent Park, in partnership with Toronto Community Housing (TCHC). Gaining international acclaim as a groundbreaking blueprint for community-led urban transformation, Rhythms of Change offers insights for cities around the world. Recognized by UN-Habitat at the 12th annual World Urban Forum in Cairo, Egypt on November 5th, Rhythms of Change also recently achieved bestseller status on Amazon, underscoring its influence and relevance.
At the book’s recent launch event, Mitchell Cohen reflected on the importance of Regent Park’s unique transformation: “For most of us, the concept of urban renewal is certainly nothing new,” he shared with the audience. “Over the years, we’ve all seen or read about urban renewal projects that reflect a heavy-handed, top-down process. The Regent Park revitalization turned that practice on its head, putting local voices and aspirations at the top of the agenda.”
The book chronicles the remarkable journey of Regent Park, Canada’s oldest and largest social housing project, originally designed in the 1940s under a “garden city” model. However, this planning approach ultimately isolated the neighbourhood, leaving it stigmatized and disconnected from surrounding areas. Through Rhythms of Change, Mitchell shares how the revitalization reversed these issues by focusing on resident rights, specifically with principles like the “right of return,” which ensured that displaced residents would have the opportunity to come back to a newly built home in their community.
“Rhythms of Change tells both a business and a political story,” Cohen explained, “but most importantly, the book tells a community story. It is about how local residents came together in the mid-1990s to envision a better future—a better quality of life for themselves, their families and their neighborhood.”
In addition to exploring the human impact of Regent Park’s revitalization, the book also details the public-private partnerships between Daniels and TCHC that powered this massive transformation. Cohen emphasizes the collaborative approach taken with residents, stakeholders and city officials to create a “complete community” with a mix of tenures, incomes and uses. These features have helped Regent Park become a thriving, inclusive community where diversity and quality of life are celebrated.
“Regent Park is a real-time demonstration of how a stigmatized urban neighbourhood can be reimagined and transformed, setting a new global gold standard for inclusive urban revitalization. It is also a place where everyone is welcome, and where quality of life rivals that of any neighborhood in the world,” Cohen added.
Reflecting on the profound lessons learned through the process, Cohen hopes that readers of Rhythms of Change will be inspired to become agents of positive change within their own communities. “I hope that people reading this book will recognize their unique potential to become an agent of change and, like the residents of Regent Park, harness that potential to build healthy and sustainable neighbourhoods in which everyone is welcome, and everyone belongs.”
Rhythms of Change, Reflections on the Regent Park Revitalization is essential reading for anyone looking to be inspired, informed and actively engaged in shaping the future of their communities.
Rhythms of Change is now available at Amazon, Indigo and local book stores.
Praise for Rhythms of Change: Reflections on the Regent Park Revitalization:
“Rhythms of Change is a magnificent tour de force, reflecting personal experiences and those of so many comrades who brought the world’s largest mixed-income social housing transformation to life.”
– Mark L. Joseph, PhD, Founding Director, National Initiative on Mixed-Income Communities, Leona Bevis and Marguerite Haynam Professor of Community Development, Jack, Joseph and Morton Mandel School of Applied Social Sciences, Case Western Reserve University
"This book is a revolutionary ray of sunshine. Mitchell Cohen’s herculean story of the revitalization of Regent Park provides an antidote to a world weighed down by seemingly insurmountable social problems. Read it and reignite your idealism."
– Denise Donlon, CM, music and media executive
"Rhythms of Change chronicles the Regent Park revitalization story, but also the personal journey of a true champion of progressive urban change. This gem of a book is essential reading for anyone interested in building strong, resilient communities."
– Meric Gertler, president, University of Toronto
"Mitchell Cohen’s insights remind us of the need for both long-term vision and short-term pragmatism. His confidence in humanity, his dedication and persistence in building trust are needed now as never before."
– Elizabeth Dowdeswell, Lieutenant Governor of Ontario, 2014–2023
About the Author:
Mitchell Cohen, CM, is president and CEO of The Daniels Corporation, steering the organization’s strategic and long-term vision since 1984. Under his leadership, Daniels has become known for building residential offerings for people at all stages of life, and for its commitment to building a healthy social infrastructure within each new community. Over the past four decades the company has also created innovative affordable rental programs as well as programs that help tenants become first-time homeowners.
Cohen has a Masters in Social Psychology from the London School of Economics and a Bachelor of Science in Psychology from McGill University. In 2019, Cohen was appointed to the Order of Canada in recognition of his "contributions to urban development and for his commitment to community building.”
In 2013, he received an Honorary Doctorate from the Faculty of Community Services at Toronto Metropolitan University. In addition, Cohen has received the Queen Elizabeth II Diamond Jubilee Medal and an Award of Merit from the St. George’s Society.
A songwriter and musician as well as a socially conscious real estate developer, Cohen seamlessly bridges the intersection of business and the arts.
About The Daniels Corporation:
The Daniels Corporation is one of Canada’s pre-eminent builders/developers, building nearly 40,000 new homes across the Greater Toronto Area for over 40 years. Daniels is the developer of TIFF Lightbox in Toronto’s Entertainment District and the City of the Arts community on Toronto’s East Bayfront. Among its many initiatives, Daniels partnered with Toronto Community Housing to revitalize 53 of the 69-acre Regent Park community in Toronto. Regent Park is home to the World Urban Pavilion, a collaboration between the Urban Economy Forum, UN Habitat, Canada Mortgage and Housing Corporation and Daniels. Understanding that quality of life is created by much more than physical buildings, Daniels goes above and beyond to integrate building excellence with opportunities for social, cultural, and economic well-being.
Contacts
For more information or to request an interview, please contact:
Emma McNally at emma.mcnally@kaiserpartners.com
THIRD QUARTER 2024 SUMMARY FINANCIAL RESULTS
- Total revenues were $108.7 million in the third quarter of 2024
- Gross profit as a percentage of revenues improved to 25.8% vs. 24.7% in Q3 2023
- SG&A expenses decreased to $22.4 million vs. $25.1 million in the prior year
- Adjusted EBITDA1 increased +6.6% vs. the prior year to $12.6 million
- Adjusted EBITDA represented 11.6% of revenues, compared to 9.6% in Q3 2023
BRAMPTON, Ontario--(BUSINESS WIRE)--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 its third quarter 2024 financial results.
MANAGEMENT COMMENTARY
“We maintained our focus in the quarter on building a strong platform for profitable growth following last year’s acquisition of Moore Canada Corporation (“MCC”), while advancing our integration priorities including the planned consolidation of our plant network, migrating legacy MCC systems and completing our restructuring actions,” said Richard Kellam, President & CEO of DCM.
Kellam added, “I am pleased to report that we have now substantially completed the integration of MCC operations into DCM. We are on track to finalize the consolidation of our plant network from 14 to 10 main production facilities later this month and we are in the process of bringing online new state-of-the-art capital equipment that will enhance our production capabilities and position us to drive additional operating efficiencies.”
“The progress of our post-acquisition integration and restructuring initiatives is reflected in the consistent improvement we are seeing in gross profit margin and SG&A expenses. We expect continued improvement in these areas in the fourth quarter and in 2025 marking further progress towards our goal of returning our gross margin to the +30% range and Adjusted EBITDA margins to more than 14%.”
“Revenue in the third quarter was lower than expected due mainly to reduced spending by some of our large enterprise clients which we expect to recover in future quarters along with decisions we made to exit certain lower margin accounts. This contributed to a year-over-year revenue decline of 11.4% although, on a year-to-date basis, revenue is up 14.5% through the first nine months of 2024.”
“We remain confident about the platform we are building for profitable growth and winning in the marketplace as our Commercial team continues to make excellent progress strengthening our presence in key industry verticals, attracting new business and leveraging DCM’s growing suite of product and service offerings,” said Kellam
DCM has recently expanded its portfolio of tech-enabled products and solutions, with the launch of ASMBL in the third quarter of 2024 and the acquisition of Zavy Limited (“Zavy”) earlier this month. ASMBL is a fully AI-enabled digital asset management platform enabling customers to organize, store, manage, retrieve, and distribute their digital assets seamlessly. Zavy is a Software-as-a-Service marketing technology company that helps businesses optimize their social media effectiveness.
THIRD QUARTER 2024 EARNINGS CALL
The Company will host a conference call and webcast on Wednesday, November 13, 2024, at 9:00 a.m. Eastern time. Mr. Kellam and James Lorimer, CFO, will present the third quarter of 2024 results followed by a live Q&A.
DCM will be using Microsoft Teams to broadcast our earnings call, which will be accessible via the instructions below:
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 www.sedarplus.ca. A video message from Mr. Kellam will also be posted on the Company’s website.
TABLE 1 The following table sets out selected historical consolidated financial information for the periods noted.
For the periods ended September 30, 2024 and 2023 | July 1 to September 30, 2024 | July 1 to September 30, 2023 | January 1 to September 30, 2024 | January 1 to September 30, 2023 | ||||||||
(in thousands of Canadian dollars, except share and per share amounts, unaudited) | ||||||||||||
|
|
|
|
| ||||||||
Revenues | $ | 108,726 |
| $ | 122,721 |
| $ | 363,731 |
| $ | 317,761 |
|
|
|
|
|
| ||||||||
Gross profit |
| 28,009 |
|
| 30,341 |
|
| 99,654 |
|
| 86,151 |
|
|
|
|
|
| ||||||||
Gross profit, as a percentage of revenues |
| 25.8 | % |
| 24.7 | % |
| 27.4 | % |
| 27.1 | % |
|
|
|
|
| ||||||||
Selling, general and administrative expenses |
| 22,430 |
|
| 25,065 |
|
| 71,676 |
|
| 61,944 |
|
As a percentage of revenues |
| 20.6 | % |
| 20.4 | % |
| 19.7 | % |
| 19.5 | % |
|
|
|
|
| ||||||||
Adjusted EBITDA |
| 12,567 |
|
| 11,790 |
|
| 48,120 |
|
| 38,378 |
|
As a percentage of revenues |
| 11.6 | % |
| 9.6 | % |
| 13.2 | % |
| 12.1 | % |
|
|
|
|
| ||||||||
Net (loss) income for the period |
| (2,668 | ) |
| (4,185 | ) |
| 2,871 |
|
| (9,496 | ) |
|
|
|
|
| ||||||||
Adjusted net (loss) income |
| (165 | ) |
| 1,778 |
|
| 8,755 |
|
| 11,465 |
|
As a percentage of revenues |
| (0.2 | )% |
| 1.4 | % |
| 2.4 | % |
| 3.6 | % |
|
|
|
|
| ||||||||
Basic (loss) earnings per share | $ | (0.05 | ) | $ | (0.08 | ) | $ | 0.05 |
| $ | (0.19 | ) |
Diluted (loss) earnings per share | $ | (0.05 | ) | $ | (0.08 | ) | $ | 0.05 |
| $ | (0.19 | ) |
Weighted average number of common shares outstanding, basic |
| 55,308,952 |
|
| 55,022,883 |
|
| 55,192,969 |
|
| 49,420,414 |
|
Weighted average number of common shares outstanding, diluted |
| 55,308,952 |
|
| 55,022,883 |
|
| 57,784,458 |
|
| 49,420,414 |
|
TABLE 2 The following table provides reconciliations of net (loss) income to EBITDA and of net (loss) income to Adjusted EBITDA for the periods noted.
EBITDA and Adjusted EBITDA reconciliation
For the periods ended September 30, 2024 and 2023 | July 1 to September 30, 2024 | July 1 to September 30, 2023 | January 1 to September 30, 2024 | January 1 to September 30, 2023 | ||||||||
(in thousands of Canadian dollars, unaudited) | ||||||||||||
|
|
|
|
| ||||||||
Net (loss) income for the period | $ | (2,668 | ) | $ | (4,185 | ) | $ | 2,871 |
| $ | (9,496 | ) |
|
|
|
|
| ||||||||
Interest expense, net |
| 5,273 |
|
| 5,072 |
|
| 16,192 |
|
| 9,654 |
|
Amortization of transaction costs, net of debt extinguishment gain |
| 140 |
|
| 141 |
|
| 420 |
|
| 320 |
|
Current income tax expense |
| 647 |
|
| (1,495 | ) |
| 2,005 |
|
| 842 |
|
Deferred income tax expense |
| (1,158 | ) |
| (2,227 | ) |
| (1,374 | ) |
| (5,128 | ) |
Depreciation of property, plant, and equipment |
| 1,832 |
|
| 2,051 |
|
| 5,138 |
|
| 4,107 |
|
Amortization of intangible assets |
| 482 |
|
| 888 |
|
| 1,516 |
|
| 2,052 |
|
Depreciation of the ROU Asset |
| 4,674 |
|
| 3,575 |
|
| 13,488 |
|
| 8,012 |
|
EBITDA | $ | 9,222 |
| $ | 3,820 |
| $ | 40,256 |
| $ | 10,363 |
|
|
|
|
|
| ||||||||
Acquisition and integration costs |
| 2,077 |
|
| 244 |
|
| 2,603 |
|
| 10,199 |
|
Restructuring expenses |
| 1,160 |
|
| 7,009 |
|
| 3,346 |
|
| 9,738 |
|
Net fair value losses on financial liabilities at fair value through profit or loss |
| 108 |
|
| 717 |
|
| 1,915 |
|
| 8,078 |
|
Adjusted EBITDA |
| 12,567 |
|
| 11,790 |
|
| 48,120 |
|
| 38,378 |
|
TABLE 3 The following table provides reconciliations of net (loss) income to Adjusted net income and a presentation of Adjusted net income per share for the periods noted.
Adjusted net (loss) income reconciliation
For the periods ended September 30, 2024 and 2023 | July 1 to September 30, 2024 | July 1 to September 30, 2023 | January 1 to September 30, 2024 | January 1 to September 30, 2023 | ||||||||
(in thousands of Canadian dollars, except share and per share amounts, unaudited) | ||||||||||||
|
|
|
|
| ||||||||
Net (loss) income for the period | $ | (2,668 | ) | $ | (4,185 | ) | $ | 2,871 |
| $ | (9,496 | ) |
|
|
|
|
| ||||||||
Restructuring expenses |
| 1,160 |
|
| 7,009 |
|
| 3,346 |
|
| 9,738 |
|
Acquisition and integration costs |
| 2,077 |
|
| 244 |
|
| 2,603 |
|
| 10,199 |
|
Net fair value losses on financial liabilities at fair value through profit or loss |
| 108 |
|
| 717 |
|
| 1,915 |
|
| 8,078 |
|
Tax effect of the above adjustments |
| (842 | ) |
| (2,007 | ) |
| (1,980 | ) |
| (7,054 | ) |
Adjusted net (loss) income | $ | (165 | ) | $ | 1,778 |
| $ | 8,755 |
| $ | 11,465 |
|
|
|
|
|
| ||||||||
Adjusted net income per share, basic | $ | — |
| $ | 0.03 |
| $ | 0.16 |
| $ | 0.23 |
|
Adjusted net income per share, diluted | $ | — |
| $ | 0.03 |
| $ | 0.15 |
| $ | 0.22 |
|
Weighted average number of common shares outstanding, basic |
| 55,308,952 |
|
| 55,022,883 |
|
| 55,192,969 |
|
| 49,420,414 |
|
Weighted average number of common shares outstanding, diluted |
| 55,308,952 |
|
| 57,895,056 |
|
| 57,784,458 |
|
| 52,084,116 |
|
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 mange 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.
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 Management Discussion and Analysis for the three and nine months ended September 30, 2024, and include but are not limited to the following:
- Our ability to successfully integrate the DCM and MCC businesses and realize anticipated synergies from the combination of those businesses, including revenue and profitability growth from an enhanced offering of products and services, larger customer base and cost reductions;
- The expected annualized synergies that the Company expects to derive from the MCC acquisition have been estimated by the Company based on its experience integrating previously acquired businesses, other facilities and completing previous restructuring initiatives, and includes estimated benefits expected to be derived from the acquisition, including those related to facility sales and consolidations, operational improvements, eliminating redundant positions, and purchasing synergies;
- Our expected total annualized synergies estimates are principally based upon the following material factors and assumptions: (a) given the significant overlap in the nature of the two businesses, DCM will be able to eliminate duplication of overhead expenses across the combined DCM and MCC businesses in its SG&A functions; (b) given significant overlap in the nature of DCM’s and MCC’s production processes and available combined excess capacity, DCM will be able to consolidate manufacturing plants; (c) further operational and SG&A costs savings will be achievable once the above-noted initiatives are completed; (d) the combined business will achieve more favourable purchasing terms by virtue of the fact it is approximately twice the size of each of DCM and MCC pre-acquisition, and therefore able to command lower pricing from vendors based on larger volumes, and its expected ability to better harmonize purchasing strategies to leverage more favourable purchasing terms than each company had individually for similar goods or services; and (e) the combined business will be able to generate certain revenue synergies from cross-selling each other’s broader, combined, suite of capabilities; and
- Such expected annualized cost savings have not been prepared in accordance with IFRS Accounting Standards, nor has a reconciliation to IFRS Accounting Standards been provided, and the Company evaluates its financial performance on the basis of these non-IFRS Accounting Standards measures. Therefore, the Company does not consider their most comparable IFRS Accounting Standards measures when evaluating prospective acquisitions.
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+ (www.sedarplus.ca). 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 Table 5 and Table 6 of our Management Discussion and Analysis for the three and nine months ended September 30, 2024 and filed on SEDAR+ at www.sedarplus.ca.
Condensed interim consolidated statements of financial position
|
|
| |||||
(in thousands of Canadian dollars, unaudited) | September 30, 2024 |
| December 31, 2023 | ||||
| $ |
| $ | ||||
|
|
|
| ||||
Assets |
|
|
| ||||
Current assets |
|
|
| ||||
Cash and cash equivalents | $ | 8,878 |
|
| $ | 17,652 |
|
Trade receivables |
| 95,933 |
|
|
| 117,956 |
|
Inventories |
| 25,715 |
|
|
| 28,840 |
|
Prepaid expenses and other current assets |
| 6,383 |
|
|
| 5,313 |
|
Income taxes receivable |
| 3,533 |
|
|
| 2,640 |
|
Assets held for sale |
| — |
|
|
| 8,650 |
|
|
| 140,442 |
|
|
| 181,051 |
|
Non-current assets |
|
|
| ||||
Other non-current assets |
| 9,568 |
|
|
| 2,900 |
|
Deferred income tax assets |
| 8,767 |
|
|
| 9,801 |
|
Property, plant, and equipment |
| 33,995 |
|
|
| 30,358 |
|
Right-of-use assets |
| 160,240 |
|
|
| 159,801 |
|
Pension assets |
| 3,421 |
|
|
| 1,962 |
|
Intangible assets |
| 9,651 |
|
|
| 10,616 |
|
Goodwill |
| 22,265 |
|
|
| 22,265 |
|
| $ | 388,349 |
|
| $ | 418,754 |
|
|
|
|
| ||||
Liabilities |
|
|
| ||||
Current liabilities |
|
|
| ||||
Bank overdraft | $ | — |
|
| $ | 1,564 |
|
Trade payables and accrued liabilities |
| 59,216 |
|
|
| 75,766 |
|
Current portion of credit facilities |
| 13,359 |
|
|
| 6,333 |
|
Current portion of lease liabilities |
| 10,974 |
|
|
| 10,322 |
|
Provisions |
| 9,007 |
|
|
| 16,325 |
|
Deferred revenue |
| 3,927 |
|
|
| 6,221 |
|
|
| 96,483 |
|
|
| 116,531 |
|
Non-current liabilities |
|
|
| ||||
Provisions |
| 1,907 |
|
|
| 1,004 |
|
Credit facilities |
| 71,553 |
|
|
| 93,918 |
|
Lease liabilities |
| 152,727 |
|
|
| 144,993 |
|
Pension obligations |
| 18,907 |
|
|
| 26,386 |
|
Other post-employment benefit plans |
| 3,876 |
|
|
| 3,606 |
|
Asset retirement obligation |
| 3,524 |
|
|
| 3,552 |
|
| $ | 348,977 |
|
| $ | 389,990 |
|
|
|
|
| ||||
Equity |
|
|
| ||||
Shareholders’ equity |
|
|
| ||||
Shares | $ | 284,592 |
|
| $ | 283,738 |
|
Warrants |
| 219 |
|
|
| 219 |
|
Contributed surplus |
| 3,008 |
|
|
| 3,135 |
|
Translation Reserve |
| 202 |
|
|
| 177 |
|
Deficit |
| (248,649 | ) |
|
| (258,505 | ) |
| $ | 39,372 |
|
| $ | 28,764 |
|
| $ | 388,349 |
|
| $ | 418,754 |
|
Condensed interim consolidated statements of operations |
| |||||||||||
(in thousands of Canadian dollars, except per share amounts, unaudited) | For the three months ended September 30, 2024 | For the three months ended September 30, 2023 | For the nine months ended September 30, 2024 | For the nine months ended September 30, 2023 | ||||||||
| $ | $ | $ | $ | ||||||||
|
|
|
|
| ||||||||
|
|
|
|
| ||||||||
Revenues | $ | 108,726 |
| $ | 122,721 |
| $ | 363,731 |
| $ | 317,761 |
|
|
|
|
|
| ||||||||
Cost of revenues |
| 80,717 |
|
| 92,380 |
|
| 264,077 |
|
| 231,610 |
|
|
|
|
|
| ||||||||
Gross profit |
| 28,009 |
|
| 30,341 |
|
| 99,654 |
|
| 86,151 |
|
|
|
|
|
| ||||||||
Expenses |
|
|
|
| ||||||||
Selling, commissions and expenses |
| 9,930 |
|
| 10,010 |
|
| 30,972 |
|
| 28,181 |
|
General and administration expenses |
| 12,500 |
|
| 15,055 |
|
| 40,704 |
|
| 33,763 |
|
Restructuring expenses |
| 1,160 |
|
| 7,009 |
|
| 3,346 |
|
| 9,738 |
|
Acquisition and integration costs |
| 2,077 |
|
| 244 |
|
| 2,603 |
|
| 10,199 |
|
Net fair value losses on financial liabilities at fair value through profit or loss |
| 108 |
|
| 717 |
|
| 1,915 |
|
| 8,078 |
|
|
| 25,775 |
|
| 33,035 |
|
| 79,540 |
|
| 89,959 |
|
|
|
|
|
| ||||||||
Income (loss) before finance and other costs and income taxes |
| 2,234 |
|
| (2,694 | ) |
| 20,114 |
|
| (3,808 | ) |
|
|
|
|
| ||||||||
Finance costs |
|
|
|
| ||||||||
Interest expense on long term debt and pensions, net |
| 2,108 |
|
| 2,550 |
|
| 6,913 |
|
| 5,573 |
|
Interest expense on lease liabilities |
| 3,165 |
|
| 2,522 |
|
| 9,279 |
|
| 4,081 |
|
Amortization of transaction costs |
| 140 |
|
| 141 |
|
| 420 |
|
| 320 |
|
|
| 5,413 |
|
| 5,213 |
|
| 16,612 |
|
| 9,974 |
|
|
|
|
|
| ||||||||
(Loss) income before income taxes |
| (3,179 | ) |
| (7,907 | ) |
| 3,502 |
|
| (13,782 | ) |
|
|
|
|
| ||||||||
Income tax expense |
|
|
|
| ||||||||
Current |
| 647 |
|
| (1,495 | ) |
| 2,005 |
|
| 842 |
|
Deferred |
| (1,158 | ) |
| (2,227 | ) |
| (1,374 | ) |
| (5,128 | ) |
|
| (511 | ) |
| (3,722 | ) |
| 631 |
|
| (4,286 | ) |
|
|
|
|
| ||||||||
Net (loss) income for the period | $ | (2,668 | ) | $ | (4,185 | ) | $ | 2,871 |
| $ | (9,496 | ) |
Condensed interim consolidated statements of cash flows |
| ||||||
(in thousands of Canadian dollars, unaudited) | For the nine months ended September 30, 2024 |
| For the nine months ended September 30, 2023 | ||||
| $ |
| $ | ||||
Cash provided by (used in) |
|
|
| ||||
|
|
|
| ||||
Operating activities |
|
|
| ||||
Net income (loss) for the period | $ | 2,871 |
|
| $ | (9,496 | ) |
Items not affecting cash |
|
|
| ||||
Depreciation of property, plant, and equipment |
| 5,138 |
|
|
| 4,107 |
|
Amortization of intangible assets |
| 1,516 |
|
|
| 2,052 |
|
Depreciation of right-of-use-assets |
| 13,488 |
|
|
| 8,012 |
|
Share-based compensation expense |
| 390 |
|
|
| 524 |
|
Net fair value losses on financial liabilities at fair value through profit or loss |
| 1,915 |
|
|
| 8,078 |
|
Pension expense |
| 1,415 |
|
|
| 837 |
|
Gain on sale and leaseback |
| (11 | ) |
|
| — |
|
Gain on disposal of property, plant, and equipment |
| (54 | ) |
|
| — |
|
Provisions |
| 3,346 |
|
|
| 9,738 |
|
Amortization of transaction costs, net of debt extinguishment gain |
| 421 |
|
|
| 320 |
|
Accretion of asset retirement obligations, net of any changes in estimate |
| (28 | ) |
|
| 19 |
|
Other post-employment benefit plans expense |
| 447 |
|
|
| 385 |
|
Income tax expense (recovery) |
| 631 |
|
|
| (4,286 | ) |
Right-of-use assets impairment |
| 97 |
|
|
| — |
|
Changes in working capital |
| 3,107 |
|
|
| 5,710 |
|
Contributions made to pension plans |
| (960 | ) |
|
| (837 | ) |
Contributions made to other post-employment benefit plans |
| (177 | ) |
|
| (207 | ) |
Provisions paid |
| (8,804 | ) |
|
| (2,580 | ) |
Income taxes paid |
| (2,898 | ) |
|
| (3,854 | ) |
|
| 21,850 |
|
|
| 18,522 |
|
Investing activities |
|
|
| ||||
Net cash consideration for acquisition of MCC |
| — |
|
|
| (130,953 | ) |
Proceeds on sale and leaseback transaction |
| 10,218 |
|
|
| 24,091 |
|
Purchase of property, plant, and equipment |
| (9,709 | ) |
|
| (2,419 | ) |
Purchase of intangible assets |
| (551 | ) |
|
| (112 | ) |
Purchase of non-current assets |
| (8,013 | ) |
|
| 0 |
|
Proceeds on disposal of property, plant and equipment |
| 440 |
|
|
| 242 |
|
|
| (7,615 | ) |
|
| (109,151 | ) |
Financing activities |
|
|
| ||||
Issuance of common shares and broker warrants, net |
| — |
|
|
| 24,221 |
|
Exercise of warrants |
| — |
|
|
| 489 |
|
Exercise of options |
| 337 |
|
|
| 751 |
|
Proceeds from credit facilities |
| 58,145 |
|
|
| 155,640 |
|
Repayment of credit facilities |
| (73,905 | ) |
|
| (65,260 | ) |
Decrease in bank overdrafts |
| (1,564 | ) |
|
| — |
|
Transaction costs |
| — |
|
|
| (1,802 | ) |
Principal portion of lease payments |
| (6,055 | ) |
|
| (5,299 | ) |
|
| (23,042 | ) |
|
| 108,740 |
|
|
|
|
| ||||
Change in cash and cash equivalents during the period |
| (8,807 | ) |
|
| 18,111 |
|
Cash and cash equivalents – beginning of period | $ | 17,652 |
|
| $ | 4,208 |
|
Effects of foreign exchange on cash balances |
| 33 |
|
|
| (9 | ) |
Cash and cash equivalents – end of period | $ | 8,878 |
|
| $ | 22,310 |
|
1 Adjusted EBITDA, Adjusted EBITDA as a percentage of revenues, Adjusted net income (loss) and Adjusted net income (loss) as a percentage of revenues 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 www.sedarplus.ca.
Contacts
Mr. Richard Kellam
President and Chief Executive Officer
DATA Communications Management Corp.
Tel: (905) 791-3151
Mr. James E. Lorimer
Chief Financial Officer
DATA Communications Management Corp.
Tel: (905) 791-3151
ir@datacm.com
DATA Communications Management Corp. Announces Third Quarter 2024 Financial Results
TORONTO--(BUSINESS WIRE)--GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst”) and Kap Corporation (“KapCorp”) are pleased to announce that further to its press releases of July 2, 2024, September 19, 2024, October 4, 2024 and October 7, 2024, it has now closed the Plan of Arrangement that has resulted in the distribution of the outstanding shares of Kap Corporation to the GreenFirst shareholders on the basis of one common share of Kap Corporation for each ten common shares of GreenFirst held (the “Spin-out”).
Commencing November 7, 2024, GreenFirst Common Shares will commence trading under a new CUSIP of 39526C106 but will continue to trade under the symbol “GFP”.
As previously announced, the KapCorp Common Shares will not be listed for trading on any stock exchange.
KapCorp is also pleased to announce the appointment of Doug Crawford to its Board of Directors effective as of November 1, 2024 (“KapCorp”). Mr. Crawford’s appointment adds to the previously announced Directors Alan Spacek, Andrew McIntyre, and Kap Paper’s CEO, Terry Skiffington.
Mr. Crawford is a dynamic and results-oriented leader with over 15 years of experience in the recycling industry. He has a proven track record of leading operational strategies, optimizing processes, and driving sustainable growth. Mr. Crawford has expertise in managing large-scale recycling operations, enhancing supply chain efficiency, and fostering partnerships that promote environmental stewardship. He is committed to advancing innovative recycling technologies and practices to reduce waste and improve resource recovery. Mr. Crawford has been the Senior Vice-President of American Iron and Metal, since 2015 where he currently leads a team of over 3,500 employees across multiple business lines, with full profit and loss responsibility. In this role, he has successfully prospected, researched and executed over 70 acquisitions in the recycling industry across Canada and the United States of America. Notable achievements in this role also include growing the Kenny U-Pull automotive recycling business line from 5 locations to 27 locations throughout Eastern Canada turning into the 4th largest automotive recycler in North America. In 2018, Mr. Crawford also created and built out the Honeycomb business line engaged in catalytic converter recycling, to one of the largest recyclers in Canada with 7 locations throughout North America. Prior to this role Mr. Crawford spent 8 years as Regional Manager at LKQ Corp., automotive recycling, where he was responsible for overseeing a region with 5 locations and over 150 employees.
“On behalf of Kap Corporation, I am very pleased to welcome Doug to the Board of KapCorp. He brings valuable sales and marketing skills, industry knowledge, heavy manufacturing experience, and adds to the proven successful leadership of the KapCorp Board,” said Terry Skiffington, KapCorp’s CEO.
“I am confident the site will remain in good hands under Terry’s leadership moving forward. We wish him continued success in the new organization,” said Joel Fournier, GreenFirst’s CEO.
About GreenFirst
GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The Company owns four sawmills located in rich wood baskets proudly operating over six million hectares of FSC® certified public Ontario forest lands (FSC®-C167905). The Company believes that responsible forest practices, coupled with the long-term green advantage of lumber, provide GreenFirst with significant cyclical and secular advantages in building products.
About KapCorp
KapCorp manufactures newsprint for publishers of daily newspapers and commercial printers, as well as controlled bulk paper for mass-market paperback book publishers and commercial printers. The Kapuskasing paper mill takes pride in its commitment to environmental stewardship. Through innovative technologies and responsible forest management, the mill has successfully reduced its ecological footprint, minimizing waste, and promoting the conservation of precious natural resources.
Forward Looking Information
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact are forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend”, “estimate” or the negative of these terms and similar expressions. Forward-looking statements are based on certain assumptions and, while GreenFirst considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including those set out in GreenFirst’s public disclosure record filed under its profile on www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. GreenFirst disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contacts
For more information on GreenFirst, please visit: www.greenfirst.ca or contact Investor Relations (416) 775 2821
For more information on KapCorp, please visit: https://www.kappaper.ca
The designation recognizes UTP’s significant contribution to Canadian arts and culture
TORONTO--(BUSINESS WIRE)--University of Toronto Press (UTP), Canada’s largest university press and leading academic publisher, has been designated a Major Organization by the Ontario Arts Council (OAC), in recognition of its significant contribution to Canadian culture and economic impact. In this category, UTP is now one of a group of twelve organizations including, among several others, the National Ballet of Canada, the Toronto International Film Festival, the Art Gallery of Ontario, the Toronto Symphony Orchestra, and most recently the Aga Khan Museum.
The OAC made the announcement at an event at the Aga Khan Museum featuring the Honourable Stan Cho, Minister of Tourism, Culture and Gaming, in conversation with OAC chair, Simon Foster. Minister Cho and Mr. Foster shared preliminary results from the OAC’s Arts Across Ontario report, detailing how organizations supported by the OAC contribute $1 billion annually to Ontario’s gross domestic product; as detailed in the report, for every $1 OAC invests, $25 is generated in other sources of revenue.
“As the newest member in the OAC’s major organization category, UTP is proud of its role in both the creation and the dissemination of informed and creative content,” says Jessica Mosher, President, Publisher and CEO of UTP. “The support from the OAC helps to ensure diverse voices and stories reach a wide audience. Last year alone, over 4 million books were distributed from UTP’s warehouse, including academic research, educational content, works of fiction, graphic novels, scripts, plays, music and journals.”
Through its publishing arm, UTP produces 80 journals, including the Canadian Theatre Review, and publishes 250 new scholarly, course, and general interest books annually. UTP also delivers cornerstone works of Canadian culture as the distribution partner for over 200 publishers. Many of these publishers produce works in literature, poetry, theatre, film, visual arts, and indigenous and multicultural studies, representing beloved Canadian classics, Governor General’s Literary Awards winners, Canada Reads finalists, and Giller Prize finalists.
“The Major designation and grants are awarded to organizations that not only support the careers of artists and arts workers, but also provide positive net investment for a strong provincial economy and improve the quality of life of Ontarians,” says Michael Murray, CEO of the OAC. “We are proud to recognize the integral role UTP plays in supporting the creation of Canadian arts and culture and increasing access at home and abroad.”
For more than 60 years, the OAC has played a vital role in promoting and assisting the development of the arts for the enjoyment and benefit of Ontarians. In 2023-24, the OAC invested its grant program budget of $53.3 million in 219 communities across all 124 Ontario ridings, providing 2,149 grants to individual artists and 1,043 grants to organizations.
About the Ontario Arts Council
The Ontario Arts Council (OAC) is Ontario’s primary funding body for the arts. Since 1963, the OAC has fostered the creation, production, and presentation of art for the benefit of all Ontarians. Through its grant programs and services, the OAC supports professional artists and arts organizations across the province, enriching the lives of Ontario’s residents and strengthening the social, cultural, and economic vitality of our communities.
About the University of Toronto Press
The University of Toronto Press (UTP) is one of the largest university presses in North America, publishing landmark scholarship since 1901. Each year UTP releases 80 journals and over 250 new scholarly, course, and general interest books in print, e-book, and audio format. In addition, UTP manages the distribution for over 200 publishers and imprints in Canada, the US, and around the world, with warehouses in Ontario and New York. UTP also runs the University of Toronto Bookstores across the three main campuses, serving over 95,000 students and 15,000 faculty. For more information, please visit https://utorontopress.com/.
Contacts
MEDIA
Anne-Marie Tremble, Account Manager, Talk Shop Media
annemarie@talkshopmedia.com | 613-914-3551
Ontario Arts Council’s Major Organizations Category now includes the University of Toronto Press
This annual award recognizes the country's leading B2B companies that have proven track records of supporting entrepreneurs and helping companies grow
TORONTO--(BUSINESS WIRE)--Inc. Magazine, the leading media brand and playbook for entrepreneurs and business leaders, today announced its third annual Power Partner Awards. The prestigious list recognizes The MicDrop Agency in the Public Relations category for its instrumental role in helping startups, founders, and innovators amplify their brands and accelerate their business growth.
"Being recognized as an Inc. Power Partner is a powerful validation of the incredible dedication of our team and the visionary clients we have the privilege of working with," said Katie Zeppieri, Founder and Chief Brand Strategist at The MicDrop Agency. "Our clients are trailblazers, transforming industries and pushing boundaries. We’re proud to be their partners, amplifying their brands and experiencing firsthand the powerful impact they’re making.”
The MicDrop Agency is a rapidly growing boutique PR and marketing firm. Over the past year, its team size and client roster have doubled, reflecting its unwavering dedication to driving startup success.
Several key factors have fueled The MicDrop Agency’s growth:
- Startup Expertise: By partnering with emerging companies and leading their go-to-market strategies, The MicDrop Agency has become an essential ally in driving growth for high-potential startups.
- Strategic Wins: High-profile client acquisitions, including being named PR Agency of Record for Insurtech Insights USA, have boosted industry standing.
- Office Opening in Toronto: This strategic expansion provides a solid base for operations and growth.
- Planned U.S. Expansion: The MicDrop Agency will open a new U.S. office in early 2025, further solidifying its presence in North America.
“This is our definitive listing of vendors and suppliers who have demonstrated excellence in serving small and midsize customers,” says Inc. Editor-in-chief Mike Hofman. “As part of the vetting process, our team of editors, researchers and reporters gathered information on companies’ products and services, assessed their reputation as captured in online comments and forums, and collected customer testimonials to ensure that the sales pitch matches the client experience.”
The November 2024 Issue of Inc. Magazine is available online now at https://www.inc.com/magazine and will be on newsstands beginning October 29, 2024.
About The MicDrop Agency
The MicDrop Agency is an award-winning integrated communications consulting firm specializing in public relations, digital communications, and reputation management. Learn more: www.themicdropagency.com
Contacts
Girish Jaggi
+1 (289) 623 3627
girish@themicdropagency.com
Inc. Magazine Names The MicDrop Agency as a 2024 Power Partner Award Winner
The university press will increase access through expanded offerings and digitization of the current catalogue
TORONTO--(BUSINESS WIRE)--University of Toronto Press (UTP), Canada’s largest university press and leading academic publisher, has acquired the assets of Legas Publishing, a multilingual publishing company specializing in language, culture and semiotics.
The acquisition includes the complete catalogue of books published since Legas was founded in 1987. The publisher has distinguished itself with works in multiple languages including English, Italian, French, Spanish, and Portuguese. Featuring a mix of titles in the humanities and social sciences, the Legas Publishing list is a natural fit among UTP’s wide breadth of high-quality offerings.
“I am very proud of what we have built and excited for what the future holds,” says Dr. Leonard G. Sbrocchi, founder of Legas Publishing. “Given the UTP Italian and Iberic series, among many other strengths, I am confident our legacy will be carried on and will reach new audiences."
The acquisition is one of several in the last year, showcasing UTP’s continued commitment to preserving and amplifying important cultural works.
“We are very grateful Dr. Sbrocchi has entrusted UTP and we look forward to building upon the strong foundation he and his team have established,” says Antonia Pop, Vice President, Publishing Division at UTP. “We are always looking for opportunities to increase access to important research. In addition to strengthening our cultural studies offerings, many books in this catalogue are currently only available in print, and we are excited to offer multiple formats to reach a wider audience.”
In addition to the Legas Publishing list, UTP’s most recent acquisitions include an extensive catalogue of books and journals from UK-based Equinox Publishing, the complete collection of professional, academic and trade offerings from Irwin Law, and several medical journals from Dougmar Publishing Group. In addition, UTP and Canadian Science Publishing, Canada’s largest independent science publisher, recently partnered on a new list of science books. The recent partnership and acquisitions all align with the goal to cultivate and communicate consequential research and works, and UTP’s mission of connecting ideas for a better world.
To learn more about UTP’s strategic objectives, visit: https://utorontopress.com/strategic-plan-2023-2026/.
About Legas Publishing
Legas is a multilingual publishing company devoted to the dissemination of original works, and specializing in the areas of culture, the language arts and social sciences. Formed in 1987 by its founder, Dr. Leonard G. Sbrocchi, Legas publishes high-quality publications of special interest in several languages for markets worldwide.
About the University of Toronto Press
The University of Toronto Press (UTP) is one of the largest university presses in North America, publishing landmark scholarship since 1901. Each year UTP releases 80 journals and over 250 new scholarly, course, and general interest books in print, e-book, and audio format. In addition, UTP manages the distribution for over 200 publishers and imprints in Canada, the US, and around the world, with warehouses in Ontario and New York. UTP also runs the University of Toronto Bookstores across the three main campuses, serving over 95,000 students and 15,000 faculty. For more information, please visit utorontopress.com.
Contacts
Anne-Marie Tremble, Account Manager, Talk Shop Media
annemarie@talkshopmedia.com | 613-914-3551
Enjoy 50% off of Popular Titles during the Launch Campaign!
TOKYO--(BUSINESS WIRE)--Kodansha Ltd. — one of Japan’s major publishers with hit manga titles such as Attack on Titan, Fairy Tail, Blue Lock, and GACHIAKUTA — is launching its official manga app “K MANGA” in Canada, Australia, New Zealand and Singapore. The app will be available starting October 22nd (subject to change) on iOS and Android platforms. K MANGA offers over 500 titles in English, including around 100 ongoing series that are updated simultaneously with their release in Japan. Users can also read all chapters of popular series like Attack on Titan, Tokyo Revengers, and Fairy Tail for free by using daily tickets (excluding some ongoing series).
To commemorate the launch, five hugely popular titles will be listed at 50% off for a limited time. Don’t miss this chance to discover new favorites, from legendary series to current hits!
Kodansha’s overseas manga sales have surged in recent years, driven largely by the success of titles like Attack on Titan and Tokyo Revengers, reflecting the growing popularity and acceptance of Japanese manga among English-speaking readers.
K MANGA was launched in the U.S. last May, marking the service’s first expansion into other markets. Kodansha is striving to further increase accessibility for English-speaking fans, delivering the latest stories as quickly as possible. The company also plans to continue expanding into new regions, aiming to make K MANGA a global service that connects fans with their favorite works, and creators with their audiences.
Links
App Store:
- iOS https://apps.apple.com/us/app/id1637040002
- Android https://play.google.com/store/apps/details?id=com.kodansha.kmanga
Launch Campaign Details
During the following period, selected titles are available at 50% off.
Period: 12:00 AM on October 22nd, 2024 through 11:59 PM on November 4th, 2024 (JST - UTC+09:00)
Discounted Works: Attack on Titan, Fairy Tail, Wistoria: Wand and Sword, WIND BREAKER, Rent-a-Girlfriend
Features of K MANGA
As Kodansha’s official serialization platform, K MANGA offers over 500 titles, including 100 ongoing manga series across a variety of genres, such as Action, Thriller, Isekai, Romance, and Fantasy. Users have access to K MANGA’s extensive library and can read a number of chapters for free.*
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Earliest Exclusive Access to Latest Chapters
Get the earliest possible access to chapters of popular manga that are currently ongoing in Japan, such as Blue Lock, Shangri-La Frontier, and The Seven Deadly Sins: Four Knights of the Apocalypse. -
Access to Popular Manga in Kodansha’s Catalogue
Alongside the latest releases, K MANGA offers a diverse selection of beloved manga from Kodansha’s library, such as The Flowers of Evil, Fire Force, and Chihayafuru. -
A Manga Service by the Editors, for the Fans
K MANGA is managed by Kodansha’s editorial team—the same team responsible for creating new manga daily and tirelessly editing and producing numerous global mega-hits. -
Official Localization
K MANGA delivers official translations by industry professionals familiar with each manga.
*The number of free chapters that can be read per day varies from manga to manga.
Official X account
@KMANGA_KODANSHA https://x.com/KMANGA_KODANSHA
About Kodansha
KODANSHA Ltd. is Japan’s leading publishing house based in Tokyo, having delivered stories into ready hands across the globe with a wide variety of content from manga to novels, fashion magazines, news journals, and picture books for children, as well as TV anime, movies, series, and video games since 1909 in the spirit of “Inspire Impossible Stories.” KODANSHA is globally recognized as the licensor of some of the world’s most loved manga IPs, such as AKIRA, Attack on Titan, and Ghost in the Shell. Their digital book platform, MAGAPOKE was launched in July 2015 and to date has been downloaded nearly 25 million times. For more information, visit: www.kodansha.com/
Contacts
Media inquiries
For inquiries about this press release, contact us on the email below:
qdopp,Inc.
mediarelations@qdopp.com
