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ISLAND PARK, N.Y., June 09, 2020 (GLOBE NEWSWIRE) -- Global Diversified Marketing Group Inc (GDMK) reported results for its first fiscal quarter ended March 31st, 2020.
Highlights for the three months ended March 31, 2020, compared to three months ended March 31, 2019, were as follows:
Revenue increased to $339,961 compared to $256,035, an increase of 32.8% over 2019 period.
Gross profit margin improved to 49.4% in 2020 compared to 27.6% in 2019.
The net loss for the three months end March 31st, 2020 period includes a one-time, non-cash, non-operating charge of $26,020,400 for stock-based compensation expense relating to the issuance of super-voting preferred stock to the Company’s Chief Executive Officer. Excluding that charge, the Company’s Adjusted Net Profit (Loss) was a profit of $18,618 for the 2020 period compared to a loss of ($33,043) in 2019, or an improvement of $51,661.
Paul Adler, Chairman, and CEO stated, “Despite the impact of COVID-19 in late March 2020 we were able to achieve one of the best quarters from an operating perspective, in our history. We achieved a significant increase in our revenue with higher gross margins, as well as producing an adjusted net operating profit,”. Overall, we are pleased with our improved performance”.
About Global Diversified Marketing Group
Headquartered in Island Park, NY - Global Diversified Marketing Group Inc operates as a global multi-line consumer packaged goods (“CPG”) company with branded product lines and is a food and snack manufacturer, importer and distributor in the United States, Canada, and Europe. The Company operates in the snacks market segment and offers Italian Wafers, Italian filled croissants, French Madeleines, Wafer Pralines, shelf-stable Macarons, and other gourmet snacks. The company sells its products directly through various distribution channels comprising specialty, grocery retailers, food-service distributors, direct store delivery (“DSD”) as well as the vending, pantry, and the micro-market segment.
Safe Harbor Statement
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate, ”expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations, and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations, or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results could differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Non-GAAP Financial Measures
This press release contains a non-GAAP financial measure. The Company believes that, in addition to other financial measures, “Adjusted Net Profit (Loss)” is an appropriate indicator to assist in the evaluation of its operating performance on a period-to-period basis. “Adjusted Net Profit (Loss)” should be considered as a supplement to, not a substitute for, operating income, net income or other financial performance measures prepared in accordance with U.S. generally accepted accounting principles.
Global Diversified Marketing Group Inc
Paul Adler, President & CEO