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ISLAND PARK, N.Y., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Global Diversified Marketing Group Inc (OTC: GDMK) reported results for its second fiscal quarter ended June 30th, 2020.
Highlights for the three months ended June 30th, 2020 were as follows:
Revenues were $253,341 for the 2020 period compared to $418,638 during the same three months ended June 30th, 2019 while most of the quarter has been shut down.
Excluding a one-time $120,000 non-cash charge for stock-based compensation relating to stock issuance, operating expenses were $124,800 compared to $141,455 in the prior period.
For the six months ended June 30th, 2020, after excluding stock-based compensation, the Company’s operating loss was $51,232 compared to $53,389 in the prior year.
Secured New Distribution with over 350 Grocery Outlet Locations
Signed an Agreement with AATAC to Expand and Rollout our products in over 80,000 locations
Rapidly Growing Amazon Sales
“Paul Adler, Chairman, and CEO stated, “Despite the impact of COVID-19 and having the toughest quarter in company’s history we were still able to generate significant revenue during a quarter while 70% of the economy has been shut down for majority of the quarter. Also, our loss from operations after deducting special non-cash items remained comparable to last year. Mr. Adler further stated, “Before the onset of COVID-19 we were on track to generate significant revenue increase in Q-2 and become profitable from operations. As previously announced during Q-2, we have added Grocery Outlet as a new account and signed an agreement with AATAC to expand and rollout our products in over 80,000 Retail Outlets. Our exceptionally lean overhead structure allows us to be very well positioned to benefit and grow our revenues.
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