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Significant Organic Growth and Addition of Big-Box Retailer Helps Fuel 142% Revenue Growth
ISLAND PARK, N.Y., May 17, 2021 (GLOBE NEWSWIRE) -- Global Diversified Marketing Group Inc. (OTC: GDMK), a global multi-line consumer package goods company with branded product lines reports results for its fiscal first quarter ended March 31st, 2021.
Highlights and Results for Three Months Ended March 31st, 2021 Compared to the Same Three Months Ended March 31st, 2020:
Revenues for the three months ended March 31, 2021, were $823,400, an 142% increase compared to $339,961 for the same three-month period in 2020.
The gross profit margin was $322,124 for the three months ended March 31, 2021, a 98% increase as compared to $168,103 for the same period ended in 2020.
Adjusted net profit which is defined as net profit after adding back non-cash, the stock-based expense of $458,538 and $26,020,000 in the 2021 and 2020 periods respectively, was $74,993 for the three months ended March 31st, 2021 compared to $14,618 for the three months ended March 31st, 2020.
Net loss was $410,545 for the three months ended March 31st, 2021 compared to a net loss of $26,001,782 for the 2020 period.
Paul Adler, Chairman, and CEO stated, “We are extremely excited about our first-quarter results in which we generated a 142% revenue increase over prior-year levels. Our efforts throughout the quarter demonstrate that we are on a significant growth trajectory and have already surpassed almost half of last year's revenues in the first quarter alone. Additionally, we posted record profits after excluding non-cash stock-based compensation.
“Further, during the first quarter, we launched our “360worldsnacks.com” marketplace which we expect will be a unique one-stop-shop for all your snack needs. Our goal at the marketplace is to stock 500 SKUs of domestic and international snacks. We will continue to provide two-day free shipping throughout the United States. Our goal will continue to expand our client base and heavily market our e-commerce platform to reach 7-figure scale.” Mr. Adler continued, “While we remain focused on generating organic growth, we also will be looking for synergistic acquisition targets that align with our business model”.
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