YTD Revenue Up 21% Despite Challenging Market Conditions
ISLAND PARK, N.Y., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Global Diversified Marketing Group Inc (OTC: GDMK), a global multi-line consumer package goods company with branded product lines reported results for its fiscal third quarter ended September 30th, 2020.
Highlights and Results for Three Months ended September 30th, 2020 Compared to the Same Three Months Ended September 30th, 2019
Revenues were $667,237, an 82% increase, as compared to $366,354 for the same period in 2019
Gross Profit Margin was $246,539, a 71% increase as compared to $143,997 for the same period in 2019
Gross margin percentage was 36.9% compared to 39.3% in the 2019 period
Net profit was $59,144 compared to $14,126 in the 2019 period.
Adjusted net profit which is defined as net profit after adding back non-cash, stock-based expense was $76,856 in 2020 compared to $14,126 in the 2019 period.
Highlights and Results for Nine Months Ended September 30th, 2020 Compared to the Same nine Months Ended September 30th, 2019
Revenues were $1,260,539, a 21% increase, as compared to revenues of $1,040,644 for the same period in 2019
Gross Profit was $475,066, a 37% increase, as compared to $344,824 for the same period in 2019
Gross margin percentage was 37.7% compared to 33.1 in the 2019 period
Net loss was $26,132,488 compared to a net loss of $39,263 in the 2019 period
Adjusted net profit which is defined as net profit after adding back non-cash, stock-based expense was $54,267 in 2020 compared to a net loss of $39,263 in the 2019 period.
Paul Adler, Chairman, and CEO stated, “Our efforts throughout the quarter and first nine-months of this year have been significant and shown our growth in the numbers despite the pandemic, culminating in a very significant revenue increase and profitable quarter. We continued our global distribution with new agreements in Austria and EU markets and succeeded in new product launches and partnership agreements with distributors and retailers nationwide. As such, we continue to expand our client base and have seen significant traction “. Mr. Adler continued, “Our low overhead structure compared to our peers, positions us nicely to add complementary product lines and leverage our overhead to produce increasing profitability”.
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