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ISLAND PARK, N.Y., May 13, 2022 (GLOBE NEWSWIRE) -- Global Diversified Marketing Group Inc (OTC: GDMK) reports results for its first fiscal quarter ended March 31st, 2022.
Quarterly Results for the three months ended March 31, 2022, compared to three months ended March 31, 2021, were as follows:
Revenue decreased to $332,885 compared to $823,400, a decrease of 59% over 2021 period.
Gross profit margin decreased to 32.5% in 2022 compared to 40.5% in 2021.
The net loss for the three months end March 31st, 2022 period was $203,794 compared to a net loss of $410,545 in the three months ended March 31, 2021. Excluding stock-based compensation both periods, the loss for the three-month period ended March 31, 2022 would have been a net loss of $199,279 compared to a profit of $74,993 during the comparable three-month period ended in 2021.
The company moved to a larger warehouse facility in anticipation of higher future growth with expansion of its product lines.
Paul Adler, Chairman, and CEO stated, “The retail environment and inflationary pressure during the last two years has proven to be challenging yet we have preserved and maintained our customer relationships and liquidity. We faced a new challenge in early 2022 with geo-political events which had transpired in the middle of first quarter. This had a negative effect on our quarterly results and contributed to a decrease in revenue. However, we still believe our strong foundation points to a stronger growth throughout the year. So far, we have seen a positive trend and Q2. Additionally, during the first quarter we leased our own warehouse facility and reduced our reliance on public warehousing. This move will enable us to accelerate our growth and improve efficiencies which should translate into higher growth.”
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