ISLAND PARK, N.Y., Aug. 10, 2021 (GLOBE NEWSWIRE) — Global Diversified Marketing Group Inc (OTC: GDMK) reports results for its second fiscal quarter ended June 30th, 2021.
Highlights for the three months ended June 30th, 2021, compared to three months ended June 30th, 2020, were as follows:
Revenue increased to $556,579 compared to $253,341, an increase of 120% over 2020 period.
Gross profit margin improved to 43.1% in 2021 compared to 23.9% in same period in 2020.
Highlights for six months ended June 30th, 2021, compared to six months ended June 30th, 2020, were as follows:
For the six months ended June 30th, 2021, revenues more than doubled to $1,379,979 compared to $593,302 in 2020 with 133% increase over 2020 period.
Gross profit margin improved to 41.6% in 2021 compared to 38.5% in 2020
Paul Adler, Chairman, and CEO stated, “Our ability to deliver consistent top line growth shows significant strength in our product lines and development of our business. We continue to break quarterly record revenues and demonstrate significant growth for our shareholders. We achieved a significant increase in our revenue with higher gross margins. Overall, we are pleased with our record performance and look forward to growing our business with potential acquisitions and entrance into other segments of the business.”
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