Supplement Launch of Three New SKU's, Infrastructure Build, and Strong Customer Base, Positions the Company for Continued Significant Future Growth
ISLAND PARK, NY / ACCESSWIRE / November 15, 2021 / Global Diversified Marketing Group Inc (OTC: GDMK) reports results for its fiscal third quarter ended September 30th, 2021.
Highlights for the three months ended September 30th, 2021, compared to three months ended September 30th, 2020, were as follows:
- Revenue for the 2021 period increased to $732,691 compared to $667,237, an increase of approximately 10% over 2020 period.
- Gross profit margin for the 2021 period improved to 38.4% in 2021 compared to 36.9% in same period in 2020.
Highlights for nine months ended September 30th, 2021, compared to nine months ended September 30th, 2020, were as follows:
- Revenues for the 2021 period increased to $2,112,580 compared to $1,260,539, an increase of approximately 68% over the 2020 period.
- Gross profit margin improved to 40.5% in 2021 compared to 37.7% in 2020
"Paul Adler, Chairman, and CEO stated, "We are thrilled with our performance and what we have accomplished during the first nine months of 2021. We added a new big box retailer to our already strong customer base, launched a new brand with three new SKUs in a new category, reduced our reliance on factoring and built our infrastructure by adding a strong product manager. Also, through our strong inventory management system, we have been able to mitigate the impact of worldwide supply chain issues."
Mr. Adler continued, "To summarize we are poised to continue delivering significant future revenue growth and can leverage our existing overhead to increase incremental sales levels without adding any significant new costs. Our new launch in the supplement category through ecommerce channel will enable us to diversify our business further and fuel 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 in multiple segments 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.
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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
SOURCE: Global Diversified Marketing Group Inc.