Global Diversified Marketing Group YTD Revenue Up 68%

Rhea-AI Summary

Global Diversified Marketing Group Inc (GDMK) reported a strong fiscal Q3 for the period ending September 30, 2021. Revenue increased by 10% year-over-year to $732,691, with a gross profit margin improvement to 38.4%.

For the nine months ending September 30, 2021, revenues surged 68% to $2,112,580, and gross profit margin rose to 40.5%. The company launched three new SKUs and reduced reliance on factoring while expanding its customer base. They emphasized strong inventory management amidst global supply chain issues.

Positive

• Revenue for Q3 2021 increased to $732,691, a 10% rise from 2020.
• Gross profit margin improved to 38.4% in Q3 2021, up from 36.9% in 2020.
• Revenue for the nine months ended September 30, 2021, increased to $2,112,580, a 68% growth compared to 2020.
• Gross profit margin improved to 40.5% for the nine months ended September 30, 2021, up from 37.7% in the previous year.
• New product launch with three SKUs in the supplement category.

Negative

• None.

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 30^th, 2021.

Highlights for the three months ended September 30^th, 2021, compared to three months ended September 30^th, 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 30^th, 2021, compared to nine months ended September 30^th, 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.

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.

CONTACT:
Global Diversified Marketing Group Inc
Paul Adler, President & CEO
800-550-5996
paul@gdmginc.com

SOURCE: Global Diversified Marketing Group Inc.

View source version on accesswire.com:
https://www.accesswire.com/672718/Global-Diversified-Marketing-Group-YTD-Revenue-Up-68

FAQ

What were the Q3 2021 revenue figures for GDMK?

GDMK reported Q3 2021 revenues of $732,691, marking a 10% increase from the previous year.

How much did GDMK's revenue increase in the nine months ended September 30, 2021?

Revenues increased by approximately 68% to $2,112,580 for the nine months ended September 30, 2021.

What is the current gross profit margin for GDMK?

GDMK's gross profit margin improved to 38.4% for Q3 2021 and 40.5% for the nine months ended September 30, 2021.

What new products were launched by GDMK?

GDMK launched three new SKUs in the supplement category as part of its business expansion.

How has GDMK managed supply chain issues?

GDMK has utilized a strong inventory management system to mitigate the impact of global supply chain issues.