ISLAND PARK, N.Y., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Global Diversified Marketing Group Inc (OTC: GDMK) reported results for its fiscal year ended December 31st, 2020.
Financial highlights for the full year ended December 31st, 2020, compared to the full year ended December 31st, 2019, were as follows:
- Revenue increased to $1,660,726 compared to $1,317,092, an increase of 26.1% over 2019 period
- Gross profit margin improved to 39.8% in 2020 compared to 28.2% in 2019.
- The net loss for the year ended December 31st, 2020, includes a one-time, non-cash, non-operating charge of $26,020,400 for stock-based compensation expense relating to the issuance of super-voting preferred stock to the Company’s Chief Executive Officer and $168,529 in stock-based compensation to consultants. Excluding those charges, the Company’s Adjusted Net Profit (Loss) was a profit of $33,868 for the 2020 period compared to a loss of ($150,984) in 2019, or an improvement of $184,852.
Operational Achievements in 2020
- Secured placement with a major national club store in the Northeast with a launch date late February and working to potentially add other regions as well.
- Engaged a full-service marketing firm to launch a new eCommerce site to sell our branded snacks as well as setting up a marketplace for other branded product snacks. High velocity items will be easily added to the marketplace as traffic grows.
- Fulfilment facilities secured with two-day shipping throughout the country.
- Successfully launched a new line of wafers with five new SKU’s.
“Paul Adler, Chairman, and CEO stated, “We are proud of our significant accomplishments despite the impact of COVID-19 in late March of 2020. We were able to achieve record revenue growth, very significant margin improvements as well as producing an adjusted net operating profit.” Mr. Adler further stated, “This is just the beginning for us. We have spent the last three years building the foundation for the future growth. We look forward to further success in 2021”
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.
