$GDMK Huge alert - Global Diversified Marketing Gr
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Posted On: 08/13/2020 8:31:44 AM
$GDMK Huge alert - Global Diversified Marketing Group Positioned for Future Growth Despite Challenging Market Conditions
Global Diversified Marketing Group Positioned for Future Growth Despite
Challenging Market Conditions
ISLAND PARK, N.Y., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Global Diversified
Marketing Group Inc (OTC: GDMK) reported results for its second fiscal quarter
ended June 30^th, 2020.
Highlights for the three months ended June 30th, 2020 were as follows:
o Revenues were $253,341 for the 2020 period compared to $418,638 during the
same three months ended June 30^th, 2019 while most of the quarter has
been shut down.
o Excluding a one-time $120,000 non-cash charge for stock-based compensation
relating to stock issuance, operating expenses were $124,800 compared to
$141,455 in the prior period.
o For the six months ended June 30^th, 2020, after excluding stock-based
compensation, the Company’s operating loss was $51,232 compared to $53,389
in the prior year.
o Secured New Distribution with over 350 Grocery Outlet Locations
o Signed an Agreement with AATAC to Expand and Rollout our products in over
80,000 locations
o Rapidly Growing Amazon Sales
“Paul Adler, Chairman, and CEO stated, “Despite the impact of COVID-19 and
having the toughest quarter in company’s history we were still able to
generate significant revenue during a quarter while 70% of the economy has
been shut down for majority of the quarter. Also, our loss from operations
after deducting special non-cash items remained comparable to last year. Mr.
Adler further stated, “Before the onset of COVID-19 we were on track to
generate significant revenue increase in Q-2 and become profitable from
operations. As previously announced during Q-2, we have added Grocery Outlet
as a new account and signed an agreement with AATAC to expand and rollout our
products in over 80,000 Retail Outlets. Our exceptionally lean overhead
structure allows us to be very well positioned to benefit and grow our
revenues.
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.
https://www.bloomberg.com/press-releases/2020...conditions
Global Diversified Marketing Group Positioned for Future Growth Despite
Challenging Market Conditions
ISLAND PARK, N.Y., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Global Diversified
Marketing Group Inc (OTC: GDMK) reported results for its second fiscal quarter
ended June 30^th, 2020.
Highlights for the three months ended June 30th, 2020 were as follows:
o Revenues were $253,341 for the 2020 period compared to $418,638 during the
same three months ended June 30^th, 2019 while most of the quarter has
been shut down.
o Excluding a one-time $120,000 non-cash charge for stock-based compensation
relating to stock issuance, operating expenses were $124,800 compared to
$141,455 in the prior period.
o For the six months ended June 30^th, 2020, after excluding stock-based
compensation, the Company’s operating loss was $51,232 compared to $53,389
in the prior year.
o Secured New Distribution with over 350 Grocery Outlet Locations
o Signed an Agreement with AATAC to Expand and Rollout our products in over
80,000 locations
o Rapidly Growing Amazon Sales
“Paul Adler, Chairman, and CEO stated, “Despite the impact of COVID-19 and
having the toughest quarter in company’s history we were still able to
generate significant revenue during a quarter while 70% of the economy has
been shut down for majority of the quarter. Also, our loss from operations
after deducting special non-cash items remained comparable to last year. Mr.
Adler further stated, “Before the onset of COVID-19 we were on track to
generate significant revenue increase in Q-2 and become profitable from
operations. As previously announced during Q-2, we have added Grocery Outlet
as a new account and signed an agreement with AATAC to expand and rollout our
products in over 80,000 Retail Outlets. Our exceptionally lean overhead
structure allows us to be very well positioned to benefit and grow our
revenues.
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.
https://www.bloomberg.com/press-releases/2020...conditions
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