Business
Professional Diversity Network, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2021
CHICAGO, March 31, 2022 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ:IPDN), (“IPDN” or the “Company”), a global developer and operator of
About this update from Professional Diversity Network, Inc.
[{"type":"text","content":"CHICAGO, March 31, 2022 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ:IPDN), (“IPDN” or the “Company”), a global developer and operator of online and in-person networks that provides access to networking, training, educational and employment opportunities for diverse individuals, today announced its financial results for the quarter ended December 31, 2021. “2021 was a transformative year for Professional Diversity Network, Inc. We enhanced the quality of our business lines with the addition of RemoteMore USA,” said Adam He, CEO of Professional Diversity Network, Inc. “Our PDN Network remains a leader in diversity recruitment and inclusion initiatives, showing positive earnings (before interest, taxes, depreciation, and amortization) in consecutive quarters for the first time in the last five years. The change in business strategy in our IAW (NAPW) Network has shown positive traction throughout the year as compared to previous years. We have also strengthened our internal controls through changes in technology and personnel, remediating the material weakness issues from 2020. As we look forward to 2022, we are focused on capitalizing on growth opportunities and maximizing our return on organic operations. In the first quarter of 2022, we implemented a share repurchase program. This investment reflects our confidence in the Company’s operating fundamentals and growth prospects. We believe that this stock repurchase program demonstrates our continued commitment to deliver long-term shareholder value.” Fourth Quarter Financial Highlights: Total consolidated revenues for the three months ended December 31, 2021, increased approximately $0.3 million or 21 percent as compared to the same period in the prior year. PDN Network segment revenues increased less than $0.1 million, or 4 percent compared to revenues during the same period in the prior year. Revenues for the three months ended December 31, 2021, from the NAPW segment decreased less than approximately $0.1 million, or 24 percent as compared to the same period in the prior year. Revenues for RemoteMore USA during for the three months ended December 31, 2021, were approximately $0.3 million for which there was no comparable activity in the same period of the prior year.In the fourth quarter of fiscal 2020, we recorded approximately $0.7 million as Other Income...