Business
Professional Diversity Network, Inc. Announces Financial Results for the Quarter Ended June 30, 2021
Chicago, IL, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ:IPDN), (“IPDN” or the “Company”), a global developer and operator
About this update from Professional Diversity Network, Inc.
[{"type":"text","content":"Chicago, IL, Aug. 16, 2021 (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 June 30, 2021. “Our PDN Network continued to build off if its strong first quarter with another successful second quarter as we believe that the sustained corporate and political awareness in terms of greater investment in diversity recruitment and inclusion initiatives continue to benefit the Company, and in turn society as a whole. We remain committed to strengthening the financial position of the Company through investing in our operating segments to drive organic growth, synergetic acquisitions, and timely equity transactions.” said Adam He, CEO of Professional Diversity Network. Second Quarter Financial Highlights: ●Total consolidated revenues increased $0.5 million or 54 percent as compared to the same period in the prior year. PDN Network segment revenues increased $0.6 million or 101 percent compared to revenues during the same period in the prior year. The increase in PDN Network segment revenues was attributable to continued new client acquisitions and continued growth in our recruitment business as a result of increased political and corporate diversity and inclusion efforts. Revenues for the three months ended June 30, 2021 from the NAPW segment decreased approximately $0.1 million as compared to the same period in the prior year. The decrease in revenues was primarily due to a decrease in legacy membership retention rates and the continued effects of COVID-19. ●Basic and diluted net loss per share improved by $0.13, from a net loss per share of $0.17 during the three months ended June 30, 2020, as compared to a net loss per share of $0.04 during the three months ended June 30, 2021. ●As of June 30, 2021, cash balances were $2.5 million. The Company raised approximately $1.0 million from the issuance of common stock during the three months ended June 30, 2020 for which there was no comparable transaction in the current period. ●On July 9, 2021, the Company closed the registered direct offering, pursuant to which certain institutional accredited investors purcha...