Business
Professional Diversity Network, Inc. Announces Financial Results for the Quarter Ended June 30, 2022
CHICAGO, Aug. 15, 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, Aug. 15, 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 June 30, 2022. “While the challenges in current global economic conditions continue, we believe that there is still opportunity for all of our business lines to grow. We recently hired additional sales and customer service personnel for the PDN network, as well as bringing on Ms. Grace Reyes, former Board member of PDN, to consult with, and strengthen, the NAPW business line dedicated to women. Our RemoteMore business line continues to exceed budgeted revenue expectations,” said Adam He, CEO of Professional Diversity Network. “Even through this economic downturn, we still maintain focused on building up core operations, capitalizing on strategic opportunities, and maximizing shareholder value through our share buyback plan.” Second Quarter Financial Highlights: Total consolidated revenues for the three months ended June 30, 2022 increased $0.7 million, or 50 percent, as compared to the same period in the prior year. PDN Network segment revenues increased $0.2 million or 16 percent compared to revenues during the same period in the prior year. Revenues for the three months ended June 30, 2022 from the NAPW segment decreased approximately $0.1 million as compared to the same period in the prior year. The RemoteMore segment recorded $0.6 million in revenues in the period for which there was no comparable activity in the same period of the prior year.Basic and diluted net loss per share remained consistent at $0.04 during the three months ended June 30, 2022 and 2021.On June 30, 2022, cash balances were approximately $2.4 million as compared to $3.4 million on December 31, 2021. Working capital surplus from continuing operations on June 30, 2022, was approximately $0.6 million as compared to $0.4 million on December 31, 2021.On June 7, 2022, we settled a lawsuit for a cash payment of $70,000 to be made to the plaintiff, resulting in the reduction of our reserve and a one-time, non-cash gain for $908,564 reflected in our consolidated financial statements. Financial Results for the ...