Business
Professional Diversity Network, Inc. Announces Financial Results for the Quarter Ended March 31, 2022
CHICAGO, May 16, 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, May 16, 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 March 31, 2022. “Our PDN Network continues to show growth in its organic operations despite the challenges in current economic conditions,” said Adam He, CEO of Professional Diversity Network, Inc. “Our RemoteMore revenues for the period are consistent with our expectations, and we believe that the IAW (NAPW) Network is beginning to stabilize itself as compared to previous years. We are still focused on capitalizing on growth opportunities, increasing our return on organic operations, and maximizing shareholder value throughout 2022.” First Quarter Financial Highlights: Total consolidated revenues for the three months ended March 31, 2022, increased approximately $0.6 million or 38 percent as compared to the same period in the prior year. PDN Network segment revenues increased approximately $0.2 million, or 13 percent compared to revenues during the same period in the prior year. Revenues for the three months ended March 31, 2022, from the NAPW segment decreased less than approximately $0.1 million, or 26 percent as compared to the same period in the prior year. Revenues for RemoteMore USA during for the three months ended March 31, 2022, were approximately $0.5 million 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 $0.06 during the three months ended March 31, 2022 and March 31, 2021.On March 31, 2022, cash balances were approximately $2.9 million as compared to $3.4 million on December 31, 2021. Working capital surplus from continuing operations on March 31, 2022, was approximately $0.3 million as compared to $0.4 million on December 31, 2021. Financial Results for the Three Months Ended March 31, 2022 Revenues Total revenues for the three months ended March 31, 2022, increased approximately $569,000, or 38%, to approximately $2,053,000 from approximately $1,484,000 during the same period in the prior year. The increase was predominately attributable to an approximate $477,000 of cont...