Business
Professional Diversity Network, Inc. Announces Financial Results for the Quarter Ended September 30, 2021
CHICAGO, Nov. 15, 2021 (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, Nov. 15, 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 September 30, 2021. “Our PDN Network continues to show stability with its third consecutive strong quarter of fiscal 2021. We believe that there is still room for additional corporate and political awareness in terms of greater investment in diversity recruitment and inclusion initiatives, and in turn society as a whole, which continue to benefit the Company. We remain committed to strengthening the financial position of the Company through investing in our operating segments to drive organic growth, synergetic acquisitions, as evident by acquisition of RemoteMore USA, and timely equity transactions, as evident by the multiple common stock transactions the Company entered into in the quarter.” said Adam He, CEO of Professional Diversity Network, Inc. Third Quarter Financial Highlights: Total consolidated revenues for the 3 months ended September 30, 2021, increased approximately $0.4 million or 29 percent as compared to the same period in the prior year. PDN Network segment revenues increased $0.4 million or 45 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 political and corporate diversity and inclusion efforts remain a focus in today’s society. Revenues for the three months ended September 30, 2021 from Other revenues, which include the NAPW segment and to a lesser extent RemoteMore USA, decreased less than 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 as new members are increasing as the economy allows for increased discretionary spending. Revenues for RemoteMore USA during the period were immaterial and there were no revenues in the comparable period.Basic and diluted net loss per share improved by $0.06, from a net loss per share of $0.07 d...