Business
Professional Diversity Network, Inc. Announces Financial Results for the Quarter Ended September 30, 2022
CHICAGO, Nov. 14, 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, Nov. 14, 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 September 30, 2022. “We believe that the services that we provide to our customers, in all our business lines, continue to represent discretionary spending items and through the second and third quarters of fiscal 2022, these services have been scrutinized by the consumer as a result of the financial and economic impact of the current economy, as well as lingering effects of COVID-19. The entire industry has been affected in some way. However, the need for diversification in the workforce will continue, it’s just a matter of waiting out these economic situations.” said Adam He, CEO of Professional Diversity Network. “We look forward to a historically stronger fourth quarter and we are prepared to meet the market demand as our clients begin budgeting processes for their fiscal 2023 needs. We still maintain focused on building up core operations, capitalizing on strategic opportunities, and maximizing shareholder value.” Third Quarter Financial Highlights: Total consolidated revenues for the three months ended September 30, 2022 increased $0.4 million, or 25 percent, as compared to the same period in the prior year. The RemoteMore segment recorded $0.8 million in revenues in the period compared to $19,000 in the same period of the prior year. PDN Network segment revenues decreased $0.2 million, or 15 percent compared to revenues during the same period in the prior year. This was predominantly due to there being 2 fewer local and 1 fewer national events as compared to the same period in the prior year. The NAPW segment decreased approximately $0.1 million as compared to the same period in the prior year.Basic and diluted net loss per share was $0.07 during the three months ended September 30, 2022, as compared to $0.01 for the same period in 2021.On September 30, 2022, cash balances were approximately $1.5 million as compared to $3.4 million on December 31, 2021. Working capital (deficit) surplus from continuing operations on September 30, 2022, was approximately $(0.4) million a...