Business
Professional Diversity Network, Inc. Announces Third Quarter Results
CHICAGO, Nov. 13, 2020 (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. 13, 2020 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ:IPDN), (“IPDN” or the “Company”), a global developer and operator of online and in-person networks that provide access to networking, training, educational and employment opportunities for diverse individuals, today announced its financial results for the three and nine months ended September 30, 2020.\n Third Quarter Financial Highlights: Total Company revenues increased by $354,000 or 37.2%, from $952,000 during the three months ended June 30, 2020, to $1,306,000 for the three months ended September 30, 2020.PDN Network revenues increased by $389,000 or 65.1% compared to the revenues for the second quarter of 2020. The significant increase in revenues was attributable to higher customer acquisitions and continued growth in our recruitment business as a result of increased political and corporative efforts on diversity and inclusion.Basic and diluted net loss per share decreased by $0.04, from a net loss per share of $0.11 for the three months ended September 30, 2019, to a net loss per share of $0.07 for the three months ended September 30, 2020. Net loss per share decreased by $0.08, from a net loss per share of $0.47 during the nine months ended September 30, 2019, to a net loss per share of $0.39 during the nine months ended September 30, 2020.Non-GAAP Adjusted EBITDA increased by $601,000, from ($607,000) during the three months ended September 30, 2019, to ($6,000) during the three months ended September 30, 2020.In the third quarter of 2020, the Company raised $3.0 million in gross proceeds from common stock offerings, which it expects to utilize for organic growth of its existing business as well as to fund future strategic acquisitions. \"The significant investments we have made in our e-commerce, technology platform and branding initiatives in the current year have begun to reflect these positive financial results. Typically, our fourth quarter is the strongest quarter of the year as a result of client renewals, and due to increased political and corporate awareness efforts in terms of greater diversity recruitment and in creating a more inclusive workplace, we expect to benefit from these initiatives and expect to finish the year in a very strong position,” said Adam He, CEO of Professional Diversity Network. Financial Results for...