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Professional Diversity Network, Inc. (IPDN)

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1.9500+0.2400 (+14.04%)
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Previous Close1.7100
Open1.7200
Bid1.9500 x 1100
Ask1.9700 x 800
Day's Range1.7154 - 2.2000
52 Week Range0.7600 - 5.5600
Volume3,681,845
Avg. Volume821,550
Market Cap26.257M
Beta (5Y Monthly)1.54
PE Ratio (TTM)N/A
EPS (TTM)-0.2940
Earnings DateMay 17, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Professional Diversity Network, Inc. Announces Financial Results for the Quarter Ended March 31, 2021
    GlobeNewswire

    Professional Diversity Network, Inc. Announces Financial Results for the Quarter Ended March 31, 2021

    CHICAGO, May 17, 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 March 31, 2021. First Quarter Financial Highlights: ● Total consolidated revenues increased $0.5 million or 51 percent as compared to the same period in the prior year. PDN Network segment revenues increased $0.6 million or 107 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 a result of increased political and corporate diversity and inclusion efforts. Revenues for the three months ended March 31, 2021 from the NAPW segment decreased approximately $0.1 million as compared to the same period in the prior year. The decrease in revenues was primarily due to a continued decrease in legacy membership retention rates and the continued effects of COVID-19. ● Basic and diluted net loss per share improved by $0.11, from a net loss per share of $0.17 during the three months ended March 31, 2020, as compared to a net loss per share of $0.06 during the three months ended March 31, 2021. ● As of March 31, 2021, cash balances were $2.3 million and the Company raised approximately $1.2 million from the issuance of common stock which it intends to utilize for organic growth in its PDN Network as well as to fund future strategic acquisitions. The Company raised approximately $1.5 million from the issuance of common stock in the same period of the prior year. ● On April 22, 2021, the Company learned that RMB 18,841,064.15 had been seized from the PDN China Account by Longxu District Court of Wuzhou City in Guangxi Province to satisfy a judgment in favor of the plaintiffs in the Gatewang case. The cash value at time of seizure is approximately $2.9 million. The Company has reflected the seizure of these cash funds in its Consolidated Balance Sheets as of March 31, 2021 as a reduction in Long-term assets from discontinued operations, which had a corresponding effect on Stockholders’ equity. As a result, the Company’s stockholders’ equity fell below the $2.5 million required by The Nasdaq Stock Market LLC (“Nasdaq”) under its Listing Rule 5550(b)(1) for continued listing of the Company’s common shares on the Nasdaq Capital Market. The Company plans to explore alternatives for increasing its stockholders’ equity in order to meet NASDAQ’s listing requirements, including the possibility of issuing additional equity. “Our PDN Network had a very strong first quarter and we anticipate that the continued corporate and political awareness in terms of greater diversity recruitment and inclusion initiatives will continue to benefit the Company, and in turn society as a whole. We continue to invest in our operating segments to drive organic growth, and look to better position the financial strength of the Company for the future,” said Adam He, CEO of Professional Diversity Network. Financial Results for the Quarter Ended March 31, 2021 Revenues Total revenues for the three months ended March 31, 2021 increased approximately $502,000, or 51 percent to approximately $1,484,000 from approximately $982,000 during the same period in the prior year. The increase was predominately attributable to an approximate $608,000 increase in recruitment services revenues in the current period, partially offset by an approximate $121,000 decrease in legacy membership fees and related services revenues, as compared to the same period in the prior year. During the three months ended March 31, 2021, our PDN Network generated approximately $1,175,000 in revenues compared to approximately $567,000 in revenues during the three months ended March 31, 2020, an increase of approximately $608,000 or 107 percent. The increase in revenues was predominately driven by improvements in our e-commerce platform and new sales collaborations, higher new client acquisitions and a significant increase in diversity recruitment initiatives by our clients. During the three months ended March 31, 2021, our NAPW Network revenues were approximately $264,000, compared to revenues of approximately $385,000 during the same period in the prior year, a decrease of approximately $121,000 or 31 percent. The decrease in revenues was primarily due to a continued decrease in legacy membership retention rates and the continued effects of COVID-19 as new membership enrollment slowly returns. We believe that the membership services that we provide to our customers turned into a discretionary spending item during 2020 and the first three months of 2021 and the services that we provide were postponed as a result of the financial and economic impact of COVID-19. Costs and Expenses Cost of revenues during the three months ended March 31, 2021 was approximately $261,000, an increase of approximately $88,000 or 51 percent from approximately $173,000 during the same period of the prior year, as a result of increased revenues. Net Loss from Continuing Operations As the result of the factors discussed above, during the three months ended March 31, 2021, we incurred a net loss of approximately $756,000 from continuing operations, an improvement of approximately $667,000 or 47 percent, compared to a net loss of approximately $1,422,000 during the three months ended March 31, 2020. Summary of the Quarter’s Financial Information Amounts in following tables are in thousands except for per share amounts and outstanding shares. Summary of Financial Position March 31, 2021 December 31, 2020 Current Assets: Cash and cash equivalents $2,342 $2,118 Other current assets 1,469 1,403 Total current assets $3,811 $ 3,521 Long-term assets 2,227 5,152 Total Assets $6,038 $8,673 Total current liabilities $4,496 $4,677 Total long-term liabilities 578 650 Total liabilities $5,074 $5,327 Total stockholders’ equity 964 3,346 Total liabilities and stockholders’ equity $6,038 $8,673 Summary of Financial Operations Three Months EndedMarch 31, Change Change 2021 2020 (Dollars) (Percent) Revenues: Membership fees and related services $263 $384 $(121) (31.5)%Recruitment services 1,175 567 608 107.2 %Products sales and other 1 1 - - %Consumer advertising and marketing solutions 45 30 15 50.0 %Total revenues $1,484 $982 $502 51.1 % Cost and expenses: Cost of revenues $261 $173 $88 50.9 %Sales and marketing 700 525 175 33.3 %General and administrative 1,318 1,661 (343) (20.7)%Depreciation and amortization 29 52 (23) (42.3)%Total pre-tax cost and expenses: $2,308 $2,411 $(103) (4.2)% Loss from continuing operations $(824) $(1,429) $605 42.3 % Basic and diluted loss per share: Continuing operations $(0.06) $(0.16) Weighted average outstanding shares used in computing net loss per common share: Basic and diluted 13,263,402 8,969,475 Summary of Cash Flows from Continued Operations Cash (used in) provided by continued operations Operating activities $(769) $(574) Investing activities (6) (5) Financing activities 1,000 1,500 Net increase in cash and cash equivalents from continued operations $225 $922 Professional Diversity Network, Inc. and SubsidiariesNon-GAAP (Adjusted) Financial Measures We believe Adjusted EBITDA provides a meaningful representation of our operating performance that provides useful information to investors regarding our financial condition and results of operations. Adjusted EBITDA is commonly used by financial analysts and others to measure operating performance. Furthermore, management believes that this non-GAAP financial measure may provide investors with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business. However, while we consider Adjusted EBITDA to be an important measure of operating performance, Adjusted EBITDA and other non-GAAP financial measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Further, Adjusted EBITDA, as we define it, may not be comparable to EBITDA, or similarly titled measures, as defined by other companies. The following table provides a reconciliation of net loss from continuing operations to Adjusted EBITDA, the most directly comparable GAAP measure reported in our consolidated financial statements: Three Months Ended March 31, 2021 2020 (in thousands) Loss from Continuing Operations $(756) $(1,422) Stock-based compensation 106 19 Litigation settlement reserve - 450 Depreciation and amortization 30 52 Interest and other income 1 1 Income tax benefit (67) (6) Adjusted EBITDA $(686) $(906) About Professional Diversity Network Professional Diversity Network, Inc. (NASDAQ: IPDN) is a global developer and operator of online and in-person networks that provides access to networking, training, educational and employment opportunities for diverse professionals. We operate subsidiaries in the United States including International Association of Women (IAW), which is one of the largest, most recognized networking organizations of professional women in the country, spanning more than 200 industries and professions. Through an online platform and our relationship recruitment affinity groups, we provide our employer clients a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program. Our mission is to utilize the collective strength of our affiliate companies, members, partners and unique proprietary platform to be the standard in business diversity recruiting, networking and professional development for women, minorities, veterans, LGBTQ and disabled persons globally. Forward-Looking Statements This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our most recently filed Annual Report on Form 10-K and in our subsequent filings with the Securities and Exchange Commission. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “should,” and “would” or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. Our most recently filed Annual Report on Form 10-K, together with this press release and the financial information contained herein, are available on our website, www.prodivnet.com. Please click on “Investor Relations.” Investor Inquiries:investors@ipdnusa.com+1 (312) 614-0950Source: Professional Diversity Network, Inc.

  • Professional Diversity Network, Inc. Announces Launch of Kappa Alpha Psi Fraternity, Inc. Job Board
    GlobeNewswire

    Professional Diversity Network, Inc. Announces Launch of Kappa Alpha Psi Fraternity, Inc. Job Board

    CHICAGO, April 01, 2021 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ: IPDN), (“PDN” or the “Company”), a 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 launch of the Kappa Alpha Psi Fraternity, Inc. (ΚΑΨ) job board (http://www.kappaalphapsijobs.com), a fully integrated job board located on ΚΑΨ’s website. Kappa Alpha Psi is the second oldest historically black fraternity. PDN, being one of the largest diverse networks in the nation, collaborated with ΚΑΨ to launch an easy-to-access job board at the ΚΑΨ website for their over 170,000 initiated members. “We are excited to launch the ΚΑΨ job board to increase the potential of hiring high-level candidates and provide ΚΑΨ members with a wide range of careers from various industries and companies in our PDN network,” said Adam He, CEO of PDN. "We are very honored and proud of this opportunity to strengthen employment alliances with ΚΑΨ - this is a high priority initiative. This collaboration with PDN provides ΚΑΨ with great support to broaden our career enhancement and empowerment thrust. Our members are achievers, and we also anticipate an excellent response from our community. We feel assured that our sponsors and employers will be excited to participate. Motivation and goals are a major part of our culture, and providing career opportunities to our members is an essential tool,” said Reuben A Shelton III, Esq., Grand Polemarch of ΚΑΨ. “We have worked with ΚΑΨ on their career events and the job board allows PDN to expand our partnership. There will be many employers interested in extending opportunities to the educated and talented members of the ΚΑΨ fraternity,” said Mike Hall, Executive Vice President of PDN. Professional Diversity Network, Inc. Professional Diversity Network, Inc. (PDN) is a developer and operator of online and in-person networks that provides access to networking, training, educational and employment opportunities for diverse professionals. Through an online platform and our relationship recruitment affinity groups, we provide our employer clients a means to identify and acquire diverse talent and assist them with their efforts to recruit diverse employees. Our mission is to utilize the collective strength of our affiliate companies, members, partners and unique proprietary platform to be the standard in business diversity recruiting, networking and professional development for women, minorities, veterans, LGBT and disabled persons globally. For more information about PDN, please visit: www.prodivnet.com Kappa Alpha Psi (ΚΑΨ) Kappa Alpha Psi Fraternity, Incorporated (ΚΑΨ) is a historically African American Greek-letter organization. Since the fraternity's founding on January 5, 1911 at Indiana University in Bloomington, Indiana, the fraternity has never restricted membership on the basis of color, creed or national origin. The fraternity has over 170,000 initiated members with 629 active undergraduate and alumni chapters across the United States, and international chapters in Germany, South Korea, Japan, US Virgin Islands, Nigeria, South Africa, the Bahamas, Dominican Republic, and Bermuda. The International Headquarters is located in Philadelphia, Pennsylvania. For more information about ΚΑΨ, please visit: www.kappaalphapsi1911.com To view the ΚΑΨ job board, please visit: www.kappaalphapsijobs.com/ Forward-Looking Statements This press release contains information about PDN's view of its future expectations, plans, and prospects that constitute forward-looking statements. These forward-looking statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements, including, but not limited to: any projections of earnings, revenue, or other financial items; any statements regarding the adequacy, availability, and sources of capital, any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. In addition, there is uncertainty about the continuous spread of the COVID-19 virus and the impact it may have on the Company’s operations, the demand for the Company’s products, and global economic activity in general. PDN may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about PDN’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, whether known or unknown, and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “will make,” “will be,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “endeavor to,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks is included in our annual report and other filings with the U.S. Securities and Exchange Commission (the “SEC”). All information provided in this press release is as of the date of this press release, and PDN undertakes no obligation to update any forward-looking statements, except as may be required under applicable law. Press Contact for IPDN: For further information, please contact: Professional Diversity Network, Inc. Tel: (312) 614-0950 Email: investors@ipdnusa.com Source: Professional Diversity Network, Inc.

  • Professional Diversity Network, Inc. Announces Agreement to Acquire Interests in RemoteMore USA, Inc., a Provider of Remote-hiring Marketplaces
    GlobeNewswire

    Professional Diversity Network, Inc. Announces Agreement to Acquire Interests in RemoteMore USA, Inc., a Provider of Remote-hiring Marketplaces

    CHICAGO, March 26, 2021 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (NASDAQ: IPDN), (“PDN” or the “Company”), a developer and operator of online and in-person networks that provide access to networking, training, educational and employment opportunities for diverse individuals, today announced that it has entered into a stock purchase agreement to acquire equity interests in RemoteMore USA, Inc. (“RemoteMore”), an innovative company that provides remote-hiring marketplace services for developers and companies. The transaction is subject to satisfaction of closing conditions and is expected to close in the second quarter of 2021. Upon completion the Company will have ability to become RemoteMore’s largest shareholder and obtain significant influence on its operations. RemoteMore is a technology company that addresses the increasing demand for qualified candidates by connecting them with businesses through an extensive, remote services network. The virtual network will allow businesses to access candidates from a wider scope, transcending the current geographic limitations. It serves growing needs for businesses to find quality candidates in long range radar scope rather than in local sources. Companies will have a much bigger pool of quality candidates to screen that is beyond their normal geographic limitation. “This transaction will provide us with a partner that shares our commitment to customers and can add strategic and operational value,” said Boris Krastev, RemoteMore’s founder. “We are confident that PDN’s support will enable RemoteMore to execute on its strategy and next phase of growth.” PDN, being one of the largest diverse networks in the nation, aims to facilitate the process of matching qualified job seekers with employers through a system that reduces the costs and resources needed to operate efficiently. “We believe that working remotely is the trend for high-tech companies, and the Covid-19 pandemic is a catalytic factor for this approach. While this trend will inevitably evolve after the pandemic, the marriage between PDN and RemoteMore will not only effectively address technology companies’ hiring needs, but also help whole society access a larger, diversified pool of qualified candidates. Meanwhile, the platform also gives programmers the ability to overcome the physical barrier of commuting to find their desired employers. This deal is in line with PDN’s core business strategy,” said Adam He, Chief Executive Officer of PDN. Professional Diversity Network, Inc. Professional Diversity Network, Inc. (PDN) is a developer and operator of online and in-person networks that provides access to networking, training, educational and employment opportunities for diverse professionals. Through an online platform and our relationship recruitment affinity groups, we provide our employer clients a means to identify and acquire diverse talent and assist them with their efforts to recruit diverse employees. Our mission is to utilize the collective strength of our affiliate companies, members, partners and unique proprietary platform to be the standard in business diversity recruiting, networking and professional development for women, minorities, veterans, LGBT and disabled persons globally. For more information about PDN, please visit: https://www.ipdnusa.com About RemoteMore RemoteMore is a remote job-hiring start-up that connects companies with reliable, cost-efficient developers with less effort and friction, and empowers every developer to get a meaningful job regardless of their location. Forward-Looking Statements This press release contains information about PDN's view of its future expectations, plans, and prospects that constitute forward-looking statements. These forward-looking statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements, including, but not limited to: any projections of earnings, revenue, or other financial items; any statements regarding the adequacy, availability, and sources of capital, any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. In addition, there is uncertainty about the continuous spread of the COVID-19 virus and the impact it may have on the Company’s operations, the demand for the Company’s products, and global economic activity in general. PDN may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about PDN’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, whether known or unknown, and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “will make,” “will be,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “endeavor to,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks is included in our annual report and other filings with the U.S. Securities and Exchange Commission (the “SEC”). All information provided in this press release is as of the date of this press release, and PDN undertakes no obligation to update any forward-looking statements, except as may be required under applicable law. Press Contact for IPDN: For further information, please contact:Professional Diversity Network, Inc.Tel: (312) 614-0950Email: investors@ipdnusa.com Source: Professional Diversity Network, Inc.