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Professional Diversity Network Announces First Quarter 2013 Results

Stocks in this article: IPDN

CHICAGO, May 15, 2013 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (Nasdaq:IPDN), a developer and operator of online networks dedicated to serving diverse professionals in the United States and providing them with access to employment opportunities, today announced its financial results for the quarter ended March 31, 2013. Professional Diversity Network recently completed an Initial Public Offering (IPO) of its equity securities in March of 2013, raising approximately $19.5 million, net of offering costs.

Operational Highlights:

During the first quarter of 2013, the Company achieved the following, which it believes establishes a foundation for long-term growth:

  • Generated positive cash flow from operating activities of approximately $900,000 in the first quarter of 2013
  • Commenced building a diversity client services team to support a new strategic partnership with the company with the world's largest professional network
  • Entered into several non-exclusive diversity job distribution relationships with leading cultural organizations, including the NAACP, National Hispanic Nurses Association and Accessible.org
  • Launched an internal sales force, which now comprises 21 diversity recruitment solutions sales consultants
  • Continued membership growth across its various networks resulting in the Company surpassing the 2.5 million registered member threshold after the first quarter of 2013

"During the quarter, we successfully launched a new strategic partnership with the company with the world's largest professional network," commented Jim Kirsch, Chief Executive Officer. "Our number one priority is to foster this relationship and I'm encouraged we can do this in a highly effective manner. We believe our inaugural relationship recruitment campaign is off to a promising start based on the positive feedback we have already received from our strategic partner."

"With thousands of potential employer customers, we believe it also is important that we utilize our resources to build a first rate direct sales team to communicate with employers and enhance our reputation as a recognized leader in diversity recruitment throughout the nation," added Mr. Kirsch. "We believe that with over 2.5 million registered members, favorable market demographics and expected continued corporate spending increases for diversity recruitment, we are well-positioned for future growth."

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