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Professional Diversity Network, Inc. Announces Second Quarter 2013 Earnings Results

Stocks in this article: IPDN

CHICAGO, Aug. 12, 2013 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (Nasdaq:IPDN), a developer and operator of online networks that provide access to employment opportunities for diverse professionals in the United States, today announced its quarterly financial results for its fiscal second quarter ended June 30, 2013.

The Company reported a Net Loss and a Comprehensive Loss for F2Q13 of $133,162 and $141,961 respectively, as compared to Net Income and Comprehensive Income of $729,400 and $731,865 in the same period one-year prior, respectively.

"We are investing aggressively in what we believe will be the foundation for our future success and the first six months of 2013 represent our commitment to that process," said Professional Diversity Network's CEO James Kirsch. Mr. Kirsch continued, "There were three initiatives that constituted the core of our investment during this fiscal quarter. First, we made significant strides in integrating LinkedIn Corporation into the process and sales side; secondly, we significantly enhanced our diversity recruitment compliance product, termed Employer Recruitment Intelligent Compliance Assistance, in anticipation of U.S. Department of Labor Federal Contract Compliance Programs; finally, we enhanced the recruitment platform for our diverse client base through the acquisition of Careerimp, Inc.'s proprietary software technology business related to developing career guidance tools for job seekers."

For the fiscal second quarter of 2013 (F2Q13), the Company reported 35% decrease in Total Revenues to $976,920, attributable primarily to the conclusion of the Company's contract with Monster Worldwide, Inc., which accounted for $500,000 of the total reduction. The decrease in Total Revenues was marginally offset by direct sales and e-commerce sales. Total Operating Expenditures during F2Q13 increased by 89% compared to the same period one year prior, from $744,459 to $1,410,634, due primarily to increased costs of being a public company, the new sales force, expanded marketing efforts, partner revenue sharing, and implementation of more robust systems technologies to support growth and hiring. Hiring during the period reflects the Company's commitment to enhancing both its opportunity for higher margin direct sales, as well as supporting the Company's relationship with LinkedIn. Approximately 24 new employees, including six call center staff, have been hired since the Company began building its own sales team, resulting in subsequent increases in Sales and Marketing expenditures.

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