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

Stocks in this article: IPDN

Income from operations during F2Q13, after depreciation but before interest and changes in fair value of derivative liabilities was a loss of $433,714 as compared to a profit of $769,418 in the same period one-year prior, representing a 156% reduction attributable primarily to a confluence of the increase in operating expenditures detailed above, coupled with reduced revenues realized from the Company's LinkedIn partnership as compared to the revenues from its prior relationship with Monster Worldwide.

At June 30, 2013, the Company had 6,318,227 weighted average common shares outstanding, an 81% increase from 3,487,847 common shares outstanding one year prior at June 30, 2012, representing Comprehensive Net Loss per Share in F2Q13 of $0.02/share, compared to a Comprehensive Net Income one-year prior in F2Q12 of $0.21/share.

The Company reported a very strong cash position as of the end of F2Q13 due primarily to its successful IPO earlier in the year. As of June 30, 2013 the Company had $20,139,693 in cash, which represents a $373,367, or 1.82%, reduction from the prior quarter ended March 31, 2013, due to expenditures nominally exceeding income for the period. Accounts Receivable as of F2Q13 was $447,086, a reduction of $319,146 or 41.65%, as compared to $766,232 that the Company reported at the end of F1Q13. The decrease in Accounts Receivable as compared to the prior sequential period was attributable to a reduction in the receivables from the Company's prior relationship with Monster Worldwide, coupled with a corresponding increase in receivables from the Company's direct sales partner Apollo Group, Inc., which is the parent company of the University of Phoenix. Total Assets for the period were $22,474,094, a reduction of $524,695 or 2.28% lower than the $22,998,789 that the Company reported during F1Q13, ended March 31, 2013.

Total Stockholder's Equity at June 30, 2013 or the end of F2Q13, was $21,327,939, a reduction of $191,129 or 0.89% lower than the $21,519,068 reported in the prior sequential fiscal quarter ended March 31, 2013.

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