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

Stocks in this article: IPDN

CHICAGO, Nov. 14, 2013 (GLOBE NEWSWIRE) -- Professional Diversity Network, Inc. (Nasdaq:IPDN) (the "Company"), a developer and operator of online networks that provide access to employment opportunities for diverse professionals in the United States, announced today its quarterly financial results for its fiscal third quarter ended September 30, 2013.

Highlights include:

  • Direct sales force bookings increased by 152% in third quarter of 2013 versus the second quarter of 2013;  
  • An additional 122,000 users were registered in the third quarter of 2013, up from 90,000 registered in the second quarter of 2013;  
  • Operating loss in the third quarter of 2013 versus the second quarter of 2013 was narrowed by 17%, excluding a non-recurring expense accrual of $100,000 associated with the Careerimp acquisition;  
  • Maintained a liquid balance sheet to execute the planned acquisition strategy and continued investment in our direct sales force; and  
  • Diversity recruitment services were enhanced with the acquisition of Personnel Strategies, Inc., the new alliance with National Black MBA Association, and additional offerings with the ERICA product related to new OFCCP regulations.

Third Quarter 2013 Results

For the fiscal third quarter of 2013 (F3Q13), the Company reported Total Revenues of $979,289, a 42.7% decrease from the same period one year prior, attributable primarily to the previously announced conclusion of the Company's contract with Monster Worldwide, Inc. Total Operating Expenditures during F3Q13 increased by 31.8% compared to the same period one year prior, from $1,091,368 to $1,438,704.

The Company reported a Net Loss and a Comprehensive Loss for F3Q13 of $271,500 and $267,642 respectively, as compared to Net Income and Comprehensive Income of $577,589 and $583,914 in the same period one-year prior, primarily attributable to the change in the business model that went into effect the first of the year.

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