CHICAGO, Aug. 13, 2024 (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 June 30, 2024. "The current recruiting market presents significant challenges. However, our recruitment services experienced a 3.2% revenue increase during the first two quarters of this year compared to the same period last year, demonstrating the effectiveness of our operational restructuring efforts. We remain committed to strategically targeting industries to establish ourselves as a leader in the diversity recruitment sector. RemoteMore has faced a slow demand for IT outsourcing in the first half of this year but is engaged in discussions with numerous potential clients. We remain cautiously optimistic about the possibility of converting some of these discussions into tangible results. Additionally, our NAPW network's membership revenue has decreased by 10.9% over the first two quarters. In response, the management team is actively exploring alternative revenue sources to sustain and support ongoing operations" stated Adam He, CEO of Professional Diversity Network, "Overall, we have successfully reduced our operational costs and expenses by 24.4% through the implementation of stricter controls during the first two quarters of this year compared to the same period last year." Second Quarter Financial Highlights:   ● Total consolidated revenues for the three months ended June 30, 2024 decreased $151,000, or 8.2%, as compared to the same period in the prior year. However, the total pre-tax cost and expenses for the three months ended June 30, 2024 decreased $1,001,000, or 30.6%.         ● On June 30, 2024, cash balances were approximately $619,000 as compared to $628,000 on December 31, 2023. Working capital deficit from continuing operations on June 30, 2024, was approximately $1,512,000 as compared to $1,107,000 on December 31, 2023. Financial Results for the Three Months Ended June 30, 2024 Revenues Total revenues for the three months ended June 30, 2024 decreased approximately $151,000, or 8.2%, to approximately $1,690,000 from approximately $1,841,000 during the same period in the prior year. The decrease was predominantly attributable to a reduction in demand for contracted software development as compared to the same period in the prior year. During the three months ended June 30, 2024, our PDN Network generated approximately $1,153,000 in comparable revenues compared to approximately $1,102,000 in revenues during the three months ended June 30, 2023, a increase of approximately $51,000 or 4.6%. During the three months ended June 30, 2024, NAPW Network revenues were approximately $108,000, compared to revenues of approximately $136,000 during the same period in the prior year, a decrease of approximately $28,000 or 20.6%. During the three months ended June 30, 2024, RemoteMore revenue was approximately $429,000, compared to revenues of approximately $603,000 during the same period in the prior year, a decrease of approximately $174,000, or 28.8%. Costs and Expenses Cost of revenues during the three months ended June 30, 2024 was approximately $626,000, a decrease of approximately $140,000, or 18.3%, from approximately $766,000 during the same period of the prior year. The decrease was predominantly due to the aforementioned reduction in demand of contracted software development costs related to RemoteMore and reduced expenditures related to third-party services. Sales and marketing expense during the three months ended June 30, 2024 was approximately $772,000, a decrease of approximately $344,000, or 30.8%, from $1,116,000 during the same period in the prior year. General and administrative expenses during the three months ended June 30, 2024 decreased by approximately $425,000, or 34.2%, to approximately $819,000, as compared to approximately $1,244,000 the same period in the prior year. Net Loss from Continuing Operations, Net of Tax As a result of the factors discussed above, during the three months ended June 30, 2024, we incurred a net loss from continuing operations of approximately $586,000, a decrease in the net loss of approximately $846,000, compared to a net loss of approximately $1,432,000 during the three months ended June 30, 2023. 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     June 30,     December 31,       2024     2023         (in thousands)       (in thousands)   Current Assets:                 Cash and cash equivalents   $ 619     $ 628   Other current assets     1,419       1,740   Total current assets   $ 2,038     $ 2,368   Long-term assets     3,761       3,959   Total Assets   $ 5,799     $ 6,327                     Total current liabilities   $ 3,550     $ 3,475   Total long-term liabilities     240       283   Total liabilities   $ 3,790     $ 3,758                     Total stockholders' equity     2,455       3,048   Total stockholders' equity – noncontrolling interests     (446 )     (479 ) Total liabilities and stockholders' equity   $ 5,799     $ 6,327     Summary of Financial Operations     Six Months Ended                       June 30,     Change     Change       2024     2023     (Dollars)     (Percent)       (in thousands)                   Revenues:                                 Membership fees and related services   $ 236     $ 265     $ (29 )     (10.9 )% Recruitment services     2,249       2,179       70       3.2 % Contracted software development     914       1,302       (388 )     (29.8 )% Consumer advertising and marketing solutions     18       50       (32 )     (64.1 )% Total revenues   $ 3,417     $