CHICAGO, May 15, 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 March 31, 2024. "Our first quarter showed a mixed bag within our revenue streams. Demand for direct enterprise sales was light at the beginning of the quarter, however we recorded the best quarterly renewal percentage in the Company's history. We continue to focus on strategic targeting of industries and business that we feel are in need of our services. RemoteMore was behind budget for the quarter as demand was slow in the period, but is in conversation with numerous potential clients. We are catiously optimistic that we can deliver on some of these discussions," said Adam He, CEO of Professional Diversity Network. "Our NAPW network was bordering being cash flow positive for the first time, with non-cash items such as amortization pushing them into a slight loss position for the quarter, far less than any other recent quarterly period." First Quarter Financial Highlights:   ● Total consolidated revenues for the three months ended March 31, 2024 decreased $228,000, or 11.7% percent, as compared to the same period in the prior year.         ● On March 31, 2024, cash balances were approximately 97,000 as compared to $628,000 on December 31, 2023. Working capital deficit from continuing operations on March 31, 2024, was approximately $1,753,000 as compared to $1,107,000 on December 31, 2023. Financial Results for the Three Months Ended March 31, 2024 Revenues Total revenues for the three months ended March 31, 2024 decreased approximately $228,000, or 12% percent, to approximately $1,727,000 from approximately $1,955,000 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 March 31, 2024, our PDN Network generated approximately $1,115,000 in comparable revenues compared to approximately $1,128,000 in revenues during the three months ended March 31, 2023, a decrease of approximately $13,000 or 1.2 percent.  During the three months ended March 31, 2024, NAPW Network revenues were approximately $127,000, compared to revenues of approximately $129,000 during the same period in the prior year, a decrease of approximately $2,000 or 1.2 percent. During the three months ended March 31, 2024, RemoteMore revenue was approximately $485,000, compared to revenues of approximately $698,000 during the same period in the prior year, a decrease of approximately $213,000, or 30.5 percent. Costs and Expenses Cost of revenues during the three months ended March 31, 2024 was approximately $653,000, a decrease of approximately $422,000, or 39.2 percent, from approximately $1,075,000 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 March 31, 2024 was approximately $830,000, an increase of approximately $8,000, or 1.0 percent, from $822,000 during the same period in the prior year. General and administrative expenses during the three months ended March 31, 2024 decreased by approximately $58,000, or 5.5 percent, to approximately $995,000, as compared to approximately $1,053,000 the same period in the prior year. Net Loss from Continuing Operations As the result of the factors discussed above, during the three months ended March 31, 2024, we incurred a net loss from continuing operations of approximately $803,000, a decrease in the net loss of approximately $325000, compared to a net loss of approximately $1,128,000 during the three months ended March 31, 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   March 31,   December 31,     2024   2023   Current Assets:             Cash and cash equivalents $ 97   $ 628   Other current assets   1,720     1,740   Total current assets $ 1,817   $ 2,368   Long-term assets   3,860     3,959   Total Assets $ 5,677   $ 6,327                 Total current liabilities $ 3,570   $ 3,475   Total long-term liabilities   261     283   Total liabilities $ 3,831   $ 3,758                 Total stockholders' equity   2,341     3,048   Total stockholders' equity – noncontrolling interests   (495 )   (480 ) Total liabilities and stockholders' equity $ 5,677   $ 6,327   Summary of Financial Operations   Three Months Ended                     March 31,     Change     Change     2024