share: Net loss per share $ (0.05) $ (0.14) Weighted average outstanding shares used in computing net loss per common share: Basic and diluted 11,650,830 10,387,359
Summary of Cash Flows from Continuing Operations
Six Months Ended June 30,
---------------------------------
Cash (used in) provided by
continuing operations 2024 2023
----------------------------------- ------------- --------------
(in thousands)
Operating activities $ (768) $ (879)
Investing activities (153) (821)
Financing activities 912 2,700
--- -------- ----------
Net increase in cash and cash
equivalents from continuing
operations $ (8) $ 1,000
=== ======== ==========
Professional Diversity Network, Inc. and Subsidiaries
Non-GAAP (Adjusted) Financial Measures
We believe Adjusted EBITDA provides a meaningful representation of our operating performance that provides useful information to investors regarding our financial condition and results of operations. Adjusted EBITDA is commonly used by financial analysts and others to measure operating performance. Furthermore, management believes that this non-GAAP financial measure may provide investors with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business. However, while we consider Adjusted EBITDA to be an important measure of operating performance, Adjusted EBITDA and other non-GAAP financial measures have limitations, and investors should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Further, Adjusted EBITDA, as we define it, may not be comparable to EBITDA, or similarly titled measures, as defined by other companies.
The following non-GAAP financial information in the tables that follow are reconciled to comparable information presented using GAAP, derived by adjusting amounts determined in accordance with GAAP for certain items presented in the accompanying selected operating statement data.
The adjustments for the three and six months ended June 30, 2024 relate to stock-based compensation, loss attributable to noncontrolling interest, depreciation and amortization, interest and other income and income tax expense (benefit).
The adjustments for the three and six months ended June 30, 2023 relate to stock-based compensation, loss attributable to noncontrolling interest, depreciation and amortization, interest and other income and income tax expense (benefit).
Three Months Ended June 30,
-----------------------------------
2024 2023
------------- ----------------
(in thousands)
Loss from Continuing Operations,
net of tax $ (586) $ (1,432)
Stock-based compensation 26 30
Loss attributable to
noncontrolling interest 33 25
Depreciation and amortization 55 147
Other (expense) income, net - -
Income tax expense (benefit) 4 1
--- -------- ------------
Adjusted EBITDA $ (468) $ (1,229)
--- -------- ------------
Six Months Ended June 30,
-----------------------------
2024 2023
--------------- -----------
(in thousands)
Loss from Continuing Operations $ (1,393) $ (2,541)
Stock-based compensation 110 63
Litigation settlement reserve - -
Loss attributable to
noncontrolling interest 48 77
Depreciation and amortization 107 280
Other (expense) income, net 2 (7)
Income tax expense (benefit) 6 (10)
----------- ----------
Adjusted EBITDA $ (1,120) $ (2,138)
----------- ----------
About Professional Diversity Network
Professional Diversity Network, Inc. (NASDAQ: IPDN) is a global developer and operator of online and in-person networks that provides access to networking, training, educational and employment opportunities for diverse professionals. We operate subsidiaries in the United States including National Association of Professional Women (NAPW) and its brand, International Association of Women (IAW), which is one of the largest, most recognized networking organizations of professional women in the country, spanning more than 200 industries and professions. Through an online platform and our relationship recruitment affinity groups, we provide our employer clients a means to identify and acquire diverse talent and assist them with their efforts to comply with the Equal Employment Opportunity Office of Federal Contract Compliance Program. Our mission is to utilize the collective strength of our affiliate companies, members, partners and unique proprietary platform to be the standard in business diversity recruiting, networking and professional development for women, minorities, veterans, LGBTQ+ and disabled persons globally.
Forward-Looking Statements
This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our most recently filed Annual Report on Form 10-K and in our subsequent filings with the Securities and Exchange Commission. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. Our most recently filed Annual Report on Form 10-K, together with this press release and the financial information contained herein, are available on our website, www.ipdn.com. Please click on "Investor Relations."
Investor Inquiries:
investors@ipdnusa.com
+1 (312) 614-0950
Source: Professional Diversity Network, Inc.
Released August 13, 2024
(END) Dow Jones Newswires
August 13, 2024 15:07 ET (19:07 GMT)
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