|
·
|
Total revenue recognized for fiscal first quarter of 2014 grew 35% as compared to the first quarter of 2013, from $919,803 to $1,237,653 respectively
|
|
·
|
Direct sales bookings increased for the third consecutive quarter to $764,000, representing a 526% increase over the first quarter of 2013. First quarter 2014 direct sales bookings include $275,000 from our events division, which was purchased at the end of the third quarter of 2013.
|
|
·
|
Registered users grew by 9.9% in the first quarter of 2014 compared to a 3.4% growth in the first quarter of 2013.
|
Date:
|
Wednesday, May 14, 2014
|
Time:
|
4:30PM Eastern / 1:30PM Pacific
|
Participant Dial-In:
|
877-407-9205 (Toll Free), 201-689-8054 (International)
|
Three Months Ended March 31,
|
||||||||
2014
|
2013
|
|||||||
Revenues
|
||||||||
Recruitment services
|
$ | 816,343 | $ | 535,680 | ||||
Consumer advertising and consumer marketing
solutions revenue
|
421,310 | 384,123 | ||||||
Total revenues
|
1,237,653 | 919,803 | ||||||
Costs and expenses:
|
||||||||
Cost of services
|
366,471 | 239,213 | ||||||
Sales and marketing
|
796,444 | 455,809 | ||||||
General and administrative
|
535,696 | 421,066 | ||||||
Depreciation and amortization
|
90,907 | 55,424 | ||||||
Gain on sale of property and equipment
|
- | (4,734 | ) | |||||
Total costs and expenses
|
1,789,518 | 1,166,778 | ||||||
Loss from operations
|
(551,865 | ) | (246,975 | ) | ||||
Other income (expense)
|
||||||||
Interest expense
|
- | (155,137 | ) | |||||
Interest and other income
|
66,246 | 5,225 | ||||||
Other income (expense), net
|
66,246 | (149,912 | ) | |||||
Change in fair value of warrant liability
|
43,809 | 110,808 | ||||||
Loss before income taxes
|
(441,810 | ) | (286,079 | ) | ||||
Income tax (benefit) expense
|
(179,267 | ) | 195,737 | |||||
Net loss
|
$ | (262,543 | ) | $ | (481,816 | ) | ||
Other comprehensive (loss) income:
|
||||||||
Net loss
|
$ | (262,543 | ) | $ | (481,816 | ) | ||
Unrealized gains on marketable securities
|
- | 3,438 | ||||||
Comprehensive loss
|
$ | (262,543 | ) | $ | (478,378 | ) | ||
Net loss per common share, basic and diluted
|
$ | (0.04 | ) | $ | (0.11 | ) | ||
Shares used in computing pro forma net loss per
common share:
|
||||||||
Basic and diluted
|
6,316,207 | 4,307,794 | ||||||
Pro-forma computation related to conversion to a C
corporation upon completion of initial public offering:
|
||||||||
Historical pre-tax net loss before taxes
|
$ | (441,810 | ) | $ | (286,079 | ) | ||
Pro-forma tax (benefit) provision
|
(179,267 | ) | (164,370 | ) | ||||
Pro-forma net loss
|
$ | (262,543 | ) | $ | (121,709 | ) | ||
Pro-forma loss per share - basic and diluted
|
||||||||
Unaudited pro-forma loss per share
|
$ | (0.04 | ) | $ | (0.03 | ) | ||
Weighted average number of shares outstanding
|
6,316,207 | 4,307,794 |
March 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
10,829,109 | 18,736,495 | ||||||
Accounts receivable
|
959,957 | 1,218,112 | ||||||
Short-term investments
|
7,500,341 | - | ||||||
Prepaid expenses and other current assets
|
351,641 | 99,094 | ||||||
Total current assets
|
$ | 19,641,048 | $ | 20,053,701 | ||||
Property and equipment, net
|
60,498 | 54,781 | ||||||
Security deposits
|
12,644 | 12,644 | ||||||
Capitalized technology, net
|
655,798 | 692,511 | ||||||
Goodwill
|
735,328 | 735,328 | ||||||
Trade name
|
90,400 | 90,400 | ||||||
Deferred tax asset
|
560,099 | 380,832 | ||||||
Total assets
|
$ | 21,755,815 | $ | 22,020,197 | ||||
Current Liabilities:
|
||||||||
Accounts payable
|
399,554 | 222,961 | ||||||
Accrued expenses
|
263,538 | 188,462 | ||||||
Deferred revenue
|
814,721 | 1,024,420 | ||||||
Warrant liability
|
41,412 | 85,221 | ||||||
Total current liabilities
|
$ | 1,519,225 | $ | 1,521,064 | ||||
Commitments and contingencies
|
||||||||
Stockholders' Equity
|
||||||||
Common stock, $0.01 par value, 25,000,000 shares
authorized, 6,318,227 shares issued and 6,316,027
shares outstanding as of March 31, 2014 and
December 31, 2013
|
63,182 | 63,182 | ||||||
Additional paid in capital
|
21,883,593 | 21,883,593 | ||||||
Accumulated deficit
|
(1,698,930 | ) | (1,436,387 | ) | ||||
Treasury stock, at cost; 2,200 shares at March 31,
2014 and December 31, 2013
|
(11,255 | ) | (11,255 | ) | ||||
Total stockholders' equity
|
20,236,590 | 20,499,133 | ||||||
Total liabilities and stockholders' equity
|
$ | 21,755,815 | $ | 22,020,197 |
CONTACT: Professional Diversity Network, Inc.
|
|
David Mecklenburger, CFO
|
|
312-614-0944
|
|
dmecklenburger@prodivnet.com
|
|
Capital Markets Advisor
|
|
Merriman Capital, Inc.
|
|
Douglas Rogers, Managing Director
|
|
Head of Capital Markets Advisory Group
|
|
415-248-5612
|
|
drogers@merrimanco.com
|
|
Professional Diversity Network, Inc.
|