Professional Diversity Network(IPDN) - 2024 Q2 - Quarterly Results

Revenue Performance - Total consolidated revenues for Q2 2024 decreased by $151,000, or 8.2$1,690,000 compared to $1,841,000 in Q2 2023[3] - Recruitment services revenue increased by 3.2$2,249,000, while contracted software development revenue decreased by 29.8% to $914,000[10] - The PDN Network generated approximately$1,153,000 in revenues, an increase of 4.6% compared to $1,102,000 in Q2 2023[4] - NAPW Network revenues decreased by 20.6$108,000, down from $136,000 in the same period last year[4] - RemoteMore revenue decreased by 28.8$429,000 compared to $603,000 in Q2 2023[4] Cost Management - Total pre-tax costs and expenses decreased by$1,001,000, or 30.6%, to $2,272,000 in Q2 2024 compared to$3,273,000 in Q2 2023[10] - The company successfully reduced operational costs by 24.4% through stricter controls in the first half of 2024 compared to the same period last year[2] - Depreciation and amortization expenses decreased to $107,000 for the six months ended June 30, 2024, down from$280,000, a reduction of 62%[16] Financial Losses and Improvements - Net loss from continuing operations for Q2 2024 was approximately $586,000, a reduction of 59.1$1,432,000 in Q2 2023[7] - Loss from Continuing Operations for the three months ended June 30, 2024, was $(586,000), an improvement from$(1,432,000) in the same period last year, representing a 59% reduction[16] - Adjusted EBITDA for the six months ended June 30, 2024, was $(1,120,000), compared to$(2,138,000) in the prior year, indicating a 48% improvement[16] - Loss attributable to noncontrolling interest decreased to $48,000 for the six months ended June 30, 2024, compared to$77,000 in the same period last year, a 38% decrease[16] Tax and Compensation - Income tax expense for the six months ended June 30, 2024, was $6,000, compared to a benefit of$(10,000) in the prior year[16] - Stock-based compensation increased to $110,000 for the six months ended June 30, 2024, up from$63,000 in the same period last year, reflecting a 75% increase[16] Company Operations and Goals - The company operates subsidiaries including the National Association of Professional Women (NAPW) and the International Association of Women (IAW), focusing on diverse professional networking[17] - The company aims to be a leader in business diversity recruiting and professional development for underrepresented groups globally[17] Future Outlook - Forward-looking statements indicate potential risks and uncertainties that may affect future performance, as detailed in the company's Annual Report on Form 10-K[18] - Investor inquiries can be directed to the company via email or phone for further information[18] Cash and Liabilities - Cash balances as of June 30, 2024, were approximately $619,000, a slight decrease from$628,000 on December 31, 2023[3] - Total liabilities increased to $3,790,000 as of June 30, 2024, compared to$3,758,000 on December 31, 2023[9]