Professional Diversity Network, Inc. (IPDN) saw its loss widen to $3.10 million, or $0.80 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $1.44 million, or $0.80 a share. Revenue during the quarter dropped 23.27 percent to $5.63 million from $7.34 million in the previous year period. Gross margin for the quarter contracted 39 basis points over the previous year period to 87.57 percent. Operating margin for the quarter stood at negative 65.51 percent as compared to a negative 25.86 percent for the previous year period.
Operating loss for the quarter was $3.69 million, compared with an operating loss of $1.90 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $2.34 million compared to negative $0.48 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 41.57 percent for the quarter compared to negative 6.47 percent in the last year period.
"The first quarter of 2017 was transformative for PDN, with the commencement of our China education and training business, the first stage of the plan envisioned by Cosmic Forward Limited ("CFL"), our investor group that acquired majority ownership interest in the Company during the fourth quarter of 2016. We believe this launch will help establish a base from which PDN will grow and become profitable." said Michael Wang, PDN chief executive officer.
Working capital turns positiveWorking capital of Professional Diversity Network, Inc. has turned positive to $1.43 million on Mar. 31, 2017 from negative $7.94 million on Mar. 31, 2016. Current ratio was at 1.18 as on Mar. 31, 2017, up from 0.39 on Mar. 31, 2016. Days sales outstanding went up to 41 days for the quarter compared with 27 days for the same period last year.
At the same time, days payable outstanding went down to 363 days for the quarter from 451 for the same period last year.
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