Professional Diversity Network Inc (NASDAQ:IPDN) issued financial report for its fiscal third quarter closed September 30, 2017. During the reported period, the company continued to record losses as they furthered their initiatives to integrate new management and China businesses, streamline business and reduce costs. Total revenues in Q3 2017 jumped 30.5% for the quarter closed September 30, 2017, against the comparable period, a year earlier.
As of the close of September 30, 2017, Professional Diversity recorded cash of $2.8 million. Michael Wang, the CEO, expressed that in Q3 2017 2017, they started to sell memberships in China, introduced a new Entrepreneurs Club, prepared for their key event of 2017 in China and took significant measures to address the profitability of their U.S. operations.
They consider that Q3 2017 was a productive period. Their expansion to China has taken a strong footing and their measures have now been introduced in the market. Because of this development they are closer to achieving their objectives of growth and profitability. They consider that the work that they have performed since they took control of the firm in November 2016 will be shown in Q4 2017 and in 2018, starting with their event on December 2, in Beijing.
So far in China, Professional Diversity successfully introduced its Education and Training division, and held 11 paid events to-date. Those programs have offered live marketing research, and the outcome has helped them to plan and seek to improve future events.
The firm also introduced its Women’s Networking division in China, planning its first marketing event around the close of the second quarter. It continues to establish the structure for its third new China business named as Secondary Education Services. The model comprises working on associations with educational institutions. For the quarter closed September 30, 2017, Professional Diversity recorded a net loss of around $2.489 million, a $1.216 million jump from the comparable prior year period.