Welcome to our dedicated page for HireQuest news (Ticker: HQI), a resource for investors and traders seeking the latest updates and insights on HireQuest stock.
HireQuest, Inc. (NASDAQ:HQI) is a leading nationwide franchisor specializing in direct dispatch, executive search, and commercial staffing solutions. With over 400 franchisee-owned offices spread across the United States, HireQuest caters to a diverse array of industries, including construction, light industrial, manufacturing, hospitality, clerical, medical, travel, financial services, and event services. Each year, the company provides employment for approximately 81,000 individuals who work for thousands of customers in various sectors.
Operating under several recognized trade names such as HireQuest Direct, HireQuest, Snelling, HireQuest Health, DriverQuest, TradeCorp, MRI, SearchPath Global, and Northbound Executive Search, HireQuest offers a variety of staffing solutions to meet the needs of businesses looking for temporary labor and professional recruiting. The company's adept strategy of blending temporary staffing services with specialized executive search capabilities makes it a significant player in the staffing industry.
HireQuest's recent acquisition of TEC Staffing Services, a notable staffing provider in Northwest and Central Arkansas, is a testament to its growth-oriented strategy. TEC's ten offices, which generated over $34 million in revenue for the year ending September 30, 2023, have been converted to the Snelling franchise model. This acquisition not only expands HireQuest's footprint but also strengthens its staffing competencies.
Financially, HireQuest has shown resilience and growth. For the third quarter of 2023, franchise royalties increased to $8.9 million from $7.4 million in the previous year. However, the company faced challenges such as increased workers' compensation expenses, which impacted net income. Despite these challenges, HireQuest's strategic acquisitions and the integration of new businesses like MRINetwork have contributed to its overall revenue growth.
The company's business model is built on collecting royalty fees from its franchise operations, which ensures a steady stream of revenue. This model, coupled with its simplified payroll software and robust back-office support, significantly reduces start-up and operating costs for franchisees, making it an attractive option for entrepreneurs.
As HireQuest continues to navigate the evolving staffing landscape, it remains committed to growing its business through strategic acquisitions and maintaining its position as a leading provider of staffing solutions. For more details and the latest updates, visit www.hirequest.com.
HireQuest, Inc. (NASDAQ:HQI) has declared a quarterly dividend of $0.06 per share, payable on December 15, 2022, to shareholders on record by December 1, 2022. This dividend reflects the company's ongoing commitment to returning value to its shareholders amidst its operations across over 225 franchisee-owned offices in the U.S. offering staffing solutions across various industries, employing approximately 75,000 individuals annually. However, future dividends are contingent on board approval and current financial conditions.
HireQuest, Inc. (Nasdaq:HQI) announced its acquisition of certain assets from MRINetwork for approximately $13.5 million, adding 232 franchises in executive search and staffing services. The acquired franchises generated around $283 million in systemwide sales and an adjusted EBITDA of $1.9 million over the last twelve months. The acquisition, enhancing HQI's scale and service offerings, is expected to close on December 12, 2022. The transaction will be financed using cash reserves and credit lines.
HireQuest, Inc. (Nasdaq: HQI) reported a 13.7% increase in Q3 2022 royalty revenue, totaling $7.4 million, and a 29.9% rise in net income from continuing operations, reaching $4.1 million, or $0.30 per diluted share. Year-to-date, franchise royalties surged 39.2% to $21.2 million, while total revenue increased 67.6% to $26.8 million. Gross profit for Q3 was up 19.7% to $8.2 million. The company maintains a balanced financial position with $1.5 million in cash and $25.3 million in working capital as of September 30, 2022.
HireQuest, Inc. (NASDAQ:HQI) will hold a conference call on November 3, 2022, at 5:00 p.m. ET to discuss its third-quarter financial results for the period ending September 30, 2022. The conference will be accessible via a toll-free dial-in number and will also be broadcast live, with a replay available until November 17, 2022. HireQuest operates a national network of over 225 franchisee-owned staffing offices, providing employment for approximately 75,000 individuals across various industries including construction and healthcare.
HireQuest, Inc. (NASDAQ:HQI) has announced a strategic partnership with Happy Faces Personnel Group, integrating it into the Snelling franchise in Atlanta, Georgia. This transition will leverage Happy Faces' 2021 sales of over $14 million and enhance Snelling's offerings, particularly for municipal and state government contracts. Happy Faces' President, Michael Hairston, will lead the new franchise, benefiting from HireQuest's extensive resources and operational support, aiming to drive future growth.
HireQuest, Inc. (NASDAQ:HQI) has announced a quarterly dividend of $0.06 per share, payable on September 15, 2022. Shareholders of record must be on the books by the close of business on September 1, 2022. As a national franchisor of staffing services, HireQuest operates over 225 franchisee-owned offices across the U.S., providing employment for approximately 75,000 individuals annually in various industries. However, future dividends are subject to Board approval and depend on financial performance and cash flow.
HireQuest, Inc. (NASDAQ:HQI) announces a conference call for August 9, 2022, at 4:30 p.m. ET to discuss its second quarter financial results for the period ending June 30, 2022. Investors can join via toll-free number 877-545-0320 or internationally at 973-528-0002. A replay of the call will be available until August 23, 2022. HireQuest operates over 225 franchisee-owned offices nationwide, employing approximately 75,000 individuals annually across various industries.
HireQuest, Inc. (NASDAQ:HQI) reported significant financial growth for Q1 2022, with franchise royalties doubling to $6.6 million, up 101.7% year-over-year. Total revenue surged 139.4% to $8.1 million. Adjusted EBITDA reached a record $5.3 million, up from $1.5 million last year. However, net income fell to $603,000, or $0.04 per diluted share, largely due to $3.6 million in expenses from converting acquisitions into franchises. The company's system-wide sales also increased significantly, indicating robust franchise growth.
HireQuest, Inc. (Nasdaq:HQI) announced a conference call scheduled for May 10, 2022, at 4:30 p.m. ET to discuss its financial results for Q1 ended March 31, 2022. The call is open to stakeholders, with dial-in options available for both domestic and international participants. A replay of the call will be accessible through May 24, 2022.
HireQuest operates over 220 franchisee-owned offices across the U.S., providing staffing solutions across various industries and employing approximately 73,000 individuals annually.
HireQuest reported strong financial results for Q4 and full year 2021, with Q4 EPS of $0.16 and net income of $2.2 million. Full year EPS reached $0.87, net income at $11.8 million, and adjusted EBITDA of $14.7 million. Franchise royalties surged 88% year-over-year in Q4 to $6.1 million, while total revenue for Q4 increased 99% to $6.8 million. The company completed multiple acquisitions, expanding its market presence. The board declared a quarterly cash dividend of $0.06 per share, marking its seventh consecutive quarter of dividends.
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