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) will host a conference call on March 15, 2022, at 4:30 p.m. Eastern Time to discuss its financial results for the fourth quarter and year ended December 31, 2021. The call will provide insights into the company’s performance and future outlook. Interested parties are encouraged to dial in 5-10 minutes early, with a toll-free number of 1-888-506-0062 and an international number of 1-973-528-0011. A replay of the conference will be accessible until March 29, 2022.
HireQuest, Inc. (Nasdaq: HQI) has successfully completed its acquisition of Northbound Executive Search, LTD., a New York-based executive placement firm known for serving blue chip financial clients. This strategic move allows HireQuest to expand its service offerings in executive placement and consulting. Northbound had generated over $15 million in revenue in 2021. Concurrently, Northbound has been transitioned to HireQuest’s franchise model, enhancing the company's operational scale and market reach.
HireQuest, Inc. (NASDAQ:HQI) has declared a quarterly dividend of $0.06 per share, payable on March 15, 2022, to shareholders of record by the close of business on March 1, 2022. The company is a national franchisor providing on-demand labor and staffing solutions across the U.S., operating over 210 franchisee-owned offices in more than 35 states. HireQuest employs approximately 60,000 individuals annually, serving various industries.
HireQuest, Inc. (NASDAQ:HQI) has successfully completed the acquisition of The Dubin Group and Dubin Workforce Solutions, businesses specializing in executive placement and commercial staffing in Philadelphia. The acquisition enhances HireQuest's portfolio and enables the conversion of these businesses to its Snelling franchise model. In conjunction with this acquisition, Dubin Workforce Solutions was sold to a new franchisee and transitioned to the HireQuest Direct model, positioning the company for future growth.
HireQuest, a national franchisor specializing in staffing services, announced its acquisition of Northbound Executive Search, a New York-based firm focused on executive placement and short-term consulting, generating over $15 million in revenue for 2021. This strategic move aims to expand HireQuest's offerings in higher-margin sectors. The acquisition will utilize existing cash, a line of credit, and $500,000 in stock, with a portion financed via a seller's note. Expected completion is in Q1 2022, ensuring uninterrupted operations for Northbound.
HireQuest, Inc. (NASDAQ:HQI) has successfully acquired the staffing division of dmDickason Personnel Services, which reported approximately $18 million in system-wide sales in 2021. The acquisition includes two offices in El Paso, Texas, and one in Las Cruces, New Mexico. Following the acquisition, these offices were sold to a franchisee and converted to the Snelling franchise model. This strategic move aims to enhance HireQuest's operational footprint and is expected to provide future growth opportunities.
HireQuest, a national franchisor of staffing services, has announced its acquisition of The Dubin Group and Dubin Workforce Solutions based in Philadelphia. This strategic move, set to close in the first quarter of 2022, will enhance HireQuest's service offerings in the Northeast and introduce higher-margin executive placement services to its portfolio. The acquisition will utilize existing cash and a potential draw on its line of credit. Founder Kenny Dubin will remain involved to aid in development.
HireQuest has announced its acquisition of the staffing division of dmDickason Personnel Services, which operates three offices in El Paso, Texas, and Las Cruces, New Mexico. The acquisition, expected to close in Q1 2022, is valued at approximately $18 million in generated revenue for 2021. This move aims to enhance HireQuest's Snelling brand presence in the region. The deal will be funded through existing cash and a modest draw on its credit line, with ongoing operations remaining uninterrupted during the transition.
HireQuest, Inc. (NASDAQ: HQI) has completed its acquisition of the Dental Power Staffing (DPS) division from Dental Power, enhancing its staffing services in the dental sector across the U.S. DPS specializes in temporary, long-term contract, and direct-hire staffing for dental practices. The acquisition supports HireQuest's strategy to expand its franchise model into the dental market, with tailored franchise offerings expected in the first half of 2022. This move aims to leverage DPS's established presence and expertise to increase market penetration and revenue growth.
HireQuest, Inc. (Nasdaq: HQI) reported strong Q3 2021 results, with total revenue of $6.9 million, up 103.4% from the prior year. Franchise royalties surged 103.2% to $6.5 million, bolstered by organic growth of 52% and contributions from recent acquisitions. Net income increased to $3.2 million or $0.23 per diluted share. Adjusted EBITDA rose to $5.3 million, and system-wide sales reached $99.6 million. The company also announced a quarterly cash dividend of $0.06 per share, reflecting a strong financial position.
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