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 (NASDAQ: HQI) has announced the acquisition of Dental Power Staffing from Dental Power, expanding its skilled staffing services into the dental sector. The DPS division generated
HireQuest, Inc. (NASDAQ: HQI) will hold a conference call on November 11, 2021, at 4:30 p.m. Eastern time to discuss its third-quarter financial results for the period ending September 30, 2021. The call will be accessible via toll-free and international dial-in numbers, and it will also be broadcast live with a replay available until November 25, 2021. HireQuest, a national franchisor providing staffing solutions, operates over 210 offices across the U.S., employing approximately 60,000 individuals annually.
HireQuest, Inc. (NASDAQ: HQI) has acquired Recruit Media, Inc., enhancing its digital strategy with a next-gen SaaS recruitment platform. The deal, financed through cash and a modest revolver draw, aims to streamline communications between franchisees, clients, and candidates. Recruit Media offers innovative features, including multimedia candidate profiles and in-app video chat. This acquisition accelerates HireQuest's technology roadmap, providing significant growth opportunities and potential standalone business avenues. CEO Rick Hermanns emphasizes its impact on improving workforce management efficiency.
HireQuest, Inc. (NASDAQ: HQI) has appointed retired Marine Corps Colonel C.J. Williams as Vice President of VetsQuest, a new initiative aimed at providing employment and franchise opportunities for U.S. military veterans. With over 30 years of military leadership, Col. Williams will enhance HireQuest's efforts to assist veterans in transitioning to civilian careers. The company operates over 200 franchisee-owned offices across the U.S., employing around 60,000 individuals annually in various sectors.
HireQuest reported strong second quarter results for the period ending June 30, 2021. Franchise royalties surged to $5.5 million, a 106.5% increase from the previous year, while total revenue hit $5.7 million, up 96.7%. Net income rose to $2.7 million or $0.20 per diluted share, compared to $1.2 million last year. The company launched DriverQuest, catering to the transportation sector, and closed a $63.2 million credit facility to support growth. System-wide sales reached $88.7 million, a significant recovery attributed to revitalized sales from existing and newly acquired franchisees.
HireQuest, Inc. (Nasdaq: HQI) has launched a new franchise offering called DriverQuest, targeting the transportation and logistics sectors. This service aims to supply staffing for both long-haul and last-mile driving positions. Over 35 existing franchisees have already adopted DriverQuest, showcasing significant initial interest. The company anticipates continued growth due to increasing demand for drivers and plans to leverage its existing franchise network and customer relationships. Additionally, HireQuest remains focused on pursuing internal growth and potential mergers and acquisitions.
HireQuest, Inc. (Nasdaq: HQI) will hold a conference call on August 9, 2021, at 4:30 p.m. Eastern time to discuss its financial results for Q2 ended June 30, 2021. Interested participants can dial in at 1-844-602-0380 (toll-free) or 1-862-298-0970 (international). The call will be accessible for replay until August 23, 2021, using toll-free 877-481-4010 and international 919-882-2331 numbers. For more details, visit www.hirequest.com.
HireQuest (Nasdaq: HQI) has successfully closed a $63.2 million credit facility, including a $60 million Revolving Credit Facility and a $3.2 million Term Loan with Truist. This new facility, which replaces a prior $30 million revolving credit line, aims to support day-to-day operations and strategic growth initiatives. The Revolving Credit Facility matures on June 29, 2026, while the Term Loan matures on June 29, 2036. The funding will enhance HireQuest's ability to capitalize on future opportunities.
HireQuest, Inc. (Nasdaq: HQI) will join the Russell 3000® Index, effective June 28, enhancing its visibility to investors. This inclusion is part of the annual Russell indexes reconstitution, which ranks the largest US stocks by market capitalization as of May 7. The Russell indexes are crucial for institutional investors, with about $10.6 trillion in assets benchmarked against them. Rick Hermanns, CEO of HireQuest, noted that joining these indexes could attract new investors and improve the company’s market position.
HireQuest, Inc. (Nasdaq: HQI) reported Q1 2021 financial results, showing total revenue of $3.4 million, down 17.4% from the prior year. Franchise royalties decreased by 12.0% to $3.3 million, while service revenue plunged 65.3% to $144,000. Net income rose to $3.7 million ($0.27 per share) due to $3.9 million of miscellaneous income linked to acquisitions despite $1.4 million in related expenses. The company declared a quarterly dividend of $0.06 per share, and system-wide sales hit $54.3 million, reflecting ongoing impacts from COVID-19.
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