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) announced a conference call on May 17, 2021, at 4:30 p.m. ET to discuss its financial results for Q1 ended March 31, 2021. The call can be accessed via toll-free numbers and will be available for replay until May 31, 2021. HireQuest operates over 200 franchisee-owned offices across 35 states, providing employment to approximately 60,000 individuals annually. The company focuses on staffing solutions in various sectors including construction, manufacturing, and hospitality.
HireQuest, Inc. (Nasdaq: HQI) has announced a 20% increase in its quarterly cash dividend to $0.06 per share, marking an annualized yield of 1.3%. This decision reflects the company's confidence in its business prospects following the successful integration of the Snelling and LINK acquisitions. The dividend will be paid on June 15, 2021, with a record date of June 1, 2021. HireQuest plans to distribute dividends quarterly in March, June, September, and December, pending Board approval based on financial performance.
HireQuest, Inc. (Nasdaq: HQI) reported its financial results for the fourth quarter and year ended December 31, 2020. In 2020, franchise royalties fell to $12.8 million, down 12.8%, and total revenue decreased to $13.8 million, a drop of 13%. Net income for 2020 was $5.4 million, compared to a net loss of $290,000 in 2019. The company declared a quarterly cash dividend of $0.05 to shareholders. Notably, HireQuest completed the acquisitions of Snelling Staffing and LINK Staffing, enhancing its market presence and expected revenue streams.
HireQuest, Inc. (Nasdaq: HQI) has acquired the franchised operations of LINK Staffing for approximately $11.1 million in cash, excluding working capital. The acquisition includes 35 locations that generated $57 million in system-wide sales in 2020. This follows the acquisition of 47 locations from Snelling Staffing, enhancing HireQuest's market presence and revenue streams. The combined network is expected to facilitate organic growth in commercial staffing, with many LINK locations being rebranded as Snelling offices.
HireQuest, Inc. (Nasdaq: HQI) will hold a conference call on March 25, 2021, at 4:30 p.m. Eastern to discuss its fourth quarter and annual financial results for the year ended December 31, 2020. The call can be accessed via toll-free and international numbers, with an entry code of 904518. A live broadcast and a replay will be available until April 8, 2021. HireQuest operates over 180 franchised offices, providing staffing solutions across various sectors, employing approximately 50,000 individuals annually.
HireQuest, Inc. (Nasdaq: HQI) has completed the acquisition of assets from Snelling Staffing for approximately $17.3 million. This acquisition, which includes 47 Snelling locations that generated about $87 million in system sales in 2020, enhances HireQuest's commercial staffing capabilities. The company plans to sell certain Snelling locations to third parties while maintaining royalty revenues through a trademark license agreement. The acquisition was funded using existing cash and a draw on the line of credit.
HireQuest, Inc. (Nasdaq: HQI) announced the acquisition of LINK Staffing's franchised operations for approximately $11 million in cash. This acquisition adds 35 locations that generated $57 million in sales in 2020, enhancing HireQuest's commercial staffing footprint. Along with the pending acquisition of Snelling Staffing, the company aims to expand to over 80 locations, particularly in growing markets like Texas and Florida. Funding for the transaction will come from cash reserves and a line of credit, with expectations to close by March 2021. A $0.05 per share dividend is also declared for March 15, 2021.
HireQuest, Inc. (Nasdaq: HQI) has announced the acquisition of certain assets from Snelling Staffing for approximately $17.3 million. This deal includes 48 locations that generated about $95 million in sales in 2020. The acquisition aims to enhance HireQuest’s footprint in commercial staffing and leverage operational synergies to attract national accounts and new franchisees. The transaction is expected to close on February 28, 2021, subject to standard conditions, with both companies continuing business operations without interruption during the transition.
HireQuest, Inc. (Nasdaq: HQI) reported a net income of $2.0 million or $0.15 per share for Q3 2020, a significant recovery from a net loss of $7.8 million or $(0.60) per share in the prior year. Total revenue reached $3.4 million, up 2.7% from $3.3 million in Q3 2019, with franchise royalties rising 2.5%. The company declared its first quarterly cash dividend of $0.05 per share, with an annual yield of 2.4%. Despite challenges from the global healthcare crisis, no franchise has failed, and the business has shown signs of stabilization.
HireQuest, Inc. (Nasdaq: HQI) announced a conference call scheduled for November 12, 2020, at 4:30 p.m. ET to discuss its Q3 financial results for the period ending September 30, 2020. The call will be accessible via toll-free and international dial-in numbers, with a replay available until November 26, 2020. HireQuest is a nationwide franchisor offering staffing solutions, employing approximately 80,000 individuals annually across various industries through its 136 franchisee-owned offices in 30 states and D.C. For more information, visit www.hirequest.com.
FAQ
What is the current stock price of HireQuest (HQI)?
What is the market cap of HireQuest (HQI)?
What services does HireQuest, Inc. provide?
How many offices does HireQuest have?
What is the primary revenue source for HireQuest?
What are some of the trade names under which HireQuest operates?
What was the recent major acquisition by HireQuest?
How many individuals does HireQuest employ annually?
What were the financial results for HireQuest in the third quarter of 2023?
Does HireQuest offer support for its franchisees?
Where can I find more information about HireQuest?
What makes HireQuest's business model attractive to entrepreneurs?
