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HireQuest, Inc. - HQI STOCK NEWS

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.

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HireQuest, a national franchisor of staffing services, announced that its Board of Directors has declared a quarterly dividend of $0.06 per share.

This dividend will be payable on June 17, 2024, to shareholders who are on record by the close of business on June 3, 2024.

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HireQuest, Inc. reported financial results for the first quarter of 2024, showing a decrease in franchise royalties, total revenue, and income from operations. Adjusted EBITDA also decreased, while SG&A expenses were slightly lower. The company's President discussed economic challenges impacting the U.S. staffing market and strategies to address them. Despite the tough environment, HireQuest remains confident in its business model and expects increased demand for temporary staffing in the upcoming quarters.

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HireQuest, Inc. (Nasdaq: HQI) will hold a conference call on May 9, 2024, to discuss its Q1 2024 financial results. The call will cover key financial metrics, future outlook, and strategic initiatives.

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HireQuest, Inc. (HQI) reported financial results for Q4 and full year 2023, showing revenue growth but decreased net income. Franchise royalties and total revenue increased, but SG&A expenses surged due to workers' compensation costs and acquisitions. Adjusted EBITDA declined slightly. The CEO highlighted growth strategies, acquisitions, and cost control efforts for future profitability.
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HireQuest, Inc. (NASDAQ:HQI) schedules a conference call to discuss financial results for Q4 and year-end 2023.
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HireQuest, Inc. (HQI) declares a quarterly dividend of $0.06 per share, payable on March 15, 2024, to shareholders of record on March 1, 2024.
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HireQuest, Inc. (Nasdaq:HQI) has closed the acquisition of TEC Staffing Services, generating over $34 million in total revenue for the trailing 12-month period. The sale of TEC's offices throughout Northwest and Central Arkansas to franchisees has been completed, converting them to HireQuest's Snelling franchise model. The company expects minimal incremental SG&A expense and anticipates recognizing a notable one-time accounting loss in the fourth quarter of 2023.
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HireQuest, Inc. (Nasdaq:HQI) Announces $0.06 Quarterly Dividend
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HireQuest, Inc. (NASDAQ:HQI) announced the appointment of Steven Crane as Chief Financial Officer. Mr. Crane, with over 20 years of financial management experience, will oversee all aspects of HireQuest's finance and accounting organization. He has a strong track record of driving growth and minimizing costs, with previous public company experience and successful acquisitions. HireQuest CEO, Richard Hermanns, expressed excitement about leveraging Crane's expertise, while expressing gratitude to outgoing CFO, David Burnett. Crane also expressed enthusiasm about joining the HireQuest team, highlighting the company's unique position in the staffing industry and its proven M&A strategy.
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HireQuest, Inc. (NASDAQ:HQI) reported Q3 2023 financial results, including a 19.9% increase in franchise royalties and 18.1% increase in total revenue. However, income from operations and net income from continuing operations decreased by 57.7% and 61.5% respectively. Adjusted EBITDA also decreased to $3.7 million compared to $6.5 million in the prior year period.
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FAQ

What services does HireQuest, Inc. provide?

HireQuest, Inc. provides direct dispatch, executive search, and commercial staffing solutions across various industries such as construction, light industrial, manufacturing, hospitality, clerical, medical, travel, financial services, and event services.

How many offices does HireQuest have?

HireQuest operates over 400 franchisee-owned offices across the United States.

What is the primary revenue source for HireQuest?

HireQuest's primary source of revenue is royalty fees generated from the operation of its franchised offices.

What are some of the trade names under which HireQuest operates?

HireQuest operates under several trade names including HireQuest Direct, HireQuest, Snelling, HireQuest Health, DriverQuest, TradeCorp, MRI, SearchPath Global, and Northbound Executive Search.

What was the recent major acquisition by HireQuest?

HireQuest recently acquired TEC Staffing Services, which has ten offices in Northwest and Central Arkansas. These offices have been converted to the Snelling franchise model.

How many individuals does HireQuest employ annually?

HireQuest provides employment for approximately 81,000 individuals annually.

What were the financial results for HireQuest in the third quarter of 2023?

For the third quarter of 2023, HireQuest reported franchise royalties of $8.9 million, an increase from $7.4 million in the prior year. However, net income was impacted by increased workers' compensation expenses.

Does HireQuest offer support for its franchisees?

Yes, HireQuest provides robust back-office support and simplified payroll software that minimizes start-up and operating costs for its franchisees.

Where can I find more information about HireQuest?

More information about HireQuest can be found on their official website at www.hirequest.com.

What makes HireQuest's business model attractive to entrepreneurs?

HireQuest's business model, which focuses on collecting royalty fees from franchise operations and providing robust back-office support, significantly reduces start-up and operating costs, making it an attractive option for entrepreneurs.

HireQuest, Inc.

Nasdaq:HQI

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182.98M
14.00M
61.12%
11.9%
0.83%
Human Resources Consulting Services
Professional, Scientific, and Technical Services
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United States of America
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