Business
HireQuest Reports Financial Results for Second Quarter 2023
GOOSE CREEK, SC / ACCESSWIRE / August 10, 2023 / HireQuest, Inc. (Nasdaq:HQI), a national franchisor of direct dispatch, executive search, and commercial
About this update from Hirequest, Inc.
[{"type":"text","content":"GOOSE CREEK, SC / ACCESSWIRE / August 10, 2023 / HireQuest, Inc. (Nasdaq:HQI), a national franchisor of direct dispatch, executive search, and commercial staffing services, today reported financial results for the second quarter ended June 30, 2023.Second Quarter 2023 SummaryFranchise royalties increased 20.5% to $8.7 million compared to $7.2 million in the prior year period.Total revenue increased 12.4% to $9.0 million compared to $8.0 million in the prior year period.Income from operations decreased 37.4% to $2.7 million compared to $4.3 million in the prior year period.Selling, general and administrative (\"SG&A\") expenses increased 74.5% to $5.6 million compared to $3.2 million in the prior year period, primarily related to expenses from the MRI acquisition and workers' compensation.Net income from continuing operations decreased 57.2% to $2.1 million, or $0.15 per diluted share, compared to net income from continuing operations of $4.8 million, or $0.35 per diluted share in the prior year period.Adjusted EBITDA of $3.9 million compared to $5.8 million in the prior year period.Year-To-Date 2023 SummaryFranchise royalties increased 30.7% to $18.0 million compared to $13.8 million for the six months ended June 30, 2022.Total revenue increased 25.3% to $18.8 million compared to $15.0 million in the prior year period.Income from operations decreased 26.6% to $6.0 million compared to $8.1 million in the prior year period.SG&A increased 95.1% to $11.5 million compared to $5.9 million in the prior year period.Net income from continuing operations was $4.4 million, or $0.32 per diluted share, compared to net income of $5.3 million, or $0.39 per diluted share in the prior year period, primarily related to increased expenses including SG&A, and interest and other financing expenses.Adjusted EBITDA of $8.5 million compared to $10.8 million in the prior year period.System-wide sales for the second quarter of 2023 increased to $157.0 million compared to $120.0 million for the same period in 2022, primarily related to the acquisition of MRI Network.Rick Hermanns, HireQuest's President and Chief Executive Officer, commented, \"We are encouraged by our performance this quarter in light of the current economic environment; these results reinforce our confidence in the HireQuest business model which includes over 400 franchisee-owned offices...