Business
HireQuest Reports Financial Results for Second Quarter 2024
GOOSE CREEK, SC / ACCESSWIRE / August 8, 2024 / 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 8, 2024 / 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, 2024.Second Quarter 2024 SummaryFranchise royalties decreased 6.2% to $8.2 million compared to $8.7 million in the prior year period.Total revenue decreased 3.4% to $8.7 million compared to $9.0 million in the prior year period.Selling, general and administrative (\"SG&A\") expenses were $5.3 million, a decrease of 6.0% compared to $5.6 million in the prior year period. Excluding net workers' compensation expense of $547,000, MRINetwork advertising fund expense of $105,000, and impairment of notes receivable of $50,000, SG&A for the quarter would have decreased 7.1%.Income from operations of $2.7 million was consistent with $2.7 million in the prior year period. Income from operations increased sequentially by 28.2% compared to Q1 2024.Net income from continuing operations was $2.1 million, or $0.15 per diluted share, consistent with net income from continuing operations of $2.1 million, or $0.15 per diluted share in the prior year period. Net income was $2.0 million compared to $2.0 million in the prior year period.Adjusted EBITDA was $4.0 million compared to $3.9 million in the prior year period.Year-To-Date 2024 SummaryFranchise royalties decreased 11.4% to $16.0 million compared to $18.1 million for the six months ended June 30, 2023.Total revenue decreased 9.3% to $17.1 million compared to $18.8 million in the prior year period.SG&A expenses decreased 4.9% to $10.9 million compared to $11.5 million in the prior year period. Excluding net workers' compensation expense of $1.1 million, MRINetwork advertising fund expense of $206,000, and impairment of notes receivable of $50,000, SG&A for the quarter would have decreased 10.0%.Income from operations decreased 19.8% to $4.8 million compared to $6.0 million in the prior year period.Net income from continuing operations was $3.8 million, or $0.27 per diluted share, compared to net income of $4.4 million, or $0.32 per diluted share in the prior year period. Net income for the six months ended June 30, 2024 was $3.7 million compared to $4.6 million.Adjusted EBITDA of $7.4 million compared to $8.5 million in the prior year period.System-wide s...