Business
HireQuest Reports Financial Results for the Fourth Quarter and Year End 2021
Q4 2021 EPS of $0.16 per Diluted Share, Net Income of $2.2 million, and Adjusted EBITDA of $3.5 millionFull Year 2021 EPS of $0.87 per Diluted Share, Net
About this update from Hirequest, Inc.
[{"type":"text","content":"Q4 2021 EPS of $0.16 per Diluted Share, Net Income of $2.2 million, and Adjusted EBITDA of $3.5 millionFull Year 2021 EPS of $0.87 per Diluted Share, Net Income of $11.8 million, and Adjusted EBITDA of $14.7 millionGOOSE CREEK, SC / ACCESSWIRE / March 15, 2022 / HireQuest, Inc. (Nasdaq:HQI), a national franchisor of on-demand, executive search, and commercial staffing services, today reported financial results for the fourth quarter and year ended December 31, 2021.Fourth Quarter 2021 SummaryFranchise royalties increased 88% to $6.1 million compared to $3.2 million in the prior year period. Organic royalties, excluding the effect of the Snelling and Link acquisitions, increased 47% compared to the year-prior period.Staffing revenue from owned locations was $231,000 and was related to the Dental Power acquisition.Service revenue increased 168% to $471,000 compared to $176,000 in the prior year period.Total revenue increased 99% to $6.8 million compared to $3.4 million in the prior year period.Net Income was $2.2 million, or $0.16 per diluted share, compared to net income of $1.4 million, or $0.10 per diluted share in the prior year period.Adjusted EBITDA improved to $3.5 million compared to $1.9 million in the prior year period.Full Year 2021 SummaryFranchise royalties increased 67% to $21.3 million compared to $12.8 million in the prior year. Organic royalties, excluding the effect of the Snelling and Link acquisitions, increased 30% compared to the full year 2020.Staffing revenue from owned locations increased 100% to $231,000 and was related to the Dental Power acquisition.Service revenue increased 19% to $1.2 million compared to $1.0 million in the prior year.Total revenue increased 67% to $22.8 million compared to $13.8 million in the prior year.Net Income was $11.8 million, or $0.87 per diluted share, compared to net income of $5.4 million, or $0.39 per diluted share for full year 2020.Subsequent to Quarter EndHireQuest acquired dmDickason's staffing division, expanding the Company's national footprint in West Texas and New Mexico.HireQuest acquired The Dubin Group, Inc., and Dubin Workforce Solutions, Inc., related businesses based in Philadelphia, that provide executive placement services and commercial staffing, respectively. The acquisitions expand the Company's presence in the Northeast and add higher margin executive ...