First-quarter revenue rose 18.7% at HireQuest Inc. (NASDAQ: HQI), a franchisor of staffing firms, but net income fell 49.0% at the Goose Creek, South Carolina-based company.
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Franchise royalties rose 17.4% to $3.7 million.
HireQuest noted it placed a reserve of $1.4 million on notes receivable issued to finance the sale of offices acquired in its merger with Command Center. The move came as a result of Covid-19’s negative impact on the economy.
Share price and market cap
Shares in HireQuest were down 4.15% to $6.45 as of 11:55 a.m. Eastern time; the company had a market cap of $91.2 million, according to FT.com.