HireQuest Inc. (NASDAQ: HQI), a staffing franchisor based in Goose Creek, South Carolina, reported that while Covid-19 continues to impact business, franchisees have been moving quickly to minimize the effects.
It reported fourth-quarter revenue was down 40.2% year over year.
“The decrease in attendance at sporting events, and the elimination of concerts, auto auctions, and other major events continues to have a pronounced impact on our franchises,” President and CEO Rick Hermanns said. “To date, our franchisees have moved quickly and judiciously to minimize the impact and navigate these unprecedented challenges.”
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Hermanns noted the impact on HireQuest’s bottom line has been less pronounced given the company’s asset-light nature.
Share price and market cap
Shares in HireQuest were up 0.46% to $17.30 as of 12:57 p.m. Eastern time and had reached a new 52-week high during trading so far, according to FT.com. The company had a market cap of $233.9 million.