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HIREQUEST INC . EXHIBIT 99.1 HireQuest Reports Financial Results for the Third Quarter 2021 Q3 2021 EPS of $ 0.23 per Diluted Share , Net Income of $ 3.2 million , and Adjusted EBITDA of $ 5.3 million GOOSE CREEK , South Carolina - November 11 , 2021 - Hire Quest , Inc. ( Nasdaq : HQI ) , a national franchisor of on - demand , temporary , and commercial staffing services , today reported financial results for the third quarter ended September 30 , 2021 . Third Quarter 2021 Summary Franchise royalties of $ 6.5 million compared to $ 3.2 million in the prior year period , an increase of 103.2 % . Organic royalty revenue increased 52 % over the prior year period and the branches acquired from Link and Snelling in the first quarter of 2021 comprised approximately $ 1.6 million of the revenue . Services revenue , including interest paid on aging accounts receivable , of $ 341,000 compared to $ 164,000 in the prior year period , an increase of 108.0 % . Total revenue of $ 6.9 million compared to $ 3.4 million in the prior year period , an increase of 103.4 % . Net Income , inclusive of miscellaneous income , was $ 3.2 million , or $ 0.23 per diluted share , compared to net income of $ 2.0 million , or $ 0.15 per share last year . Adjusted EBITDA of $ 5.3 million compared to $ 2.9 million in the prior year period . Subsequent to Quarter End HireQuest acquired Recruit Media , Inc. , an HR tech start - up with a next - gen SaaS recruitment platform . HireQuest announced it has entered into a definitive agreement to acquire the Dental Power Staffing division of Dental Power , a leading provider of temporary , long - term contract , and direct - hire staffing services to private sector dental practices across the United States . The Company's Board of Directors declared a quarterly cash dividend of $ 0.06 per share of common stock to be paid on December 15 , 2021 to shareholders of record as of December 1 , 2021 . System - wide sales ( a key performance indicator ) for the third quarter of 2021 were $ 99.6 million compared to $ 55.6 million for the same period in 2020 . The growth was due to a 22 % increase in sales from existing franchisees as well as new sales from the acquired Snelling and Link networks . " This past quarter was our strongest since the beginning of the pandemic , ” commented Rick Hermanns , HireQuest's President and Chief Executive Officer . " Organic growth from our legacy franchisees as well as the addition of the Snelling and Link locations acquired earlier in the year combined to drive system - wide sales to just shy of $ 100 million for the quarter . We were happy to see our organic weekly system - wide sales rebound to pre - pandemic 2019 levels by the end of the quarter compared to trailing 10 % to 15 % in June . " " The acquisitions of Snelling and Link earlier this year have played an important part in growing overall profitability by adding scale in tandem with rebounding organic performance , ” added Mr. Hermanns . “ Furthermore , as Link and Snelling demonstrate we are able to quickly integrate acquisitions with minimal increases to corporate overhead . The operating leverage inherent in our asset - light model is just beginning to become evident . We continue to see opportunities to expand our offerings into other verticals , growing the total addressable market serviced by our franchise offerings . Our pending acquisition of Dental Power is just one example and will provide us with a strong base to build an offering in the dental staffing industry . We are excited about the possibilities for organic and acquisitive growth in this vertical and others . " 1 Third Quarter 2021 Financial Results The company's total revenue is calculated by aggregating its revenue derived from franchise royalties and service revenue . Franchise royalties are the royalties earned from franchisees primarily on the basis of their sales to their customers . Service revenue consists of interest charged to franchisees on overdue accounts and other fees for optional services we provide our franchisees . Franchise royalties in the third quarter of 2021 were $ 6.5 million compared to $ 3.2 million in the year - ago quarter . Organically , excluding the contribution from recently acquired Snelling and Link branches , franchise royalties increased 52 % . Service revenue was $ 341,000 compared to $ 164,000 in the prior- year quarter , an increase of 108.0 % . Total revenue in the third quarter of 2021 was $ 6.9 million compared to $ 3.4 million in the year - ago quarter , an increase of 103.4 % . Selling , general and administrative ( " SG & A ” ) expenses in the third quarter of 2021 were $ 3.0 million compared to $ 1.4 million for the third quarter last year . Some items that contributed to the year - over - year increase included an additional $ 460 thousand in non - cash compensation as well as a non - recurring $ 307 thousand charge to notes receivable related to the sale of Command Center locations in California back in 2019 .