HireQuest, Inc. (NASDAQ:HQI) Q1 2020 Earnings Conference Call - Final Transcript

May 11, 2020 • 04:30 pm ET

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HireQuest, Inc. (NASDAQ:HQI) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Executive
Cory Smith

services that were partially due to completing an initial public company audit, as well as additional costs associated with finalizing the purchase accounting related to the merger. These increases were partially offset by decrease in workers compensation costs, as we continue to promote and incentivize our franchisees to provide our temporary employees with a safe work environment.

Inclusive of the $1.4 million reserve on notes receivable, income from continuing operations was $835,000, or $0.06 per diluted share in the first quarter of 2020, compared to $1.7 million, or $0.17 per diluted share in the first quarter of 2019.

Moving on to the balance sheet. As of March 31, 2020, we had current assets of $40.6 million, which included cash of $10 million and accounts receivable of $24.4 million. At the end of 2019, current assets were $37 million, which included cash of $4.2 million and accounts receivable of $28.2 million. While the future is uncertain in this current unprecedented economic environment, our cash balance is sufficient to fund operations for no less than the next 18 months, and we are pleased to see the economy moving towards a safe scaled reopening.

And with that, I'll turn the call back over to Jess, our operator for Q&A.