What was the net income for Management Recruiters as of December 31, 2021?
Management_Recruiters Franchise · 2024 FDDAnswer from 2024 FDD Document
icture_2.jpeg)
HireQuest, Inc. Consolidated Statements of Income
| Year ended | ||||
|---|---|---|---|---|
| December 31, 2021 | December 31, 2020 | |||
| Franchise royalties | $ 21,317,045 | $ | 12,792,793 | |
| Staffing revenue, owned locations | 230,668 | - | ||
| Service revenue | 1,212,080 | 1,016,332 | ||
| Total revenue | 22,759,793 | 13,809,125 | ||
| Cost of staffing revenue, owned locations | (170,548) | - | ||
| Gross profit | 22,589,245 | 13,809,125 | ||
| Selling, general and administrative expenses | 13,363,957 | 8,700,446 | ||
| Depreciation and amortization | 1,563,088 | 129,182 | ||
| Income from operations | 7,662,200 | 4,979,497 | ||
| Other miscellaneous income | 4,570,575 | 458,973 | ||
| Interest income | 412,457 | 711,646 | ||
| Interest and other financing expense | (157,234) | (49,664) | ||
| Net income before income taxes | 12,487,998 | 6,100,452 | ||
| Provision for income taxes | 638,064 | 741,038 | ||
| Net income | $ 11,849,934 | $ | 5,359,414 | |
| Earnings per share | ||||
| Basic | $ 0.88 | $ | 0.40 | |
| Diluted | $ 0.87 | $ | 0.39 | |
| Weighted average shares outstanding | ||||
| Basic |
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 65–66)
What This Means (2024 FDD)
According to Management Recruiters' 2024 Franchise Disclosure Document, the net income as of December 31, 2021, was $11,849,934.
This figure represents the company's profit after all expenses, including the provision for income taxes, have been deducted from total revenue. Net income is a key indicator of Management Recruiters' overall financial performance and profitability during that period.
Prospective franchisees may find this information useful for understanding the financial health and stability of Management Recruiters. It's important to consider this figure in conjunction with other financial data and trends to gain a comprehensive understanding of the company's performance.