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Eros STX Global Corporation Announces Details of Fiscal Year 2020 Annual General Meeting of Shareholders

DOUGLAS, Isle of Man–(BUSINESS WIRE)–
Eros STX Global Corporation (“ErosSTX” or the “Company”) (NYSE: ESGC), a global entertainment company, announced today that the annual general meeting of its shareholders will be held on Monday, December 21st, 2020, beginning at 2:00 p.m., Greenwich Mean Time (GMT), virtually via the internet at www.meetingcenter.io/234058716 for the transaction of the business listed in the Company’s notice of annual meeting. The password for this meeting is EROS2020. The Company’s notice of annual meeting and form of proxy were issued on November 11th, 2020.

The Company’s notice of the annual meeting, form of proxy, annual report and accounts on Form 20-F for the year ended March 31, 2020 and the transition report and accounts on Form 20-F for the transition period from September 30, 2019 to March 31, 2020 (as amended), are available in the investor relations section of the Company’s website at http://www.erosstx.com.

Eros STX Global Corporation:

Eros STX Global Corporation, (“ErosSTX”) (NYSE: ESGC) is a global entertainment company that acquires, co-produces and distributes films, digital content & music across multiple formats such as theatrical, television and OTT digital media streaming to consumers around the world. Eros International Plc changed its name to Eros STX Global Corporation pursuant to the July 2020 merger with STX Entertainment, merging two international media and entertainment groups. The combination of one of the largest Indian OTT players and premier studio with one of Hollywood’s fastest-growing independent media companies has created an entertainment powerhouse with a presence in over 150 countries. ErosSTX delivers star-driven premium feature film and episodic content across a multitude of platforms at the intersection of the world’s most dynamic and fastest-growing global markets, including US, India, Middle East, Asia and China. The company also owns the rapidly growing OTT platform Eros Now which has rights to over 12,000 films across Hindi and regional languages and had 211.5 million registered users and 36.2 million paying subscribers as of September 30th, 2020. For further information, please visit ErosSTX.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005831/en/

Investor Contact:

Drew Borst

EVP, Investor Relations & Business Development

Eros STX Global Corporation

[email protected]

KEYWORDS: Europe Isle of Man United Kingdom

INDUSTRY KEYWORDS: Professional Services Entertainment TV and Radio Film & Motion Pictures Music Finance

MEDIA:

Posted on November 12, 2020 4:08 pm

HireQuest Reports Financial Results for the Third Quarter of 2020

HireQuest Reports Financial Results for the Third Quarter of 2020

$800,000 Sequential Improvement in Net Income Validates Confidence that Worst of COVID-19 Impact is Over

GOOSE CREEK, S.C.–(BUSINESS WIRE)–
HireQuest, Inc. (Nasdaq: HQI), a national provider of back-office and operational support for franchised operators of on-demand and temporary staffing service providers, today reported financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Financial Summary

• Franchise royalties of $3.2 million compared to $3.1 million in the prior year period, an increase of 2.5%.
• Service revenue, including interest paid on aging accounts receivable, of $164,000 compared to $154,000 in the prior year period, an increase of 6.7%.
• Total revenue of $3.4 million compared to $3.3 million in the prior year period, an increase of 2.7%.
• Net Income was $2.0 million, or $0.15 per diluted share, compared to a net loss of $7.8 million, or $(0.60) per share last year. The prior-year quarter included $4.8 million of merger-related expenses and $683,000 of income from discontinued operations.
• Paid first quarterly cash dividend of $0.05 per share
• On November 11, 2020, the Board of Directors declared a quarterly cash dividend of $0.05 per share of common stock expected to be paid on December 15, 2020 to shareholders of record as of December 1, 2020 representing an annual dividend yield of 2.4%². The company intends to pay quarterly cash dividends on its common stock each year in March, June, September and December, subject to final approval by the Board of Directors each quarter after its review of the Company’s financial performance.

System-wide sales¹ (a non-GAAP operating performance metric) for the third quarter 2020 of $55.6 million compared to $74.2 million for the quarter ended September 29, 2019.

“Our franchise business model, combined with a solid balance sheet and steady cash flow, are making it possible for us to continue to deliver profitable results while navigating the ongoing challenges resulting from the global healthcare crisis,” commented Rick Hermanns, HireQuest’s President and Chief Executive Officer. “For the first time, we declared a quarterly cash dividend of $0.05 per share. Our Board has again approved a dividend this quarter, and, barring anything currently unforeseen, we expect to continue to pay a similar dividend in the future. Importantly, the payment of quarterly dividends does not rule out the possibility of future acquisitions should we find the right fit for our business. Increasingly, there are distressed businesses that make for attractive opportunities, but we continue to be highly selective as we consider potential targets.”

Mr. Hermanns continued, “During the third quarter, which is generally our strongest quarter, we saw our business stabilize. We are confident that the worst is behind us despite continued uncertainty as to the timing of a recovery in specific sectors of the economy, such as construction, hospitality and large-scale entertainment. Our franchisees have done an outstanding job adjusting their cost structure to align with demand while continuing to meet the needs of their customers. We are facing unprecedented challenges and thus far, not a single franchise has failed. We remain committed to delivering value to our shareholders and believe that a regular cash dividend underscores our confidence in the long-term prospects and resiliency of our business.”

_______________

1 Refer to “Supplemental Operating Metrics” section at the end of this press release for a definition and additional details regarding System-wide sales

2 Based on a closing stock price of $8.35 on November 11, 2020

Third Quarter 2020 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 2020 were $3.2 million compared to $3.1 million in the year-ago quarter, an increase of 2.5%. Service revenue was $164,000 compared to $154,000 in the prior-year quarter, an increase of 6.7%.

Total revenue in the third quarter of 2020 was $3.4 million compared to $3.3 million in the year-ago quarter, an increase of 2.7%, or $90,000. This increase is primarily due to the increase in franchised locations in 2020 as company-owned locations were converted to franchisees in the fourth quarter of 2019, and the results of company-owned locations are presented as discontinued operations in our financial statements.

Selling, general and administrative (“SG&A”) expenses in the third quarter of 2020 were $1.4 million compared to $7.4 million for the third quarter last year. The third quarter of 2019 included approximately $4.7 million of non-recurring, merger-related expenses. The decrease in SG&A was also driven by a decrease in expenses related to workers’ compensation costs and bad debt.

Net Income in the third quarter of 2020 was $2.0 million, or $0.15 per diluted share, compared to a net loss of $7.8 million, or $(0.60) per diluted share, in the third quarter last year. The net loss from continuing operations, which excluded discontinued operations, was $8.5 million, or $(0.65) per diluted share, in the year-ago quarter. The third quarter of 2020 did not include any discontinued operations.

Balance Sheet and Capital Structure

Cash was $10.3 million as of September 30, 2020, compared to $4.2 million at December 31, 2019.

Total assets were $49.1 million as of September 30, 2020. Total liabilities were $13.7 million.

On September 15, 2020, the company paid a quarterly cash dividend of $0.05 per share of common stock to shareholders of record as of September 1, 2020.

On November 11, 2020, the company’s Board of Directors declared a quarterly cash dividend of $0.05 per share of common stock expected to be paid on December 15, 2020 to shareholders of record as of December 1, 2020.

Conference Call

HireQuest will hold a conference call to discuss its financial results.

Date:			Thursday, November 12, 2020
Time:			4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number:			1-844-602-0380
International dial-in number:			1-862-298-0970

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

The conference call will be broadcast live and available for replay at https://www.webcaster4.com/Webcast/Page/2359/38301 and via the investor relations section of HireQuest’s website at www.hirequest.com.

A replay of the conference call will be available through November 26, 2020.

Toll-free replay number:			1-877-481-4010
International replay number:			1-919-882-2331
Replay Passcode:			38301

About HireQuest

HireQuest, Inc. is a nationwide franchisor that provides on demand labor solutions primarily in the light industrial and blue-collar segments of the staffing industry for HireQuest Direct and HireQuest franchised offices across the United States. Through our national network of approximately 138 franchisee-owned offices in 30 states and the District of Columbia, HireQuest provides employment for approximately 80,000 individuals annually that work for thousands of customers in numerous industries including construction, light industrial, manufacturing, hospitality, and event services. For more information, visit www.hirequest.com.

Important Cautions Regarding Forward-Looking Statements

This news release includes, and the company’s officers and other representatives may sometimes make or provide certain estimates and other forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, including, among others, statements with respect to future revenue, franchise sales, system-wide sales, and the growth thereof; operating results; anticipated benefits of the merger with Command Center, Inc., or the conversion to the franchise model; intended office openings; expectations of the effect on our financial condition of claims and litigation; strategies for customer retention and growth; strategies for risk management; and all other statements that are not purely historical and that may constitute statements of future expectations. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods.

While the company believes these statements are accurate, forward-looking statements are not historical facts and are inherently uncertain. They are based only on the company’s current beliefs, expectations, and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. The company cannot assure you that these expectations will occur, and its actual results may be significantly different. Therefore, you should not place undue reliance on these forward-looking statements. Important factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by the company include the following: the level of demand and financial performance of the temporary staffing industry; the financial performance of the company’s franchisees; changes in customer demand; the effects of any global pandemic including the impact of the novel coronavirus disease (“COVID-19”); the extent to which the company is successful in gaining new long-term relationships with customers or retaining existing ones, and the level of service failures that could lead customers to use competitors’ services; significant investigative or legal proceedings including, without limitation, those brought about by the existing regulatory environment or changes in the regulations governing the temporary staffing industry and those arising from the action or inaction of the company’s franchisees and temporary employees; strategic actions, including acquisitions and dispositions and the company’s success in integrating acquired businesses including, without limitation, successful integration following the merger with Command Center, Inc.; disruptions to the company’s technology network including computer systems and software; natural events such as severe weather, fires, floods, and earthquakes, or man-made or other disruptions of the company’s operating systems; and the factors discussed in the “Risk Factors” section and elsewhere in the company’s most recent Annual Report on Form 10-K.

Any forward-looking statement made by the company or its management in this news release is based only on information currently available to the company and speaks only as of the date on which it is made. The company and its management disclaim any obligation to update or revise any forward-looking statement, whether written or oral, that may be made from time to time, based on the occurrence of future events, the receipt of new information, or otherwise, except as required by law.

— Tables Follow —

HireQuest, Inc. Consolidated Balance Sheets
	September 30, 2020				December 31, 2019
ASSETS	(unaudited)
Current assets
Cash	$	10,297,147			$	4,187,450
Accounts receivable, net of allowance for doubtful accounts		24,024,564				28,201,279
Notes receivable		2,144,118				3,419,458
Prepaid expenses, deposits, and other assets		1,179,333				188,560
Prepaid workers’ compensation		1,978,509				822,938
Other assets		–				201,440
Total current assets		39,623,671				37,021,125
Property and equipment, net		2,958,998				1,900,686
Intangible assets, net		186,705				–
Notes receivable, net of current portion and reserve		6,377,779				7,990,251
Total assets	$	49,147,153			$	46,912,062
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	5,499			$	253,845
Other current liabilities		1,664,854				1,893,846
Accrued benefits and payroll taxes		2,088,119				1,113,904
Due to franchisees		2,311,372				3,610,596
Risk management incentive program liability		1,018,994				1,811,917
Workers’ compensation claims liability		3,165,056				2,327,869
Total current liabilities		10,253,894				11,011,977
Workers’ compensation claims liability, net of current portion		1,743,128				1,516,633
Franchisee deposits		1,459,335				1,412,924
Deferred tax liability		273,185				1,688,446
Total liabilities		13,729,542				15,629,980
Commitments and contingencies		–				–
Stockholders’ equity
Preferred stock – $0.001 par value, 1,000,000 shares authorized; none issued		–				–
Common stock – $0.001 par value, 30,000,000 shares authorized; 13,615,605 and 13,518,036 shares issued, respectively		13,616				13,518
Additional paid-in capital		28,541,062				27,584,610
Treasury stock, at cost – 33,092 and -0- shares, respectively		(146,465	)			–
Retained earnings		7,009,398				3,683,954
Total stockholders’ equity		35,417,611				31,282,082
Total liabilities and stockholders’ equity	$	49,147,153			$	46,912,062

HireQuest, Inc. Consolidated Statements of Income (unaudited)
	Three months ended								Nine months ended
	September 30, 2020				September 29, 2019				September 30, 2020				September 29, 2019
Franchise royalties	$	3,218,606			$	3,139,158			$	9,563,135			$	9,276,714
Service revenue		164,074				153,717				840,515				727,077
Total revenue		3,382,680				3,292,875				10,403,650				10,003,791
Selling, general and administrative expenses		1,357,725				7,393,380				6,542,171				9,817,245
Depreciation and amortization		32,438				40,200				96,654				75,630
Income (loss) from operations		1,992,517				(4,140,705	)			3,764,825				110,916
Other miscellaneous income		392,709				504,833				932,254				751,693
Interest and other financing expense		(10,035	)			(106,461	)			(39,174	)			(521,838	)
Net income (loss) before income taxes		2,375,191				(3,742,333	)			4,657,905				340,771
Provision for income taxes		404,058				4,716,731				654,592				4,816,337
Income (loss) from continuing operations		1,971,133				(8,459,064	)			4,003,313				(4,475,566	)
Income from discontinued operations, net of tax		–				682,674				–				722,756
Net income (loss)	$	1,971,133			$	(7,776,390	)		$	4,003,313			$	(3,752,810	)
Basic earnings (loss) per share
Continuing operations	$	0.15			$	(0.65	)		$	0.30			$	(0.41	)
Discontinued operations		–				0.05				–				0.07
Total	$	0.15			$	(0.60	)		$	0.30			$	(0.34	)
Diluted earnings (loss) per share
Continuing operations	$	0.15			$	(0.65	)		$	0.30			$	(0.41	)
Discontinued operations		–				0.05				–				0.07
Total	$	0.15			$	(0.60	)		$	0.30			$	(0.34	)
Weightedaverage shares outstanding
Basic		13,573,086				12,927,634				13,551,507				10,939,318
Diluted		13,574,863				12,927,634				13,553,619				10,939,318

HireQuest, Inc.

Supplemental Operating Metrics

¹ Management sometimes refers to total sales generated by its franchisees as “franchise sales.” Management also sometimes refers to sales at offices that were owned and operated by the company, not by one of its franchisees, as “company-owned sales,” all of which were sold as of September 29, 2019. Sales at company-owned offices are reflected net of costs, expenses, and taxes associated with those sales on the company’s financial statements as “Income from discontinued operations, net of tax.” The sum of franchise sales and company-owned sales is referred to as “system-wide sales,” a non-GAAP operating performance metric. In other words, system-wide sales include sales at all offices, whether owned and operated by the company or by its franchisees. While the company does not record franchise sales as revenue, management believes that information on system-wide sales is important to understanding the company’s financial performance because those sales are the basis on which the company calculates and records franchise royalty revenue, are directly related to interest charged on overdue accounts, which the company records under service revenue, and are indicative of the financial health of the franchisee base.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005775/en/

Company Contact:

HireQuest, Inc.

Cory Smith, CFO

(800) 835-6755

Email: [email protected]

Investor Relations Contact:

Hayden IR

Brett Maas

(646) 536-7331

Email: [email protected]

KEYWORDS: United States North America South Carolina

INDUSTRY KEYWORDS: Professional Services Human Resources

MEDIA:

Posted on November 12, 2020 4:08 pm

Zoned Properties Reports Third Quarter 2020 Financial Results

Zoned Properties Reports Third Quarter 2020 Financial Results

Large-Scale Development Expansion Proceeds as Arizona Voters Pass Prop 207

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–
Zoned Properties^®, Inc. (OTCQB: ZDPY), a strategic real estate development firm whose primary mission is to provide real estate and sustainability services for the regulated cannabis industry, positioning the company for property acquisitions and revenue growth, today announced its financial results for the nine and three-month periods ended September 30, 2020.

Nine Months and Third Quarter 2020 Company Highlights

• Zoned Properties successfully leveraged its Arizona property portfolio to receive a commitment of at least $8 Million from our Significant Tenant, to be applied toward infrastructure expansion.
• To date, nearly $5 Million of the $8 Million committed has been invested in the expansion projects located in Arizona. Construction and development work has made significant progress toward completion of the current phase of expansion, with anticipated operational readiness in 2021.
• Zoned Properties completed a $100,000 strategic investment into a start-up cannabis franchise organization that is now in the final stages of its anticipated launch. Zoned Properties expects to play a significant role with the cannabis franchise related to the intricacies of strategic capital investment and commercial real estate development in the regulated cannabis industry.
• In Arizona, and across the nation, the passage of regulated cannabis ballot measures reflect the overwhelming support from the majority of American voters for the regulated cannabis industry.

Nine Months and Third Quarter 2020 Financial Results

• Revenue decreased 10.5% to $302,772 for the third quarter of 2020, compared to $338,339 for the third quarter of 2019. This decrease in revenues was primarily attributable to a decrease in advisory revenues of $42,191, or 70.2%, offset by an increase in rent revenues of $6,624, or 2.4%.
• Operating expenses decreased 18.1% to $249,021 for the third quarter of 2020, compared to $304,052 for the third quarter of 2019.
• Income from operations increased 56.8% to $53,751 for the third quarter of 2020, compared to income from operations of $34,287 for the third quarter of 2019, an increase of $19,464.
• Net income was $25,089, or $0.00 per basic and diluted share, for the third quarter of 2020, compared to net income of $3,987, or $0.00 per basic and diluted share, for the third quarter of 2019.
• Net cash provided by operating activities was $48,470 for the nine months ended September 30, 2020, compared to $219,433 for the nine months ended September 30, 2019.
• As of September 30, 2020, Zoned Properties had cash of $577,763, compared to $639,781 as of December 31, 2019.

“It has been an exciting year for Zoned Properties as we continue expanding our operational footprint in Arizona, developing our national advisory services with new client projects and advisory professionals, and prepare for the launch of a new cannabis franchise concept,” commented Bryan McLaren, Chief Executive Officer of Zoned Properties. “We are empowered by Arizona voters and voters across the nation, who spoke up on election day to pass regulated cannabis measures on the ballot. Our expansion projects in Arizona could not have come at a better time, as we prepare for an exciting new adult-use marketplace and the completion of new operational square footage at our facilities in Arizona will lead to a material increase in leasing revenue for Zoned Properties.”

About Zoned Properties, Inc. (OTCQB: ZDPY):

Zoned Properties is a strategic real estate development firm whose primary mission is to provide real estate and sustainability services for clients in the regulated cannabis industry, positioning the company for real estate acquisitions and revenue growth. We intend to pioneer sustainable development for emerging industries, including the regulated cannabis industry. We are an accredited member of the Better Business Bureau, the U.S. Green Building Council, and the Forbes Real Estate Council. We focus on investing capital to acquire and develop commercial properties to be leased on a triple-net basis, and engaging clients that face zoning, permitting, development, and operational challenges. We provide development strategies and advisory services that could potentially have a major impact on cash flow and property value. We do not grow, harvest, sell or distribute cannabis or any substances regulated under United States law such as the Controlled Substance Act of 1970, as amended (the “CSA”).

Website: www.ZonedProperties.com

Twitter: @ZonedProperties

LinkedIN: @ZonedProperties

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

COVID-19 Statement

In March 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. We are monitoring this closely, and although operations have not been materially affected by the COVID-19 outbreak to date, the ultimate duration and severity of the outbreak and its impact on the economic environment and our business is uncertain. Currently, all of the properties in our portfolio are open to our Significant Tenants and their customers and will remain open pursuant to state and local government requirements. At this time, we do not foresee any material changes to our operations from COVID-19. Our tenants are continuing to generate revenue at these properties and they have continued to make rental payments in full and on time and we believe the tenants’ liquidity position is sufficient to cover its expected rental obligations. Accordingly, while we do not anticipate an impact on our operations, we cannot estimate the duration of the pandemic and potential impact on our business if the properties must close or if the tenants are otherwise unable or unwilling to make rental payments. In addition, a severe or prolonged economic downturn could result in a variety of risks to our business, including weakened demand for our properties and a decreased ability to raise additional capital when needed on acceptable terms, if at all. At this time, the Company is unable to estimate the impact of this event on its operations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005093/en/

Investor Relations

Zoned Properties, Inc.

Bryan McLaren

Tel (877) 360-8839

[email protected]

www.zonedproperties.com

KEYWORDS: United States North America Arizona

INDUSTRY KEYWORDS: Professional Services Retail Tobacco Commercial Building & Real Estate Construction & Property Urban Planning Consulting

MEDIA:

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