Superior Drilling Products, Inc. Announces Preliminary Fourth Quarter 2020 Revenue Held Steady Sequentially
February 18 2021 - 8:30AM
Business Wire
- U.S. market conditions strengthened through the quarter
- Full year-end results to be announced pre-market Thursday,
March 11, 2021 followed by teleconference and webcast at 12:00 ET
that day
Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or
the “Company”), a designer and manufacturer of drilling tool
technologies, today announced unaudited preliminary revenue for the
year ended December 31, 2020, was $10.5 million and was $1.5
million for the fourth quarter. Fourth quarter 2020 preliminary
revenue included approximately $1.2 million from the U.S. market
and $0.3 million from outside the U.S. Preliminary contract
services revenue in the fourth quarter of $0.6 million improved
nearly 80% over the third quarter. Preliminary tool revenue was
$0.9 million.
Even during unprecedented conditions with the global pandemic,
international revenue in 2020 grew 43% to approximately $1.9
million compared with $1.3 million in 2019. At the end of 2020, SDP
had $1.96 million in cash up from both $1.4 million at the end of
the third quarter of 2020 and $1.2 million at the end of 2019.
Preliminary results are subject to change pending review by the
Company’s independent accountants.
Troy Meier, Chairman and CEO, commented, “While 2020 was a year
we would soon like to forget, we nonetheless believe that we made
excellent progress with our strategy to expand the market
penetration of the well bore conditioning tool, the Drill-N-Ream®
(DNR). We gained new customers both domestically and
internationally. We also attained the AS9100D with ISO 9001:2015
certification, which provides us further opportunity to diversify
both within our primary industry as well as into others.
Importantly, activity in 2021 has improved and we are rebuilding
our team to meet demand.”
Fourth Quarter and Full Year 2020 Teleconference and
Webcast
The Company will release its complete fourth quarter and full
year 2020 financial results before the opening of financial markets
on Thursday, March 11, 2021, and will host a conference call that
same day.
Thursday, March 11, 2021 10:00 a.m. Mountain Time (12:00 p.m.
Eastern Time) Phone: (201) 689-8470 Webcast and accompanying slide
presentation: www.sdpi.com
A telephonic replay will be available from 1:00 p.m. MT (3:00
p.m. ET) the day of the teleconference until Thursday, March 18,
2021. To listen to the archived call, dial (412) 317-6671 and enter
conference ID number 13715002 or access the webcast replay via the
Company’s website at www.sdpi.com, where a transcript will be
posted once available.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge
drilling tool technology company providing cost saving solutions
that drive production efficiencies for the oil and natural gas
drilling industry. The Company designs, manufactures, repairs and
sells drilling tools. SDP drilling solutions include the patented
Drill-N-Ream® well bore conditioning tool and the patented Strider™
oscillation system technology. In addition, SDP is a manufacturer
and refurbisher of PDC (polycrystalline diamond compact) drill bits
for a leading oil field service company. SDP operates a
state-of-the-art drill tool fabrication facility, where it
manufactures its solutions for the drilling industry, as well as
customers’ custom products. The Company’s strategy for growth is to
leverage its expertise in drill tool technology and innovative,
precision machining in order to broaden its product offerings and
solutions for the oil and gas industry.
Additional information about the Company can be found at:
www.sdpi.com.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements and
information that are subject to a number of risks and
uncertainties, many of which are beyond our control. All
statements, other than statements of historical fact included in
this release, including, without limitations, achieving the
objective provided in the continued listing compliance plan
submitted to the NYSE American, driving efficiencies in the
production of fossil fuels, providing benefits to our customers,
the environment and the global economy and the success of
capitalizing on manufacturing expertise to drive growth and profits
are forward-looking statements. The use of words “could,”
“believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,”
“continue,” “predict,” “potential,” “project”, “forecast,” “should”
or “plan,” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. These statements reflect
the beliefs and expectations of the Company and are subject to
risks and uncertainties that may cause actual results to differ
materially. These risks and uncertainties include, among other
factors, the duration of the COVID-19 pandemic and related impact
on the oil and natural gas industry, the effectiveness of success
at expansion in International markets, options available for market
channels in North America, the deferral of the commercialization of
the Strider technology, the success of the Company’s business
strategy and prospects for growth; the market success of the
Company’s specialized tools, effectiveness of its sales efforts,
its cash flow and liquidity; financial projections and actual
operating results; the amount, nature and timing of capital
expenditures; the availability and terms of capital; competition
and government regulations; and general economic conditions. These
and other factors could adversely affect the outcome and financial
effects of the Company’s plans and described herein. The Company
undertakes no obligation to revise or update any forward-looking
statements to reflect events or circumstances after the date
hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20210218005218/en/
Investor relations: Deborah K. Pawlowski, Kei Advisors
LLC (716) 843-3908, dpawlowski@keiadvisors.com
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