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Superior Drilling Products (SDPI)

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http://www.sdpi.com/video/Strider_animation.mp4

 

 

Superior Drilling Products, Inc. Expands Operations
to Abilene Texas



Superior Drilling Products, Inc. Reports 33% Revenue Growth,  Triples Net Income for Second Quarter 2018 
 
? Strong tool revenue drove total sales to $5.4 million  ? Strong operating leverage resulted in 2.6x operating income  ? Net income more than tripled to $1.0 million ? Generated $1.6 million in cash from operations for the quarter and  $2.1 million year-to-date

VERNAL, UT, August 2, 2018 — Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, today reported financial results for the second quarter ended June 30, 2018.  

Troy Meier, Chairman and CEO, noted, “We had strong growth in the quarter supported by excellent tool sales that were also complemented by initial revenue generated in the Middle East.  The value of our Drill-N-Ream® (“DnR”) well bore conditioning tool is becoming more broadly understood globally in the oil & gas industry as the operating fleet expands.  In fact, the deployment of the DnR in the  Middle East is demonstrating it can deliver incremental improvements to their drilling operations.  And, importantly, we believe our StriderTM oscillation system technology continues to demonstrate value as we are evaluating channel partnership opportunities.”

  Second Quarter 2018 Financial Summary ($ in thousands, except per share amounts)

 Q2 2018  Q2 2017  $Y/Y Change   % Y/Y Change  Q1 2018  $ Seq. Change  % Seq. Change Tool sales/rental $2,506   $ 1,609    $   897   55.8 %  $1,992   $     515   25.8 % Other related tool revenue   1,547         877      670   76.4 %    1,533       14   0.9 % Tool Revenue   4,053      2,486      1,567   63.1 %  3,525       528   15.0 % Contract Services    1,346       1,564        (218)    (13.9)%     1,075      270    25.1 % Total Revenue $5,399    $ 4,049    $1,349   33.3 %  $4,600    $    799  17.4 % Operating income (loss)   1,088         421  667   158.4%     168   920       548.7% As a % of sales 20.1%   10.4% 
         3.6%     Net income (loss) $1,005   $   307   $   698   227.5%  $    69   $    936       1,366% Diluted earnings (loss) per share $  0.04    $   0.01   $  0.03   215.2%  $   -   $   0.04         NM
Revenue growth was primarily the result of higher sales and rental of the DnR in North America and the Middle East.  Lower contract services revenue was the result of the decline in other contract services activity in the quarter which was mostly offset by higher refurbishment volume.  Sequentially, contract services improvement reflects the increase in refurbishment volume which was driven by continued drilling activity in the U.S. and the Company’s expanded contract services agreement.

Tool sales in the quarter increased 56%, or $0.9 million, over the prior-year period primarily as a result.

Superior Drilling Products, Inc. Reports 33% Revenue Growth, Triples Net Income for Second Quarter 2018 August 2, 2018 

of market share gains and an increase in horizontal drill rigs.  Sequential growth of almost 26% represents an expansion of the DnR fleet.  Other related tool revenue, which is comprised of royalty fees and tool maintenance and repair, increased over the prior-year period, but was relatively unchanged compared with the trailing first quarter as fleet expansion outpaced tool deployment.  Net income of $1.0 million improved by $0.7 million over the second quarter of 2017 from higher volume and resulting operating leverage.

 

 

 

VERNAL, UT, August 30, 2018 - Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or “Company”), a designer and manufacturer of drilling tool technologies, announced today that it has entered into a commercial lease related to property in Abilene, Texas to support the manufacture and repair the Company’s product lines and enhance its ability to efficiently service customers.

 

Troy Meier, Chairman and Chief Executive Officer commented, “This Texas facility represents an important step in our growth and expansion. Rather than sending all repairs to Vernal, UT, this facility will give us much better logistics for servicing our markets in the region, as well as provide a staging ground for enhancing our bit repair relationships. Importantly, it will also act as a full service facility for the Strider TM product line.”


http://www.sdpi.com/Content/WebLinkFiles/319.pdf

____________________________________________________________________________________________________________________________________________________________________________________

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 TM 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 .

 

For more information, contact investor relations:

 

Deborah K. Pawlowski
Kei Advisors LLC
(716) 843-3908
dpawlowski@keiadvisors.com

 

###

SDPI is a manufacturer and remanufacturer of oilfield service equipment, including drill bits and other downhole tools. The company is broken down into three segments: Remanufacturing Drill Bits, Manufacturing Drill Bits, and Rental Equipment. “On May 29, 2014, SDPI purchased Hard Rock Solutions in a deal that brought the sales and service of its patented (and patent pending) Drill N Ream™ product in house, vertically integrating the company as it looks to grow the usage of this tool. With the Remanufacturing business a good source of stable revenues and income (but limited growth) and an emerging growth vehicle in Drill N Ream, we are bullish on SDPI and initiate with a Buy rating.,” Wunderlich’s analyst wrote.

 

Superior Drilling Products, Inc. Expands Operations to Abilene, Texas

VERNAL, Utah--(BUSINESS WIRE)-- Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or “Company”), a designer and manufacturer of drilling tool technologies, announced today that it has entered into a commercial lease related to property in Abilene, Texas to support the manufacture and repair the Company’s product lines and enhance its ability to efficiently service customers.

Troy Meier, Chairman and Chief Executive Officer commented, “This Texas facility represents an important step in our growth and expansion. Rather than sending all repairs to Vernal, UT, this facility will give us much better logistics for servicing our markets in the region, as well as provide a staging ground for enhancing our bit repair relationships. Importantly, it will also act as a full service facility for the StriderTM product line.”

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 StriderTM 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.

 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180830005146r1&sid=acqr7&distro=nx&lang=en

View source version on businesswire.com: https://www.businesswire.com/news/home/20180830005146/en/

Investor Relations
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
dpawlowski@keiadvisors.com
__________________________________________________________________________________________________________________________________________________________________________________

 

www.sdpi.com
________________________________________________________________


Product Videos:

www.sdpi.com/video/Drill-N-Ream_Animation.mp4

http://www.sdpi.com/video/Strider_animation.mp4

SDPI presentation at the Oil and Gas Conerence August 21,2018 (Recommended Video)

http://www.theoilandgasconference.com/togc-webcast/sdpi/
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SDPI News: Current Report Filing (8-k) 08/30/2018 07:00:07 AM
SDPI News: Superior Drilling Products, Inc. Expands Operations to Abilene, Texas 08/30/2018 06:30:00 AM
SDPI News: Superior Drilling Products, Inc. to Present at EnerCom Oil & Gas Conference 08/13/2018 04:15:00 PM
SDPI News: Statement of Changes in Beneficial Ownership (4) 08/06/2018 03:59:20 PM
SDPI News: Statement of Changes in Beneficial Ownership (4) 08/06/2018 03:58:00 PM
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#34  Sticky Note SDPI presentation at the Oil and Gas Conference SchlumpyStock-Picker 09/07/18 12:49:35 PM
#35   Barcharts "Strong Buy" https://www.barchart.com/stocks/quotes/SDPI SchlumpyStock-Picker 09/08/18 02:11:18 PM
#34   SDPI presentation at the Oil and Gas Conference SchlumpyStock-Picker 09/07/18 12:49:35 PM
#33   Found this in the Q2 report... Huge market SchlumpyStock-Picker 09/07/18 11:12:39 AM
#32   Higher highs and higher lows with good bid SchlumpyStock-Picker 09/07/18 10:10:30 AM
#31   EARNINGS: Diluted earnings per share $ 0.04 SchlumpyStock-Picker 09/06/18 05:08:40 PM
#30   Bid stacking 14k @ $2.40 ready for next SchlumpyStock-Picker 09/06/18 12:40:02 PM
#29   Checkout the 10Q period ended June 30th, 2018 SchlumpyStock-Picker 09/06/18 12:16:16 PM
#28   SDPI presentation at the 2018 The OIL & SchlumpyStock-Picker 09/06/18 12:02:49 PM
#27   Nice run today, anyone have details on why? SchlumpyStock-Picker 09/06/18 11:50:00 AM
#26   Traders Cheat Sheet Golden_Cross 05/11/18 04:35:04 AM
#25   RSI Busting up into Power Zone Golden_Cross 05/11/18 04:33:55 AM
#24   Chart Golden_Cross 05/11/18 04:33:24 AM
#23   New 52 Week High today Golden_Cross 05/11/18 04:32:49 AM
#22   Well that was a flop. False alarm. ChopperFace 02/15/18 07:27:01 PM
#21   This stocks about to get real. Blast off ChopperFace 02/15/18 03:10:29 AM
#20   sdpi........ greasemonkeyshoes 12/19/17 10:16:34 AM
#19   sdpi.... greasemonkeyshoes 11/20/17 11:10:25 AM
#18   Revenue of $4.45M (+96.9% Y/Y) beats by $0.32M. JettLoneStar 11/09/17 03:47:46 PM
#17   Superior Drilling (NYSEMKT:SDPI): Q3 EPS of $0.02 beats JettLoneStar 11/09/17 03:47:37 PM
#16   EPS=2.4c........ This company is back from the ashes and greasemonkeyshoes 11/09/17 08:52:35 AM
#15   Time to wake up..... greasemonkeyshoes 10/11/17 10:32:34 AM
#14   * * $SDPI Video Chart 02-01-16 * * ClayTrader 02/01/16 04:35:23 PM
#13   **VIDEO Breakdown on $SDPI Hustle. 8k released after Wizard of Wall Street 01/30/16 01:40:34 PM
#12   On January 29, 2016, the Company issued a djsonic 01/30/16 12:15:27 AM
#11   * * $SDPI Video Chart 01-29-16 * * ClayTrader 01/29/16 05:20:02 PM
#10   got it shorted at 230 why did this Travis Crider 01/29/16 04:16:15 PM
#9   time to flip this turd! djsonic 01/29/16 01:49:22 PM
#8   Superior Drilling (NYSEMKT:SDPI): Q3 EPS of -$0.07 misses Timothy Smith 11/13/15 11:11:34 AM
#7   Superior Drilling (NYSEMKT:SDPI): Q2 EPS of -$0.09 misses Timothy Smith 08/14/15 09:41:28 AM
#6   So you are rating this a buy? Jawesomel 07/21/15 07:38:52 PM
#5   Superior Drilling (NYSEMKT:SDPI): Q1 EPS of -$0.02 misses Timothy Smith 05/17/15 12:10:33 AM
#4   Roth Capital Raises Superior Drilling Price Target To maytepper 09/16/14 03:29:14 PM
#3   Volume above average today, looks ready to go, Belek 08/26/14 10:41:12 PM
#2   SDPI picks and shovel s Belek 07/28/14 06:27:26 AM
#1   Good Support for SDPI at the current level........BUY Belek 07/18/14 08:10:57 AM
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