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Superior Drilling Products Inc. (NYSE American: SDPI) is an industry leader specializing in the innovative design and manufacturing of drilling tool technologies for the oil, natural gas, and mining services industry. Headquartered in Vernal, Utah, the company has been a top player in the polycrystalline diamond compact (PDC) drill bit market for over two decades.
SDPI's core business includes the development and commercialization of advanced drilling tools, such as the patented Drill-N-Ream® wellbore conditioning tool and the Strider™ oscillation system technology. These tools enhance the efficiency and effectiveness of horizontal and directional drilling operations, providing cost-saving solutions that drive production efficiencies for the oil and gas sector.
Additionally, Superior Drilling Products is known for its state-of-the-art remanufacturing capabilities. The company refurbishes PDC drill bits, extending their life and improving their performance, which is particularly valued by leading oil field service companies. The company operates a cutting-edge drill tool fabrication facility in Vernal, Utah, that supports both its proprietary product lines and custom fabrication for clients.
In recent news, Superior Drilling Products has entered into a definitive agreement to be acquired by Drilling Tools International Corp. (NASDAQ: DTI) for approximately $32.2 million. This acquisition, expected to close in the third quarter of 2024, aims to leverage the synergies between the two companies. DTI, a prominent oilfield services company, has been the exclusive North American distributor for SDPI's Drill-N-Ream® tool since 2016. The merger is set to drive manufacturing and distribution efficiencies, particularly expanding the reach of the Drill-N-Ream technology into the Middle East market.
Financially, SDPI has showcased strong performance, with the majority of its revenue derived from North America. The company is poised for growth both domestically and internationally, with a strategic focus on increasing its market presence and enhancing shareholder value through innovation and strategic partnerships.
This merger with DTI is seen as a significant milestone, promising to bolster SDPI's market position and accelerate its growth trajectory in the oilfield services industry.
Superior Drilling Products, Inc. (SDPI) has announced an exclusive distribution agreement with Bin Zayed Petroleum for the marketing of its patented Drill-N-Ream® wellbore conditioning system in the Middle East and North Africa. The agreement includes a projected purchase of approximately
Superior Drilling Products, Inc. (AMEX: SDPI) announced that it has regained compliance with the NYSE American listing standards, reporting shareholders’ equity of $6.5 million as of March 31, 2022, exceeding the $6.0 million minimum requirement. CEO Troy Meier highlighted the company's growth and increased market presence, particularly in drilling tools. The compliance notification will take effect on May 19, 2022, and SDPI will be removed from the NYSE’s noncompliant issuers list.
Superior Drilling Products, Inc. (SDPI) reported a strong first quarter of 2022, with revenues rising to $4.1 million, a 70.3% increase year-over-year. Tool revenue grew 66%, while Contract Services surged by 79%. The company achieved a net income of $150,000 and an Adjusted EBITDA of $1 million, representing a 24.5% margin. Cash at quarter-end was $2.9 million, and shareholders' equity was $6.5 million. SDPI continues to expand capacity and invest in new machinery to enhance production efficiency, indicating robust growth potential in the oil and gas sector.
Superior Drilling Products, Inc. (NYSE American: SDPI) will release its first quarter 2022 financial results on May 13, 2022, before market opening. A conference call will follow at 10:00 a.m. MT to discuss these results along with corporate strategy and outlook. Participants can join via phone or webcast, with an archived replay available until May 20, 2022. SDP specializes in drilling tool technologies and aims to enhance production efficiencies in the oil and natural gas sectors.
Superior Drilling Products, Inc. (SDPI) reported robust fourth quarter revenue of $4.0 million, over 2.5 times last year and up 11% sequentially. For the full year 2021, revenue reached $13.3 million, a 27% increase fueled by surging demand for the Drill-N-Ream® tool amid a North American oil and gas recovery. The company achieved net income of $645 thousand for the quarter and Adjusted EBITDA of $827 thousand, representing 20.9% of revenue. Shareholders' equity stood at $6.1 million by year-end, reflecting positive financial health.
Superior Drilling Products, Inc. (NYSE American: SDPI) will release its fourth quarter 2021 financial results on March 11, 2022, before market opening. A conference call will be held at 10:00 a.m. MT to discuss the results, corporate strategy, and outlook, followed by a Q&A session. Shareholders can access a replay of the call until March 18, 2022. SDPI specializes in drilling tool technology, offering innovative solutions like the patented Drill-N-Ream® and Strider™ technologies, aiming to enhance efficiency in the oil and gas industry.
Superior Drilling Products, Inc. (NYSE American: SDPI) announced that its CEO, Troy Meier, and CFO, Christopher Cashion, will present at the Sidoti Virtual Microcap Conference on December 9, 2021, at 1:00 pm Eastern Time. The conference will offer insights into the company's innovative drilling tool technologies designed to enhance efficiency in the oil and gas sector. A webcast and presentation materials will be accessible at www.sdpi.com/Events, with an archive available post-conference.
Superior Drilling Products (SDPI) reported a robust 130% year-over-year revenue growth to $3.6 million for Q3 2021, driven by a 172% increase in North America and a 22% rise internationally. The company achieved breakeven earnings per diluted share, with a minimal net loss of $6,000, an improvement from a net loss of $1.7 million in the prior year. Adjusted EBITDA reached $853,000, representing 23.9% of revenue. Post-quarter, SDPI strengthened its balance sheet with $1.7 million from an equity offering, indicating confidence in future growth amidst strong demand for its drilling technologies.
Superior Drilling Products, Inc. (AMEX: SDPI) will release its third quarter 2021 financial results on November 12, 2021, before market open. The Company will also host a conference call at 10:00 a.m. MT to discuss the results and corporate strategy, followed by a Q&A session. Investors can access a telephonic replay of the call from 1:00 p.m. MT that day until November 19, 2021. Superior Drilling Products specializes in innovative drilling tool technologies aimed at the oil and natural gas drilling sector.
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