Superior Drilling Products, Inc. Reports Earnings Results for the Fourth Quarter Ended December 31, 2020
March 11, 2021 at 06:30 am
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Superior Drilling Products, Inc. announced earnings results for the fourth quarter ended December 31, 2020. For the fourth quarter, the company announced total revenue was USD 1.541 million compared to USD 4.341 million a year ago. Operating loss was USD 1.445 million compared to USD 371,067 a year ago. Net loss was USD 655,142 compared to net income of USD 124,634 a year ago. Basic loss per share from continuing operations was USD 0.03. For the full year, total revenue was USD 10.470 million compared to USD 18.997 million a year ago. Operating loss was USD 3.822 million compared to USD 901,767 a year ago. Net loss was USD 3.429 million compared to USD 936,423 a year ago. Basic loss per share from continuing operations was USD 0.13 compared to USD 0.04 a year ago.
Superior Drilling Products, Inc. is a drilling and completion tool technology company engaged in 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 in the United States, Canada, and the Middle East. Its drilling solutions include the patented Drill-N-Ream well bore conditioning tool and the patented Strider oscillation system technology. In addition, the Company is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for oil field service companies. The Company operates a drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers' custom products. Its subsidiaries include Superior Drilling Solutions, LLC, Superior Design and Fabrication, LLC, Extreme Technologies, LLC, Meier Properties Series, LLC, Meier Leasing, LLC, and Hard Rock Solutions, LLC.