Superior Drilling Products, Inc. Reports Earnings Results for the Fourth Quarter Ended December 31, 2020
March 11, 2021 at 06:30 am EST
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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. The Company is engaged in providing cost-saving solutions that drive production efficiencies for the oil and natural gas drilling industries. It designs, engineers, manufactures, sells, and repairs drilling and completion tools in the United States, Canada, and the Middle East. Its drilling solutions include the patented Drill-N-Ream well bore conditioning tool (Drill-N-Ream tool) and the patented Strider Drill String Oscillation System technology (Strider technology). In addition, it is a manufacturer and refurbisher of polycrystalline diamond compact (PDC) drill bits for oil field service companies. It operates a drill tool fabrication facility and manufactures solutions for the drilling industry, as well as customersâ custom products for other applications. Its subsidiaries include Superior Drilling Solutions, LLC, Extreme Technologies, LLC, Meier Properties Series, LLC, and Meier Leasing, LLC.