Superior Drilling Products, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2020
November 06, 2020 at 06:30 am EST
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Superior Drilling Products, Inc. announced earnings results for the third quarter ended September 30, 2020. For the third quarter, the company announced total revenue was USD 1.547 million compared to USD 5.076 million a year ago. Operating loss was USD 1.546 million compared to USD 227,113 a year ago. Net loss was USD 1.731 million compared to USD 417,758 a year ago. Basic loss per share from continuing operations was USD 0.07 compared to USD 0.02 a year ago. For the nine months, total revenue was USD 8.929 million compared to USD 14.656 million a year ago. Operating loss was USD 2.377 million compared to USD 530,701 a year ago. Net loss was USD 2.774 million compared to USD 1.061 million a year ago. Basic loss per share from continuing operations was USD 0.11 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.
SUPERIOR DRILLING PRODUCTS, INC. 
