Superior Drilling Products (SDPI) Reports Prelim. Q3 Revenue of $2.26M
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Superior Drilling Products, Inc. (NYSE: SDPI) today announced its preliminary revenue estimate for the third quarter of 2016. This estimate of revenue is subject to completion of the Company’s customary quarterly closing and the completion of the interim review procedures by the Company’s independent registered public accounting firm.
The Company estimates revenue for the third quarter of 2016 to be approximately $2.26 million, more than two times greater than $1.1 million in revenue reported for the trailing second quarter of 2016.
Troy Meier, Chairman and CEO of SDP commented, “The sequential improvement in revenue is primarily the result of the success of our distribution agreement with Drilling Tools International (“DTI”) which has accelerated customer adoption of our Drill-N-Ream® technology. We are seeing demand increasing from a greater number of operators. In addition, our technology is gaining greater recognition given operators' intense interest in identifying technologies that will enhance productivity and reduce costs as the drill rig count improves. We have confidence in DTI’s ability and interest in achieving the market penetration goals required of them. And, we believe that the resulting economics provides us a quicker path to achieving our goal of becoming cash flow positive early next year. Equally as important, we remain focused on executing our growth strategy by continuously improving our technologies and inventing new innovative drill string tools.”
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