Superior Drilling Products (SDPI) Misses Q1 EPS by 6c
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May 13, 2016 6:55 AM EDT
VERNAL, Utah, May 13, 2016 (GLOBE NEWSWIRE) -- Superior Drilling Products, Inc. (NYSE MKT: SDPI) (SDP or the Company), a designer and manufacturer of drilling tool technologies, today reported financial results for the first quarter ended March 31, 2016.Â
First Quarter 2016 Revenue Review
Revenue for the quarter was $1.44 million, down $2.63 million, or 65%, from the prior-year period as demand for contract services, which is primarily the refurbishment of drill bits for the Company's largest exclusive customer, was down $1.36 million, or 74%. Tool revenue from the sale, rental and repair of the Companys drilling tools was $954... More
May 13, 2016 6:55 AM EDT
VERNAL, Utah and HOUSTON, May 13, 2016 (GLOBE NEWSWIRE) -- Superior Drilling Products, Inc. (NYSE MKT: SDPI) (SDP), a designer and manufacturer of drilling tool technologies, and Drilling Tools International, Inc. (DTI) announced today the execution of a distribution agreement, establishing DTI as the exclusive distributor of SDPs patented Drill-N-Ream® well bore conditioning system in North American onshore and offshore markets, excluding the Rocky Mountain region. The Drill-N-Ream is a unique reaming assembly technology that both widens and conditions the well bore during the drilling process, eliminating the requirement for a dedicated reaming run.
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