Superior Drilling awarded $750,000 grant to expand manufacturing operations » 16:1509/2809/28/22
Superior Drilling Products announced that it has been awarded a grant of up to $750,000 by the State of Utah Governor's Office of Economic Opportunity as part of the Manufacturing Modernization Grant Program. Troy Meier, Chairman and CEO of Superior Drilling Products, commented, "We have been producing drilling tools for over 30 years in Utah and look forward to expanding our capacity and employee count in support of the significant demand that exists domestically and internationally. This grant will specifically help fund the acquisition of a new high-speed, tight tolerance CNC machine, as well as the ancillary costs for facility and technology upgrades, and employee training. We are grateful to the Governor's office for their long standing support of SDP and their efforts to drive manufacturing growth in Utah."
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Superior Drilling initiated with a Buy at EF Hutton » 07:2806/0906/09/22
EF Hutton analyst Ben…
EF Hutton analyst Ben Piggott initiated coverage of Superior Drilling with a Buy rating and $2 price target. Superior is well positioned to keep benefitting from an ongoing uptick in North American oil and gas activity and he sees "meaningful operating leverage" as the cycle progresses, Piggott tells investors.
Superior Drilling regains compliance with NYSE American listing standards » 07:0605/1905/19/22
Superior Drilling has…
Superior Drilling has received notification from the NYSE American that the company has regained compliance with the continued listing standard of the NYSE American Company Guide. At March 31, SDP had shareholders' equity of $6.5M, surpassing the $6.0M requirement to meet the listing standard. As of May 19, the below compliance indicator will no longer be disseminated and the company was removed from the list of NYSE American noncompliant issuers on the NYSE American's website.
Superior Drilling reports Q1 EPS 1c vs. (4c) last year » 07:1205/1305/13/22
Reports Q1 revenue $4.13M…
Reports Q1 revenue $4.13M vs. $2.43M last year. "Our team once again has demonstrated our ability to perform exceptionally well. Over the last two years, we have delivered in the face of adversity and now with markets accelerating are expanding capacity, producing efficiently and meeting customer demand. As a result, we had an excellent first quarter that demonstrated the significant leverage inherent in our operations with EBITDA margin expanding 360 basis points to 24.5% over the trailing December quarter on just 4.5% increase in revenue," commented Troy Meier, Chairman and CEO. "A regularly growing number of operators in North America are realizing the value of our Drill-N-Ream(R) wellbore conditioning tool , demand is also increasing for our quality manufacturing and refurbishment services and our markets are consistently improving. We are encouraged with the development of our new associates brought on last year that are now producing at a higher rate, which has also allowed us to take on more contract service work." Our commitment to training and efficiency remain a priority as we make further investments in building out our team with skilled experts. In addition, to support our growth expectations, we recently invested $1.1 million in new machinery that is expected to increase our capacity for both the manufacture and refurbishment of drill bits as well as other contract manufacturing work. We are excited about our future and believe that we can continue to outperform as we advance through 2022 and beyond."
Star Equity issues open letter to Superior Drilling board » 08:3705/1005/10/22
Star Equity Fund, LP and…
Star Equity Fund, LP and affiliates, a shareholder of Superior Drilling Products, issued an open letter to SDPI's Board of Directors. The letter says in part: "We strongly believe to best achieve these goals SDPI should become part of a larger entity. The most likely way for this to happen would be for SDPI to sell itself to a larger company. The Company could also pursue a merger of equals or allow a larger private company to go public via a reverse merger into SDPI. Alternatively, SDPI could be taken private if none of these options materialize. We strongly believe all these strategic options should be considered by the Board and pursued with a sense of urgency. Remaining a small public company is a poor outcome for shareholders due to the Company's microcap status and its high SG&A expenses, including management compensation and public-company costs, as a percentage of revenue. We strongly believe to best achieve these goals SDPI should become part of a larger entity. The most likely way for this to happen would be for SDPI to sell itself to a larger company. The Company could also pursue a merger of equals or allow a larger private company to go public via a reverse merger into SDPI. Alternatively, SDPI could be taken private if none of these options materialize. We strongly believe all these strategic options should be considered by the Board and pursued with a sense of urgency. Remaining a small public company is a poor outcome for shareholders due to the Company's microcap status and its high SG&A expenses, including management compensation and public-company costs, as a percentage of revenue. In addition to evaluating all options for creating shareholder value, the Company should also improve its corporate governance. We believe good corporate governance will lead to a better valuation for the stock as well as make SDPI more attractive to potential M&A partners."
Superior Drilling prices 1.7M share registered direct offering at $1.15 » 06:1110/1510/15/21
EF Hutton, division of…
EF Hutton, division of Benchmark Investments, LLC, is acting as exclusive placement agent for the offering.