Superior Drilling Products, Inc., a drilling and completion tool technology company, innovates, designs, engineers, manufactures, sells, rents, and repairs drilling and completion tools in the United States, Canada, the Middle East, and Eastern Europe. Its drilling solutions include Drill-N-Ream, a dual-section wellbore conditioning tool; Strider, a drill string oscillation system technology; and V-Stream, an advanced conditioning system. The company is also involved in the manufacture and refurbishment of polycrystalline diamond compact drill bits for an oil field services company. It serves oil and natural gas drilling industry. The company was formerly known as SD Company, Inc. and changed its name to Superior Drilling Products, Inc. in May 2014. Superior Drilling Products, Inc. was founded in 1993 and is headquartered in Vernal, Utah.
IPO Year: 2014
Exchange: AMEX
Website: sdpi.com
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HOUSTON, March 18, 2024 /PRNewswire/ -- Drilling Tools International Corp. ("DTI" or the "Company") (NASDAQ:DTI), today announced it has closed on the acquisition of UK-based Deep Casing Tools ("DCT"), a global leader in innovative downhole technology solutions. Details of the transaction were not disclosed. Deep Casing Tools specializes in the design, engineering and manufacture of a range of patented and innovative products that add value to well construction, well completion and casing installation processes. Since 2012, Deep Casing Tools has supported operators within the energy sector globally, including areas within the Middle East as well as Europe, America and Asia. The firm was est
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Superior Drilling Products, Inc. (NYSE:SDPI) ("SDPI") announced today the preliminary results of the elections made by holders of SDPI common stock regarding the form of merger consideration to be received in connection with the pending acquisition of SDPI (the "Transaction") of Drilling Tools International Corporation (NASDAQ:DTI) ("DTI"). On July 29, 2024, the shareholders of SDPI approved the transactions contemplated by the Agreement and Plan of Merger entered into on March 6, 2024 among DTI, SDPI, DTI Merger Sub I, Inc., a Delaware corporation and direct wholly owned subsidiary of DTI ("Merger Sub I"), and DTI Merger Sub II, LLC, a Delaware limited liability company and direct wholly
Superior Drilling Products, Inc. (NYSE:SDPI) ("SDP" or the "Company"), a designer and manufacturer of drilling tool technologies, today announced that its shareholders voted to approve the acquisition of SDP by Drilling Tools International Corporation ("DTI") (NASDAQ:DTI) at the special meeting of shareholders held yesterday. Troy Meier, SDP's Chairman and CEO, stated, "We are pleased to have reached this important milestone and appreciate the support of our shareholders. Their confidence reflects a shared recognition of the tremendous opportunities ahead as a combined company. We are committed to ensuring a seamless transition and are excited to embark on this new chapter." More than 9
HOUSTON and VERNAL, Utah, July 25, 2024 /PRNewswire/ -- Drilling Tools International Corporation (NASDAQ:DTI) ("DTI") and Superior Drilling Products, Inc. (NYSE:SDPI) ("SDPI") jointly announced today, that in connection with DTI's anticipated and pending acquisition of SDPI (the "Merger"), the deadline for SDPI shareholders to elect the form of merger consideration they wish to receive in the Merger has been set for 5:00 p.m., New York time, on July 29, 2024 (the "Election Deadline"). If the SDPI shareholders approve the Merger at the upcoming special meeting expected to be held July 29, 2024, DTI and SDPI expect that the Merger will close on August 1, 2024 (the "Closing Date"). If the Closi
Called on Company to Explore Strategic Alternatives in 2022 and Again in 2023 Star Equity Fund Will Vote FOR the Sale to Drilling Tools International OLD GREENWICH, Conn., July 08, 2024 (GLOBE NEWSWIRE) -- Star Equity Fund, LP and affiliates ("Star Equity Fund", "we", "our"), an approximate 10% shareholder of Superior Drilling Products, Inc. (NYSE:SDPI) ("SDPI" or the "Company"), announced today a successful conclusion to its campaign at SDPI. Under pressure from our campaign, the Company announced its sale to Drilling Tools International ("DTI") on March 7, 2024. Details of the transaction, which was unanimously approved by the Boards of both DTI and SDPI and a
Superior Drilling Products, Inc. (NYSE:SDPI) ("SDP" or the "Company"), a designer and manufacturer of drilling tool technologies, today reported financial results for the first quarter ended March 31, 2024. On March 7, 2024, Drilling Tools International Corp. ("DTI") (NASDAQ:DTI) and SDP jointly announced they have entered into a definitive agreement under which DTI agreed to acquire SDP for total consideration of approximately $32.2 million. The closing of the transaction is expected to occur in the third quarter of 2024. First Quarter 2024 Revenue Review (See at "Definitions" the composition of product/service revenue categories.) ($ in thousands) March 31,2024 December 31,202
Company Reaffirms 2024 Outlook HOUSTON, May 9, 2024 /PRNewswire/ -- Drilling Tools International Corp., (NASDAQ:DTI) ("DTI" or the "Company"), a global oilfield services company that designs, engineers, manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, as well as other cutting-edge solutions across the well life cycle, today reported 2024 first quarter results and reaffirmed its 2024 full year outlook. DTI generated total consolidated revenue of $37 million in the first quarter of 2024. First quarter Tool Rental net revenue was approximately $30 million and Product Sales net revenue t
Company Provides 2024 Full Year Outlook Estimated adjusted free cash flow to more than double in 2024 HOUSTON, March 27, 2024 /PRNewswire/ -- Drilling Tools International Corp., (NASDAQ:DTI) ("DTI" or the "Company"), a global oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, today reported its 2023 full year results and provided its 2024 full year outlook. 2023 Full Year Highlights Revenue $152 million Net Income $14
HOUSTON, March 18, 2024 /PRNewswire/ -- Drilling Tools International Corp. ("DTI" or the "Company") (NASDAQ:DTI), today announced it has closed on the acquisition of UK-based Deep Casing Tools ("DCT"), a global leader in innovative downhole technology solutions. Details of the transaction were not disclosed. Deep Casing Tools specializes in the design, engineering and manufacture of a range of patented and innovative products that add value to well construction, well completion and casing installation processes. Since 2012, Deep Casing Tools has supported operators within the energy sector globally, including areas within the Middle East as well as Europe, America and Asia. The firm was est
Company announces 2023 year end conference call for March 28, 2024 HOUSTON, March 7, 2024 /PRNewswire/ -- Drilling Tools International Corp., (NASDAQ:DTI) ("DTI" or the "Company"), a global oilfield services company that manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, today provided preliminary estimate ranges for selected 2023 full year results. Wayne Prejean, CEO of DTI, stated, "After initial review, we are providing preliminary estimates of our 2023 full year results as follows: Preliminary Estimates for 2023 Full Year Results (Unaudited) Estimated Revenue
Entered into a definitive agreement to be acquired by Drilling Tools International Corp. Superior Drilling Products, Inc. (NYSE:SDPI) ("SDP" or the "Company"), a designer and manufacturer of drilling tool technologies, today reported financial results for the fourth quarter and full year ended December 31, 2023. In a separate news release dated March 7, 2024, Drilling Tools International Corp. ("DTI") (NASDAQ:DTI) and SDP jointly announced they have entered into a definitive agreement under which DTI agreed to acquire SDP for total consideration of approximately $32.2 million. In the transaction, SDP shareholders may elect to receive, subject to the election, proration and adjustment mech
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Company Reaffirms 2024 Outlook HOUSTON, May 9, 2024 /PRNewswire/ -- Drilling Tools International Corp., (NASDAQ:DTI) ("DTI" or the "Company"), a global oilfield services company that designs, engineers, manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, as well as other cutting-edge solutions across the well life cycle, today reported 2024 first quarter results and reaffirmed its 2024 full year outlook. DTI generated total consolidated revenue of $37 million in the first quarter of 2024. First quarter Tool Rental net revenue was approximately $30 million and Product Sales net revenue t
Superior Drilling Products, Inc. (NYSE:SDPI) ("SDP" or "Company"), a designer and manufacturer of drilling tool technologies, today announced that it will release its fourth quarter and full year 2023 financial results before the opening of financial markets on Thursday, March 7, 2024. The Company will host a conference call and webcast that day to review the financial and operating results and discuss its corporate strategy and outlook. A question-and-answer session will follow. Fourth Quarter and Full Year 2023 Conference Call Thursday, March 7, 2024 10:00 a.m. Mountain Time (12:00 p.m. Eastern Time) Phone: (201) 689-8470 Internet Webcast and accompanying slide presentation: sdpi.co
Third quarter revenue was $5.1 million Strengthened international technical support group to capitalize on significant near- and long-term opportunities Creating greater value of underlying operations to drive value for strategic initiatives effort Generated strong cash from operations of $3.2 million in the quarter and $4.1 million year-to-date compared with $1.3 million during the prior-year period Reaffirmed 2023 outlook Superior Drilling Products, Inc. (NYSE:SDPI) ("SDP" or the "Company"), a designer and manufacturer of drilling tool technologies, today reported financial results for the third quarter ended September 30, 2023. Troy Meier, Chairman and CEO, commented, "
Superior Drilling Products, Inc. (NYSE:SDPI) ("SDP" or "Company"), a designer and manufacturer of drilling tool technologies, today announced that it will release its third quarter 2023 financial results before the opening of financial markets on Thursday, November 9, 2023. The Company will host a conference call and webcast that day to review the financial and operating results and discuss its corporate strategy and outlook. A question-and-answer session will follow. Third Quarter 2023 Conference Call Thursday, November 9, 2023 10:00 a.m. Mountain Time (12:00 p.m. Eastern Time) Phone: (201) 689-8470 Internet Webcast and accompanying slide presentation: sdpi.com A telephonic replay
Second quarter revenue rose $827 thousand, or 18%, to $5.4 million year-over-year Tool revenue grew 23% and Contract Services revenue was up 10% Strong operating leverage resulted in measurably improved operating income of $546 thousand, or 10.2% of sales; Operating income up over 4x year-over-year Achieved net income of $323 thousand or $0.01 per diluted share Adjusted EBITDA* of $1.2 million up 46% over prior-year period; Adjusted EBITDA margin expanded 430 basis points to 22.6% Opened new service and technology center in Dubai during the quarter 2023 outlook updated with revenue between $22 million to $24 million and Adjusted EBITDA* of $5.5 million to $6.5 million
Superior Drilling Products, Inc. (NYSE:SDPI) ("SDP" or "Company"), a designer and manufacturer of drilling tool technologies, today announced that it will release its second quarter 2023 financial results before the opening of financial markets on Monday, August 14, 2023. The Company will host a conference call and webcast that day to review the financial and operating results and discuss its corporate strategy and outlook. A question-and-answer session will follow. Second Quarter 2023 Conference Call Monday, August 14, 2023 10:00 a.m. Mountain Time (12:00 p.m. Eastern Time) Phone: (201) 689-8470 Internet Webcast and accompanying slide presentation: sdpi.com A telephonic replay will
First quarter revenue rose $2.2 million, or 52%, to a record $6.3 million over the prior-year period and was up 19.5% sequentially Tool revenue grew 54% and Contract Services revenue was up 49% Strong operating leverage resulted in measurably improved operating income of $1.4 million, or 21.9% of sales; Operating income nearly doubled sequentially Achieved net income of $1.5 million or $0.05 per diluted share Adjusted EBITDA* of $2.0 million nearly doubled; Adjusted EBITDA margin expanded 760 basis points to 32.1%, the highest level in recent history 2023 outlook reaffirmed with revenue between $24 million to $27 million and Adjusted EBITDA* of $6.5 million to $7.5 million
Superior Drilling Products, Inc. (NYSE:SDPI) ("SDP" or "Company"), a designer and manufacturer of drilling tool technologies, today announced that it will release its first quarter 2023 financial results before the opening of financial markets on Thursday, May 11, 2023. The Company will host a conference call and webcast that day to review the financial and operating results and discuss its corporate strategy and outlook. A question-and-answer session will follow. First Quarter 2023 Conference Call Thursday May 11, 2023 6:30 a.m. Mountain Time (8:30 a.m. Eastern Time) Phone: (201) 689-8470 Internet Webcast and accompanying slide presentation: www.sdpi.com A telephonic replay will be
Strong demand for SDP's flagship Drill-N-Ream® (DNR) wellbore conditioning tool and contract services for the manufacture and refurbishment of drill bits drove annual revenue growth of 43%, or $5.8 million, to $19.1 million Annual tool revenue grew 34% and Contract Services revenue was up 65% Fourth quarter revenue increased $1.3 million, or 33%, to $5.3 million over the prior-year period Strong operating leverage resulted in measurably improved annual operating income of $1.9 million, or 10.1% of sales, compared with an operating loss in 2021; Fourth quarter operating income increased to $701 thousand or 13.3% of sales Achieved net income of $1.1 million, or $0.04 per diluted sh
Superior Drilling Products, Inc. (NYSE:SDPI) ("SDP" or "Company"), a designer and manufacturer of drilling tool technologies, today announced that it will release its fourth quarter and full year 2022 financial results before the opening of financial markets on Friday, March 10 2023. The Company will host a conference call and webcast that day to review the financial and operating results and discuss its corporate strategy and outlook. A question-and-answer session will follow. Fourth Quarter and Full Year 2022 Conference Call Friday, March 10 2023 10:00 a.m. Mountain Time (12:00 p.m. Eastern Time) Phone: (201) 689-8470 Internet Webcast and accompanying slide presentation: www.sdpi.com A