Superior Drilling Products, Inc. announces preliminary fourth quarter 2020 sales that will be held constant in sequence

VERNAL, Utah – (BUSINESS WIRE) – Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technology, today announced unaudited preliminary earnings for the fiscal year ended December 31, 2020 10.5 M $ and $ 1.5 M for the fourth quarter. Preliminary sales for the fourth quarter of 2020 were approximately $ 1.2 million from the US market and $ 0.3 million outside the US. Fourth quarter preliminary contract services revenue of $ 0.6 million improved nearly 80% in the third quarter. Preliminary tool sales were $ 0.9 million.

Even in unprecedented conditions with the global pandemic, international sales grew 43% in 2020 to approximately $ 1.9 million from $ 1.3 million in 2019. At the end of 2020, SDP had $ 1.96 million in cash versus $ 1.4 million at the end of the third quarter of 2020 and $ 1.2 million at the end of 2019. Preliminary results are subject to change until verified by the company’s independent accountants.

Troy Meier, Chairman and CEO, commented, “While 2020 was a year we’d love to forget soon, we believe we have made excellent progress in our strategy to expand the penetration of the Drill-N- well conditioning tool. Ream® (DNR). We have won new customers at home and abroad. We also received the AS9100D with ISO 9001: 2015 certification, which gives us another opportunity to diversify both within our primary industries and into others. The important thing is that activities have improved in 2021 and that we are rebuilding our team to meet demand. ”

Conference call and webcast for the fourth quarter and all of 2020

The company will publish its full fourth quarter and full year 2020 financial results ahead of the financial markets opening on Thursday, March 11, 2021, and will host a conference call on the same day.

Thursday March 11th 2021

10:00 a.m. mountain time (12:00 p.m. east time)

Phone: (201) 689-8470

Webcast and accompanying slide presentation: www.sdpi.com

A phone replay will be available from 1:00 p.m. (3:00 p.m. ET) on the day of the conference call through Thursday, March 18, 2021. To listen to the archived call, dial (412) 317-6671 and enter the conference ID number 13715002 or access the webcast replay from the company’s website at www.sdpi.com where a transcript will be posted as soon as it is available.

About Superior Drilling Products, Inc.

Superior Drilling Products, Inc. is an innovative, state-of-the-art drilling tool technology company providing cost-effective solutions that increase production efficiency for the oil and gas drilling industry. The company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well conditioning tool and patented Strider ™ oscillation system technology. In addition, SDP is a manufacturer and remanufacturer of PDC drills (Polycrystalline Diamond Compact) for a leading oil field service company. SDP operates a state-of-the-art drilling tool production facility where it manufactures its solutions for the drilling industry as well as customer-specific products. The company’s growth strategy is to leverage its expertise in drilling tool technology and innovative precision machining to expand its product offering and solutions for the oil and gas industry.

Further information about the company can be found at: www.sdpi.com.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements and information that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, except for historical facts, contained in this news release including, without limitation, achieving the objective of the Continuing Listing Plan presented to NYSE American, increasing fossil fuel efficiency and obtaining benefits for our customers, the environment and the global economy, and the success of leveraging manufacturing expertise to drive growth and profit are forward-looking statements. The use of the words “could”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “may”, “continue”, “predict”, “potential”, “project”, “forecast” “,” Should “or” plan “and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements reflect the company’s beliefs and expectations and are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include the duration of the COVID-19 pandemic and the associated effects on the oil and natural gas industry, the effectiveness of the expansion success in international markets, the options available for market channels in North America and the postponement of commercialization of the Strider technology, the company’s business strategy success and growth prospects; the market success of the company’s specialized tools, the effectiveness of its sales efforts, cash flow and liquidity; Financial projections and actual operating results; Amount, type and time of investments; the availability and terms of capital; Competition and government regulations; and general economic conditions. These and other factors could adversely affect the results and financial effects of the company’s plans described and described herein. The company assumes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this document.