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OKLAHOMA CITY, Aug. 14, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- SIXTY SIX OILFIELD SERVICES, INC. (OTCBB: SSOF), announces Second Quarter Net Revenue of $176K on Gross Sales of $2.4M for the period ended June 30, 2018. Compared to the same period in 2017, the Company achieved quarter over quarter improvements of approximately 26% in gross sales, but a decline of 80%in net revenue. The Company's net margins decreased from 28% to 6% which reflected a change in the product mix for the quarter in which more new and used drilling pipe was sold which had higher procurement and refurbishment costs.
Dave T. Ho, President and Chief Executive Officer said "During the second quarter of the year we continue to work diligently to provide a quality product to the ever challenging demands of the drilling sector. Quality used drilling pipe supplies have tightened and this will continue to impact the Company's overall profit margin if more new pipe is sold versus existing used inventory. We feel that the oil industry in the U.S. will further strengthen which helps us to grow with the industry and one of the key reasons behind our recent acquisition of Five Star Rig and Supply.
About Sixty Six Oilfield Services, Inc.
Sixty Six Oilfield Services is now a third-generation heavy oil field equipment company founded in Oklahoma in 1959. Subsequent to the period ending June 30, 2018, the Company has completed the exchange with Fluid End Sales doing business as Five Star Rig and Supply which was established as a family owned business in 1984. The Company will continue to focus on supplying the oil industry with custom drilling rigs, heavy-weight drill pipe, drill collars, pup joints, pony collars, handling tools, tubing, casing, blow-out preventers, engines, compressors and other select equipment to customers world-wide through its facilities in Oklahoma City, Germany and Dubai. The Company's services include the sale of new equipment, sale of refurbished and certified used equipment, as well as rental of oilfield equipment.
SAFE HARBOR AND INFORMATIONAL STATEMENT
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company's reports filed with the SEC. The Company is not eligible to rely on the safe harbor provided by Section 21E(c) of the Exchange Act because it is not subject to filing periodic reports under Sections 13 or 15(d) of the Exchange Act.
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