Exhibit 99.1
NEWS RELEASE
Tuesday, July 28, 2009
Contact:    Margaret K. Dorman
Chief Financial Officer
(281) 443-3370
SMITH INTERNATIONAL, INC. REPORTS
SECOND QUARTER RESULTS
     HOUSTON, Texas (July 28, 2009)... Smith International, Inc. (NYSE: SII) today announced second quarter income from continuing operations of $32.1 million, or $0.15 per diluted share, after excluding a $7.7 million after-tax charge related to severance and other cost reduction efforts. Reported results for the second quarter of 2009 totaled $24.4 million, or $0.11 cents per diluted share, on revenues of $1.94 billion. On a comparative basis, second quarter 2008 earnings from continuing operations totaled $183.3 million on revenues of $2.49 billion, while first quarter 2009 earnings from continuing operations, net of charges, totaled $114.5 million on revenues of $2.41 billion.
     The second quarter financial performance reflects reductions in North American exploration and production spending attributable to unfavorable natural gas fundamentals. Moreover, lower activity levels have contributed to excess industry capacity in the U.S. land drilling market — leading to higher discounting in a number of the Company’s product and service offerings. These factors, combined with the seasonal drilling downturn in Canada, had a significant impact on the quarter’s results.
     Consolidated revenues declined 19 percent from the March 2009 period, which compares to a 25 percent reduction in global drilling activity. The revenue decrease was concentrated in the Western Hemisphere market driven by a 31 percent reduction in the U.S. land rig count and, to a lesser extent, the annual break-up in Canada and offshore activity declines in Mexico. Eastern Hemisphere revenues fell five percent from the March period influenced by the timing of offshore projects in the West Africa region. On a year-on-year basis, after adjusting for the retained W-H Energy operations, pro forma revenues declined 30 percent versus a 36 percent decline in comparable activity levels.

 


The following information was filed by Smith International Inc on Tuesday, July 28, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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