Exhibit 99.1
NEWS RELEASE
Wednesday, April 28, 2010
Contact:   Shawn Housley
Director, Investor Relations
(281) 443-3370
shousley@smith.com
SMITH INTERNATIONAL, INC. REPORTS FIRST QUARTER 2010 RESULTS
     HOUSTON, Texas (April 28, 2010)... Smith International, Inc. (NYSE: SII) today announced first quarter income from continuing operations of $46.5 million, or $0.19 per diluted share, excluding pre-tax charges of $23.0 million and $16.5 million related to the Venezuelan currency devaluation and transaction related costs, respectively. Reported net income for the first quarter was $11.5 million, or $0.05 per diluted share, on revenue of $2.14 billion. On a comparative basis, first quarter 2009 earnings from continuing operations, after excluding charges, were $114.5 million, or $0.52 per diluted share, on revenue of $2.41 billion, while in the fourth quarter of 2009, earnings from continuing operations were $20.1 million, or $0.09 per diluted share, on revenue of $1.98 billion.
     Increased drilling activity in the North American market was the primary driver of the improved results and was broad-based, resulting in revenue increases in nearly all of the Company’s lines of business. Smith’s oilfield-related businesses contributed a 22% sequential improvement in North America revenue. M-I SWACO gained 23% while Smith Oilfield improved by 21% sequentially. Driving the quarterly revenue gains in Smith Oilfield segment were drill bits and motors, as well as higher revenue from the cased-hole wireline and borehole enlargement services. The Distribution segment contributed significantly to the sequential improvement in both revenue and operating income as it continues to experience higher volume in its energy sector operations and better margins in part reflecting more favorable LIFO inventory cost impact.
     Consolidated revenue increased $154.0 million, or 8 percent, from the fourth quarter of 2009, while the M-I SWACO worldwide rig count increased by 10%. Nearly all of the sequential revenue increase was generated in North America, influenced by a higher level of onshore drilling and completion activity. Outside of North America, revenue was in line with the December 2009 quarter compared to a 2% sequential increase in rig activity.

 


The following information was filed by Smith International Inc on Wednesday, April 28, 2010 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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