Exhibit 99.1
(SMITH New Release LOGO)
Tuesday, January 29, 2008
Contact:   Margaret K. Dorman
Chief Financial Officer
(281) 443-3370
SMITH INTERNATIONAL, INC. REPORTS FOURTH
QUARTER AND FISCAL YEAR RESULTS
     HOUSTON, Texas (January 29, 2008)... Smith International, Inc. (NYSE: SII) today announced fourth quarter net income of $167.0 million, or 83 cents per share, on revenues of $2.3 billion. The Company’s fourth quarter after-tax earnings were 17 percent above the comparable prior-year period which had earnings of $143.0 million, or 71 cents per share, on revenues of $2.0 billion. On a full-year basis, Smith reported sales of $8.76 billion with resulting earnings of $647.1 million, or $3.20 per diluted share — a 29 percent profitability improvement over the prior fiscal year.
     Consolidated revenues were two percent above the amounts reported in the third quarter of 2007, reflecting reasonably flat global activity levels period-to-period. The sequential revenue improvement was associated with the Oilfield segment operations, which generated sequential revenue growth of five percent — supported by higher offshore revenue volumes and continued expansion in the Eastern Hemisphere markets. Consolidated results were in-line with amounts reported for the September 2007 quarter as the profitability associated with incremental Eastern Hemisphere business volumes was offset by the impact of activity declines in the shallow U.S. offshore market and, to a lesser extent, weather and other issues related to several start-up projects in Mexico. On a combined basis, these factors contributed to a $7.9 million reduction in net income in the December 2007 quarter.
     Commenting on the results, Chairman and CEO, Doug Rock stated, “Fourth quarter revenues and earnings set records for Smith, but margins failed to improve. During the quarter, the reduction of working jack-up rigs in the U.S. Gulf Coast along with a curtailment of premium tubular demand in a flat U.S. drilling market caused a decline in Smith Services revenues and margins. Additionally,

 


The following information was filed by Smith International Inc on Tuesday, January 29, 2008 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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