Exhibit 99.1
PRESS RELEASE
SMITH INTERNATIONAL, INC.
P.O. BOX 60068
HOUSTON, TX 77205-0068
WEBSITE ADDRESS: smith.com
For Release
Tuesday, January 30, 2007
     
Contact:
  Margaret K. Dorman
 
  Chief Financial Officer
 
  (281) 443-3370
SMITH INTERNATIONAL, INC. REPORTS
FOURTH QUARTER EARNINGS OF 71 CENTS PER SHARE
     HOUSTON, Texas (January 30, 2007)...Smith International, Inc. (NYSE: SII) today announced fourth quarter net income of $143.0 million, or 71 cents per share on a diluted basis, on revenues of $2.00 billion. The strong performance of the Eastern Hemisphere operations, which posted revenue growth of 40 percent over the prior year period due to the continuing expansion in drilling activity, contributed to the improved financial results. Net earnings for the comparable prior year quarter, which included a one-cent charge associated with a drill bit patent settlement, were $88.6 million, or 44 cents per share, on revenues of $1.53 billion.
     Net income for the third quarter of 2006 totaled $132.9 million, or 66 cents per share, on revenues of $1.91 billion. The sequential revenue improvement was attributable to a 10 percent increase in Eastern Hemisphere business volumes, influenced by growth in West Africa, the Middle East and the Former Soviet Union. Sequential earnings grew five cents per share driven by higher sales of premium fluids in the international offshore market, increased environmental service equipment rentals and strong demand for drill pipe and other tubular products.
     Doug Rock, Chairman and CEO, commented, “Our Eastern Hemisphere operations showed strong sequential and year-over-year revenue and earnings growth in the fourth quarter of 2006, providing momentum for the current year. We believe 2007 will be a solid growth year for Smith and the recent surge in seismic survey sales and exploratory drilling provides further evidence that demand for Smith’s products will continue to expand for years to come. Accordingly, we believe the current Thomson Financial 2007 consensus estimate for Smith’s earnings per share is a reasonable expectation for our performance.”

 


The following information was filed by Smith International Inc on Tuesday, January 30, 2007 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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