Smith International, Inc. Reports a Decline in Earnings

Consolidated revenues for the quarter are expected to decline four percent from the prior year period to approximately $830 million, primarily attributable to a 27 percent reduction in North American-based drilling activity. While results for the period have not yet been consolidated, the Company believes earnings per share on a diluted basis will be in the 56 to 59 cent range, impacted by non-recurring charges recorded during the quarter. Excluding these non-recurring items, which primarily consist of severance and currency-related write-downs associated with certain Latin American operations, the Company believes it will report earnings in the low 60 cent per share range, materially in line with the current Thomson Financial/First Call consensus estimate.

Currently, Arthur Andersen LLP serves as the Company's independent public accountants. Due to a pending review to select an independent accountant for the 2002 fiscal year, quarterly financial results will be released on Thursday, May 2, 2002 before the market opens.


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