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Business Description
Smith International, Inc. is a worldwide supplier of products and services to the oil and gas exploration and production industry, the petrochemical industry and other industrial markets. The Company provides a line of products and engineering services, including drilling and completion fluid systems, solids-control equipment, waste-management services, production chemicals, three-cone and diamond drill bits, turbines, fishing services, drilling tools, underreamers, casing exit and multilateral systems, packers and liner hangers. Smith International also offers supply-chain management solutions through an extensive North American branch network providing pipe, valves, fittings, mill, safety and other maintenance products. The Company operates in two segments: Oilfield Products and Services, comprised of M-I SWACO, Smith Technologies and Smith Services, and Distribution, consisting of Wilson, which markets pipe, valves and fittings to energy and industrial markets.

Financial Information
For the nine months ended 9/30/04, revenues rose 23% to $3.2 billion. Net income before acctg. change increased 43% to $124.2 million. Revenues reflect higher North American land-based drilling activity. Net income reflects lower interest expense.