Smith International Inc. reported a net loss...

Smith International Inc. reported a net loss of $23.3 million for 1988, contrasted with net income of $29.7 million in 1987. Revenue rose to $320.8 million, up 21%. The Irvine-based supplier of products and services to the oil and gas drilling industries said the results reflected a $23.4-million provision for costs associated with the closing of its Irvine operations and consolidation of all U.S. manufacturing into Ponca City, Okla., and Houston early this year.

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