Smith International Inc.’s net income was $481,000...

Smith International Inc.’s net income was $481,000 for the first quarter, compared to $12 million for the same period a year ago. The Irvine-based drilling tools and products manufacturer said an accounting change heavily contributed to the first-quarter 1987 income figures. Revenue for the first quarter of 1988 was $77.6 million, up from $56 million for the same quarter a year ago, reflecting improved domestic and international drilling activity, the company said.