Smith International, the Newport Beach oil-drilling equipment...

Smith International, the Newport Beach oil-drilling equipment manufacturer, reported second-quarter net income of $1.1 million on revenue of $81.8 million. That contrasts with a net loss of $59.3 million on revenues of $59.6 million for the second quarter of 1987. The company cited improved drilling activity in the United States, Canada and the North Sea, and aggressive pricing as factors contributing to the turnaround. Smith, which emerged from bankruptcy in January, is also beginning to reap the benefits of a corporate restructuring that included the sale of many of its divisions.