Severe price discounting and $3 million in...

Severe price discounting and $3 million in severance-pay costs related to recent layoffs contributed to a $10.3-million first-quarter loss for Smith International, Newport Beach. Smith said that both domestic and international revenues rose slightly in the quarter, with domestic revenues accounting for 59% of the total, the same as last year. For the last three years, Smith has been affected by an industrywide slump in oil and gas drilling activities. Domestic oil and gas drilling activity in the first quarter of 1985 was 12% lower than in the first quarter of 1984, officials said. Smith so far this year has laid off about 800 workers, representing 10% of the company’s worldwide work force.

For detailed data and results of other companies, please see accompanying tables.