SMITH INTERNATIONAL, INC.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FEBRUARY 8, 2005
DATE OF REPORT
(Date of earliest event reported)
SMITH INTERNATIONAL, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE 1-8514 95-3822631
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
411 N. SAM HOUSTON PARKWAY, SUITE 600
HOUSTON, TEXAS
(Address of principal executive offices)
77060
(Zip Code)
(281) 443-3370
(Registrant's telephone number, including area code)
ITEM 8.01 OTHER EVENTS
On February 2, 2005 the Registrant issued a press release entitled
"Smith International, Inc. Initiates Quarterly Cash Dividend." The text of the
press release is as follows:
SMITH INTERNATIONAL, INC. INITIATES
QUARTERLY CASH DIVIDEND
HOUSTON, Texas (February 2, 2005)... Smith International, Inc. (NYSE:
SII) today announced that its Board of Directors has approved a cash dividend
program for shareholders. The Board declared a quarterly cash dividend of $0.12
per share, which translates into an annualized dividend of $0.48 per share. The
first dividend payment will be made April 15, 2005 to shareholders of record on
March 15, 2005. Additionally, the Company announced that its share repurchase
program will remain in effect.
Doug Rock, Chairman and CEO, commented, "This dividend underscores our
Board of Directors' confidence in Smith's financial strength and our prospects
for the future. We're pleased to return a portion of our earnings to our
shareholders, without compromising our ability to pursue acquisitions and
organic growth opportunities."
Margaret Dorman, Chief Financial Officer, also noted, "The decision to
initiate a dividend program reflects our long-term commitment to provide value
to our shareholders. Our low debt levels and strong cash flow generation
capabilities provide the flexibility to fund dividends and share repurchases
while still having the financial resources to grow our business."
Smith International, Inc. is a leading worldwide supplier of premium
products and services to the oil and gas exploration and production industry,
the petrochemical industry and other industrial markets through its four
principal business units - M-I SWACO, Smith Technologies, Smith Services and
Wilson.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SMITH INTERNATIONAL, INC.
Date: February 8, 2005 /s/ Neal S. Sutton
---------------------------------------
By: Neal S. Sutton
Senior Vice President - Administration,
General Counsel and Secretary