Newport Beach-based Smith International reported a lower...

Newport Beach-based Smith International reported a lower net loss for 1986 on a 40.5% decrease in revenue. For the fourth quarter ended Dec. 31, 1986, a lower net loss was posted as revenue declined 51.2%. A spokesman said 1986 results included a $46.6-million charge to reduce the carrying value of excess capital assets and to write down certain inventories and other assets to estimated realizable value, plus an $18-million charge relating to employee severance and relocation costs and Chapter 11 expenses.