MILFORD, Mass.--(BUSINESS WIRE)--April 27, 2000--Waters Corporation (NYSE:WAT) reported today that first quarter 2000 sales increased by 15% over prior year levels before unfavorable currency effects. After currency effects, reported sales growth was 13%. Earnings per diluted share (E.P.S.) were $0.45 for the quarter, representing a 29% increase over prior year E.P.S. of $0.35.
Douglas A. Berthiaume, Chairman and Chief Executive Officer, said: "First quarter results were a great start to the year 2000 and reflected continued strong demand, particularly from life science customers. From a technology perspective, our mass spectrometry and high performance liquid chromatography product lines led growth. Time-of-flight mass spectrometry products continued to perform well and sales grew in excess of 50% in the quarter with accelerating demand from customers in both high throughput drug discovery and proteomics applications. Growth was broadbased with double digit increases across all geographies except Europe which grew in the single digits. First quarter financial results continued Waters record of expanding operating margins, strong earnings growth and robust cash flow. We are pleased with our 2000 start, and are enthusiastic about our current product position and upcoming new product introduction plans."
Waters Corporation holds worldwide leading positions in three complementary analytical technologies - high performance liquid chromatography, thermal analysis and mass spectrometry - which account for $3.5 billion in annual revenues of the $16 billion analytical instrument total.
Certain statements contained herein are forward looking. Many factors could cause actual results to differ from these statements, including loss of market share through competition, introduction of competing products by other companies, pressures on prices from competitors and/or customers, regulatory obstacles to new product introductions, lack of acceptance of new products, changes in the healthcare market and the pharmaceutical industry, changes in distribution of the Company's products, and interest rate and foreign exchange fluctuations. Such factors are discussed in detail in the Company's filings with the Securities and Exchange Commission.
Waters Corporation and Subsidiaries Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended March 31 2000 1999 Net sales 180,641 160,362 Cost of sales 66,413 60,622 Gross profit 114,228 99,740 Selling, general and administrative expenses 60,395 54,504 Research and development expenses 10,362 8,686 Goodwill and purchased technology amortization 1,811 2,045 Operating income 41,660 34,505 Interest expense, net 701 3,033 Income before income taxes 40,959 31,472 Provision for income taxes 10,640 8,498 Net income 30,319 22,974 Less: preferred stock dividend and accretion 0 244 Net income available to common stockholders 30,319 22,730 Net income per basic common share 0.48 0.37 Net income per diluted common share 0.45 0.35 Weighted average number of basic common shares 62,801 60,894 Weighted avg. number of diluted common shares and equivalents 67,592 65,840 Waters Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In Thousands) March 31, 2000 Dec, 31, (Unaudited) 1999 Cash and cash equivalents 2,226 3,803 Accounts receivable 148,016 149,271 Inventories 87,305 80,363 Other current assets 16,890 13,893 Total current assets 254,437 247,330 Property, plant and equipment, net 93,516 91,841 Other assets 244,422 245,266 Total assets 592,375 584,437 Notes payable 14,954 14,164 Accounts payable and accrued expenses 193,030 183,677 Total current liabilities 207,984 197,841 Loans payable 42,300 81,105 Other liabilities 11,038 13,329 Total liabilities 261,322 292,275 Total equity 331,053 292,162 Total liabilities and equity 592,375 584,437 *T CONTACT: Waters Corporation Brian Mazar, 508-482-2193