MILFORD, Mass.--(BUSINESS WIRE)--April 27, 2001--Waters Corporation (NYSE:WAT) reported today that first quarter 2001 sales increased by 17% over prior year levels before unfavorable currency effects. After currency effects, reported sales growth was 12%. Earnings per diluted share (E.P.S.) were $0.28 for the quarter, representing a 27% increase over prior year E.P.S. of $0.22 before the cumulative effect of a change in accounting principle.
Douglas A. Berthiaume, Chairman and Chief Executive Officer, said: "First quarter results continued to be strong with sales growth of 17% as measured in local currencies. Consistent with the past several years, growth was led again by life science customer demand and by demand for mass spectrometry products in particular. Sales growth was balanced geographically. We were also pleased with initial customer response to our new products introduced during the quarter at the Pittsburgh Conference trade show and we remain enthusiastic about our business prospects.
Currency translation effects were challenging for the quarter and reduced our reported sales growth by 5% points. The Company nonetheless grew earnings by a robust 27%."
As communicated in a prior press release, Waters Corporation will webcast its first quarter 2001 financial results conference call this morning, April 27, 2001, at 8:00 a.m. eastern time. To listen to the call, connect to www.waters.com and access the investor relations section. A replay of the call will be available from today through May 3, 2001 similarly by webcast, and also by phone at 402-998-1789.
Waters Corporation holds worldwide leading positions in three complementary analytical technologies - high performance liquid chromatography, thermal analysis and mass spectrometry - which account for $4 billion in annual revenues of the $18 billion analytical instrument industry 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 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 2001 2000 Net sales 201,032 180,202 Cost of sales 73,298 66,340 Gross profit 127,734 113,862 Selling, general and administrative expenses 65,907 60,395 Research and development expenses 11,038 10,362 Goodwill and purchased technology amortization 1,748 1,811 Operating income 49,041 41,294 Interest income (expense), net 1,486 (701) Income before income taxes 50,527 40,593 Provision for income taxes 12,127 10,545 Income before cumulative effect of change in accounting principle 38,400 30,048 Cumulative effect of change in accounting principle (A) 0 (10,771) Net income 38,400 19,277 Income (loss) per basic common share: Net income before cumulative effect of accounting principle change 0.30 0.24 Cumulative effect of change in accounting principle (A) 0.00 (0.09) Net income 0.30 0.15 Income (loss) per diluted common share: Net income before cumulative effect of accounting principle change 0.28 0.22 Cumulative effect of change in accounting principle (A) 0.00 (0.08) Net income 0.28 0.14 Weighted average number of basic common shares 130,166 125,602 Weighted average number of diluted common shares and equivalents 137,933 135,184 (A) Effect at January 1, 2000 of adopting Securities and Exchange Commission Staff Accounting Bulletin #101, recorded in first quarter 2000 Waters Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In Thousands) March 31, 2001 (Unaudited) December 31, 2000 Cash and cash equivalents 89,192 75,509 Accounts receivable 166,226 167,713 Inventories 96,210 87,275 Other current assets 20,363 13,299 Total current assets 371,991 343,796 Property, plant and equipment, net 104,700 102,608 Other assets 241,359 245,941 Total assets 718,050 692,345 Notes payable 2,277 4,879 Accounts payable and accrued expenses 204,617 215,654 Total current liabilities 206,894 220,533 Other liabilities 19,015 20,031 Total liabilities 225,909 240,564 Total equity 492,141 451,781 Total liabilities and equity 718,050 692,345
|Vice President of Investor Relations|