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Waters Corporation Revises Fourth Quarter 2002 Sales and Earnings Outlook

MILFORD, Mass.--(BUSINESS WIRE)--Dec. 13, 2002--Waters Corporation (NYSE: WAT) has revised its fourth quarter 2002 sales and pro forma earnings per diluted share (E.P.S.) outlook, primarily due to weaker than expected orders for new instruments. In its October 22 quarterly conference call, the company had stated that it had anticipated overall sales growth of 4% in the fourth quarter before currency effects and 7% with currency. The revised sales outlook is for a sales decline of 2% before currency effects versus the fourth quarter of 2001, and a 1% sales increase after currency effects. Quarterly E.P.S. before non-recurring and one-time charges, that the company had estimated at $0.46 in its October 22 conference call, are now expected to be $0.38 - $0.40.

Douglas A. Berthiaume, Chairman and Chief Executive Officer, said, "The combined effects of continued weaknesses in our mass spectrometry business and a recently observed slowing of demand for HPLC instruments from large pharmaceutical customers in the US and Europe have contributed to this shortfall. We believe that this slowdown in our HPLC business is the result of tightened capital spending, primarily from customers involved in research and development activities. At this time, the implications for our 2003 business are not clear and it is too early to gauge the impact of fourth quarter developments on next year's sales and earnings. "

Waters plans to present a detailed analysis of its fourth quarter and full year 2002 business results in its fourth quarter earnings release and subsequent conference call currently scheduled for January 28, 2003. At that time, Waters expects to address its business outlook for the first quarter and full-year 2003.


Certain statements contained herein are forward-looking. The corporation disclaims any obligation to update any forward-looking statements. 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, changes in customers' capital expenditures and foreign exchange fluctuations. Such factors are discussed in detail in the Company's filings with the Securities and Exchange Commission.

Waters Corporation
Gene Cassis