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Waters Corporation Updates Second Quarter 2001 Earnings Outlook
MILFORD, Mass., Jun 18, 2001 (BUSINESS WIRE) -- Waters Corporation (NYSE:WAT) updated its earnings outlook for the second quarter of 2001 today. The Company last addressed its expectations during its April 27, 2001 conference call held to discuss first quarter 2001 financial results. Estimates for the second quarter of 2001 at that time were for sales growth before currency effects of between 14% and 16% compared to the second quarter of 2000, sales growth of between 10% and 12% after currency effects, and earnings per diluted share of $0.33, subject to normal tolerances of $0.01 to $0.02.

It now appears that sales growth will be slower and, therefore, earnings lower for the second quarter of 2001. This slower sales growth largely relates to the Company's mass spectrometry product line. Douglas A. Berthiaume, Chairman and Chief Executive Officer, said: "Following a sustained period of dramatic growth, the Company's mass spectrometry business is currently experiencing a slowdown in sales. This slowdown is believed to be attributed partially to delayed purchases within large pharmaceutical customer accounts deciding between a multitude of new products recently introduced by the Company and its competitors." For the second quarter of 2001, possible sales growth before currency effects is now estimated between 7% and 10%, sales growth after currency effects is estimated between 2% and 5% (assuming that today's exchange rates remain unchanged through quarter end), and earnings per diluted share are estimated at $0.29, subject to normal tolerances of $0.01 to $0.02.

The Company's ability to estimate results for the second half of 2001 is somewhat limited currently. The Company plans to provide information regarding the second half in conjunction with its second quarter 2001 earnings release scheduled for July 24, 2001.

The Company will webcast its conference call to discuss this update on Tuesday, June 19, 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 will be available through June 22, 2001 similarly by webcast, and also by phone at 402-998-1479.

    CAUTIONARY STATEMENT
Most statements contained herein are forward looking. All such statements reflect only current expectations and actual results may differ materially. The Company does not obligate or commit itself, by providing the guidance above, to update predictions. Many factors could cause results to differ from these statements, including actual results for the balance of the quarter, loss of market share through competition, introduction of competing products by other companies, changes in the healthcare market and the pharmaceutical industry, changes in distribution of the Company's products and foreign exchange fluctuations. Many of these factors are discussed in detail in the Company's Securities and Exchange Commission filings.

    ABOUT WATERS CORPORATION
Waters Corporation holds worldwide leading positions in three complementary analytical technologies--high performance liquid chromatography, mass spectrometry and thermal analysis--which account for $4 billion in annual revenues of the $18 billion analytical instrument industry total.

CONTACT:          Waters Corporation
                  Brian Mazar, Vice President of Investor Relations
                  508-482-2193