For Immediate Release
Contact: Gene Cassis, Vice President of Investor Relations, 508-482-2349
Waters Reports Fourth Quarter 2008 Financial Results
Milford, Massachusetts, January 27, 2009 Waters Corporation (NYSE/WAT) reported fourth quarter
2008 sales of $418 million, a decrease of 4% from sales of $437 million in the fourth quarter of
2007. In the quarter, the effects of foreign currency translation reduced the sales growth rate
4%. Thus on a currency neutral basis, sales were approximately flat with the prior years quarterly
sales. On a GAAP basis, earnings per diluted share (E.P.S.) for the fourth quarter were $1.01,
compared to $0.96 for the fourth quarter of 2007. On a non-GAAP basis, including the adjustments
in the attached reconciliation, E.P.S. grew 9% to $1.07 from $0.98 in the fourth quarter of 2007.
For the full year, sales for the Company were $1.58 billion, an increase of 7% over sales of $1.47
billion in 2007. Foreign currency translation contributed 2% to the reported sales growth rate. On
a GAAP basis, E.P.S. for 2008 were $3.21 compared to $2.62 in 2007. On a non-GAAP basis, including
adjustments in the attached reconciliation, E.P.S. grew 20% to $3.30 from $2.75 in 2007.
Commenting on the Companys performance, Douglas Berthiaume, Chairman, President and Chief
Executive Officer said, Overall, 2008 was a very successful year for Waters as non-GAAP E.P.S.
were up 20% and cash from operations reached a record high. The challenges that we faced in the
fourth quarter reflect the tougher economic environment that we are likely to continue to encounter
in 2009. We are confident that we can manage our business effectively through this difficult
period and we remain committed to new product research and customer support programs to ensure our
long term growth and continued strong market position.
As communicated in a prior press release, Waters Corporation will webcast its fourth quarter 2008
financial results conference call this morning, January 27, 2009 at 8:30 a.m. eastern time. To
listen to the call, connect to www.waters.com, choose Investor Relations and click on the Live
Webcast. A replay will be available through February 3, 2009 at midnight eastern time, similarly
by webcast and also by phone at 402-220-6440.
This release may contain forward-looking statements regarding future results and events,
including statements regarding expected financial results, future growth and customer demand that
involve a number of risks and uncertainties. For this purpose, any statements that are not
statements of historical fact may be deemed forward-looking statements. Without limiting the
foregoing, the words, believes, anticipates, plans,