Exhibit 99.1


FOR IMMEDIATE RELEASE
Contact:
William C. McCartney
   
Chief Financial Officer
       
   
Telephone:
(978) 688-1811
   
Fax:
(978) 688-2976

WATTS WATER TECHNOLOGIES REPORTS PRELIMINARY FOURTH QUARTER 2008 RESULTS AND ANNOUNCES A MANUFACTURING FOOTPRINT CONSOLIDATION PROGRAM

North Andover, MA…February 10, 2009.  Watts Water Technologies, Inc. (NYSE: WTS) today announced preliminary results for the fourth quarter ended December 31, 2008.  Sales for the fourth quarter of 2008 were $347.1 million, an increase of $1.8 million, or 0.5%, compared to the fourth quarter of 2007. Net income for the fourth quarter of 2008 was $13.7 million, or $0.37 per share, compared to net income of $21.5 million, or $0.55 per share, for the fourth quarter of 2007.  Income from continuing operations for the fourth quarter of 2008 decreased by $7.8 million, or 36%, to $13.9 million, or $0.38 per share, compared to income from continuing operations for the fourth quarter of 2007 of $21.7 million, or $0.56 per share.

Results for the fourth quarters of 2008 and 2007 include net after-tax charges of $1.7 million, or $0.05 per share, in each quarter.  The net charges in 2008 were primarily part of a previously announced 2008 reduction-in-force.   The 2007 charges were part of our global restructuring program and product line discontinuances.  The 2008 results do not include any potential goodwill impairment as discussed below.

Sales for the year ended December 31, 2008 were $1.459 billion, an increase of $77.1 million, or 6%, compared to the year ended December 31, 2007.  Net income for the year ended December 31, 2008 was $63.9 million, or $1.73 per share, compared to net income of $77.4 million, or $1.99 per share, for the year ended December 31, 2007.  Income from continuing operations for the year ended December 31, 2008 decreased by $13.0 million, or 17%, to $64.6 million, or $1.75 per share, compared to income from continuing operations for the year ended December 31, 2007 of $77.6 million, or $1.99 per share.   The 2008 results do not include any potential goodwill impairment as discussed below.

For the year ended December 31, 2008, the Company recorded a net after-tax charge of $3.9 million, or $0.10 per share, for costs related to its reduction-in-force program and its global restructuring program.  For the year ended December 31, 2007, the Company recorded an after-tax charge of $5.1 million, or $0.13 per share, for product line discontinuances and restructuring charges.


 
 

The following information was filed by Watts Water Technologies Inc (WTS) on Tuesday, February 10, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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