Waters (WAT) 8-K Waters Corporation’s Earnings Accelerate on 12% Sales Growth

Exhibit 99.1

For Immediate Release

Contact: Gene Cassis, Vice President of Investor Relations, 508-482-2349

Waters Corporation’s Earnings Accelerate on 12% Sales Growth

Milford, Massachusetts, April 22, 2008 — Waters Corporation (NYSE/WAT) reported today first quarter 2008 sales of $372 million, an increase of 12% over sales of $331 million in the first quarter of 2007. Foreign currency translation contributed 6% to this reported sales growth rate. On a GAAP basis, earnings per diluted share (E.P.S.) for the first quarter grew 24% to $0.67, compared to $0.54 for the first quarter in 2007. On a non-GAAP basis, excluding purchased intangibles amortization in both periods (as noted in the attached reconciliation), E.P.S. grew 23% to $0.69 in the first quarter of 2008 from $0.56 in the first quarter of 2007.

Commenting on the quarter, Douglas Berthiaume, Chairman, President and Chief Executive Officer said, “Despite challenging economic conditions, our global sales performance in combination with improvements in operational efficiency delivered impressive earnings growth and strong cash generation.”

As communicated in a prior press release, Waters Corporation will webcast its first quarter 2008 financial results conference call this morning, April 22, 2008 at 8:30 a.m. eastern time. To listen to the call, connect to www.waters.com, choose “Investor” and click on the Live Webcast. A replay of the call will be available through April 29, 2008, similarly by webcast and also by phone at 402-220-6433.

About Waters Corporation:

Waters Corporation creates business advantage for laboratory-dependent organizations by delivering practical and sustainable innovation to enable significant advancements in such areas as healthcare delivery, environmental management, food safety, and water quality worldwide.

Pioneering a connected portfolio of separations science, laboratory information management, mass spectrometry and thermal analysis, Waters technology breakthroughs and laboratory solutions provide an enduring platform for customer success.

With revenue of $1.47 billion in 2007 and 5,000 employees, Waters is driving scientific discovery and operational excellence for customers worldwide.

CAUTIONARY STATEMENT

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”, “expects”, “intends”, “appears”, “estimates”, “projects”, and similar expressions are intended to identify forward-looking statements. The Company’s actual future results may differ significantly from the results discussed in the forward-looking statements within this release for a variety of reasons, including and without limitation, the impact of changes in accounting principles or tax rates, the ability to successfully integrate acquired businesses, fluctuations in capital expenditures by the Company’s customers, in particular large pharmaceutical companies, regulatory and/or administrative obstacles to the timely completion of purchase order documentation, introduction of competing products by other companies, such as improved research-grade mass spectrometers, and/or higher speed and/or more sensitive liquid chromatographs, pressures on prices from competitors and/or customers, regulatory obstacles to new product introductions, lack of acceptance of new products, other changes in the demands of the Company’s healthcare and pharmaceutical company customers, changes in distribution of the Company’s products, risks associated with lawsuits and other legal actions particularly involving claims for infringement of patents and other intellectual property rights, and foreign exchange rate fluctuations affecting translation of the Company’s future non-U.S. operating results. Such factors and others are discussed more fully in the section entitled “Risk Factors” of the Company’s annual report on Form 10-K for the year ended December 31, 2007 as filed with the Securities and Exchange Commission (the “SEC”), which “Risk Factors” discussion is incorporated by reference in this release. The forward-looking statements included in this release represent the Company’s estimates or views as of the date of this release report and should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this release.

Waters Corporation and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

	(Unaudited)
	Three Months Ended
	March 29, 2008			March 31, 2007
Net sales		371,712			330,777
Cost of sales		155,451			143,232
Gross profit		216,261			187,545
Selling and administrative expenses		105,837			93,907
Research and development expenses		19,786			18,722
Purchased intangibles amortization		2,272			2,125
Operating income		88,366			72,791
Interest expense, net		(4,244	)		(6,835	)
Income from operations before income taxes		84,122			65,956
Provision for income taxes		15,647			10,019
Net income		68,475			55,937
Net income per basic common share	$	0.68		$	0.55
Weighted-average number of basic common shares		100,401			101,416
Net income per diluted common share	$	0.67		$	0.54
Weighted-average number of diluted common shares and equivalents		101,983			103,198

	(Unaudited)
	Three Months Ended
	March 29, 2008		March 31, 2007
Reconciliation of net income per diluted share, in accordance with generally accepted accounting principles, with adjusted results:
Net income per diluted share	$	0.67	$	0.54
Adjustment for purchased intangibles amortization, net of tax		1,603		1,638
Net income per diluted share effect		0.02		0.02
Adjusted net income per diluted share	$	0.69	$	0.56

The adjusted net income per diluted share presented above is used by the management of the Company to measure operating performance with prior periods and is not in accordance with generally accepted accounting principles (GAAP). The above reconciliation identifies items management has excluded as non-operational transactions. Management has excluded the purchased intangibles amortization from its non-GAAP adjusted amounts since management believes that this charge is not directly related to ongoing operations thereby providing investors with information that helps to compare ongoing operating performance.

Waters Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands and unaudited)

	March 29, 2008		December 31, 2007
Cash, cash equivalents and short-term investments		758,528		693,014
Accounts receivable		317,009		317,792
Inventories		196,831		175,888
Other current assets		49,330		50,368
Total current assets		1,321,698		1,237,062
Property, plant and equipment, net		163,872		160,856
Other assets		488,778		483,137
Total assets		1,974,348		1,881,055
Notes payable and debt		279,301		384,176
Accounts payable and accrued expenses		284,379		274,258
Total current liabilities		563,680		658,434
Long-term debt		650,000		500,000
Other long-term liabilities		143,703		136,545
Total liabilities		1,357,383		1,294,979
Total equity		616,965		586,076
Total liabilities and equity		1,974,348		1,881,055