<SUBMISSION>
<ACCESSION-NUMBER>0000927016-02-001588
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20020325
<ITEMS>5
<ITEMS>7
<FILING-DATE>20020325
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>WATERS CORP /DE/
<CIK>0001000697
<ASSIGNED-SIC>3826
<IRS-NUMBER>133668640
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
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<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-14010
<FILM-NUMBER>02583619
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>34 MAPLE ST
<CITY>MILFORD
<STATE>MA
<ZIP>01757
<PHONE>5084782000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>34 MAPLE STREET
<CITY>MILFORD
<STATE>MA
<ZIP>01757
</MAIL-ADDRESS>
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<FORMER-CONFORMED-NAME>WCD INVESTORS INC /DE/
<DATE-CHANGED>19960605
</FORMER-COMPANY>
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<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.txt
<DESCRIPTION>FORM 8-K
<TEXT>
<PAGE>

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    Form 8-K


                                 CURRENT REPORT

                     Pursuant to Section 13 of 15(d) of the
                         Securities Exchange Act of 1934

Date of report (Date of earliest event reported)    March 25, 2002

                               Waters Corporation
             (Exact Name of Registrant as Specified in Its Charter)

                                    Delaware
                 (State or Other Jurisdiction of Incorporation)

        01-14010                                            13-3668640
(Commission File Number)                       (IRS Employer Identification No.)

34 Maple Street, Milford, Massachusetts                        01757
(Address of Principal Executive Offices)                     (Zip Code)

                                 (508) 478-2000
              (Registrant's Telephone Number, Including Area Code)

                                       N/A
          (Former Name or Former Address, if Changed Since Last Report)

<PAGE>

ITEM 5.   Other Events

        The purpose of this Form 8-K is to inform the public and security
        holders of revisions with respect to previously reported financial
        results for the year ended December 31, 2001. The adjustment to the 2001
        financial results previously reported on January 24, 2002 is due to
        receiving an unfavorable jury ruling on March 15, 2002 in the ongoing
        patent litigation involving certain mass spectrometry products sold in
        the United States. The adjustment is being made in fiscal 2001 in
        accordance with Statement of Financial Accounting Standard No. 5,
        Accounting for Contingencies, as the underlying claim was filed prior to
        December 31, 2001. The Company will reflect this adjustment in its Form
        10-K and Annual Report for fiscal year 2001 along with appropriate
        disclosures. Simultaneously with the filing of this Form 8-K, the
        Company is issuing a press release reporting this event as well as
        updating our previously communicated fiscal year 2002 first quarter
        projections and full year expectations. A copy of the press release and
        adjusted financial results for the year ended December 31, 2001 are
        attached as Exhibit 99.1.

        Certain statements contained in the current report on Form 8-K
        presentations, including references to the Registrant's strategy and
        operating and financial profile, are forward-looking. These statements
        are subject to various risks and uncertainties, many of which are
        outside the control of the Registrant, including (i) changes in relevant
        portions of the analytical instrument marketplace as a result of
        economic or regulatory influences, (ii) general changes in the economy
        or marketplace including currency fluctuations, in particular with
        regard to the Eurocurrency, (iii) changes in the competitive
        marketplace, including new products or pricing changes by the
        Registrant's competitors, (iv) the ability of the Registrant to generate
        increased sales and profitability from new product introductions, as
        well as additional risk factors set forth in the Registrant's Form 10-K
        for its fiscal year ended December 31, 2000. Actual results could differ
        materially from the plans, intentions and expectations disclosed in the
        forward-looking statements the Registrant may make, whether because of
        these factors or for other reasons. The Registrant does not assume any
        obligations to update any forward-looking statement.

<PAGE>

Item 7. Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1 Press Release dated March 25, 2002

<PAGE>

                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                      WATERS CORPORATION



Dated:  March 25, 2002                By:    /s/ John A. Ornell
                                             ------------------------
                                      Name:  John A. Ornell
                                      Title: Vice President, Finance and
                                             Administration and Chief
                                             Financial Officer

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>dex991.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>

For Immediate Release

Contact: Brian Mazar, Vice President of Investor Relations, 508-482-2193

               WATERS CORPORATION REPORTS ON THE IMPACT OF RECENT
                  LITIGATION ON 2001 RESULTS AND 2002 OUTLOOK

   Milford, Mass., Monday, March 25, 2002 - Waters Corporation (NYSE:WAT)
revised its 2001 results and updated its earnings outlook for 2002 first quarter
and full year as a result of an unfavorable ruling in the patent litigation
involving certain mass spectrometry products sold in the United States.

   The judgement is specific to the Company's Quattro Ultima(TM) product
offerings. However, because the high-end Q-TOF family of products uses similar
technology, the Company has decided to hold shipment of these products as well
in the United States. Affected products are the Quattro Ultima(TM), Q-TOF
API(TM), Q-TOF Maldi(TM) and Q-TOF Global(TM). All other mass spectrometry
products including the Q-TOF Micro(TM) and Quattro Micro(TM) are not affected.

   Even though the Company plans to aggressively appeal this verdict, it has
revised its 2001 results, previously reported in a January 2002 press release,
to include a $75 million pre-tax provision for estimated costs related to this
matter. This has reduced earnings per share for the year from $1.23 per diluted
share to $.83 per diluted share. Adjusted financial statements are attached.

   In light of the current litigation status facing the Company, it has
reforecasted its view of 2002 and the Company now estimates that sales growth in
Q1 and full year to be 5% and 9% respectively before currency impacts and 2% and
7% respectively at actual rates. Earnings per diluted share are now estimated to
be between $.27 to $.29 for Q1 and $1.37 to $1.45 for the full year.

   Douglas A. Berthiaume, Chairman and Chief Executive Officer, said, "The
result of the recent litigation involving several of our mass spectrometry
offerings has been a significant disappointment. We still believe that we have a
strong defense and we will pursue the appeals process while we proceed with our
efforts to introduce new products in the second half of this year that
incorporate pre-existing, non-infringing technology."

   The Company will webcast its conference call to discuss this update this
morning at 9:00 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 March 28, 2002 similarly by webcast and also by phone at
402-998-1463.

<PAGE>

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.

Adjusted financial statements:

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

<TABLE>
<CAPTION>
                                                            December 31,                 December 31,
                                                                2001                        2000
<S>                                                         <C>                          <C>
Cash and cash equivalents                                      226,798                        75,509
Accounts receivable                                            182,164                       167,713
Inventories                                                    102,718                        87,275
Other current assets                                            11,064                        13,299
   Total current assets                                        522,744                       343,796

Property, plant and equipment, net                             114,207                       102,608
Other assets                                                   249,960                       245,941
   Total assets                                                886,911                       692,345


Notes payable                                                    1,140                         4,879
Accounts payable and accrued expenses                          279,866                       212,902
   Total current liabilities                                   281,006                       217,781

Other liabilities                                               24,160                        22,783
   Total liabilities                                           305,166                       240,564

Total equity                                                   581,745                       451,781
   Total liabilities and equity                                886,911                       692,345
</TABLE>

<PAGE>

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

<TABLE>
<CAPTION>
                                                               (unaudited)
                                                            Three Months Ended                        Year  Ended
                                                                December 31                           December 31
---------------------------------------------------------------------------------------------------------------------------
                                                             2001            2000                  2001             2000
---------------------------------------------------------------------------------------------------------------------------
<S>                                                       <C>               <C>                  <C>              <C>
---------------------------------------------------------------------------------------------------------------------------
Net sales                                                  248,679          225,508              859,208          795,071
---------------------------------------------------------------------------------------------------------------------------
Cost of sales                                               89,269           79,854              311,232          288,264
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
  Gross profit                                             159,410          145,654              547,976          506,807
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
Selling, general and administrative expenses                69,717           65,223              269,706          246,390
---------------------------------------------------------------------------------------------------------------------------
Research and development expenses                           12,029           11,200               46,602           42,513
---------------------------------------------------------------------------------------------------------------------------
Patent litigation provision                                 75,000                -               75,000                -
---------------------------------------------------------------------------------------------------------------------------
Goodwill and purchased technology
   amortization                                              1,867            1,751                7,141            7,077
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
  Operating income                                             797           67,480              149,527          210,827
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
Other expense (A)                                           (7,066)               -               (7,066)               -
---------------------------------------------------------------------------------------------------------------------------
Interest income, net                                         1,117              857                4,965              135
---------------------------------------------------------------------------------------------------------------------------
  Income (loss) before income taxes                         (5,152)          68,337              147,426          210,962
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
Provision for income taxes                                  (3,736)          17,768               32,883           54,849
---------------------------------------------------------------------------------------------------------------------------
  Income (loss) before cumulative effect of
    change in accounting principle                          (1,416)          50,569              114,543          156,113
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
Cumulative effect of change in accounting
  principle (B)                                                  -                -                    -          (10,771)
---------------------------------------------------------------------------------------------------------------------------
  Net income (loss)                                         (1,416)          50,569              114,543          145,342
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
Income (loss) per basic common share:
---------------------------------------------------------------------------------------------------------------------------
  Net income (loss) before cumulative effect
     of accounting principle change                          (0.01)            0.39                 0.88             1.22
---------------------------------------------------------------------------------------------------------------------------
  Cumulative effect of change in accounting
     principle (B)                                               -               -                     -            (0.08)
---------------------------------------------------------------------------------------------------------------------------
     Net income (loss)                                       (0.01)            0.39                 0.88             1.14
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
Income (loss) per diluted common share:
---------------------------------------------------------------------------------------------------------------------------
  Net income (loss) before cumulative effect
---------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<S>                                                     <C>                 <C>                  <C>              <C>
-------------------------------------------------------------------------------------------------------  ------------------
     of accounting principle change                       (0.01)               0.37                 0.83             1.14
---------------------------------------------------------------------------------------------------------------------------
  Cumulative effect of change in accounting
     principle (B)                                            -                   -                    -            (0.08)
---------------------------------------------------------------------------------------------------------------------------
    Net income (loss)                                     (0.01)               0.37                 0.83             1.06
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
Weighted average number of basic common
   shares                                               130,815             129,347              130,559          127,568
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
 Weighted average number of diluted
    common shares and equivalents                       130,815             137,795              137,509          136,743
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
(A)  Impairment charge for certain equity investments
---------------------------------------------------------------------------------------------------------------------------
(B)  Effect at January 1, 2000 of adopting Securities and Exchange Commission Staff Accounting Bulletin #101, recorded in
first quarter 2000
---------------------------------------------------------------------------------------------------------------------------
</TABLE>

</TEXT>
</DOCUMENT>
</SUBMISSION>
