<SUBMISSION>
<ACCESSION-NUMBER>0001171520-03-000068
<TYPE>8-K
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<ITEMS>5
<ITEMS>7
<FILING-DATE>20030326
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>WATTS INDUSTRIES INC
<CIK>0000795403
<ASSIGNED-SIC>3490
<IRS-NUMBER>042916536
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
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<FILM-NUMBER>03618815
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<BUSINESS-ADDRESS>
<STREET1>815 CHESTNUT ST
<CITY>NORTH ANDOVER
<STATE>MA
<ZIP>01845
<PHONE>9786881811
</BUSINESS-ADDRESS>
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<STREET1>815 CHESTNUT STREET
<CITY>NORTH ANDOVER
<STATE>MA
<ZIP>01845
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>d1156.txt
<DESCRIPTION>WATTS INDUSTRIES, INC.
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT

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

                Date of Report (Date of earliest event reported):
                                 March 26, 2003

                             Watts Industries, Inc.
             (Exact name of Registrant as specified in its charter)

          Delaware                    1-11499                    04-2916536
(State or other jurisdiction      (Commission File            (I.R.S. Employer
      of incorporation)                Number)             Identification No.)

                               815 Chestnut Street
                             North Andover, MA 01845
              (Address of principal executive offices and zip code)

               Registrant's telephone number, including area code:
                                 (978) 688-1811

<PAGE>

                             WATTS INDUSTRIES, INC.
                           CURRENT REPORT ON FORM 8-K

ITEM 5. Other Events

      On March 26, 2003 Watts Industries, Inc. ("Watts") issued a press release
setting forth Watts' revised earnings for the three months and year ended
December 31, 2002. A copy of the press release is attached hereto as Exhibit
99.1 and hereby incorporated by reference.

ITEM 7 - FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(c)   Exhibits

      Exhibit 99.1 - Press Release of Watts Industries, Inc. dated March 26,
      2003.


                                   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.


                                            WATTS INDUSTRIES, INC.


Date: March 26, 2003                        By: /s/ William C. McCartney
                                                -------------------------------
                                                  William C. McCartney
                                                  Chief Financial Officer

<PAGE>

                                  EXHIBIT INDEX

EXHIBIT NUMBER                 EXHIBIT
--------------                 -------

    99.1             Press release dated March 26, 2003, issued by Watts
                     Industries, Inc.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex99-1.txt
<TEXT>

                                  EXHIBIT 99.1


FOR IMMEDIATE RELEASE               Contact:    William C. McCartney
---------------------                           Chief Financial Officer

                                                Telephone:  (978) 688-1811
                                                Fax:        (978) 688-2976

                        WATTS INDUSTRIES REVISES EARNINGS

      North Andover, MA...March 26, 2003. On February 12, 2003, Watts
Industries, Inc. (NYSE Symbol "WTS") issued a press release, which disclosed its
earnings for the three and twelve months ended December 31, 2002. Subsequent to
February 12, 2003, management learned of unauthorized payments pertaining to the
Company's joint venture located in Tianjin, China, which was established in
1994. We conducted an independent investigation, which determined that
unauthorized payments and cash receipts had been made utilizing an account that
was established to fund certain employee benefit programs. These transactions
had not been properly recorded in our joint venture's results of operations.
While this activity occurred over an eight-year period, the Company recorded a
charge as of December 31, 2002 to correct and record all identified items
impacting the results of operations. Therefore, the Company has revised its
previously reported earnings for the twelve months ended December 31, 2002 from
$1.22 diluted earnings per share to $1.21 diluted earnings per share, and for
the three months ended December 31, 2002, from $.28 diluted earnings per share
to $.26 diluted earnings per share. The accompanying financial statements
reflect these revised earnings.

      On March 26, 2003, the Company is filing its annual report on Form 10-K,
which will contain a complete description of these revisions.

      This Press Release may include statements which are not historical facts
and are considered forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements reflect Watts
Industries' current views about future results of operations and other
forward-looking information. You should not rely on forward-looking statements
because Watts' actual results may differ materially from those indicated by
these forward-looking statements as a result of a number of important factors.
These factors include, but are not limited to, the following: loss of market
share through competition, introduction of competing products by other
companies, pressure on prices from competitors, suppliers, and/or customers,
failure or delay in developing new products, lack of acceptance of new products,
failure to manufacture products that meet required performance and safety
standards, foreign exchange fluctuations, cyclicality of industries, such as
plumbing and heating wholesalers and home improvement retailers, in which the
Company markets certain of its products, reductions in the supply of raw

<PAGE>

materials, increases in the prices of raw materials, economic factors, such as
the levels of housing starts and remodeling, impacting the markets where the
Company's products are sold, manufactured, or marketed, environmental compliance
costs, product liability risks, the results and timing of the Company's
manufacturing restructuring plan, changes in the status of current litigation,
including the James Jones case, and other risks and uncertainties discussed
under the heading "Certain Factors Affecting Future Results" in Watts' Annual
Report on Form 10-K for the year ended December 31, 2002 filed with the
Securities and Exchange Commission and other reports Watts files from time to
time with the Securities and Exchange Commission. Watts does not intend to and
undertakes no duty to update the information contained in this Press Release.

      Watts Industries, Inc. designs, manufactures and sells an extensive line
of valves and other products to the water quality and water regulation and
control markets.


                                        2
<PAGE>

                   CONDENSED CONSOLIDATED FINANCIAL STATEMENT
                     WATTS INDUSTRIES, INC. AND SUBSIDIARIES

<TABLE>
<CAPTION>
                                                        Fourth Quarter Ended                   Twelve Months Ended
                                                            December 31,                           December 31,
                                                      2002                2001               2002                2001
                                                 ------------------------------------------------------------------------
STATEMENTS OF INCOME

<S>                                              <C>                <C>                <C>                  <C>
Net sales                                        $ 160,890,000      $  139,444,000     $  615,526,000       $ 548,940,000
Cost of sales                                      107,388,000          95,868,000        406,806,000         365,408,000
Selling, general and administrative                 40,656,000          33,162,000        150,553,000         131,795,000
Restructuring charges                                  420,000           1,454,000            638,000           1,454,000
Other (income) expense, net                          1,215,000           2,637,000          7,311,000          10,115,000
                                                 -------------      --------------     --------------       -------------
Income before income taxes                          11,211,000           6,323,000         50,218,000          40,168,000
Provision for income taxes                           4,051,000           1,884,000         17,596,000          13,612,000
                                                 -------------      --------------     --------------       -------------
Net income                                       $   7,160,000      $    4,439,000     $   32,622,000       $  26,556,000
                                                 =============      ==============     ==============       =============

DILUTED EARNINGS PER SHARE
Weighted Average Number of Common Shares
   & Equivalents                                    27,235,226          26,735,543         27,055,789          26,801,557
Earnings per Share:

     Net income                                  $        0.26      $         0.17     $         1.21       $        0.99
                                                 =============      ==============     ==============       =============

Cash dividends per share                         $        0.06      $         0.06     $         0.24       $        0.24
</TABLE>


                                       3
<PAGE>

                   CONDENSED CONSOLIDATED FINANCIAL STATEMENT
                     WATTS INDUSTRIES, INC. AND SUBSIDIARIES

<TABLE>
<CAPTION>
                                                     Fourth Quarter Ended                Twelve Months Ended
                                                         December 31,                        December 31,
                                                    2002              2001              2002             2001
                                               -------------------------------------------------------------------
STATEMENTS OF INCOME

<S>                                            <C>               <C>              <C>               <C>
Net Sales                                      $ 160,890,000     $ 139,444,000    $  615,526,000    $  548,940,000

Net Income                                     $   7,160,000     $   4,439,000    $   32,622,000    $   26,556,000

DILUTED EARNINGS PER SHARE
Weighted Average Number of Common Shares
   & Equivalents                                  27,235,226        26,735,543        27,055,789        26,801,557
Earnings per Share:

     Net income                                $        0.26     $        0.17    $         1.21    $         0.99

Cash dividends per share                       $        0.06     $        0.06    $         0.24    $         0.24
</TABLE>


                                        4
<PAGE>

                       COMPARATIVE CONDENSED BALANCE SHEET
                     WATTS INDUSTRIES, INC. AND SUBSIDIARIES

                                          December 31, 2002   December 31, 2001
                                          -------------------------------------

Cash and short-term investments             $  10,973,000       $ 11,997,000
Other current assets                          297,823,000        244,127,000
Property, plant and equipment, at cost        248,933,000        218,235,000
Less: accumulated depreciation               (114,557,000)       (89,629,000)
                                            -------------       ------------
Net property, plant and equipment             134,376,000        128,606,000
Other assets                                  191,340,000        135,740,000
                                            -------------       ------------
                                            $ 634,512,000       $520,470,000
                                            =============       ============

Current liabilities                         $ 231,631,000       $113,529,000
Long-term debt                                 56,276,000        123,212,000
Deferred income taxes                          20,792,000         15,692,000
Other liabilities                              29,877,000         18,723,000
Stockholders' equity                          295,936,000        249,314,000
                                            -------------       ------------
                                            $ 634,512,000       $520,470,000
                                            =============       ============


                                        5

</TEXT>
</DOCUMENT>
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