In 2002, Waters stopped using a portion of the pump technology used in its Alliance HPLC instruments as a result of a patent infringement suit was brought before a court in the United Kingdom.
As a result of the settlement, Waters has revised downward its fourth-quarter 2005 and full-year 2005 earnings results that were previously reported on Jan. 24 to include a pre-tax $3.1 million for provision of damages and estimated remaining costs related to the suit.
The revision results in a reduction of earnings per diluted share for the fourth quarter to $0.69 from $0.71. For the full year 2005, the revision results in a reduction of earnings per diluted share to $1.74 from $1.76.
Other patent infringement suits between Waters and Agilent, similar to the one in the