NEW YORK, July 22 -Waters reported a net 7 percent revenue increase for the second quarter today, and an 11 percent increase in quarterly income.
The Milford, Mass-based company, which manufactures instruments for mass spectrometry, high performance liquid chromatography, and thermal analysis, reported sales of $231.8 million for the quarter, compared to $217.2 million for the year-ago period.
"Despite a slowdown in our research mass spectrometry product lines, we were able to meet our earnings projections primarily through steady overall HPLC growth, our global presence, and prudent expense management," said Douglas Berthiaume, Chairman, president, and CEO of Waters, in a statement.
The company's R&D expense totaled $13.8 million, compared to $12.6 million for the second quarter of 2002.
Waters' net income for the second quarter came to $42.1 million, compared to $37.9 million for the year-ago period.
At the end of the quarter, the company had $283.0 million in cash and cash equivalents.