This story originally ran on April 28.

In the midst of reporting a 10 percent drop in revenues for the first quarter, Waters officials sounded a guarded note that the second half of 2009 could hold reasons for hope.

This week, Waters said that revenues for the three months ended April 4 fell to $333 million from $372 million during Q1 2008. Currency translation contributed 5 percentage points of the total drop in revenues.

Instrument sales were down by 16 percent in the quarter, while consumables and services rose 9 percent.

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