"
Loss from discontinued operations for the fourth quarter of 2004
was $1,688,000, or $0.

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The portions of these adjustments that related to
the year ended December 31, 2004 and the fourth quarter of 2004 were
$1,520,000, or $0.56

In accordance with Section 404 of the Sarbanes-Oxley Act of 2002,
management is in the process of performing its annual assessment of
the effectiveness of the Company's internal control over financial
reporting.
Additionally, in this quarter we incurred and recorded pre-tax charges
of approximately $2,973,000 for costs to comply with the requirements
of Section 404 of the Sarbanes-Oxley Act.11)
-------- ------ -- -------- --------
Net income $ 0.07 $ 0.

dayco hypodermic

34 per share.05 per share and $411,000, or $0.02

Unadjusted $0. O'Keefe, Chief Executive Officer, commented , "Excluding
the impact of the accrual adjustments, we are pleased with the results
from all three of our geographic segments, North America, Europe and
China. Our overall increase in sales was achieved by internal growth,
the contribution from acquired companies, and the change in foreign
exchange rates. In comparing sales from the fourth quarter of 2003 to
the fourth quarter of 2004, our internal growth rate was 10% and
contributed $18,791,000, the acquisitions of Orion Enterprises, Inc,
TEAM Precision Pipework, Ltd, and Flowmatic Systems, Inc."
"Internal sales growth in the North American wholesale market
increased 11% over the fourth quarter of 2003. will hold a live webcast of its
conference call to discuss fourth quarter results for 2004 on February
24, 2005, at 10:00 a.05) (0.

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This increase in North American sales was due to
internal sales growth of $16,623,000, or 14%, the inclusion of
$7,221,0000 in sales from Orion Enterprises, Inc. This increase is comprised of $4,838,000
due to favorable foreign exchange rates associated with the
strengthening of the euro versus the U. (Please refer to Table 1 at the end of this press
release for a reconciliation of free cash flow to net cash provided by
continuing operations., which we subsequently renamed Orion Enterprises,
Inc .
On January 4, 2005, the Company acquired Sea Tech, Inc.

WATTS WATER TECHNOLOGIES , INC.34 $ 1.

tubing newage

This facility
expansion will enable us to maintain the superior level of service we
provide to our current customers while allowing us to capitalize on
the success of our new product development efforts." Dunlap continued,
"Our success with coiled tubing products, which are highly engineered
and manufactured with adherence to exacting specifications,
demonstrates our ongoing commitment to growth and technological
advancements.
This news release contains forward -looking information that is
based on assumptions that are subject to numerous business risks, many
of which are beyond the control of the Company.

Net
income for the years ended December 31, 2004 and December 31, 2003
included losses from discontinued operations of $1,918,000 and
$3,057,000, respectively. Income
from continuing operations for the years ended December 31, 2004 and
2003 included net costs incurred for our manufacturing restructuring
plan of $1,825,000, or $0.
On May 21, 2004, the Company acquired 100% of the stock of McCoy
Enterprises, Inc. Orion's product lines include a
complete line of acid resistant waste disposal products, double
containment piping systems, as well as, a line of high purity pipes,
fittings and faucets. located in
Wilmington , North Carolina in an asset purchase transaction for
approximately $10,000,000 in cash.49 $ 1 .06) (0.

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Dennis Dunlap, President of Precision Tube/SeaCAT, said, "Since
2002, worldwide demand for our coiled tubing products has grown
steadily and we anticipate this trend to continue. This increase was led
by increased sales of backflow prevention units, as well as strength
in our plumbing and under-floor radiant heating product lines.
Flowmatics product lines include stainless steel and plastic housings,
filter cartridges, storage tanks, control valves, as well as complete
reverse osmosis systems for residential and commercial applications.
To supplement our unaudited consolidated financial statements
presented on a generally accepted accounting principles (GAAP) basis,
we sometimes use non-GAAP measures of net income, net income per
share, income from continuing operations or income from continuing
operations per share, net cash provided by continuing operations and,
with respect to the effect of the adjustments made to correct the
above described errors, earnings per share from continuing operations
that we believe are appropriate to enhance an overall understanding of
our historical financial performance and future prospects. These factors include, but are not limited to,
the following: shortages in and pricing of raw materials and supplies
including price increases by suppliers of raw materials and the
Company's ability to pass these costs on to customers , loss of market
share through competition, introduction of competing products by other
companies , pressure on prices from competitors, suppliers, and/or
customers, diversion of management's attention and costs associated
with efforts to comply with Section 404 of the Sarbanes-Oxley Act of
2002 , failure to meet the new requirements under Section 404 of the
Sarbanes-Oxley Act of 2002, identification and disclosure of material
weaknesses in our internal controls over financial reporting, failure
to expand our markets through acquisitions, 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 rate fluctuations, cyclicality of
industries, such as plumbing and heating wholesalers and home
improvement retailers, in which the Company markets certain of its
products, 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 the Watts Water Technologies, Inc. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share information)
(Unaudited )

Fourth Quarter Years Ended
Ended
December December December December
31, 31, 31, 31,
2004 2003 2004 2003
-------- -------- ---- ---- --------
STATEMENTS OF INCOME
--------------------

Net sales $221,406 $187,146 $824,558 $701,859

Income from continuing
operations $ 9,849 $ 9,784 $ 48,738 $ 36,419
Loss from discontinued
operations (1,688) (43) (1,918) (3,057)
-------- -------- -- ------ --------
Net income $ 8,161 $ 9,741 $ 46,820 $ 33,362
======== ======== ======== ========

DILUTED EARNINGS PER SHARE
--------------------------

Weighted Average Number of
Common Shares + Equivalents 32,901 28,524 32,719 27,692

Earnings per Share:
Continuing operations $ 0.28 $ 0.05) (0.21
======== ======== ======== ========
Weighted average number of
shares 32,901 28,524 32,719 27,692
======== ======== ======== ========
Dividends per share $ 0.

flanged ducting

32 per share.03 per
share, for the nine months ended October 2, 2005. We maintain a $300,000,000 Revolving Line of Credit of
which $218,445,000 was unused and available at December 31 , 2004.

hose hoses

The previously announced expansion
is taking place at the Company's Precision Tube Houston , Texas
facility and is expected to be completed in the first quarter of 2006.01 per share, and $444 ,000, or $0."
"Our North American segment sales for the fourth quarter of 2004
increased 20% to $144,972,000 compared to $120,400,000 for the fourth
quarter of 2003. Flowmatic designs and distributes
high quality reverse osmosis components and filtration equipment.

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Income from continuing operations for the fourth quarter of 2004
was $9,849,000, or $0.02 per share, respectively. Net income for the
year ended December 31, 2004, was $46,820,000, an increase of
$13,458,000, or 40%, compared to the year ended December 31, 2003.S., acquired on May 21,
2004, and Flowmatic Systems, Inc.S.
Watts Water Technologies, Inc. These non-GAAP results are
among the primary indicators management uses as a basis for evaluating
our financial performance as well as for forecasting future periods.43 $ 1.51 $ 1.32
Discontinued operations (0. AND SUBSIDIARIES

TABLE 1
RECONCILIATION OF NET CASH PROVIDED BY CONTINUING OPERATIONS TO FREE
CASH FLOW
(Thousands)
(Unaudited)

Years Ended
December December
31, 31,
2004 2003
-------- --------

Net cash provided by continuing operations $ 40,210 $ 51,068
Less: additions to property, plant , and equipment (20,999) (20,030)
Plus: proceeds from the sale of property, plant,
and equipment 2,143 1,765
Less: dividends (9,071) (6,859)
-------- ----- ---
Free cash flow $ 12,283 $ 25,944
======== ========

TABLE 2
RECONCILIATION OF NET DEBT TO CAPITALIZATION
(Thousands )
(Unaudited)

December December
31, 31,
2004 2003
-------- ---------

Current portion of long-term debt $ 4,981 $ 11,689
Plus: Long-term debt, net of current portion 180,562 179,061
Less: Cash and cash equivalents (92,513) (149,001)
-------- ---------
Net debt $ 93,030 $ 41,749
======== =========

Net debt $ 93,030 $ 41,749
Plus: Total stockholders' equity 492,788 436,391
Plus: Minority interest 7,515 9,767
-------- ---------
Capitalization $593,333 $ 487,907
======== =========

rollform condenser

07 per share. In the course of performing its assessment, management has
identified certain significant deficiencies, including a significant
deficiency that led to the above described accounting error., acquired on
April 16, 2004 and internal sales growth of $809 ,000. Following the webcast, an
archived version of the call will be available at the same address
until 2006.00) (0.10 par value;
80,000,000 shares authorized;
1 vote per share; issued and outstanding:
25,049,338 shares at
December 31, 2004 and 24,459,121 shares at
December 31, 2003 2,505 2,446
Class B Common Stock, $.45 $ 1.

mandrel ducting

04 per
share, respectively.00 per
share. TEAM is a supplier to major original equipment
manufacturers of air conditioning systems and several of the major
European automotive air conditioning manufacturers.m. Eastern Time.32
Discontinued operations (0.

mandrel hose

Earnings per share for the fourth quarter and the full year of
2004 reflect an increase of 15% and 18%, respectively, in outstanding
shares resulting from the Company's public offering of Class A Common
Stock in December 2003.49
Adjustments
Relating to 2004 $0.01 $0. Since the spin off of our industrial and oil and gas
businesses in October 1999, we have continually generated strong
levels of cash from operations. We had a particularly strong fourth quarter of 2004 generating
$42,139,0000 of cash from continuing operations due to improved
management of working capital. Loss from discontinued operations for the fourth quarter of
2004 includes an after tax charge of $783 ,000 or $0. located in Dunnellon, Florida, for
approximately $16,800,000 in cash.
For these reasons , management believes these non-GAAP measures can be
useful to investors, potential investors and others.07 $ 0.06) (0. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in thousands)
(Unaudited)

Net Sales

Fourth Quarter Years Ended
Ended
----------------- -----------------
December December December December
31, 31, 31, 31,
2004 2003 2004 2003
-------- -------- -------- --------

North America 144,972 120,400 545,139 472 ,518
Europe 69,834 61,505 253,234 210,614
China 6,600 5,241 26,185 18,727
-------- -- ------ -------- --------
Total 221,406 187,146 824,558 701,859
======== ======== ======== ========

Operating Income

Fourth Quarter Years Ended
Ended
----------- ------ -----------------
December December December December
31, 31, 31, 31,
2004 2003 2004 2003
-------- -------- --- ----- --------

North America 13,755 17,391 68,558 64,375
Europe 8,137 6,969 31,597 22,592
China 581 (980) 1,857 (3,834)
Corporate (6,972) (3,606) (19,136 ) (13,132)
-------- -------- -------- --------
Total 15,501 19,774 82,876 70,001
======== ======== ======== ========

WATTS WATER TECHNOLOGIES, INC.

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Maverick Tube Corporation Begins Construction of Coiled Tubing Expansion Project Expected to Increase Capacity by 50%

Business Editors

ST.----Watts Water
Technologies, Inc. Income from continuing
operations for the fourth quarter of 2004 and 2003 includes costs
incurred for our manufacturing restructuring plan of $408,000, or
$0. The after tax
adjustments necessary to correct these errors amounted to $2,289,000,
or $0.05
Relating to earlier
periods $0. Our
internal sales growth in the North American home improvement retail
market increased 21% for the fourth quarter of 2004 over the fourth
quarter of 2003. dollar, the inclusion of
$2,682,000 in sales from TEAM Precision Pipework, Ltd.02 per share, for
the planned divesture of Jameco International, LLC and after tax
charges of $905,000 attributable to legal fees associated with the
James Jones litigation ., to an estimated
fair value., located in Ammanford, West
Wales, United Kingdom for approximately $17,200,000 subject to final
adjustments, if any, as stipulated in the purchase and sale agreement . HF Scientific manufactures and
distributes a line of instrumentation equipment, test kits and
chemical reagents used for monitoring water quality in a variety of
applications.wattswater. Annual Report on
Form 10-K for the year ended December 31, 2003 filed with the
Securities Exchange Commission and other reports Watts files from time
to time with the Securities and Exchange Commission.43 $ 1.

tubing hypodermic

Net income was $8,161,000, a decrease of
$1,580,000, or 16%, compared to the fourth quarter of 2003.
The year ended December 31, 2004 reflected increases in sales and
net income of 17% and 40%, respectively, over the year ended December
31, 2003.06 per share, and $1,084,000, or $0.37 $1.
Patrick S. Orion distributes its products under the brand names of Orion,
FloSafe and Laboratory Enterprises.
On January 5, 2005, the Company acquired HF Scientific, Inc.35 $ 1 .25 $ 0.

tubings jgb

Watts Water Technologies Reports Fourth Quarter 2004 Results

(NYSE: WTS) today announced results for the fourth
quarter ended December 31, 2004, reflecting an increase in sales of
18 % over the fourth quarter ended December 31, 2003. This organic
growth is predominately due to market share gains in the wholesale
market partially offset by a soft quarter in the O. The full year operations of China were
also profitable. This strong performance in the fourth
quarter resulted in $12,283 ,000 of free cash flow for the year ended
December 31, 2004.) The impact of this free cash flow and our
financing activities in 2003, net of investments in acquired
companies, results in a net debt to capitalization ratio of 16% at
December 31, 2004.05 per share, compared to loss from discontinued
operations for the fourth quarter of 2003 of $43,000, or $0.
Sea Tech offers a wide range of standard and custom quick connect
fittings, valves and manifolds and pex tubing designed to address
specific customer requirements.
This Press Release includes statements that are not historical
facts and are considered forward-looking within the meaning of the
Private Securities Litigation Reform Act of 1995.11)
-------- -------- -------- --------
NET INCOME $ 0.

pvf merlette

"
Maverick Tube Corporation is a leading North American producer of
welded tubular steel products used in energy applications (oil country
tubular goods, line pipe, coiled tubing and couplings) and industrial
applications (steel electrical conduit, hollow structural sections ,
standard pipe, pipe piling and mechanical tubing products). Net income
for the fourth quarters of 2004 and 2003 included losses from
discontinued operations of $1,688,000 and $43,000, respectively . markets. In addition, we believe we will be able to sustain
the profitability of our Chinese operations and, as a result, in the
fourth quarter of 2004 we valued a net operating loss carry forward
which provided a tax benefit of approximately $322,000, or $0.
located in Fort Myers, Florida, in a stock purchase transaction for
approximately $7,800,000 in cash. Watts does not
intend to, and undertakes no duty to, update the information contained
in this Press Release.25
======== ======== ======== ========

WATTS WATER TECHNOLOGIES, INC.

purna jgb

01 per share,
respectively. dollar.S.M.30 $ 0. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share information)
(Unaudited)

Fourth Quarter Years Ended
Ended
------------------ -- ----------------
December December December December
31, 31, 31, 31,
2004 2003 2004 2003
-------- -------- -------- ---- ----
Net sales $221,406 $187,146 $824,558 $701,859
Cost of goods sold 145,752 120,983 533,997 461,994
-------- ---- ---- -------- --------
GROSS PROFIT 75,654 66,163 290,561 239,865
Selling , general +
administrative expenses 60,058 46,077 207,590 169,438
Restructuring 95 312 95 426
-------- -------- -------- --------
OPERATING INCOME 15,501 19,774 82,876 70,001
-------- -------- -------- --------
Other (income) expense:
Interest income (343) (299) (1,135) (1,043)
Interest expense 2,634 3,545 10,564 12,108
Minority interest 308 (106 ) 1,203 (554)
Other 67 877 (428) 748
-------- -------- -------- --------
2,666 4,017 10,204 11,259
-------- -------- --- ----- --------
INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME
TAXES 12,835 15,757 72,672 58,742
Provision for income taxes 2,986 5,973 23,934 22,323
-------- -------- -------- --------
INCOME FROM CONTINUING
OPERATIONS 9,849 9,784 48,738 36 ,419
Loss from discontinued
operations, net of taxes (1,688) (43) (1,918) (3,057 )
-------- -------- -------- --------
NET INCOME $ 8,161 $ 9,741 $ 46,820 $ 33,362
======== ======== ======== ========
BASIC EPS
Income (loss) per share:
Continuing operations $ 0 .05) (0.28 $ 0.

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The Company estimates that it will record an
additional after-tax charge of approximately $900,000, or $0.
On April 16, 2004, the Company acquired 90% of the outstanding
stock of TEAM Precision Pipework, Ltd. located in Kansas City, Kansas, for approximately $27,900,000 in
cash .22
======== ======== ======== ========
Weighted average number of
shares 32,369 28,184 32,276 27,455
======== ======== ======== ========
DILUTED EPS
Income (loss) per share:
Continuing operations $ 0.

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Business Editors/Financial Editors

NORTH ANDOVER, Mass .
During the fourth quarter of 2004, the Company identified and
corrected errors related to certain accrued expenses. dollar.E. We generated $40,210,000 of net cash
provided by continuing operations for the year ended December 31,
2004. (Please refer to Table 2 at the end of this press
release for a reconciliation of net debt to capitalization. Its expertise in a wide variety of water technologies
enables it to be a comprehensive supplier to the water industry. The
non-GAAP results, which are adjusted to exclude certain pre-tax
charges, costs, expenses, gains and losses from the comparable GAAP
measures, are an indication of our baseline performance before gains,
losses or other charges that are considered by management to be
outside of our core operating results. The presentation
of this additional information is not meant to be considered in
isolation or as a substitute for net income, income per share or other
measures prepared in accordance with GAAP. These
forward-looking statements reflect Watts Water Technologies' current
views about future results of operations and other forward-looking
information.

repeatable tubings

30 $1. Sea Tech, which was established in
1995 , provides cost effective solutions for fluidic connection needs. This press release and the live
webcast can be accessed by visiting the Investors section of the
Company's website at www.com.25

WATTS WATER TECHNOLOGIES, INC.10 par value; 5,000,000
shares authorized; no shares issued
or outstanding - -
Class A Common Stock , $.30 $ 0.49 $ 1.11)
-------- -------- -------- ------- -
NET INCOME $ 0.

purna superheaters

Actual results may
differ from these forward-looking statements due to numerous factors,
including those described under "Risk Factors" and elsewhere in
Maverick 's Form 10-K for its year ended December 31, 2004."
"In the fourth quarter of 2004 we recorded pre -tax charges of
approximately $569,000 in cost of sales and $95,000 in restructuring
for costs associated with our manufacturing restructuring program."
"We are particularly pleased with the Company 's continued strong
cash generation.
Watts Water Technologies, Inc. In some cases you can identify these statements by
forward-looking words such as "anticipate," "believe," "could,"
"estimate ," "expect," "intend," "may," "should," "will" and "would" or
similar words.21
======== ======== ======== ========

Cash dividends per share $ 0. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands , except share information)
(Unaudited)

December December
31, 31,
ASSETS 2004 2003
--------- ---------
CURRENT ASSETS:
Cash and cash equivalents $ 92,513 $ 149,001
Trade accounts receivable, less allowance for
doubtful accounts of
$7,551 at Decmber 31, 2004 and $7,772 at
December 31, 2003 150,073 135,170
Inventories, net:
Raw materials 53,942 41,998
Work in process 28,020 21,870
Finished goods 121,082 90,253
--------- ---------
Total Inventories 203,044 154,121
Prepaid expenses and other assets 14,359 10,355
Deferred income taxes 27,463 23,889
Assets of discontinued operations 10,227 10,358
---- ----- ---------
Total Current Assets 497,679 482,894
--------- ---------
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment, at cost 321,655 284,087
Accumulated depreciation (170,966) (138,521)
------- -- ---------
Property, plant and equipment, net 150,689 145,566
--------- ---------
OTHER ASSETS:
Goodwill 226,178 184,901
Other 49,702 27,557
--------- ---------
TOTAL ASSETS $ 924,248 $ 840,918
========= =========

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 73,606 $ 73,607
Accrued expenses and other liabilities 64,604 54,843
Accrued compensation and benefits 29,679 18,466
Current portion of long-term debt 4,981 11,689
Liabilities of discontinued operations 24,303 16,031
--------- ---------
Total Current Liabilities 197,173 174,636
--------- ---------
LONG-TERM DEBT, NET OF CURRENT PORTION 180,562 179,061
DEFERRED INCOME TAXES 19,578 15,978
OTHER NONCURRENT LIABILITIES 26,632 25,085
MINORITY INTEREST 7,515 9,767
STOCKHOLDERS' EQUITY:
Preferred Stock, $.00) (0.00) (0.

industies hypodermic

Our engineers continue to work
with engineers from oil and gas and major service companies around the
world to develop new applications for coiled tubing and to improve the
technology in existing coiled tubing applications. This expansion will
allow us to maintain our world-wide leadership position in this
product line. There is no assurance
that such assumptions will prove to be accurate . Sales were $824,558,000, an increase of $122,699,000, or
17%, compared to the year ended December 31, 2003.
Income from continuing operations for the year ended December 31,
2004 was $48,738,000 , or $1.06 $0.
Management has not yet completed its assessment and has not yet
determined whether these deficiencies, individually or in the
aggregate, constitute a material weakness. contributed
$9,903,000, or 5%, and the change in foreign exchange rates
contributed $5,566,000, or 3%, due primarily to the strengthening of
the euro versus the U.) We are
pleased that we have maintained a conservative capital structure while
achieving the growth rates which we have realized over the past
several years.
TEAM custom designs and manufactures manipulated pipe and hose tubing
assemblies , which are utilized in the heating ventilation and air
conditioning markets.33
Discontinued operations (0.34 $ 1.

purna hypodermic

"
Jim Cowan, the Company's President and COO, stated, "Coiled tubing
is a very exciting product line for us. Sales were
$221,406,000, an increase of $34,260,000, or 18%, compared to the
fourth quarter of 2003. The impact of the amount that related to prior periods
was not material to any of the financial statements of prior periods,
thus the amount related to prior periods was also recorded in the
fourth quarter of 2004.
The following table illustrates the effects of the adjustments on
earnings per share from continuing operations and reconciles the
unadjusted earnings per share to earnings per share under generally
accepted accounting principles:

Fourth Quarter Ended Year Ended
December 31, 2004 December 31, 2004
-------------------------- ----------------
As Reported $0. European sales increased $8,329,000, or 14 %, compared to
the fourth quarter of 2003."
"We are pleased with the positive operating trends in our Chinese
subsidiaries.01 per
share. Prior periods reflect Jameco International, LLC as
discontinued operations. is a world leader in the
manufacture of innovative products to control the efficiency , safety,
and quality of water within residential, commercial, and institutional
applications.

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.34 $ 1.06) (0.10 par value;
25,000,000 shares authorized;
10 votes per share; issued and
outstanding: 7,343,880 shares at
December 31, 2004 and 7,605,224 shares at
December 31, 2003 734 761
Additional paid-in capital 139,434 132,983
Deferred compensation (648 ) -
Retained earnings 324,145 286,396
Accumulated other comprehensive income 26,618 13,805
--------- ---------
Total Stockholders' Equity 492,788 436,391
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS ' EQUITY $ 924,248 $ 840,918
========= =========

WATTS WATER TECHNOLOGIES, INC.07 $ 0.

Extruded, molded, or machined conveyance media used for the handling of fluids.

industies mandrel

30 per share, an increase of $65,000, or 1%,
compared to income from continuing operations for the fourth quarter
of 2003 of $9,784,000, or $0.49 per share, an increase of $12,319,000,
or 34%, compared to income from continuing operations for the year
ended December 31, 2003 of $36,419,000, or $1., acquired on January 5, 2004 and
$728,000 due to favorable foreign exchange rates associated with the
strengthening of the Canadian dollar versus the U. These increased manufacturing
efficiencies allowed our Chinese operations to generate a profit for
the third consecutive quarter. In the fourth quarter of 2004, the Company
recorded an impairment charge to write down the investment in its
minority owned subsidiary, Jameco International, LLC.
On January 5, 2004, the Company acquired substantially all of the
assets of Flowmatic Systems, Inc.30 $ 0.25 $ 0.

kyonggi tubings

LOUIS ----Maverick Tube
Corporation (NYSE:MVK) announced today that it has begun work on a $12
million project to expand the capacity of its Precision Tube coiled
tubing facility by more than 50%."
"We derived 32% of our total sales for the fourth quarter of 2004
from Europe. The plants continue to increase capacity utilization and
gain manufacturing efficiencies.25 $ 0.34 $ 1.07 $ 0.35 $ 1.