Restructuring costs, net of tax, incurred in the first quarters of
2005 and 2004 were $496,000, or $0. Our acquisitions contributed
$9,303,000 of sales for the first quarter ended April 3, 2005 over the
first quarter ended March 28, 2004. This increase is due to the
favorable foreign exchange rates associated with the strengthening of
the euro versus the U. 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 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 .com.10 par value; 5,000,000 shares
authorized; no shares issued or outstanding - -
Class A Common Stock, $.38 $0. Erie Insurance Offers Safe Grilling Tips

ERIE, Pa.
(Logo: http://www.erieinsurance.05
Relating to earlier
periods $0. located in Dunnellon, Florida, for
approximately $16,800,000 in cash.
On January 5, 2005, the Company acquired HF Scientific, Inc.43 $ 1.

positioners awc

34 per share.37 $0..34
========= =========
Weighted average number of shares 33,032 32,549
========= =========
Dividends per share $0. But cookouts can quickly turn dangerous
and sometimes even deadly. "Another
thing to remember is to never place grills directly on a wooden surface such
as a deck because the grill will remain hot for hours after cooking,
presenting a fire hazard.----Watts Water
Technologies, Inc. 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.
Income from continuing operations for the year ended December 31,
2004 was $48,738,000, or $1.06 $0.37 $1. Eastern Time.11)
-------- -------- -------- --------
Net income $ 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, $.25
======== ======== ======== ========

WATTS WATER TECHNOLOGIES, INC . 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
======== =========

wanner strainers

"Our North American segment increased sales for the first quarter
ended April 3, 2005 by 22% to $147,477,000 compared to $120,982,000
for the first quarter ended March 28, 2004.10 par value; 80,000,000
shares authorized; 1 vote per share; issued and
outstanding: 25,091,676 shares at April 3, 2005
and 25,049,338 shares at December 31, 2004 2,509 2,505
Class B Common Stock, $.37 $0.E.05 per share, compared to loss from discontinued
operations for the fourth quarter of 2003 of $43,000, or $0. Watts does not
intend to, and undertakes no duty to, update the information contained
in this Press Release.49 $ 1.

cmi abernathy

(NYSE Symbol "WTS") today announced results for the
first quarter ended April 3, 2005.37 per share ,
which includes a net loss from discontinued operations of $39,000. The press release
and the live web cast can be accessed by visiting the Investors
section of the Company's website at www.

Don 't let your Barbecue go up in Flames!

com

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."
"We are pleased with the positive operating trends in our Chinese
subsidiaries. The plants continue to increase capacity utilization and
gain manufacturing efficiencies.01 per
share. 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.25 $ 0.43 $ 1.10 par value; 5,000,000
shares authorized; no shares issued
or outstanding - -
Class A Common Stock, $.33
Discontinued operations (0.00) (0.07 $ 0.

cmi clarification

AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share information)
(Unaudited )
April December
3, 31,
ASSETS 2005 2004
--------- ---------
CURRENT ASSETS:
Cash and cash equivalents $61,532 $65,913
Investment securities - 26,600
Trade accounts receivable, less allowance for
doubtful accounts of
$7,319 at April 3, 2005 and $7,551 at December
31, 2004 156,675 150,073
Inventories, net:
Raw materials 55,778 53,942
Work in process 28,637 28,020
Finished goods 128,319 121,082
--------- ---------
Total Inventories 212,734 203,044
Prepaid expenses and other assets 15,317 14,359
Deferred income taxes 27,809 27,463
Assets of discontinued operations 8,644 10,227
--------- -- -------
Total Current Assets 482,711 497,679
--------- ---------
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment, at cost 322,709 321,655
Accumulated depreciation (174,698) (170,966)
--------- ----- ----
Property, plant and equipment, net 148,011 150,689
--------- ---------
OTHER ASSETS:
Goodwill 234,039 226,178
Other 54,120 49,702
--------- ---------
TOTAL ASSETS $918,881 $924,248
========= =========

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $72,071 $73,606
Accrued expenses and other liabilities 63,051 64,604
Accrued compensation and benefits 25,638 29,679
Current portion of long-term debt 5,542 4,981
Liabilities of discontinued operations 23,456 24,303
--------- ---------
Total Current Liabilities 189,758 197,173
--------- ---------
LONG-TERM DEBT, NET OF CURRENT PORTION 178,983 180,562
DEFERRED INCOME TAXES 20,476 19,578
OTHER NONCURRENT LIABILITIES 25,558 26,632
MINORITY INTEREST 7,544 7,515
STOCKHOLDERS' EQUITY:
Preferred Stock, $.newscom . If filling a new cylinder, tell
your supplier it is being filled for the first time, so air can be removed. 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."
"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.M., to an estimated
fair value. 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.34 $ 1.

dispense sensys

acquisition of $2,803,000 and internal sales growth of $736,000. 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 . The Company now owns 100% of Shida. Shida is a manufacturer of a
variety of plumbing products sold both into the Chinese domestic
market and export markets.34
========= =========

Cash dividends per share $0., acquired on May 21,
2004, and Flowmatic Systems, Inc.S.) 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. This press release and the live
webcast can be accessed by visiting the Investors section of the
Company's website at www. 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. 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.

fluid viscous

Sales for the first quarter ended
April 3, 2005 were $219,027,000, an increase of $33,019,000, or 18%,
from the first quarter ended March 28, 2004.02 per share, respectively. For the first quarter ended April 3, 2005
we recorded a pre-tax charge of approximately $774,000, which was
comprised of $412,000 recorded in cost of sales primarily for
accelerated depreciation for both the expected closure of a U., located in Fort Myers, Florida for
approximately $7,000,000 in cash plus $800,000 in assumed debt.
On January 4, 2005, the Company acquired substantially all of the
assets of Sea Tech, Inc . The Company
had made prior investments in 2003 and 2002 totaling $8,000,000 in
cash for its initial 60% interest. 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. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited )

First Quarter Ended
-------------------
April 3, March 28,
2005 2004
--------- ---------
STATEMENTS OF INCOME
---------------------------------------------------

Net sales $219,027 $186,008

Income from continuing operations $12,397 $10 ,995
Income (loss) from discontinued operations (39) 6
--------- ---------
Net income $12,358 $11,001
========= =========

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

Weighted Average Number of Common Shares +
Equivalents 33,032 32,549

Earnings per Share:
Continuing operations $0.30 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. 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 January 5, 2004 and
$728,000 due to favorable foreign exchange rates associated with the
strengthening of the Canadian dollar versus the U. We maintain a $300,000,000 Revolving Line of Credit of
which $218,445,000 was unused and available at December 31, 2004.02 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.m. Following the webcast, an
archived version of the call will be available at the same address
until 2006.32
Discontinued operations (0.00) (0.25 $ 0.

actuators viscous

This increase in North
American sales was achieved through internal sales growth of
$19,245,000, the inclusion of sales from the acquisitions of HF
Scientific, Inc. totaling
$6,500,000, and $750,000 due to favorable foreign exchange rates
associated with the strengthening of the Canadian dollar versus the
U."
"We derived 30% of our total sales for the first quarter ended
April 3, 2005 from Europe compared to 32% in the first quarter ended
March 28, 2004.S."
On January 5, 2005, the Company acquired 100% of the outstanding
stock of HF Scientific, Inc. TEAM
is a supplier to major original equipment manufacturers of air
conditioning systems and several of the major European automotive air
conditioning manufacturers . Annual Report on
Form 10-K for the year ended December 31, 2004 filed with the
Securities Exchange Commission and other reports Watts files from time
to time with the Securities and Exchange Commission .wattswater.08 $0.07
========= =========

WATTS WATER TECHNOLOGIES, INC.com/cgi-bin/prnh/20041112/ERIELOGO)
"Every summer we see fire-related claims that could have been avoided,"
says Mark Dombrowski of Erie Insurance Group. Check for leaks by placing some liquid
soap and water directly on the gas connections.02 per share, respectively.32 per share. 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 2004.03 per
share, for the nine months ended October 2, 2005. dollar."
"Internal sales growth in the North American wholesale market
increased 11% over the fourth quarter of 2003. (Please refer to Table 2 at the end of this press
release for a reconciliation of net debt to capitalization.00 per
share., 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.
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 .
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.28 $ 0.05) (0.25 $ 0.

bnl actuators

and the April 2004 acquisition of TEAM Precision Pipework, Ltd. dollar. Sales in Europe for the first quarter ended April 3,
2005 increased $6,401,000, or 11 % to $66,434,000, compared to the
first quarter ended March 28, 2004. (Shida), that had been held by the Company's
former joint venture partner for approximately $3,000,000 in cash and
the payment of $3,500,000 in connection with a know-how transfer and
non-compete agreement. 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. Taking a few simple precautions before you plan
that backyard barbecue can help ensure your bash doesn't go up in flames.
"You should follow these precautions for all outdoor cooking devices,
including propane turkey fryers and fire pits," says Dombrowski.02

Unadjusted $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., which we subsequently renamed Orion Enterprises,
Inc.51 $ 1.28 $ 0.

positioners viscous

The change in foreign exchange rates for the first quarter ended April
3, 2005 increased our sales by $3,612,000 over the first quarter ended
March 28, 2004 due primarily to the strengthening of the euro versus
the U. This compares to $1,177,000 recorded in cost
of goods sold in the first quarter ended March 28, 2004 for
accelerated depreciation for both the expected closure of a U. As of April 3, 2005 the Company had paid
$5,750,000 in cash .34
========= =========
Weighted average number of shares 32,408 32,136
========= =========
DILUTED EPS
Income per share:
Continuing operations $0. Sales were
$221,406,000, an increase of $34,260,000, or 18%, compared to the
fourth quarter of 2003.
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. Flowmatic designs and distributes
high quality reverse osmosis components and filtration equipment .30 $ 0.25

WATTS WATER TECHNOLOGIES, INC.

sealless cse

02 per share effect for the first quarter ended March 28,
2004. Eastern Time.

WATTS WATER TECHNOLOGIES, INC..34 per share . 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."
"We derived 32% of our total sales for the fourth quarter of 2004
from Europe. 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 ."
Loss from discontinued operations for the fourth quarter of 2004
was $1,688,000, or $0. TEAM is a supplier to major original equipment
manufacturers of air conditioning systems and several of the major
European automotive air conditioning manufacturers. These
forward-looking statements reflect Watts Water Technologies' current
views about future results of operations and other forward -looking
information.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.35 $ 1.

The category may contain wholesalers, distributors, resellers in the area of fluid and gas control.

sealless metex

"We also incurred incremental pretax charges in the first quarter
of 2005 including $709,000 for an acquisition earn-out being treated
as compensation expense and costs related to compliance with
Sarbanes-Oxley requirements of approximately $1,200,000.
Watts Water Technologies, Inc..' $918,881 $924,248
========= =========

WATTS WATER TECHNOLOGIES , INC.34
Discontinued operations - -
--------- ---------
NET INCOME $0.

Watts Water Technologies Reports Fourth Quarter 2004 Results

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 $0.05 per share and $411,000, or $0. This organic
growth is predominately due to market share gains in the wholesale
market partially offset by a soft quarter in the O.
located in Fort Myers, Florida, in a stock purchase transaction for
approximately $7 ,800,000 in cash.
Watts Water Technologies, Inc.wattswater.
For these reasons, management believes these non-GAAP measures can be
useful to investors, potential investors and others.35 $ 1.06) (0.11)
-------- -------- -------- --------
NET INCOME $ 0.

bnl awc

37 per
share, compared to income from continuing operations for the first
quarter ended March 28, 2004 of $10,995,000, or $0. Our internal sales growth
in the North American home improvement retail market increased 22% for
the first quarter ended April 3, 2005 over the first quarter ended
March 28, 2004.
manufacturing plant and a reduction in the estimated useful lives of
certain manufacturing equipment. 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 . 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.m.37 $0. You should also routinely check
fittings and connections to make sure that they are properly tightened and
clean the grill thoroughly at least once each season.
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.
Patrick S. The full year operations of China were
also profitable. located in
Wilmington, North Carolina in an asset purchase transaction for
approximately $10,000,000 in cash. Sea Tech, which was established in
1995, provides cost effective solutions for fluidic connection needs.com.22
======== ======== ======== ========
Weighted average number of
shares 32,369 28,184 32,276 27,455
======== ======== ======== ========
DILUTED EPS
Income (loss) per share:
Continuing operations $ 0.

wanner cmi

Business Editors

NORTH ANDOVER, Mass. dollar.S. These
forward-looking statements reflect Watts Water Technologies' current
views about future results of operations and other forward-looking
information .
Gas grill accidents are often caused when propane tanks are hooked up
incorrectly or leaks are undetected.
Only proper starting fluids should be used to ignite a charcoal grill --
gasoline or kerosene should never be used.01 per share, and $444,000, or $0. The after tax
adjustments necessary to correct these errors amounted to $2,289,000,
or $0.01 per share,
respectively. The Company estimates that it will record an
additional after-tax charge of approximately $900,000, or $0. European sales increased $8,329,000, or 14%, compared to
the fourth quarter of 2003., acquired on
April 16, 2004 and internal sales growth of $809,000. 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. (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.
On January 5, 2004, the Company acquired substantially all of the
assets of Flowmatic Systems, Inc.
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. 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, $.

sensys wanner

Income from continuing operations increased $1,402,000, or 13%, for
the first quarter ended April 3, 2005, to $12,397,000 , or $0.
Patrick S. The
appreciation of the euro also had a positive impact on European income
of $0.
The improvement in earnings from Chinese operations over last year was
primarily due to the increased production levels and lower scrap
expenses.
On March 29, 2004, a wholly-owned subsidiary of the Company
acquired the 40% equity interest in Taizhou Shida Plumbing
Manufacturing Co., Ltd. Its expertise in a wide variety of water technologies
enables it to be a comprehensive supplier to the water industry.37 $0., As the weather heats up, families
everywhere are firing up the grill. Net income was $8,161,000, a decrease of
$1,580,000, or 16%, compared to the fourth quarter of 2003.
Income from continuing operations for the fourth quarter of 2004
was $9,849,000 , or $0.
During the fourth quarter of 2004, the Company identified and
corrected errors related to certain accrued expenses.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 . This strong performance in the fourth
quarter resulted in $12,283,000 of free cash flow for the year ended
December 31, 2004. 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. will hold a live webcast of its
conference call to discuss fourth quarter results for 2004 on February
24, 2005, at 10:00 a. 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.

royston cmi

----Watts Water
Technologies, Inc., which was
subsequently renamed Orion Enterprises, Inc.
On April 16, 2004, a wholly-owned subsidiary of the Company
acquired 90% of the stock of TEAM Precision Pipework, Ltd.10 par value; 25,000,000
shares authorized; 10 votes per share; issued
and outstanding: 7,343,880 shares at April 3 ,
2005 and at December 31, 2004 734 734
Additional paid-in capital 142,082 140,172
Retained earnings 333,884 324,145
Deferred compensation (2,380) (1,386)
Accumulated other comprehensive income 19,733 26,618
--------- ---------
Total Stockholders' Equity 496,562 492,788
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS ' EQUITY.
If you use propane, only use the gas cylinders designed to store propane
and fill them at a reputable propane supplier.07 per share.30 $1. We generated $40,210,000 of net cash
provided by continuing operations for the year ended December 31,
2004.
On May 21 , 2004, the Company acquired 100% of the stock of McCoy
Enterprises, Inc. Orion distributes its products under the brand names of Orion,
FloSafe and Laboratory Enterprises.07 $ 0.07 $ 0.

blower viscous

and Sea Tech, Inc."
"We continue with the consolidation of our manufacturing plants in
North America and Europe while continuing to expand our manufacturing
capacity in China and other areas of the world in an effort to lower
our cost of manufacturing.
On May 21, 2004, a wholly-owned subsidiary of the Company acquired
100% of the outstanding stock of McCoy Enterprises, Inc. 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.38 $0. Net income
for the fourth quarters of 2004 and 2003 included losses from
discontinued operations of $1,688,000 and $43,000 , respectively."
"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. 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. 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.34 $ 1.32
Discontinued operations (0.00) (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.

waterflood sealless

, Sea Tech, Inc. 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.S."
"Sales in China increased 2% to $5,116,000 for the quarter ended
April 3, 2005 from $4,993,000 for the quarter ended March 28, 2004. located in Wilmington, North Carolina for
approximately $10,000,000 in cash. (TEAM),
located in Ammanford, West Wales, United Kingdom for approximately
$17,200,000 in cash subject to final adjustments, if any, as
stipulated in the purchase and sale agreement. Following the
web cast, an archived version of the call will be available at the
same address until May 4, 2006.07

WATTS WATER TECHNOLOGIES , INC. Sales were $824,558,000, an increase of $122,699,000, or
17%, compared to the year ended December 31, 2003. 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.S.) 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.
On April 16, 2004, the Company acquired 90% of the outstanding
stock of TEAM Precision Pipework, Ltd.
Watts Water Technologies , Inc.49 $ 1.

gestra blower

S. TEAM custom designs and
manufactures manipulated pipe and hose tubing assemblies , which are
utilized in the heating ventilation and air conditioning markets. will hold a live web cast of its
conference call to discuss first quarter results for 2005 on
Wednesday, May 4, 2005 , at 2:00 p.. If bubbles appear, there is a
leak and the connections should be tightened. Also, adding starter fluid after
the fire has been ignited is extremely hazardous as flames may jump out from
the grill. Income from continuing
operations for the fourth quarter of 2004 and 2003 includes costs
incurred for our manufacturing restructuring plan of $408,000, or
$0.49
Adjustments
Relating to 2004 $0.

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 $ 0.30 $ 0.05) (0.

dispense cse

34
Discontinued operations - -
---- ----- ---------
Net income $0..34
Discontinued operations - -
- -------- ---------
NET INCOME $0. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in thousands)
(Unaudited)

Net Sales

First Quarter Ended
-----------------------------
April 3, March 28,
2005 2004
-------------- --------------

North America $147,477 $120,982
Europe 66,434 60,033
China 5,116 4,993
-------------- --------------
Total $219,027 $186,008
============== ==============

Operating Income

First Quarter Ended
-----------------------------
April 3, March 28,
2005 2004
-------------- --------------

North America $18,446 $16,434
Europe 7,493 7,445
China 545 (458)
Corporate (5,174) (3,643)
-------------- --------------
Total $21,310 $19,778
============== ==============

You should transport the tank in an upright position and take it out of the
car as soon as you arrive home. Our overall increase in sales was achieved by internal growth,
the contribution from acquired companies, and the change in foreign
exchange rates. dollar, the inclusion of
$2,682,000 in sales from TEAM Precision Pipework, Ltd. markets.11)
-------- ------- - -------- --------
NET INCOME $ 0.

technically gestra

02 per share, and $724,000, or
$0. O 'Keefe, Chief Executive Officer, commented, "Our
overall increase in sales was achieved by internal growth,
contributions from acquired companies and the change in foreign
exchange rates."
"Internal sales growth in the North American wholesale market for
the first quarter ended April 3, 2005 increased 14% over the first
quarter ended March 28, 2004.
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.
Watts Water Technologies, Inc. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share information )
(Unaudited)
First Quarter Ended
-------------------
April 3, March 28,
2005 2004
---- ----- ---------
Net sales $219,027 $186,008
Cost of goods sold 141,649 121,096
--------- ---------
GROSS PROFIT 77,378 64,912
Selling, general + administrative expenses 55,706 45,134
Restructuring 362 -
--------- ---------
OPERATING INCOME 21,310 19,778
--------- ---------
Other (income) expense:
Interest income (309) (302)
Interest expense 2,521 2,544
Minority interest 65 175
Other (87) (164)
--------- ---------
2,190 2,253
--------- -------- -
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES 19,120 17,525
Provision for income taxes 6,723 6,530
--------- ---------
INCOME FROM CONTINUING OPERATIONS 12,397 10,995
Income (loss) from discontinued operations, net of
taxes (39) 6
--------- ---------
NET INCOME $12 ,358 $11,001
========= =========
BASIC EPS
Income per share:
Continuing operations $0. Loss from discontinued operations for the fourth quarter of
2004 includes an after tax charge of $783,000 or $0. 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.21
======== ======== ======== ========

Cash dividends per share $ 0.

viscous actuators

S.08 $0.
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. 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.
TEAM custom designs and manufactures manipulated pipe and hose tubing
assemblies, which are utilized in the heating ventilation and air
conditioning markets.
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. 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.30 $ 0.06) (0.

dispense blower

dollar, which accounted for $2,862,000, the
inclusion of the sales from the TEAM Precision Pipework, Ltd.
manufacturing plant and a reduction in the estimated useful lives of
certain manufacturing equipment and $362,000 recorded in selling,
general and administrative expenses for severance costs related to
European restructuring.

Business Editors/Financial Editors

NORTH ANDOVER, Mass. 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. dollar. 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. This increase is comprised of $4,838,000
due to favorable foreign exchange rates associated with the
strengthening of the euro versus the U. 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.34 $ 1. 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 $ 0.45 $ 1.21
======== ======== ======== ========
Weighted average number of
shares 32,901 28,524 32,719 27,692
======== ======== ======== ========
Dividends per share $ 0.

northcoast royston

Watts Water Technologies Reports First Quarter 2005 Results

Our internal growth contributed $20,104,000 of the
increase in sales in the first quarter ended April 3, 2005 over the
first quarter ended March 28, 2004. This acquired growth was
attributable to the January 2005 acquisitions of HF Scientific, Inc. This increase was led by new product introductions
including pre-soldered copper fittings, hot water re-circulation pumps
and hot water heater connector kits.01 per share in the first quarter ended April 3, 2005, compared
with a $0. Sea Tech provides cost effective
solutions for fluidic connection needs. "Natural gas, propane and
charcoal lighter fluid are all highly flammable and can fuel explosions if
they are not handled properly."
For more safe grilling tips and a listing of independent agents
representing The ERIE in your community, visit the company's Web site at
http://www. (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, 2003.04 per
share, respectively.
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.
On January 4, 2005, the Company acquired Sea Tech, Inc.05) (0.

sealless technically

Net income for the first
quarter ended April 3, 2005, was $12,358,000, or $0., the May 2004 acquisition of Orion Enterprises,
Inc. and Orion Enterprises, Inc. (Orion), located in
Kansas City, Kansas, for approximately $27,900,000 in cash. Orion
distributes its products under the brand names of Orion, Flo Safe and
Laboratory Enterprises. Watts does not
intend to , and undertakes no duty to, update the information contained
in this Press Release. Following the manufacturer's instructions and
using common sense can greatly reduce the risk of injury and property damage.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 $1.06 per share, and $1,084,000, or $0. 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. 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.S. These increased manufacturing
efficiencies allowed our Chinese operations to generate a profit for
the third consecutive quarter."
"We are particularly pleased with the Company's continued strong
cash generation. located in Kansas City, Kansas, for approximately $27,900,000 in
cash. Its expertise in a wide variety of water technologies
enables it to be a comprehensive supplier to the water industry .07 $ 0.