Exhibit 99.1

Contact: Gene Cassis, Vice President of Investor Relations, 508-482-2349

WATERS CORPORATION AND AGILENT TECHNOLOGIES DEUTSCHLAND
GmbH RESOLVE OUTSTANDING HPLC LITIGATION

Milford, Massachusetts, February 17, 2006 – Waters Corporation (NYSE/WAT) reported today it had entered into a settlement agreement with Agilent Technologies Deutschland GmbH resolving certain outstanding HPLC related litigation between them.

The settlement provides for the resolution of a finding of patent infringement by a court in the United Kingdom with respect to a portion of the pump technology used in Waters’ Alliance HPLC instruments. In 2002, Waters discontinued the use of the patented technology and the settlement has no effect on the Company’s ability to sell its Alliance HPLC instruments in the United Kingdom.

In connection with the settlement, Waters and its United Kingdom affiliate have been released from any claims of past infringement under the patent and Waters has agreed to make a one time payment to Agilent of 3.5 million British Pounds Sterling.

As a result of the settlement, Waters has revised its fourth quarter 2005 and full year 2005 results as previously reported in a press release on January 24, 2006, to include a pre-tax $3.1 million provision for damages and estimated remaining costs related to this matter. This has reduced GAAP earnings per diluted share for the fourth quarter of 2005 to $0.69 per diluted share from $0.71 per diluted share and to $1.74 per diluted share from $1.76 per diluted share for the full year 2005. Updated condensed financial statements are attached.

Similar patent infringement actions to the case noted above are currently pending in France and Germany. Waters believes, however, that any potential damages resulting from these ongoing disputes are unlikely to be materially different from amounts previously recorded.

Waters Corporation holds worldwide leading positions in three complementary analytical technologies – liquid chromatography, mass spectrometry and thermal analysis. These markets account for $4.5 - $5.0 billion of the overall $20 + billion analytical instrument market.

Certain statements contained herein are forward looking. Many factors could cause actual results to differ from these statements, in particular, uncertainties of litigation.

Waters Corporation and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

	(Unaudited)						(Unaudited)
	Three Months Ended						Year Ended
	December 31,			December 31,			December 31,			December 31,
	2005			2004			2005			2004
Net sales		332,270			324,154			1,158,236			1,104,536
Cost of sales		133,980			130,144			478,355			454,807
Gross profit		198,290			194,010			679,881			649,729
Selling and administrative expenses		81,593			80,916			321,694			300,150
Research and development expenses		16,691			16,475			66,905			65,241
Purchased intangibles amortization		1,216			1,236			5,005			4,814
Litigation provisions and settlement (A)		3,122			—			3,122			(9,277	)
Impairment of long-lived asset (B)		—			3,997			—			3,997
Restructuring and other unusual charges, net		—			—			—			(54	)
Operating income		95,668			91,386			283,155			284,858
Other expense, net (C)		(3,103	)		(1,014	)		(3,103	)		(1,014	)
Interest (expense) income, net		(3,421	)		156			(5,489	)		1,827
Income from operations before income taxes		89,144			90,528			274,563			285,671
Provision for income taxes (D)		13,546			19,011			72,588			61,618
Net income		75,598			71,517			201,975			224,053
Net income per basic common share	$	0.70		$	0.59		$	1.77		$	1.87
Weighted average number of basic common shares		108,364			120,266			114,023			119,640
Net income per diluted common share	$	0.69		$	0.58		$	1.74		$	1.82
Weighted average number of diluted common shares and equivalents		109,962			122,679			115,945			123,069

(A)	The results for the three months and year ended December 31, 2005 include provisions of $3.1 million for ongoing patent litigation with Hewlett-Packard Company. The results for the year ended December 31, 2004 include provisions of $7.8 million for the same ongoing patent litigation with Hewlett-Packard Company as well as settlement income of $17.1 million related to patent litigation with Perkin-Elmer Corporation.
(B)	The results for the three months and year ended December 31, 2004 include charges of $4.0 million recorded for a write-down of a technology licensed asset.
(C)	The results for the three months and year ended December 31, 2005 include charges of $4.8 million recorded for a write-off of an equity investment and gain of $1.7 million related to the sale of an equity investment. The results for the three months and year ended December 31, 2004 include charges of $1.0 million recorded for full write-down of an investment in an unaffiliated company.
(D)	The results for the year ended December 31, 2005 include a tax provision of approximately $24.0 million related to a qualified dividends distribution under the American Jobs Creation Act of 2004.

Waters Corporation and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)

	(Unaudited)				(Unaudited)
	Three Months Ended				Year Ended
	December 31,		December 31,		December 31,		December 31,
	2005		2004		2005		2004
Reconciliation of income per diluted share, in accordance with generally accepted accounting principles, with adjusted results:
Income per diluted share	$	0.69	$	0.58	$	1.74	$	1.82
Adjustment for litigation provisions and settlement, net of tax		2,569		—		2,569		(5,688	)
Income per diluted share effect		0.02		—		0.02		(0.05	)
Adjustment for restructuring and other unusual charges, net of tax		—		—				(57	)
Income per diluted share effect		—		—		—		(0.00	)
Adjustment for tax provision for qualified dividends distribution		—		—		24,000		—
Income per diluted share effect		—		—		0.21		—
Impairment of long-lived asset, net of tax		—		3,158		—		3,158
Income per diluted share effect		—		0.03		—		0.03
Other expense, write down and sale of certain investments, net of tax		2,554		801		2,554		801
Income per diluted share effect		0.02		0.01		0.02		0.01
Adjusted income per diluted share:	$	0.73	$	0.62	$	1.99	$	1.81

The adjusted income per diluted share presented above is used by the management of the Company to measure operating performance with prior periods and is not in accordance with generally accepted accounting principles (GAAP). The above reconciliation identifies items management has excluded as non-operational transactions. Management feels these transactions are not indicative of understanding the ongoing operations of the business or its future outlook.

Waters Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands and unaudited)

	December 31, 2005		December 31, 2004
Cash and cash equivalents		493,588		539,077
Accounts receivable		256,809		271,731
Inventories		131,554		139,900
Other current assets		31,550		23,176
Total current assets		913,501		973,884
Property, plant and equipment, net		141,030		135,908
Other assets		387,874		350,634
Total assets		1,442,405		1,460,426
Notes payable and debt		326,286		206,663
Accounts payable and accrued expenses		278,544		286,327
Total current liabilities		604,830		492,990
Long-term debt		500,000		250,000
Other long-term liabilities		41,408		38,750
Total liabilities		1,146,238		781,740
Total equity		296,167		678,686
Total liabilities and equity		1,442,405		1,460,426