8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 20, 2004

MILLIPORE CORPORATION

(Exact name of Registrant as specified in charter)

MASSACHUSETTS (State or other jurisdiction of incorporation) 001-09781 (0-1052) (Commission File Number) 04-2170233 (I.R.S. Employer Identification No.)

290 Concord Road, Billerica, Massachusetts 01821

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone number, including area code: (978) 715-4321

Item 7.    Financial Statements, Pro Forma Financial Information and Exhibits.

(c) Exhibits.

Exhibit Number	Title
99.1	Press Release issued April 20, 2004.

Item 12.    Results of Operations and Financial Condition.

On April 20, 2004, Millipore Corporation issued a press release disclosing its earnings and related information for the first quarter of 2004. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MILLIPORE CORPORATION

/s/    Jeffrey Rudin                                 

Jeffrey Rudin

Vice President and General Counsel

Date: April 20, 2004

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release issued April 20, 2004.

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EX-99.1

Exhibit 99.1

Investor Contact	Media Contact
Geoffrey Helliwell Treasurer (978) 715-1041 (800) 225-3384 Geoffrey_Helliwell@Millipore.com	Thomas Anderson VP, Corporate Communications (978) 715-1043 (800) 225-3384 Thomas_Anderson@Millipore.com

Millipore Revenues Up 19 Percent in First Quarter

Billerica, Massachusetts, April 20, 2004 – Millipore Corporation (NYSE/MIL) announced today that its first quarter sales were $222 million, up 19 percent from the same period of 2003. In local currency, revenue growth was 10 percent.

First quarter earnings were $0.55 per share, up 25 percent from $0.44 per share in the first quarter of last year.

Fran Lunger, Millipore’s CEO, said: “We had very good revenue growth across our markets and geographic areas in the first quarter, and delivered strong earnings performance. Both of our higher growth opportunities had double digit local currency revenue growth: Biotechnology sales were up 15 percent and life science research sales were up 13 percent. Of particular note were our sales of chromatographic media for purifying biotech drugs and our sales of drug discovery consumables for life science research. In other bioscience, revenues were up 7 percent, a strong performance for this market.”

Millipore’s first quarter revenue growth by geography was as follows ($’s in millions):

	Q1, 2004		Q1, 2003		% Growth		% Growth Local Currency
Americas	$	89	$	78	14	%	13	%
Europe		90		74	22	%	6	%
Asia/Pacific		43		35	23	%	12	%
Total	$	222	$	187	19	%	10	%

Use of Non-GAAP Financial Measures

All references to “local currencies” represent the foreign currency balances translated, in all periods presented, at Millipore’s predetermined budgeted exchange rates for 2004, thus excluding the impact of fluctuations in the actual foreign currency rates. In addition to analyzing financial results at actual rates of exchange, management uses this presentation because we believe that the local currency results provide a clearer presentation of underlying business trends separate from the impact of foreign currency. The U.S. dollar results represent the foreign currency balances translated at actual exchange rates.

Quarterly Earnings Call

Millipore will have a Live Webcast Quarterly Earnings call today, April 20, 2004 at 5:30 p.m., Eastern Time. Please visit the Millipore web site at www.millipore.com for details about this event. The replay of the webcast will be available online the day after the event.

About Millipore

Millipore is a multinational, high technology company that provides technologies, tools and services for the development and production of new therapeutic drugs. It serves the life science research, biotechnology and pharmaceutical industries. For more information about Millipore visit www.millipore.com.

Millipore Forward Looking Statement Disclaimer

The matters discussed herein, as well as in future oral and written statements by management of Millipore Corporation that are forward-looking statements, are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Potential risks and uncertainties that could affect Millipore’s future operating results include, without limitation, foreign exchange rates; regulatory delay in the approval of new therapeutics and their ultimate commercial success; further consolidation of drug manufacturers; competitive factors such as new membrane technology; lack of availability of raw materials or component products on a timely basis; inventory risks due to shifts in market demand; change in product mix; conditions in the economy in general and in the bioscience markets in particular; potential environmental liabilities; the inability to utilize technology in current or planned products due to overriding rights by third parties; difficulties inherent in research and development activities; and the risk factors listed from time to time in Millipore’s filings with the SEC.

Millipore Corporation

Consolidated Statements of Income

(In thousands, except per share data)

	Unaudited Quarter Ended March 31,
	2004			2003
Net sales	$	222,469		$	187,452
Cost of sales		100,910			82,325
Gross profit		121,559			105,127
Selling, general and administrative expenses		67,782			60,025
Research and development expenses		15,997			13,809
Operating income		37,780			31,293
Interest income		416			385
Interest expense		(2,878	)		(4,148	)
Income before income taxes		35,318			27,530
Provision for income taxes		8,123			6,194
Net Income	$	27,195		$	21,336
Diluted income per share	$	0.55		$	0.44
Diluted weighted average shares outstanding		49,889			48,537

Geoffrey Helliwell

Treasurer

(800) 225-3384 or (978) 715-1041

Millipore Corporation

Condensed Consolidated Balance Sheets

(In thousands)

	March 31, 2004			December 31, 2003
Assets		(Unaudited	)
Cash and cash equivalents	$	53,853		$	147,027
Accounts receivable, net		187,487			174,979
Inventories		138,790			137,757
Deferred income taxes		51,092			51,092
Other current assets		5,481			5,507
Total current assets		436,703			516,362
Property, plant and equipment, net		316,400			316,890
Deferred income taxes		77,226			77,226
Intangible assets, net		24,416			25,348
Goodwill		9,433			9,433
Other assets		6,000			6,014
Total assets	$	870,178		$	951,273
Liabilities and shareholders’ equity
Current portion of long-term debt	$	—		$	75,000
Accounts payable		52,980			60,836
Accrued expenses		62,158			69,819
Accrued retirement plan contributions		5,348			9,443
Accrued income taxes payable		9,877			7,294
Total current liabilities		130,363			222,392
Long-term debt		195,000			216,000
Other liabilities		53,098			51,840
Shareholders’ equity		491,717			461,041
Total liabilities and shareholders’ equity	$	870,178		$	951,273

Geoffrey Helliwell

Treasurer

(800) 225-3384 or (978) 715-1041