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):
                                February 25, 2003

                             Watts Industries, Inc.
             (Exact name of Registrant as specified in its charter)

          Delaware                    1-11499                    04-2916536
(State or other jurisdiction      (Commission File            (I.R.S. Employer
      of incorporation)                Number)             Identification No.)

                               815 Chestnut Street
                             North Andover, MA 01845
              (Address of principal executive offices and zip code)

               Registrant's telephone number, including area code:
                                 (978) 688-1811

ITEM 5. Other Events and Required FD Disclosure

      As referenced in the Form 8-K filed with the Securities and Exchange
Commission ("SEC") on August 20, 2002, the SEC commenced a civil action on
August 15, 2003 against Timothy P. Horne, a member of our Board of Directors,
our controlling stockholder, and former Chief Executive Officer and Chairman,
alleging that Mr. Horne received confidential information as an officer of Watts
Industries, Inc. (the "Company") and used it to profit from trading he did in
shares of Central Sprinkler Corp. in May 1999. The complaint alleged violations
of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
promulgated thereunder based on insider trading.

      Mr. Horne has entered into an agreement with the SEC to settle the civil
action. Pursuant to the agreement, Mr. Horne, without admitting or denying the
allegations of the complaint filed by the SEC, has consented to the entry of a
final judgment against him which requires him to disgorge profits gained as a
result of the conduct alleged in the complaint, pay prejudgment interest, plus a
civil money penalty, and which permanently restrains and enjoins him from
violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule
10b-5 thereunder.

      As previously announced in a press release issued by the Company on
December 6, 2002, Michael O. Fifer, our former President of North American
Operations, has left the Company.


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

                                          WATTS INDUSTRIES, INC.

Date: February 25, 2003                   By:
                                              /s/ William C. McCartney
                                                  Chief Financial Officer