SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 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) August 1, 2003


                              IONICS, INCORPORATED
             (Exact name of registrant as specified in its charter)




     Massachusetts                 1-7211                      04-2068530
(State of incorporation)   (Commission File Number)       (IRS Employer ID No.)

     65 Grove Street               02472                     (617) 926-2500
      Watertown, MA              (Zip Code)            (Registrant's telephone
(Address of principal                                number including area code)
  executive offices)



                                       1
<PAGE>



Item 7.  Financial Statements and Exhibits
         ---------------------------------

         (c)    Exhibits

                Exhibit Number                       Description
                --------------                       -----------

                     99            Press release dated August 1, 2003 regarding
                                   the financial results of Ionics, Incorporated
                                   for the second quarter ended June 30, 2003.

Item 12. Results of Operations and Financial Condition
         ---------------------------------------------

On August 1, 2003, Ionics, Incorporated issued a press release reporting
financial results for the second quarter and first six months of 2003, ended
June 30, 2003. A copy of the press release is attached hereto as Exhibit 99 and
is hereby incorporated by reference.





                                   SIGNATURES
                                   ----------

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 duly authorized.

                                               IONICS, INCORPORATED

August 1, 2003                                 By:     /s/Douglas R. Brown
                                                       -------------------
                                               Name:   Douglas R. Brown
                                               Title:  Chief Executive Officer





                                       2
<PAGE>



                                  EXHIBIT INDEX



Number                      Description                             Page Number
------                      -----------                             -----------

 99     Press Release of Ionics, Incorporated dated August 1, 2003       4






                                       3
<PAGE>



                                                                      EXHIBIT 99

              IONICS REPORTS SECOND QUARTER AND FIRST HALF RESULTS

WATERTOWN, MA, August 1, 2003... Ionics,  Incorporated (NYSE-ION) today reported
financial  results for the quarter and six months ended June 30,  2003.  For the
quarter,  revenues of $90.9  million  were up from $79.5  million for the second
quarter of 2002.  The net loss for the quarter of $4.9  million  compared to net
income of $1.2 million for the second quarter of 2002, and the loss per share of
$0.28 for the quarter  compared  to  earnings  per share of $0.07 for the second
quarter of 2002.

Revenues  for the first six  months of 2003 were  $179.1  million,  compared  to
$159.5  million for the first six months of 2002. The net loss for the first six
months of 2003 was $4.3 million,  or $0.25 per share,  compared to net income of
$2.7  million,  or $0.15 per  share,  for the first six  months of 2002.  Ending
backlog on June 30, 2003 was $346.0 million, compared to $370.5 million one year
earlier.

During the quarter, the Company's Trinidadian affiliate, Desalination Company of
Trinidad and Tobago,  Ltd.  (Desalcott),  completed  long-term  financing of the
desalination plant with the bank that provided the construction  financing.  The
proceeds were disbursed in July. Also during the quarter,  the Company  resolved
the outstanding  payment matters that were in dispute with Desalcott relating to
the construction of the facility. In addition,  the Company and Desalcott agreed
to a price of $7.7  million for the work  required to complete the last phase of
the facility,  which will result in a 9% capacity increase. The Company recorded
a $3.4 million equity loss  associated  with Desalcott in the quarter,  in large
part  attributable  to the expenses  associated  with the close of the long-term
financing.

Results for the quarter and six month period  ended June 30, 2003 also  included
an asset impairment  charge of $4.0 million related to the decision to no longer
utilize  Cloromat  sodium  hypochlorite  production  equipment in the  Company's
consumer chemical operations.

Subsequent  to  the  close  of the  quarter,  Ionics  purchased  the  assets  of
CoolerSmart  LLC,  located in New  Castle,  Delaware.  CoolerSmart  is a leading
point-of-use  water cooler rental  company with over 10,000 water coolers placed
throughout the mid-Atlantic region.

Ionics  will  broadcast  its second  quarter  and first half  financial  results
conference  call via the internet today at 10:30AM,  EDT. This  conference  call
will be accessible on the Company's website at www.ionics.com. A recorded replay
of the  conference  call will also be  accessible  on our website for a two-week
period commencing at 5:00PM today. In addition,  this press release will also be
accessible on our website promptly following its issuance.

                                    - more -


                                       4
<PAGE>




Ionics is a global  separations  technology  company involved in the manufacture
and  sale  of  membranes,  equipment  and  own  and  operate  services  for  the
purification,  disinfection,  concentration,  treatment  and  analysis of water,
wastewater and ultrapure  water.  Over a period of more than 50 years Ionics has
built more desalination plants than any company in the world.

Safe-harbor  statement  under the Private  Securities  Litigation  Reform Act of
1995:   Forward-looking  statements  in  this  news  release  involve  risk  and
uncertainty.  The statements  contained in this release which are not historical
facts are forward-looking statements. These forward-looking statements are based
on  management's  current  views and  assumptions  and are neither  promises nor
guarantees but are subject to risks,  uncertainties and other factors that could
cause actual results to differ materially from management's current expectations
as described in such forward-looking statements,  including overall economic and
business conditions;  competitive  factors,  such as acceptance of new products,
pricing  pressures and  competition  from  competitors  larger than the Company;
risks of  nonpayment of accounts  receivable,  including  those from  affiliated
companies;  risks associated with foreign operations;  technological and product
development  risks;  availability of manufacturing  capacity;  and other factors
described in the Company's filings with the Securities and Exchange  Commission,
including its annual  report on Form 10-K for the year ended  December 31, 2002.
You should not place undue  reliance on the  forward-looking  statements in this
press release,  and the Company  disavows any obligation to update or supplement
those  statements  in the event of any changes in the facts,  circumstances,  or
expectations that underlie those statements.

                                     -more-





                                       5
<PAGE>
<TABLE>
<CAPTION>

                               IONICS REPORTS SECOND QUARTER AND FIRST HALF RESULTS

                                        CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Amounts in thousands, except per share amounts)


                                                             Three months ended            Six months ended
                                                                 June 30,                     June 30,
                                                          --------------------------   --------------------------
                                                             2003          2002           2003          2002
                                                          ------------  ------------   ------------  ------------
                                                                        (as restated)                (as restated)
<S>                                                          <C>           <C>            <C>           <C>
Revenues:
    Equipment Business Group                                 $ 37,430      $ 35,944       $ 70,114      $ 70,992
    Ultrapure Water Group                                      23,615        25,440         48,864        50,185
    Consumer Water Group                                       10,006         8,726         20,821        19,279
    Instrument Business Group                                   6,879         6,810         14,559        13,354
    Affiliated companies                                       13,006         2,577         24,783         5,692
                                                          ------------  ------------   ------------  ------------
                                                               90,936        79,497        179,141       159,502
                                                          ------------  ------------   ------------  ------------

Costs and expenses:
    Cost of sales of Equipment Business Group                  28,554        26,579         52,017        52,176
    Cost of sales of Ultrapure Water Group                     18,078        18,613         36,866        37,611
    Cost of sales of Consumer Water Group                       6,753         4,874         14,268        11,704
    Cost of sales of Instrument Business Group                  3,010         2,584          6,123         5,337
    Cost of sales to affiliated companies                      11,166         2,279         21,383         5,316
    Research and development                                    1,954         1,594          3,731         3,215
    Selling, general and administrative                        22,827        21,545         45,374        41,400
    Impairment of long-lived assets                             3,981             -          3,981             -
                                                          ------------  ------------   ------------  ------------
                                                               96,323        78,068        183,743       156,759
                                                          ------------  ------------   ------------  ------------

(Loss) income from operations                                  (5,387)        1,429         (4,602)        2,743

Interest income, net                                              491           492          1,055           925

Equity (loss) income                                           (2,742)          782         (2,843)        1,674
                                                          ------------  ------------   ------------  ------------

(Loss) income before income taxes and
    minority interest expense                                  (7,638)        2,703         (6,390)        5,342

Income tax (benefit) expense                                   (2,902)        1,297         (2,428)        2,173
                                                          ------------  ------------   ------------  ------------

(Loss) income before minority interest expense                 (4,736)        1,406         (3,962)        3,169

Minority interest expense                                         188           161            386           425
                                                          ------------  ------------   ------------  ------------

Net (loss) income                                            $ (4,924)      $ 1,245       $ (4,348)      $ 2,744
                                                          ============  ============   ============  ============

Basic (loss) earnings per share                               $ (0.28)       $ 0.07        $ (0.25)       $ 0.16
                                                          ============  ============   ============  ============

Diluted (loss) earnings per share                             $ (0.28)       $ 0.07        $ (0.25)       $ 0.15
                                                          ============  ============   ============  ============

Shares used in basic (loss) earnings per share calculations    17,564        17,547         17,559        17,528
                                                          ============  ============   ============  ============

Shares used in diluted (loss) earnings per share calculations  17,564        17,707         17,559        17,742
                                                          ============  ============   ============  ============

    Backlog                                                                              $ 346,048     $ 370,524
                                                                                       ============  ============


                                                          -more-
</TABLE>

                                       6
<PAGE>

<TABLE>
<CAPTION>


                                    CONDENSED CONSOLIDATED BALANCE SHEETS
                                            (Amounts in thousands)


                                                                       June 30,          December 31,
                                                                         2003               2002
                                                                    ---------------    ---------------
<S>                                                                      <C>                <C>

Current assets:
     Cash and cash equivalents                                           $ 126,979          $ 136,044
     Restricted cash                                                             -              4,250
     Short-term investments                                                  1,033                958
     Notes receivable, current                                               7,092              6,662
     Accounts receivable, net                                               83,907             94,841
     Receivables from affiliated companies                                  47,491             23,642
     Inventories                                                            34,665             34,847
     Other current assets                                                   25,331             27,496
                                                                    ---------------    ---------------
        Total current assets                                               326,498            328,740

Receivables from affiliated companies, long-term                            17,935             11,740
Notes receivable, long-term, net                                            25,123             24,718
Investments in affiliated companies                                         19,078             22,618
Property, plant and equipment, net                                         179,537            179,914
Other assets                                                                40,742             40,283
                                                                    ---------------    ---------------
        Total assets                                                     $ 608,913          $ 608,013
                                                                    ===============    ===============

Current liabilities:
     Notes payable and current portion of long-term debt                   $ 5,075            $ 4,134
     Accounts payable                                                       28,619             36,039
     Deferred revenue and advances from affiliated companies                11,816              4,308
     Other current liabilities                                              63,060             69,687
                                                                    ---------------    ---------------
        Total current liabilities                                          108,570            114,168

Long-term debt and notes payable                                             9,421              9,670
Deferred income taxes                                                       36,376             35,337
Deferred revenue from affiliated companies, long-term                        3,916              4,662
Other liabilities                                                            7,950              6,023
Stockholders' equity                                                       442,680            438,153
                                                                    ---------------    ---------------
        Total liabilities and stockholders' equity                       $ 608,913          $ 608,013
                                                                    ===============    ===============


                                                 # # # #

For more information, contact:

Francine S. Bernitz, Vice President                      Theodore G. Papastavros
Marketing and Corporate Communications                   Executive Vice President and Treasurer
Ionics, Incorporated                                     Ionics, Incorporated
Tel: (617) 926-2510 ext. 312                             Tel: (617) 926-2510 ext. 221
fbernitz@ionics.com                                      tpapastavros@ionics.com

</TABLE>
[{"type": "8-K", "sequence": "1", "filename": "form8k-aug2003.txt", "secsgml_size_bytes": 18157}]
{"company-data": {"conformed-name": "IONICS INC", "cik": "0000052466", "assigned-sic": "3559", "irs-number": "042068530", "state-of-incorporation": "MA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-07211", "film-number": "03816300"}, "business-address": {"street1": "65 GROVE ST", "city": "WATERTOWN", "state": "MA", "zip": "02172", "phone": "6179262500"}}
SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 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) August 1, 2003

                              IONICS, INCORPORATED
             (Exact name of registrant as specified in its charter)

     Massachusetts                 1-7211                      04-2068530
(State of incorporation)   (Commission File Number)       (IRS Employer ID No.)

     65 Grove Street               02472                     (617) 926-2500
      Watertown, MA              (Zip Code)            (Registrant's telephone
(Address of principal                                number including area code)
  executive offices)

                                       1
Item 7.  Financial Statements and Exhibits
         ---------------------------------

         (c)    Exhibits

                Exhibit Number                       Description
                --------------                       -----------

                     99            Press release dated August 1, 2003 regarding
                                   the financial results of Ionics, Incorporated
                                   for the second quarter ended June 30, 2003.

Item 12. Results of Operations and Financial Condition
         ---------------------------------------------

On August 1, 2003, Ionics, Incorporated issued a press release reporting
financial results for the second quarter and first six months of 2003, ended
June 30, 2003. A copy of the press release is attached hereto as Exhibit 99 and
is hereby incorporated by reference.

                                   SIGNATURES
                                   ----------

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 duly authorized.

                                               IONICS, INCORPORATED

August 1, 2003                                 By:     /s/Douglas R. Brown
                                                       -------------------
                                               Name:   Douglas R. Brown
                                               Title:  Chief Executive Officer

                                       2
EXHIBIT INDEX

Number                      Description                             Page Number
------                      -----------                             -----------

 99     Press Release of Ionics, Incorporated dated August 1, 2003       4

                                       3
EXHIBIT 99

              IONICS REPORTS SECOND QUARTER AND FIRST HALF RESULTS

WATERTOWN, MA, August 1, 2003... Ionics,  Incorporated (NYSE-ION) today reported
financial  results for the quarter and six months ended June 30,  2003.  For the
quarter,  revenues of $90.9  million  were up from $79.5  million for the second
quarter of 2002.  The net loss for the quarter of $4.9  million  compared to net
income of $1.2 million for the second quarter of 2002, and the loss per share of
$0.28 for the quarter  compared  to  earnings  per share of $0.07 for the second
quarter of 2002.

Revenues  for the first six  months of 2003 were  $179.1  million,  compared  to
$159.5  million for the first six months of 2002. The net loss for the first six
months of 2003 was $4.3 million,  or $0.25 per share,  compared to net income of
$2.7  million,  or $0.15 per  share,  for the first six  months of 2002.  Ending
backlog on June 30, 2003 was $346.0 million, compared to $370.5 million one year
earlier.

During the quarter, the Company's Trinidadian affiliate, Desalination Company of
Trinidad and Tobago,  Ltd.  (Desalcott),  completed  long-term  financing of the
desalination plant with the bank that provided the construction  financing.  The
proceeds were disbursed in July. Also during the quarter,  the Company  resolved
the outstanding  payment matters that were in dispute with Desalcott relating to
the construction of the facility. In addition,  the Company and Desalcott agreed
to a price of $7.7  million for the work  required to complete the last phase of
the facility,  which will result in a 9% capacity increase. The Company recorded
a $3.4 million equity loss  associated  with Desalcott in the quarter,  in large
part  attributable  to the expenses  associated  with the close of the long-term
financing.

Results for the quarter and six month period  ended June 30, 2003 also  included
an asset impairment  charge of $4.0 million related to the decision to no longer
utilize  Cloromat  sodium  hypochlorite  production  equipment in the  Company's
consumer chemical operations.

Subsequent  to  the  close  of the  quarter,  Ionics  purchased  the  assets  of
CoolerSmart  LLC,  located in New  Castle,  Delaware.  CoolerSmart  is a leading
point-of-use  water cooler rental  company with over 10,000 water coolers placed
throughout the mid-Atlantic region.

Ionics  will  broadcast  its second  quarter  and first half  financial  results
conference  call via the internet today at 10:30AM,  EDT. This  conference  call
will be accessible on the Company's website at www.ionics.com. A recorded replay
of the  conference  call will also be  accessible  on our website for a two-week
period commencing at 5:00PM today. In addition,  this press release will also be
accessible on our website promptly following its issuance.

                                    - more -

                                       4
Ionics is a global  separations  technology  company involved in the manufacture
and  sale  of  membranes,  equipment  and  own  and  operate  services  for  the
purification,  disinfection,  concentration,  treatment  and  analysis of water,
wastewater and ultrapure  water.  Over a period of more than 50 years Ionics has
built more desalination plants than any company in the world.

Safe-harbor  statement  under the Private  Securities  Litigation  Reform Act of
1995:   Forward-looking  statements  in  this  news  release  involve  risk  and
uncertainty.  The statements  contained in this release which are not historical
facts are forward-looking statements. These forward-looking statements are based
on  management's  current  views and  assumptions  and are neither  promises nor
guarantees but are subject to risks,  uncertainties and other factors that could
cause actual results to differ materially from management's current expectations
as described in such forward-looking statements,  including overall economic and
business conditions;  competitive  factors,  such as acceptance of new products,
pricing  pressures and  competition  from  competitors  larger than the Company;
risks of  nonpayment of accounts  receivable,  including  those from  affiliated
companies;  risks associated with foreign operations;  technological and product
development  risks;  availability of manufacturing  capacity;  and other factors
described in the Company's filings with the Securities and Exchange  Commission,
including its annual  report on Form 10-K for the year ended  December 31, 2002.
You should not place undue  reliance on the  forward-looking  statements in this
press release,  and the Company  disavows any obligation to update or supplement
those  statements  in the event of any changes in the facts,  circumstances,  or
expectations that underlie those statements.

                                     -more-

                                       5
IONICS REPORTS SECOND QUARTER AND FIRST HALF RESULTS

                                        CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Amounts in thousands, except per share amounts)

                                                             Three months ended            Six months ended
                                                                 June 30,                     June 30,
                                                          --------------------------   --------------------------
                                                             2003          2002           2003          2002
                                                          ------------  ------------   ------------  ------------
                                                                        (as restated)                (as restated)
Revenues:
    Equipment Business Group                                 $ 37,430      $ 35,944       $ 70,114      $ 70,992
    Ultrapure Water Group                                      23,615        25,440         48,864        50,185
    Consumer Water Group                                       10,006         8,726         20,821        19,279
    Instrument Business Group                                   6,879         6,810         14,559        13,354
    Affiliated companies                                       13,006         2,577         24,783         5,692
                                                          ------------  ------------   ------------  ------------
                                                               90,936        79,497        179,141       159,502
                                                          ------------  ------------   ------------  ------------

Costs and expenses:
    Cost of sales of Equipment Business Group                  28,554        26,579         52,017        52,176
    Cost of sales of Ultrapure Water Group                     18,078        18,613         36,866        37,611
    Cost of sales of Consumer Water Group                       6,753         4,874         14,268        11,704
    Cost of sales of Instrument Business Group                  3,010         2,584          6,123         5,337
    Cost of sales to affiliated companies                      11,166         2,279         21,383         5,316
    Research and development                                    1,954         1,594          3,731         3,215
    Selling, general and administrative                        22,827        21,545         45,374        41,400
    Impairment of long-lived assets                             3,981             -          3,981             -
                                                          ------------  ------------   ------------  ------------
                                                               96,323        78,068        183,743       156,759
                                                          ------------  ------------   ------------  ------------

(Loss) income from operations                                  (5,387)        1,429         (4,602)        2,743

Interest income, net                                              491           492          1,055           925

Equity (loss) income                                           (2,742)          782         (2,843)        1,674
                                                          ------------  ------------   ------------  ------------

(Loss) income before income taxes and
    minority interest expense                                  (7,638)        2,703         (6,390)        5,342

Income tax (benefit) expense                                   (2,902)        1,297         (2,428)        2,173
                                                          ------------  ------------   ------------  ------------

(Loss) income before minority interest expense                 (4,736)        1,406         (3,962)        3,169

Minority interest expense                                         188           161            386           425
                                                          ------------  ------------   ------------  ------------

Net (loss) income                                            $ (4,924)      $ 1,245       $ (4,348)      $ 2,744
                                                          ============  ============   ============  ============

Basic (loss) earnings per share                               $ (0.28)       $ 0.07        $ (0.25)       $ 0.16
                                                          ============  ============   ============  ============

Diluted (loss) earnings per share                             $ (0.28)       $ 0.07        $ (0.25)       $ 0.15
                                                          ============  ============   ============  ============

Shares used in basic (loss) earnings per share calculations    17,564        17,547         17,559        17,528
                                                          ============  ============   ============  ============

Shares used in diluted (loss) earnings per share calculations  17,564        17,707         17,559        17,742
                                                          ============  ============   ============  ============

    Backlog                                                                              $ 346,048     $ 370,524
                                                                                       ============  ============

                                                          -more-
6
CONDENSED CONSOLIDATED BALANCE SHEETS
                                            (Amounts in thousands)

                                                                       June 30,          December 31,
                                                                         2003               2002
                                                                    ---------------    ---------------
Current assets:
     Cash and cash equivalents                                           $ 126,979          $ 136,044
     Restricted cash                                                             -              4,250
     Short-term investments                                                  1,033                958
     Notes receivable, current                                               7,092              6,662
     Accounts receivable, net                                               83,907             94,841
     Receivables from affiliated companies                                  47,491             23,642
     Inventories                                                            34,665             34,847
     Other current assets                                                   25,331             27,496
                                                                    ---------------    ---------------
        Total current assets                                               326,498            328,740

Receivables from affiliated companies, long-term                            17,935             11,740
Notes receivable, long-term, net                                            25,123             24,718
Investments in affiliated companies                                         19,078             22,618
Property, plant and equipment, net                                         179,537            179,914
Other assets                                                                40,742             40,283
                                                                    ---------------    ---------------
        Total assets                                                     $ 608,913          $ 608,013
                                                                    ===============    ===============

Current liabilities:
     Notes payable and current portion of long-term debt                   $ 5,075            $ 4,134
     Accounts payable                                                       28,619             36,039
     Deferred revenue and advances from affiliated companies                11,816              4,308
     Other current liabilities                                              63,060             69,687
                                                                    ---------------    ---------------
        Total current liabilities                                          108,570            114,168

Long-term debt and notes payable                                             9,421              9,670
Deferred income taxes                                                       36,376             35,337
Deferred revenue from affiliated companies, long-term                        3,916              4,662
Other liabilities                                                            7,950              6,023
Stockholders' equity                                                       442,680            438,153
                                                                    ---------------    ---------------
        Total liabilities and stockholders' equity                       $ 608,913          $ 608,013
                                                                    ===============    ===============

                                                 # # # #

For more information, contact:

Francine S. Bernitz, Vice President                      Theodore G. Papastavros
Marketing and Corporate Communications                   Executive Vice President and Treasurer
Ionics, Incorporated                                     Ionics, Incorporated
Tel: (617) 926-2510 ext. 312                             Tel: (617) 926-2510 ext. 221
fbernitz@ionics.com                                      tpapastavros@ionics.com