The bassist/singer told BBC, "I was wrong. Of course I was. Who cares"?
The band members went on to prove Waters wrong with their 1987 album, "A Momentary Lapse Of Reason," which achieved quadruple platinum status.
Their biggest success was 1973's, "The Dark Side Of the Moon," which sat on top of the U. S. album charts longer than any other album to date. They followed that with what the Floyd's Richard Wright and many fans considered to be part two of "Dark Side," the album, "Wish You Were Here."
Waters has had a bumpy solo career. His first solo project, "The Pros and Cons of Hitchhiking," and his tour of that album were not well received. His second endeavor, "Radio K.A.O.S." sold a bit better.
He is currently touring "The Wall" around the globe. When the Berlin Wall fell in 1989, he staged, "The Wall -- Live in Berlin." It was a charity concert and featured many world-renowned artists including Joni Mitchell, Van Morrison, Cyndi Lauper, Bryan Adams and Sinead O'Connor. It also featured an East German orchestra, a Soviet marching band and U. S. military helicopters.
Waters still believes that leaving the band was the correct thing to do, "so I could express my ideas unfettered."
The lawsuit was settled two years later with Gilmour, Mason and Richard Wright retaining the band name, but Waters getting sole jurisdiction over, "The Wall" theatrical concept as well as royalties for the songs that he co-wrote and played on.
Waters had famously forced keyboardist, Wright to resign from the band after, "The Wall" was released. After Waters' departure, Gilmour and Mason welcomed Wright back into the band.
The four members did reunite in 2005 for Live 8. Both Gilmour and Mason made an appearance at Water's "The Wall" show in London in 2011.
Richard Wright passed away in 2008 after battling cancer. David Gilmour said after Wright's passing, "No one can replace Richard Wright. He was my musical partner and my friend. In the welter of arguments about who or what was Pink Floyd, Rick's enormous input was frequently forgotten."
Waters told the BBC that he is working on his first album since 2005.
He said, "I've had a few breakthroughs recently which I won't talk about, but I am going to make another record.
"I've had a very, very strong idea and I shall pursue it. I will make at least one more record and I am really looking forward to getting my teeth stuck into it."
In the meantime, Floyd fans hope to see more appearances of the three remaining members in concert.