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Milestone Scientific Reports 44% Increase in Revenues in First Six Months of 2009 Compared to Prior Year
Date:8/10/2009

PISCATAWAY, N.J., Aug. 10 /PRNewswire-FirstCall/ -- Milestone Scientific Inc. (OTC Bulletin Board: MLSS), the recognized leader in advanced injection technologies, today announced its second quarter financial results for the three and six months ended June 30, 2009.

Financial Highlights When Comparing Three Months Ended June 30, 2009 with Three Months Ended June 30, 2008:

  • Total revenues rose to $2.04 million, up 32% from $1.55 million.
    • Total instrument sales increased 533% to $816,000 from $129,000.
    • Sales of disposable hand pieces declined 14% to $1.20 million from $1.39 million.
    • Overall domestic sales improved 43%, rising to $1.41 million from $989,000.
    • International sales increased 14% to $629,000 from $552,000.
  • Total operating expenses were $1.79 million, up 28% from $1.40 million.
    • Selling, general and administrative expenses increased 28% to $1.75 million from $1.37 million, which was largely attributable to higher expenses relating to Milestone's 2nd Annual C-CLAD Symposium held in May, attendance at trade shows and various global sales promotions the Company launched during the second quarter of 2009, as well as higher personnel and related costs, third party sales commissions and royalty expenses. This increase in SG&A expenses was offset by a reduction in accounting costs, proxy costs, warehousing fees and insurance costs.
    • Research and development expenses remained relatively unchanged at $32,000 compared to $36,000.
  • Loss from operations rose 36% to $611,000 from $448,000.
  • Net loss totaled $657,000, or $0.05 loss per basic and diluted share, from $473,000, or $0.04 loss per basic and diluted share.

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SOURCE Milestone Scientific Inc.
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