Sales of STA Systems Increase More Than Six-Fold and Recurring Handpiece Sales Increase 22% on Comparable Quarter-Over-Quarter Basis
LIVINGSTON, N.J., May 8 /PRNewswire-FirstCall/ -- Milestone Scientific Inc. (OTC Bulletin Board: MLSS), the recognized leader in advanced injection technologies, today announced its first quarter financial results for the three months ended March 31, 2009.
Financial Highlights When Comparing Three Months Ended March 31, 2009 with Three Months Ended March 31, 2008:
As of March 31, 2009, Milestone had $1.60 million in cash and accounts receivables, working capital of $1.19 million and total shareholders' equity of $1.06 million.
According to Leonard Osser, Chairman and interim CEO, "2009 has started off on very solid footing, buoyed by strong market acceptance and accelerating adoption of our award-winning STA System by the global dental industry. With the recent addition of China National Medicines Corporation, d/b/a Sinopharm, to our growing worldwide distribution network, we have good reason to be enthusiastic about our anticipated sales performance in the coming quarters."
Continuing, Osser noted, "As we progress through 2009, we plan to expand Milestone's worldwide sales and marketing resources to further enhance our revenue growth potential, with particular emphasis centered on strengthening our distribution channels in Europe. We are also concentrating our efforts on pursuing several potential strategic collaborations to develop new product applications using our patented CompuFlo(R) technology that have been deemed the most promising and commercially viable. We look forward to providing details regarding our success on these and other important objectives in the near future."
Unfortunately, Milestone's management team is unable to host a conference call in tandem with the release of the first quarter results due to unexpected scheduling conflicts. However, the Company will resume its practice of hosting regular quarterly calls with the release of its second quarter results. Questions regarding the results or other Milestone-related matters should be directed to Dodi Handy at Elite Financial Communications Group by calling 407-585-1080 or via email at firstname.lastname@example.org.
FINANCIAL CHARTS TO FOLLOW
MILESTONE SCIENTIFIC INC. CONDENSED BALANCE SHEET March 31, December 31, 2009 2008 (Unaudited) ASSETS ------ Current Assets: Cash and cash equivalents $500,668 $743,665 Accounts receivable, net of allowance for doubtful accounts of $5,000 in 2009 and 2008 1,098,529 925,742 Inventories 647,676 719,902 Advances to contract manufacturer 124,950 250,110 Prepaid expenses and other current assets 229,216 218,296 Total current assets 2,601,039 2,857,715 Advances to contract manufacturer 415,780 415,780 Investment in distributor, at cost 76,319 76,319 Furniture, Fixtures & Equipment net of accumulated depreciation of $360,880 as of March 31 ,2009 and $345,377 as of December 31, 2008 167,202 152,574 Patents, net of accumulated amortization of $153,687 as of March 31, 2009 and $135,406 as of December 31, 2008 895,373 901,045 Other assets 7,317 7,317 Total assets $4,163,030 $4,410,750 LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current Liabilities: Accounts payable $1,077,752 $829,130 Accrued expenses and other payable 332,330 495,897 Total current liabilities 1,410,082 1,325,027 Long-term Liabilities: Line of credit-net of discount of $43,328 and $50,504, respectively 1,256,672 1,249,496 Notes Payable-net of discount of $13,254 and $13,953, respectively 436,746 436,047 Total long-term liabilities 1,693,418 1,685,543 Commitments and Contingencies Stockholders' Equity Common stock, par value $.001; authorized 50,000,000 shares; 13,023,661 shares issued 566,309 shares to be issued and 12,990,328 shares outstanding as of March 31, 2009; 12,695,685 shares issued, 504,639 shares to be issued, and 12,662,352 shares outstanding as of December 31, 2008 13,589 13,200 Additional paid-in capital 59,752,468 59,531,865 Accumulated deficit (57,795,011) (57,233,369) Treasury stock, at cost, 33,333 shares (911,516) (911,516) Total stockholders' equity 1,059,530 1,400,180 Total liabilities and stockholders' equity $4,163,030 $4,410,750
MILESTONE SCIENTIFIC INC. RESULTS OF OPERATIONS Three Months Ended March 31 2009 2008 Products sales, net $2,204,819 $1,387,990 Royalty income - 14,163 Total revenue 2,204,819 1,402,153 Cost of products sold 916,550 463,924 Gross Profit 1,288,269 938,229 Selling, general and administrative expenses 1,728,815 1,471,978 Research and development expenses 67,622 48,319 Total operating expenses 1,796,437 1,520,297 Loss from operations (508,168) (582,068) Other income - interest & expense (53,474) (33,817) Net loss $(561,642) $(615,885) Loss per share applicable to common stockholders - basic and diluted ($0.05) ($0.05) Weighted average shares outstanding and to be issued - basic and diluted 12,458,115 12,262,256
About Milestone Scientific Inc.
Headquartered in Livingston, New Jersey, Milestone Scientific is engaged in pioneering proprietary, highly innovative technological solutions for the medical and dental markets. Central to the Company's IP platform and product development strategy is its patented CompuFlo(R) technology for the improved and painless delivery of local anesthetic. Specifically, CompuFlo is a computer-controlled, pressure sensitive infusion, perfusion, suffusion and aspiration technology, which provides real-time readouts of pressures, fluid densities and flow rates, enabling the advanced delivery and removal of a wide array of fluids. The STA Single Tooth Anesthesia System(TM), a computer-controlled local anesthesia delivery system, uses this technology to provide dentists with audible and visual signals as to in-tissue pressure. Milestone's existing painless injection systems are currently sold in 25 countries. For more information on these and other innovative Milestone products, please visit the Company's web site found at www.milestonescientific.com and www.STAis4U.com.
Safe Harbor Statement
This press release contains forward-looking statements regarding the timing and financial impact of the Milestone's ability to implement its business plan, expected revenues and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Milestone's control. Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, adverse patent rulings, FDA or legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in Milestone's periodic filings with the Securities and Exchange Commission, including without limitation, Milestone's Annual Report for the year ended December 31, 2008. The forward looking-statements in this press release are based upon management's reasonable belief as of the date hereof. Milestone undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
FOR MORE INFORMATION, PLEASE CONTACT: Elite Financial Communications Group Dodi Handy, President and CEO (Twitter: dodihandy) For Media Inquiries: Tiffany Korkis or Kathy Addison, Directors, Elite Media Group 407-585-1080 or via email at email@example.com
|SOURCE Milestone Scientific Inc.|
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