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Milestone Scientific Reports Strong Sales Growth in First Quarter 2009 Results
Date:5/8/2009

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:

  • Total revenues climbed 58% to $2.21 million, up from $1.40 million.
    • Total instrument sales rose 261% to $792,000 from $219,000.
      • Sales of the STA Single Tooth Anesthesia System(TM) totaled $617,000, up 626% over $85,000.
    • Sales of disposable handpieces increased 22% to $1.40 million from $1.15 million.
    • Overall domestic sales grew 65% to $1.48 million from $898,000.
    • International sales increased 48% to $726,000 from $490,000.
  • Total operating expenses rose 18% to $1.80 million from $1.52 million.
    • Selling, general and administrative expenses increased 17% to $1.73 million from $1.47 million, due largely to $426,000 in increased sales and marketing costs in the first quarter of this year relating to media placement, trade show participation, sales promotions, increased field sales personnel, higher third party sales commissions and international selling participation; this increase was offset by a $92,000 decrease in professional accounting services due to completion of the Sarbanes-Oxley initiative and lower audit fees and a $57,000 decrease in consulting services.
    • Research and development expenses totaled, $68,000 rising 42% from $48,000.
  • Loss from operations declined 13% to $508,000 from $582,000.
  • Net loss totaled $562,000, or $0.05 loss per basic and diluted share, down 9% from $616,000, or $0.05 loss per basic and diluted share.

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 dodi@efcg.net.

                          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 mlss@efcg.net


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SOURCE Milestone Scientific Inc.
Copyright©2009 PR Newswire.
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