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Press Releases
MILESTONE SCIENTIFIC REPORTS 44% INCREASE IN REVENUES
IN FIRST SIX MONTHS OF 2009 COMPARED TO PRIOR YEAR
Positive Sales Traction Spurred by Growth in Global Distribution
Network
LIVINGSTON, N.J. – (PR NEWSWIRE) – August 10,
2009 –Today, Milestone Scientific Inc., the recognized
leader in advanced injection technologies, 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.
Financial Highlights When Comparing Six Months Ended June 30,
2009 with Six Months Ended June 30, 2008:
- Total revenues increased
44% to $4.24 million from $2.95 million.
- Total instrument sales climbed
360% to $1.60 million from $348,000.
- Sales of disposable hand pieces
totaled $2.60 million representing a 3% increase from $2.54 million.
- Total sales in the U.S. rose 53% to $2.89 million from $1.89
million.
- International sales were $1.35 million, a 30% increase
from $1.04 million.
- Total operating expenses increased 23% to $3.58
million from $2.92 million due primarily to the aforementioned
reasons.
- Loss from operations was $1.12 million compared to $1.03
million.
- Net loss increased 12% to $1.22 million, or $0.09 loss per
basic and diluted share, from $1.09 million, or $0.09 loss per basic
and diluted share.
As of June 30, 2009, Milestone had $1.30 million
in cash and accounts receivables and total shareholders’ equity
of $544,000. During the first six months of this year, the Company
has used $195,000 net cash in its operating activities, compared to
$589,000 net cash used in its operating activities in the same six
month period in 2008.
Leonard Osser, Chairman and Interim CEO of Milestone, stated, “The
Company continues to see positive traction with sales of our STA Single
Tooth Anesthetic System™ in both the domestic and international
markets.”
To view the news announcement in its entirety, please
click on the link provided below. If you would like to learn more about
the Company or would like to interview management, please contact Kathy
Addison, Director, Elite Media Group, at 407-585-1080 or via email at
MLSS@efcg.net.
Please click on the link below to view:
MLSS-8-10-09.pdf
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® 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™, 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.
FOR MORE INFORMATION, PLEASE CONTACT:
Elite Financial Communications Group
Dodi Handy, President and CEO
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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