Company to Host Teleconference Monday, August 20, 2007 at 4:15 PM
ET LIVINGSTON, N.J., Aug. 17 /PRNewswire-FirstCall/ -- Milestone
Scientific, Inc. (OTC:MLSS) (BULLETIN BOARD: MLSS) , the recognized
leader in advanced injection technologies, today reported results
for the three and six months ended June 30, 2007. Financial
Highlights for the Three Months Ended June 30, 2007 Compared to the
Three Months Ended June 30, 2006: -- Total revenues rose 22.4% to
$1.81 million, up from $1.48 million. -- Net loss increased 12% to
$1,069,000, or $0.09 loss per basic and diluted share, compared to
$954,000, or $0.08 loss per basic and diluted share Financial
Highlights for the Six Months Ended June 30, 2007 Compared to the
Six Months Ended June 30, 2006: -- Revenues totaled $4.1 million,
representing a 30% increase over $3.2 million. -- Gross profit
margins increased to 56.6% from 53.9%. -- Despite factoring a
non-cash charge of $324,000 associated with the accounting for
share-based compensation expense and $71,000 in costs associated
with the soft market launch of Milestone's new Single Tooth
Anesthesia (STA) delivery system, net loss totaled $1.60 million,
or $0.13 loss per basic and diluted share, representing a 2%
improvement when compared to $1.64 million, or $0.14 loss per basic
and diluted share. As of June 30, 2007, Milestone had approximately
$928,000 in cash and receivables; $1.5 million in working capital
and $2.6 million in total stockholders' equity. Subsequent to the
end of the second quarter, Milestone secured a revolving line of
credit of $1 million. As previously announced, borrowings under the
line will bear interest at 6% per annum, compounded quarterly in
arrears, with one year's interest at 1% payable in advance on each
draw down. "Overall, we are generally pleased with the critical
progress Milestone has made in the first half of 2007 on a number
of key fronts. Shipments of the new STA delivery system made to
Henry Schein's customers during the first two quarters of this year
are expected to aid in promoting much more rapid market adoption of
our novel, painless injection solution by U.S. dental professionals
following our planned full scale launch in the fourth quarter,"
stated Leonard Osser, Chairman and CEO of Milestone. "In
anticipation of the upcoming fourth quarter and in close
collaboration with our sales management partner Corestrength, we
remain focused on completing training of the Henry Schein national
sales team and formalizing a series of exciting sales and
promotional activities to support STA's major domestic commercial
launch. In addition, with the recent granting of the CE Mark for
the STA system, permitting us to begin marketing the solution in
European Union countries, we are also fine tuning our go-to-market
strategy targeting dental practitioners in the international
arena." Continuing, Osser noted, "On the medical front, I'm pleased
to confirm that the appointment of Joe Martin as CEO of our newly
formed medical technologies division, has helped to significantly
enhance Milestone's efforts to identify and pursue product
development opportunities strategic partners interested in
exploiting our patented CompuFlo(TM) technology." The Company will
host a teleconference Monday, August 20, 2007, beginning at 4:15 PM
Eastern Time, and invites all interested parties to join management
in a discussion regarding the Company's financial performance,
corporate progression and other meaningful developments. The
conference call can be accessed by dialing toll-free
1-800-366-3908. For those unable to participate at that time, a
replay of the teleconference can be accessed domestically by
dialing 1-800-405-2236 and enter the passcode 11095891#. The replay
will be available for 90 days. 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(TM) 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 Single
Tooth Anesthesia (STA(TM)) computer-controlled local anesthesia
delivery system which uses this technology provides 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
http://www.milesci.com/. MILESTONE SCIENTIFIC, INC. CONSOLIDATED
BALANCE SHEET June 30, 2007 December 31, (Unaudited) 2006 ASSETS
Current Assets: Cash and cash equivalents $ 192,527 $1,160,116
Accounts receivable, net of allowance for doubtful accounts of
$79,612 in 2007 and $16,519 in 2006 699,421 346,619 Royalty
receivable 35,834 60,107 Inventories 1,566,027 1,323,338 Advances
to contract manufacturer 1,149,121 1,077,871 Prepaid expenses
45,225 97,073 Total current assets 3,688,155 4,065,124 Investment
in distributor, at cost 76,319 76,319 Equipment, net of accumulated
depreciation of $416,119 in 2007 and $402,914 in 2006 432,765
459,259 Patents, net of accumulated amortization of $53,362 in 2007
and $41,938 in 2006 515,329 526,753 Other assets 12,261 14,153
Total assets $4,724,829 $5,141,608 LIABILITIES AND STOCKHOLDERS'
EQUITY Current Liabilities: Accounts payable $1,858,081 $1,196,107
Accrued expenses 233,948 232,076 Deferred compensation payable to
officers 75,000 Total current liabilities 2,167,029 1,428,183
Stockholders' Equity Common stock, par value $.001; authorized
50,000,000 shares; 11,757,849 shares issued, 337,036 shares to be
issued, and 11,724,516 shares outstanding in 2007; 11,692,636
shares issued, 337,036 shares to be issued, and 11,659,303 shares
outstanding in 2006 12,096 12,031 Additional paid-in capital
58,168,474 57,720,129 Accumulated deficit (54,711,254) (53,107,219)
Treasury stock, at cost, 33,333 shares (911,516) (911,516) Total
stockholders' equity 2,557,800 3,713,425 Total liabilities and
stockholders' equity $4,724,829 $5,141,608 MILESTONE SCIENTIFIC,
INC. CONDENSED STATEMENT OF OPERATIONS Three Months Ended Six
Months Ended June 30, June 30, June 30, June 30, 2007 2006 2007
2006 Product sales, net $1,770,337 $1,425,821 $4,032,364 $2,986,740
Royalty income 35,834 49,473 83,770 186,310 Total revenue 1,806,171
1,475,294 4,116,134 3,173,050 Cost of products sold 955,274 688,124
1,786,484 1,439,286 Royalty expense (7,338) 5,637 (1,586) 22,057
Total cost of revenue 947,936 693,761 1,784,898 1,461,343 Gross
profit 858,235 781,533 2,331,236 1,711,707 Selling, general and
administrative expenses 1,809,554 1,369,497 3,646,442 2,849,212
Research and development expenses 121,398 390,741 299,964 554,183
Total operating expenses 1,930,952 1,760,238 3,946,406 3,403,395
Loss from operations (1,072,717) (978,705) (1,615,170) (1,691,688)
Interest income 3,799 24,690 11,135 52,094 Net loss $(1,068,918)
$(954,015) $(1,604,035) $(1,639,594) Loss per share-basic and
diluted $(0.09) $(0.08) $(0.13) $(0.14) Weighted average shares
outstanding and to be issued - basic and diluted 12,043,103
11,768,940 12,020,790 11,755,335 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 on Form 10-KSB for the year
ended December 31, 2006. 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, LLC Dodi Handy, President and CEO, or Daniel Conway, Chief
Strategist 407-585-1080 or via email at DATASOURCE: Milestone
Scientific, Inc. CONTACT: Dodi Handy, President and CEO, or Daniel
Conway, Chief Strategist, both of Elite Financial Communications
Group, LLC, +1-407-585-1080, , for Milestone Scientific, Inc. Web
site: http://www.milesci.com/
Copyright