Company Also Announces Details for Upcoming 2007 Annual Meeting of
Stockholders LIVINGSTON, N.J., May 17 /PRNewswire-FirstCall/ --
Milestone Scientific, Inc. (OTC:MLSS) (BULLETIN BOARD: MLSS) , the
recognized leader in advanced injection technologies, today
reported results for the three months ended March 31, 2007.
Financial Highlights for the Three Months Ended March 31, 2007
Compared to the Three Months Ended March 31, 2006: * Revenues rose
36% to $2,309,963 from $1,697,756 million. Domestic sales of the
Company's new Single Tooth Anesthesia (STA(TM)) delivery system,
which began shipping in late March, were $632,309, representing 27%
of total sales for the current first quarter period. * Gross profit
margins improved to 64% from 54%. * Despite factoring a non-cash
charge of $248,700 associated with the accounting of stock options
pursuant to FASB Rule 123-R, coupled with increased marketing
expense related to the launch of the STA delivery system in
February of this year, net loss declined 22% to $535,117, or $0.05
basic and diluted share, from $685,679, or $0.06 basic and diluted
share. As of March 31, 2007, Milestone had approximately $1.9
million in cash and receivables; $2.4 million in working capital
and $3.5 million in total stockholders' equity. "2007 started off
on a firm footing, thanks in part to our valued new business
relationship with Henry Schein, Inc. and the soft launch of the
STA(TM) system in the domestic professional dentistry market. As
the year unfolds and we progress towards STA's full scale launch in
late 2007/early 2008, we expect that ensuing momentum associated
with this innovative new product will help to drive improvement in
our overall financial performance in subsequent quarters," stated
Leonard Osser, Chairman and CEO of Milestone. Continuing, Osser
noted, "We are also very pleased to see global sales of our
disposable handpieces used in conjunction with our legacy system,
CompuDent(TM), gain meaningful traction in the first quarter, with
revenues rising 23% to $1.2 million from $980,000. This is a clear
sign that our razor/razor blade business model is delivering
desired results and supports our goal of building multiple
recurring revenue streams from a global customer base of dental and
medical professionals who look to Milestone Scientific for best of
class, innovative and highly effective technologies and solutions."
Due to the fact that the Company's Chairman and CEO has encountered
an unexpected scheduling conflict and is required to travel
overseas, the teleconference originally scheduled for this
afternoon at 4:15 PM ET has been cancelled. Milestone further
announced that it will host its 2007 Annual Meeting of Stockholders
beginning at 10:00 AM ET on June 5, 2007 at the offices of Brown,
Rudnick, Burlack and Israel, located at 7 Times Square in New York,
New York. Only stockholders of record at the close of business on
April 30, 2007 are entitled to vote at the Annual Meeting.
Milestone's management team invites and encourages all shareholders
to attend. A formal notice of the Meeting and accompanying proxy
materials were mailed to all stockholders of record on May 4, 2007.
If you would like to view a copy of the proxy materials, please
visit http://www.sec.gov/ or contact Elite Financial Communications
Group, LLC at 407-585-1080 or via email at . 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 March 31, 2007 December 31, 2006 (Unaudited) ASSETS
Current Assets: Cash and cash equivalents $451,202 $1,160,116
Accounts receivable, net of allowance for doubtful accounts of
$21,441 in 2007 and $16,519 in 2006 1,414,132 346,619 Royalty
receivable 47,936 60,107 Inventories 1,224,412 1,323,338 Advances
to contract manufacturer 1,096,935 1,077,871 Prepaid expenses
122,558 97,073 Total current assets 4,357,175 4,065,124 Investment
in distributor, at cost 76,319 76,319 Equipment, net of accumulated
depreciation of $427,767 as of March 31, 2007 and $402,914 as of
December 31, 2006 449,720 459,259 Patents, net of accumulated
amortization of $47,651 as of March 31, 2007 and $41,939 as of
December 31, 2006 521,042 526,753 Other assets 13,206 14,153 Total
assets $5,417,462 $5,141,608 LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities: Accounts payable $1,462,020 $1,196,107 Accrued
expenses 449,137 232,076 Deferred compensation payable to officers
44,497 Total current liabilities 1,955,654 1,428,183 Stockholders'
Equity Common stock, par value $.001; authorized 50,000,000 shares;
11,707,637 shares issued, 337,036 shares to be issued, and
11,674,304 shares outstanding 12,046 12,031 Additional paid-in
capital 58,003,614 57,720,129 Accumulated deficit (53,642,336)
(53,107,219) Treasury stock, at cost, 33,333 shares (911,516)
(911,516) Total stockholders' equity 3,461,808 3,713,425 Total
liabilities and stockholders' equity $5,417,462 $5,141,608
MILESTONE SCIENTIFIC INC. CONDENSED STATEMENTS OF OPERATIONS
(Unaudited) Three Months Ended March 31, 2007 March 31, 2006
Product sales, net $2,262,027 $1,560,919 Royalty income 47,936
136,837 Total revenue 2,309,963 1,697,756 Cost of products sold
831,210 751,162 Royalty expense 5,752 16,421 Total cost of revenue
836,962 767,583 Gross profit 1,473,001 930,173 Selling, general and
administrative expenses 1,836,888 1,479,714 Research and
development expenses 178,566 163,442 Total operating expenses
2,015,454 1,643,156 Loss from operations (542,453) (712,983)
Interest income 7,336 27,404 Net loss applicable to common
stockholders $(535,117) $(685,579) Loss per share applicable to
common stockholders - basic and diluted $(0.05) $(0.06) Weighted
average shares outstanding and to be issued - basic and diluted
11,958,098 11,741,578 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/
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