This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Milestone Scientific Announces Third Quarter 2009 Results 2009-11-12 13:44 ET - News Release PISCATAWAY, N.J., Nov. 12 /PRNewswire-FirstCall/ -- Milestone Scientific Inc. , the recognized leader in advanced injection technologies, today announced its third quarter financial results for the three and nine months ended September 30, 2009. Financial Highlights When Comparing Nine Months Ended September 30, 2009 with Nine Months Ended September 30, 2008:
-- Total revenues rose 29% to $6.15 million from $4.77 million.
-- International sales increased 38% to $2.11 million, up from $1.53
million.
-- Sales in the U.S. grew 26% to $4.04 million from $3.21 million.
-- Instrument sales totaled $2.11 million, rising 150% from $847,000.
-- Sales of disposable hand pieces increased 3% to $3.97 million from
$3.84 million.
-- Gross profit margin was 60%, declining from 62%.
-- Loss from operations was $1.46 million compared to $1.19 million. The
increase was due primarily to higher expenses related to marketing and
promotional activities to support continued sales growth; as well as
non-cash charges related to stock compensation of $787,000 issued during
the first nine months of 2009 for compensation, consulting and vendor
services.
-- Net loss was $1.59 million, or $0.12 loss per basic and diluted share,
compared to a net loss of $1.28 million, or $0.10 loss per basic and
diluted share.
Financial Highlights When Comparing Three Months Ended September 30, 2009 with Three Months Ended September 30, 2008:
-- Total revenues increased 5% to $1.91 million, up from $1.82 million.
-- International sales climbed 54% to $758,000 from $490,000.
-- U.S. sales totaled $1.15 million, declining 13% from $1.32 million.
-- Total instrument sales rose 3% to $512,000 from $499,000.
-- Disposable hand piece sales increased 6% to $1.37 million from $1.30
million.
-- Gross profit margin improved to 63% from 59%.
-- Loss from operations increased to $336,000 from $157,000 after factoring
higher selling, general and administrative expenses stemming primarily
from increased marketing and promotional costs, higher royalty payments,
and non-cash stock payments valued at $201,000 which were paid to
consultants supporting the Company's business development efforts.
-- Net loss totaled $373,000, or $0.03 loss per basic and diluted share,
from $187,000, or $0.02 loss per basic and diluted share.
As of September 30, 2009, Milestone had $998,000 in cash and accounts receivables and total shareholders' equity of $771,000. During the first nine months of this year, the Company used $158,000 net cash in its operating activities, compared to $693,000 used in the same nine month period in 2008. Commenting on the third quarter results, Leonard Osser, Chief Executive Officer of Milestone, noted, "Our concentration over the past two quarters on achieving meaningful penetration of the international markets for the STA System has resulted in several game-changing events for Milestone. Now that we can look forward to robust shipments of instruments and hand pieces to China over the next several years, our quarterly financial performance will begin to reflect much more aggressive sales growth, stronger positive cash flow and ultimate sustainable profitability. We have turned an important corner in the evolution of Milestone Scientific, and the future of our Company appears to be very bright indeed." Milestone Chairman Leslie Bernhard added, "With more than 1.8 million practicing dentists in the world, sweeping market acceptance of the STA System as the new standard of care for dental injections poses tremendous upside growth for Milestone; and, perhaps more importantly, serves as very important validation of our powerful, underlying computer-controlled injection technology, CompuFlo. Moreover, now that we have begun to capture meaningful market share of what could prove to be a $2+ billion dental market opportunity for the STA alone, in the year ahead we expect to focus even greater attention and corporate emphasis on pursuing prevailing new product development opportunities for CompuFlo-based medical applications that could pose even more significant growth potential." The Company will host a teleconference on Monday, November 16, 2009, beginning at 4:15 PM Eastern Time, and invites all interested parties to join management in a discussion regarding the Company's financial results, the recently announced blanket purchase order for 12,000 STA Systems received from China National Medicines Corporation, and other meaningful business developments. The conference call can be accessed via telephone by dialing toll free 1-877-941-1427. For those unable to participate at that time, a replay of the teleconference can be accessed domestically by dialing 1-800-406-7325 and entering the passcode 4181194#. The replay will be available for 90 days.
MILESTONE SCIENTIFIC INC. CONDENSED BALANCE SHEET
September 30, December 31,
2009 2008
(Unaudited)
------------- ------------
ASSETS
------
Current Assets:
Cash and cash equivalents $497,455 $743,665
Accounts receivable, net of allowance for
doubtful accounts of $5,000 in 2009 and 2008 500,880 925,742
Stock Subscription Receivable 112,500 -
Inventories 888,641 719,902
Advances to contract manufacturer 148,960 250,110
Prepaid expenses and other current assets 136,134 218,296
------- -------
Total current assets 2,284,570 2,857,715
Advances to contract manufacturer 324,235 415,780
Investment in distributor, at cost 76,319 76,319
Furniture, Fixtures & Equipment net of
accumulated depreciation of $384,407 as of
September 30, 2009 and $345,377 as of
December 31, 2008 149,820 152,574
Patents, net of accumulated amortization of
$191,580 as of September 30, 2009 and
$135,406 as of December 31, 2008 921,858 901,045
Other assets-including advance payment for
consulting services $127,772 in 2009 143,645 7,317
------- -----
Total assets $3,900,447 $4,410,750
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current Liabilities:
Accounts payable $880,869 $829,130
Accrued expenses and other payable 539,645 495,897
Line of credit-net of discount of $28,976 1,271,024 -
--------- ---
Total current liabilities 2,691,538 1,325,027
--------- ---------
Long-term Liabilities:
Line of credit-net of discount of $52,530 - 1,247,470
Notes Payable-net of discount of $11,856
and $11,927, respectively 438,144 438,073
------- -------
Total long-term liabilities 438,144 1,685,543
------- ---------
Commitments and Contingencies
Stockholders' Equity
Common stock, par value $.001; authorized
50,000,000 shares; 13,928,832 shares issued
550,093 shares to be issued and 13,895,499
shares outstanding as of September 30, 2009;
12,695,685 shares issued, 504,639 shares to
be issued, and 12,662,352 shares outstanding
as of December 31, 2008 14,478 13,200
Additional paid-in capital 60,492,626 59,531,865
Accumulated deficit (58,824,823) (57,233,369)
Treasury stock, at cost, 33,333 shares (911,516) (911,516)
-------- --------
Total stockholders' equity 770,765 1,400,180
------- ---------
Total liabilities and stockholders'
equity $3,900,447 $4,410,750
========== ==========
MILESTONE SCIENTIFIC INC. RESULTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ -----------------
2009 2008 2009 2008
---- ---- ---- ----
Product sales, net $1,909,263 $1,813,103 $6,150,984 $4,741,976
Royalty income - 5,112 - 28,282
--- ----- --- ------
Total revenue 1,909,263 1,818,215 6,150,984 4,770,258
--------- --------- --------- ---------
Cost of products sold 709,003 740,398 2,488,294 1,798,758
------- ------- --------- ---------
Gross profit 1,200,260 1,077,817 3,662,690 2,971,500
--------- --------- --------- ---------
Selling, general and
administrative expenses 1,477,948 1,199,353 4,960,000 4,039,137
Research and development
expenses 57,972 35,181 157,941 119,500
------ ------ ------- -------
Total operating expenses 1,535,920 1,234,534 5,117,941 4,158,637
--------- --------- --------- ---------
Loss from operations (335,660) (156,717) (1,455,251) (1,187,137)
Interest expense (30,230) (23,863) (115,619) (73,455)
Interest-Amortization
of debt issuance (7,875) (7,926) (23,625) (21,622)
Interest income 495 1,773 3,041 6,479
--- ----- ----- -----
Net loss applicable to
common stockholders $(373,270) $(186,733) $(1,591,454) $(1,275,735)
========== ========= =========== ===========
Loss per share applicable
to common stockholders -
basic and diluted $(0.03) $(0.02) $(0.12) $(0.10)
====== ====== ====== ======
Weighted average shares
outstanding and to be
issued -
basic and diluted 13,486,513 12,709,260 13,139,276 12,631,311
========== ========== ========== ==========
About Milestone Scientific Inc. Headquartered in Piscataway, New Jersey, Milestone Scientific is engaged in pioneering advanced computer-controlled injection technologies for the medical and dental markets; and currently sells its award-winning products through a global distribution network serving North America, Asia, Africa and Europe. For more information on the STA System and other innovative Milestone products, please visit the Company's web sites 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 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: Kathy Addison, Director, Elite Media Group
(Twitter: @kathyaddison)
407-585-1080 or via email at mlss@efcg.net
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