PISCATAWAY, N.J., March 11 /PRNewswire-FirstCall/ -- Milestone Scientific Inc. , the recognized leader in advanced injection technologies, today announced its full year results for the fiscal year ended December 31, 2009.
Financial Highlights When Comparing 12-Months Ended December 31, 2009 with 12-Months Ended December 31, 2008:
In 2009, Milestone generated net cash of $403,000 from its operating activities, compared to using $442,000 in its operations during 2008. As of December 31, 2009, Milestone had $2.09 million in cash and accounts receivables, working capital of $1.63 million, and total shareholders’ equity of $2.64 million. Aided by the previously announced conversion of $1.3 million in debt to equity, the Company’s long term liabilities were materially reduced, declining 68% to $531,000 as of the end of 2009, compared to $1.69 million as of December 31, 2008.
According to Leonard Osser, Chief Executive Officer of Milestone Scientific, “2009 was a tremendous year for our Company - a true turning point in our corporate evolution and a period in which we have put into motion a number of exciting new initiatives expected to have lasting impact on our standing as the world leader in computer-controlled injection technologies. Through thoughtful execution of our global branding and market penetration strategies, Milestone achieved double digit growth across all key sales metrics and enabled us to win alliances with a number of notable new distribution partners around the globe, including leading suppliers in China, Canada and Europe.”
Leslie Bernhard, Chairman of Milestone, added, “There is no question that China, in particular, will play an important and measurable role in Milestone’s quest to achieve sustainable profitability - a goal we do believe we will attain in 2010 through contracted sales of the STA System. However, in order to optimize Milestone’s true long term growth potential, we must continue to pursue opportunities to develop and commercialize disruptive, new medical injection products that effectively leverage our intellectual property to address a wide range of prevailing healthcare delivery challenges. Our anticipated JV and new product development collaboration with China National Medicines Corp. and Yichang Humanwell Pharmaceutical Co. represents a critical step forward in this regard and is one that should help propel our Company to an even higher level of financial performance in the years to come. We are very pleased and proud of how far Milestone has come in the past year and are now looking to the future with a sense of great optimism and positive expectations.”
Milestone’s executive management team will host a teleconference this afternoon, Thursday, March 11, 2010, beginning at 4:15 PM Eastern Time, and invites all interested parties to join them in a discussion regarding the Company’s financial results, corporate progression and other meaningful developments. The conference call can be accessed via telephone by dialing toll free 1-877-941-2068. 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 4224376. The replay will be available for 90 days.
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, 2009. 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.
CONTACT: Dodi Handy, President and CEO, Twitter: @dodihandy, or media,
Kathy Addison, Director, +1-407-585-1080, mlss@efcg.net, Twitter:
@kathyaddison, both of Elite Financial Communications Group, for Milestone
Scientific Inc.
Web site: http://www.milestonescientific.com/
http://www.STAis4U.com/
