Brooks,
Here is what I found, maybe it will help:
-Alex
Milestone Sci Down 30% On NationsBanc Montgomery
Remarks
NEW YORK (Dow Jones)--Milestone Scientific Inc.'s (MS) shares
plunged 30% Thursday before being halted after NationsBanc
Montgomery Securities Inc. analyst Herriot Tabuteau told his firm's sales
force that he expects to cut his second-quarter earnings estimates due to an
anticipated sales shortfall of at least $1 million.
Milestone, a Livingston, N.J., company, makes a dental anesthetic injection
system called the Wand.
Tabuteau said a major customer, medical and dental supply company
Henry Schein Inc. (HSIC), is only taking delivery of the Wand as it ships
them to dentists, rather than buying up in bulk what was believed to be a
backlog order of about 2,500 to 2,600 units. As a result, Tabuteau expects
Milestone to ship about 1,600 units fewer than expected in the second
quarter, which should leave sales about $1 million short of his expectations.
Tabuteau had projected Milestone would report second-quarter revenue of
$6.2 million and net income of 5 cents a share. While he hasn't yet changed
his numbers, he expects them to reflect "a modest loss." In the year-ago
period, the company reported sales of $871,841 and a loss of 21 cents a
share.
Before the midday trading halt, Milestone's shares plummetted 4 7/16 to 10
3/8 on Nasdaq volume of 156,800. Average volume is 258,300.
-By Louis Hau; 201-938-5240; louis.hau@cor.dowjones.com
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