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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
MILESTONE SCIENTIFIC INC.
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(Name of Issuer)
Common Stock, $.001 Par Value Per Share
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(Title of Class of Securities)
59935P100
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(CUSIP Number)
December 31, 1998
-----------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 6 pages
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CUSIP No. 59935P100 13G Page 2 of 6 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cumberland Associates LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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5 SOLE VOTING POWER
509,000
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NUMBER OF 6 SHARED VOTING POWER
SHARES
BENEFICIALLY 87,400
OWNED BY
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EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 509,000
WITH
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8 SHARED DISPOSITIVE POWER
87,400
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
596,400 (excludes 31,000 shares beneficially owned by K. Tucker
Andersen, a member of Cumberland Associates LLC)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[X]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.7%
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12 TYPE OF REPORTING PERSON*
OO, IA
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*SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 6 pages
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Item 1(a) Name of Issuer:
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Milestone Scientific Inc. (the "Issuer")
Item 1(b) Address of Issuer's Principal Executive Offices:
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220 South Orange Avenue
Livingston, New Jersey 07039
Items 2(a) Name of Person Filing:
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This statement is being filed by Cumberland
Associates LLC. Cumberland Associates LLC is a
limited liability company organized under the laws
of the State of New York, and is engaged in the
business of managing, on a discretionary basis,
thirteen securities accounts (the "Accounts"), the
principal one of which is Cumberland Partners.
K. Tucker Andersen, Gary Tynes, Oscar S. Schafer,
Bruce G. Wilcox, Glenn Krevlin, Andrew Wallach and
Eleanor Poppe are the members (the "Members") of
Cumberland Associates LLC.
Item 2(b) Address of Principal Business Office:
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The address of the principal business and office
of Cumberland Associates LLC and each of the
Members is 1114 Avenue of the Americas, New York,
New York 10036.
Item 2(c) Citizenship:
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Cumberland Associates LLC is a New York limited
liability company. Each of the Members is a
citizen of the United States.
Item 2(d) Title of Class of Securities:
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Common Stock, par value $.001 per share
(the "Shares")
Item 2(e) CUSIP Number:
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59935P100
Item 3 Not Applicable
Item 4. Ownership:
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Page 3 of 6 pages
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Item 4(a) Amount Beneficially Owned:
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As of the date hereof, Cumberland Associates
LLC may be deemed the beneficial owner of 596,400
Shares (excludes 31,000 shares beneficially owned
by K. Tucker Andersen, a member of Cumberland
Associates LLC).
Item 4(b) Percent of Class:
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The number of Shares of which Cumberland Associates
LLC may be deemed to be the beneficial owner
constitutes approximately 6.7% of the total number
Shares outstanding.
Item 4(c) Number of shares as to which such person has:
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(i) Sole power to vote or to direct the vote:
509,000
(ii) Shared power to vote or to direct the
vote: 87,400
(iii) Sole power to dispose or to direct the
disposition of: 509,000
(iv) Shared power to dispose or to direct the
disposition of: 87,400
Item 5 Ownership of Five Percent or Less of a Class:
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If this statement is being filed to report the fact
that as of the date hereof the reporting person
has ceased to be the beneficial owner of more than
five percent of the class of securities, check the
following.
Item 6 Ownership of More than Five Percent on Behalf of
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Another Person:
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The beneficial owners of the Accounts have the
right to participate in the receipt of dividends
from, or proceeds from the sale of, the Shares
held for each Account in accordance with their
ownership interests in each such Account.
Item 7 Identification and Classification of the
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Subsidiary Which Acquired the Security Being
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Reported on By the Parent Holding Company:
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Not Applicable
Page 4 of 6 pages
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Item 8 Identification and Classification of Members
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of the Group:
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Not Applicable
Item 9 Notice of Dissolution of Group:
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Not Applicable
Item 10 Certification:
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By signing below the signatory certifies that, to the best of his
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or influencing the
control of the Issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.
Page 5 of 6 pages
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SIGNATURE
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After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 12, 1999
CUMBERLAND ASSOCIATES LLC
By: /s/ K. Tucker Andersen
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Name: K. Tucker Andersen
Title: Member
Page 6 of 6 pages
