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STEN Corp. Reports 2008 Second-Quarter Revenue of $4.3 Million and Improved Results From Operations
Date:5/14/2008

MINNEAPOLIS, May 14 /PRNewswire-FirstCall/ -- STEN Corporation (Nasdaq: STEN), a Minneapolis-based diversified business, today reported results for its second fiscal quarter comprised of the thirteen week period ended March 30, 2008. The Company reported a net after-tax loss of $502,273 or $(.20) per diluted share for the second quarter period ended March 30, 2008. Revenues from continuing operations for the thirteen week period ended March 30, 2008 were $4,298,816, an increase of approximately 340 percent, or $3,343,120 from $955,696 for comparable period one year ago. The second quarter loss per share represented an improvement of $.15 per share from the first quarter of fiscal 2008. The Company's Stencor business accounted for $629,289, or 14.5%, of total revenue and the STEN Financial unit, including retail vehicle sales, contributed $3,669,527 in revenue for the period ended March 30, 2008. The Company reported a net loss of $1,303,857 or $(.61) per diluted share for the twenty-six weeks ended March 30, 2008. The loss in the second quarter of fiscal 2008 represented financial performance below the Company's previously disclosed plan. The short-fall from our plan resulted from a greater than anticipated number of loan defaults and repossessions from third-party dealer finance contracts and the impact of a delay in shipping certain product at Stencor. The Company has adjusted the approach to its business in the finance area to place a greater emphasis on financing sales from its own locations where it has a greater control of the underwriting process, and in addition it has reduced the level of purchases of finance contracts from third-party auto-dealers where credit performance has been below expectations.

Commenting on the second quarter results and the current outlook, Kenneth Brimmer, CEO, noted, "We are disappointed that we did not achieve our profitability goal in the second quarter and we see this mainly the result of reserves and write-offs
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