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STEN Corporation Reports 2008 Third-Quarter Revenue of $5 Million and Improved Results From Operations
Date:8/13/2008

MINNEAPOLIS, Aug. 13 /PRNewswire-FirstCall/ -- STEN Corporation (Nasdaq: STEN), a Minneapolis-based diversified business, today reported results for its third fiscal quarter thirteen-week period ended June 29, 2008. The Company reported a net after-tax loss of $292,011 or $(.12) per diluted share for the third quarter period ended June 29, 2008. Revenues for the thirteen-week period ended June 29, 2008 were $5,035,913, an increase of 377 percent, or $3,979,309 from $1,056,604 for comparable period one year ago. The third quarter loss per share represented an improvement of $.08 per share from the second quarter of fiscal 2008. The Company's Stencor business accounted for $556,411, or 11%, of total revenue and the STEN Financial unit, including retail vehicle sales, contributed $4,479,502 in revenue for the third-quarter period ended June 29, 2008. The Company reported a net loss of $1,595,866 or $(.65) per diluted share for the thirty-nine weeks ended June 29, 2008. The loss in the third quarter ended June 29, 2008 resulted from costs associated with third-party auto dealer customers on business arrangements no longer utilized by the company. Also, following the end of the third quarter, STEN completed the sale of four retail check cashing and loan stores and therefore the results of this business and its disposition are reflected as discontinued operations.

Commenting on the third quarter and the current outlook, Kenneth Brimmer, CEO, noted, "We continue to make progress. The repositioning of our auto finance business to a focus on company-initiated finance contracts is delivering encouraging results. The recent sale of our check cashing business will allow us to focus on our core activities. As we look ahead to fiscal 2009, we will continue to build on our recent progress and see total revenue for the year exceeding $25 million and we are forecasting after-tax earnings from continuing operations in the range of $.35 to $.45 per share."

STEN Corporation and subsidiaries, headquartered in Minnesota, is a diversified business, primarily focused on its financing business and buy-here pay-here retail vehicle sales business through STEN Financial Corporation. The Company's Stencor business is a contract manufacturing business and distribution business. In addition to manufacturing medical and industrial products, the company manufactures and distributes ZERO BUG ZONE(TM) an environmentally-friendly pest-eliminator and Stencor also distributes Liquid Filter(TM) a unique product which enhances indoor air quality. These products are available at http://www.gozbiz.com.

STEN Corporation common stock is traded on the Nasdaq Capital Market under the symbol STEN. More information about STEN Corporation is available at the Company's website: http://www.stencorporation.com. Except for historical information contained herein, the disclosures in this news release are forward-looking statements that could be affected by certain risks and uncertainties, and actual results may differ materially, depending on a variety of factors. These risks are described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no duty or obligation to update any of the forward-looking statements after the date of this release.

STEN CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

For the For the For the For the

thirteen thirteen thirty-nine thirty-nine

weeks ended weeks ended weeks ended weeks ended

June 29, 2008 July 1, 2007 June 29, 2008 July 1, 2007

REVENUES

Stencor sales $556,411 $304,454 $1,513,766 $951,902

Vehicle sales,

interest,

and other 4,479,502 752,150 9,305,595 1,153,356

TOTAL REVENUES 5,035,913 1,056,604 10,819,361 2,105,258

COST AND EXPENSES

Costs of goods

sold related

to Stencor 533,637 394,255 1,457,496 1,147,863

Expenses related

to STEN Financial

Cost of

autos sold 2,575,875 219,235 5,776,600 281,535

Salaries and

benefits 324,683 231,370 942,356 405,208

Occupancy and

operation

expenses 207,232 87,784 513,391 137,148

Depreciation

and amortization 61,993 60,940 187,140 137,884

Provision for

credit losses 692,085 88,319 1,484,331 95,305

Interest

expense, net 761,567 193,196 2,006,140 318,291

Selling, general

and administrative 305,250 240,764 866,455 695,861

TOTAL COST

AND EXPENSES 5,462,322 1,515,863 13,233,909 3,219,095

Loss from

Continuing

Operations

Before

Income Taxes (426,409) (459,259) (2,414,548) (1,113,837)

BENEFIT FROM

INCOME TAXES (159,900) (176,705) (902,598) (412,100)

NET LOSS FROM

CONTINUING

OPERATIONS (266,509) (282,554) (1,511,950) (701,737)

Income (loss)

from

Discontinued

Operations (40,802) 56,669 (134,484) (274,017)

Provision for

(benefit from)

income taxes

from Discontinued

Operations (15,300) 21,805 (50,568) (110,100)

Net income

(loss) from

discontinued

operations (25,502) 34,864 (83,916) (163,917)

NET LOSS $(292,011) $(247,690) $(1,595,866) $(865,654)

NET LOSS PER

SHARE FROM

CONTINUING

OPERATIONS:

Basic $(0.11) $(0.14) $(0.62) $(0.35)

Diluted $(0.11) $(0.14) $(0.62) $(0.35)

NET INCOME

(LOSS) PER

SHARE FROM

DISCONTINUED

OPERATIONS:

Basic $(0.01) $0.02 $(0.03) $(0.08)

Diluted $(0.01) $0.02 $(0.03) $(0.08)

NET LOSS PER SHARE:

Basic $(0.12) $(0.12) $(0.65) $(0.44)

Diluted $(0.12) $(0.12) $(0.65) $(0.44)

WEIGHTED AVERAGE

COMMON AND

COMMON EQUIVALENT

SHARES OUTSTANDING

Basic 2,528,751 1,990,990 2,450,880 1,989,601

Diluted 2,528,751 1,990,990 2,450,880 1,989,601

STEN CORPORATION AND SUBSIDIARIES

CONDENSED BALANCE SHEETS

ASSETS

June 29, September 30,

2008 2007

(unaudited) (audited)

CURRENT ASSETS

Cash, cash equivalents $286,167 $156,399

Current portion of loans receivable 2,786,918 2,057,475

Other current assets 6,320,702 4,341,292

Total Current Assets 9,393,787 6,555,166

PROPERTY AND EQUIPMENT, NET 1,282,512 1,051,013

OTHER ASSETS

Intangible assets, net 1,073,381 1,228,889

Loan receivable, net of current portion 6,613,197 4,487,466

Other assets 3,695,166 3,990,145

Total Other Assets 11,381,744 9,706,500

TOTAL ASSETS $22,058,043 $17,312,679

LIABILITIES AND STOCKHOLDERS' EQUITY

TOTAL CURRENT LIABILITIES

Line of credit, bank $0 680,000

Current portion of long term debt 5,093,881 2,886,265

Other current liabilities 2,991,048 2,791,762

Total Current Liabilities 8,084,929 6,358,027

LONG-TERM LIABILITIES

Dealer reserves 41,792 1,076,707

Long-term debt, net of current portion 8,948,840 4,457,458

TOTAL LIABILITIES 17,075,561 11,892,192

TOTAL STOCKHOLDERS' EQUITY 4,982,482 5,420,487

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $22,058,043 $17,312,679

NET BOOK VALUE PER SHARE $1.97 $2.72


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SOURCE STEN Corporation
Copyright©2008 PR Newswire.
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