The Minneapolis-based diversified business, STEN Corporation (STEN), announced that based upon results through February 2008, the revenue for the second quarter ending March 31, 2008 is expected to pass $4.2 million, which would double the company’s first quarter revenue of fiscal 2008.
With the current numbers and the ones previously announced, the company is anticipating their total revenue to exceed $15.0 million for the fiscal year ending September 30, 2008. That number would be three times that of last year’s total revenue which was $4.6 million. These numbers are attributed from the company’s management and independent auditors’ customary quarterly review procedures. The current business plan outlined by the company indicates a healthy profitability for the balance of the fiscal year. Results of operations for the thirteen weeks ending March 31, 2008 will be coming soon.
Kenneth Brimmer, CEO of STEN Corporation commented on the numbers, “In February we saw positive results from our efforts to achieve profitability. Among the recent steps toward improved results is the January 2008 hiring of John Halvorsen as COO of STEN Credit. Mr. Halvorsen oversees the Arizona auto sales and credit operations. John’s leadership and extensive automobile sales experience have had an immediate and significant positive impact on our results. In addition, as we noted at the end of our first quarter, activity at our STENCOR business unit is increasing and improved production volumes are favorably impacting our results.”
STEN Corporation ultimately provides financial services in the United States, providing auto loans to consumers under installment receivable contracts, as well as financing a portion of the dealer-partner vehicle inventory. They also provide short term consumer loans, including: auto title loans, deferred presentment loans, check cashing, bill payment options, and money wires. The company manufactures on a contract basis that includes a line of sterilization containers and filters for use by hospitals, clinics, and surgery centers.
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