Here is the recent filing for HTLJ:
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Heartland, Inc. Reports Second Quarter 2009 Results
-- $2.49 million gross profit margin -- Six month revenue from Heartland Steel $535,000 -- Secured $1.2 million line of credit
Press Release
Source: Heartland, Inc.
On Thursday August 20, 2009, 1:51 pm EDT
MIDDLESBORO, Ky., Aug. 20 /PRNewswire-FirstCall/ -- Heartland, Inc. (OTC Bulletin Board: HTLJ - News), a diversified company with businesses in steel warehousing and fabrication and petroleum retail and wholesale operations, reported revenue for the quarter of $22.8 million, compared to $6.2 million reported in the 2008 quarter. Operating income was ($43,730) compared to $416,578 in 2008.
For the quarter, the company reported a net loss of $34,116 or $.00 per diluted share ($.00 per basic share), compared to a gain of $414,687 or $.01 per diluted share ($.01 basic share) reported in the second quarter ended June 30, 2008.
Increased revenue for the quarter primarily reflects the acquisition of Lee Oil Company, which was completed in October 2008.
Income was reduced by the cost associated with the startup of the Heartland Steel subsidiary, non-cash stock compensation costs, and overhead costs of the combined businesses.
"Despite an environment as challenging as we have seen in decades, Lee Oil and Mound Technologies were profitable for the quarter, with operating income of $287,000 and $210,000 respectively," said Terry Lee, Chairman of Heartland. "In addition, it is important to note that the revenue from Lee Oil provides important cash flow on a month to month basis that complements the cyclicality of the other businesses of Heartland.
"We have reported in the past that Heartland Steel is in its start up phase of development. A first-class steel service center facility is currently under construction in Washington Court House, Ohio, and is expected to be fully operational by the fall of 2009. Management and operational staff have begun important sales and marketing initiatives, and produced over half a million dollars in revenue in the first half of 2009. We fully expect Heartland Steel will be a key driver for Heartland with the steel service and distribution business being a focus for future growth opportunities for our company.
"We are encouraged by our progress," concluded Mr. Lee. "Our strategy of building businesses with synergistic opportunities run by experienced managers will remain a defining characteristic of our company as we grow our business and create shareholder value."
For the six month period ended June 30, 2009, the company reported revenue of $42.5 million compared to $10.2 million reported in the comparable 2008 period. Operating income $197,223 compared to $816,792 in the six month period ended June 30, 2008.
Net income per share for the six month period was $62,111 or $.00 per share, basic and diluted, compared to $801,631 or $.02 per share basic and diluted for the 2008 six month period.
Subsequent to the end of the quarter, the company secured a line of credit in the amount of $1.2 million from Citizens Bank of Tazewell, Tennessee.
"This loan will help us finish the construction of the Heartland Steel facility and provide working capital and inventory as Heartland Steel moves toward profitability in 2010," said Mr. Lee.
About Heartland Inc.
Heartland, Inc. is a holding company with three subsidiaries. Mound Technologies is a full service structural and miscellaneous steel fabricator located in Springboro, Ohio. Lee Oil Company services and sells over 40 million gallons of petroleum product annually through a combination of retail and wholesale operations. Heartland Steel, Inc., is a new venture which will operate a structural steel service center in Washington Court House, Ohio beginning in 2009. |
