Trading on the OTCBB, Heartland Inc. is a diversified company with businesses in steel warehousing and fabrication as well as petroleum retail and wholesale operations. They are a holding company with three subsidiaries. Heartland Inc.’s headquarters are in Cumberland Gap, Tennessee, directly on the border of Tennessee, Kentucky, and Virginia.
The Company’s Mound Technologies is a full service structural and miscellaneous steel fabricator located in Springboro, Ohio. Their products include stairs and railings of both industrial and architectural quality. Mound also provides steel bar joist, metal deck, and erection services to complete the metals contract requirements.
Their Lee Oil Company is a multi state petroleum marketer and distributor. This subsidiary services and sells over 40 million gallons of petroleum product annually through a combination of retail and wholesale operations. Lee has numerous long-term petroleum supply contracts with retail and wholesale customers. Their Lee Food Marts operate 23 convenience stores in Virginia, Tennessee, and Kentucky. Lee Oil Company also sells home heating oil, bulk oil lubes, and oil burners.
Yesterday, Heartland, Inc. reported revenue for the second quarter of $22.8 million, compared to $6.2 million reported for the same quarter in 2008. The increase in revenue primarily reflects the acquisition of Lee Oil Company, which completed in October of 2008. 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.
“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.