MIDDLEBORO, Ky., Jan. 25 /PRNewswire-FirstCall/ -- Heartland, Inc. (OTC Bulletin Board: HTLJD), a diversified company with businesses in steel warehousing and fabrication and petroleum retail and wholesale operations, today announced that Lee Oil, its petroleum retail and wholesale operations, had completed 2009 with revenue in excess of $78.2 million according to preliminary unaudited figures.
Preliminary results also indicate that for the 21st consecutive year, Lee Oil will report an annual profit.
Terry Lee, chief executive officer of Heartland, Inc. and founder of Lee Oil stated, “Even in challenging times, the business model for Lee Oil has remained constant and highly sustainable. As the economy steadies in 2010, we see opportunities for external and internal growth for Lee Oil, and I fully expect both 2010 revenue and earnings results to exceed 2009 levels.
“Lee Oil also provides important cash flow on a month to month basis that complements the cyclical nature of Heartland’s other businesses,” concluded Mr. Lee. “As we have reported recently, both Mound Technologies and Heartland Steel have strong backlogs and momentum entering 2010. Our company’s solid performance during such a difficult period speaks well toward our expectations and future results as the economy stabilizes and strengthens in 2010 and beyond.”
About Heartland, Inc.
Heartland, Inc. is a diversified company with businesses in steel warehousing and fabrication and petroleum retail and wholesale operations. 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 operates a structural steel service center in Washington Court House, Ohio.
Statements contained in this news release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Amounts herein could vary as a result of market and other factors. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.
SOURCE Heartland, Inc.