Heartland, Inc., a diversified company with businesses in steel distribution, fabricated metals and petroleum sales, announced a small loss for the year ended December 31, 2009 of $189,197 or $.004 per diluted share ($0.004 per basic share), compared to a net profit of $2,351,735 or $.06 per diluted and basic share reported in the fiscal year ended December 31, 2008. Revenue for the year was $92.2 million, compared to $39.5 million reported in the 2008 fiscal year. Operating income for FY 2009 was a loss of $32,000 compared to a profit of $1,234,129 in fiscal 2008. As of December 31, 2009 the company had working capital of 7,260,545.
In 2009, the Heartland Steel subsidiary was started in Ohio. This steel service and warehousing business consists of a 60,000 square foot heavy crane building on 37 acres completely equipped with precision burning and cutting equipment. The facility is strategically located with easy access to interstate highways placing Heartland Steel within a one day drive of sixty percent of the population of the United States. Although start up costs for the new business impacted negatively on the overall profit of Heartland for 2009, they were less than budgeted. With the rebound in the steel sector of the economy in 2010, Heartland Steel is projected to be a profit contributor in 2010.