SPRINGBORO, Ohio, Sept. 8, 2006 (PRIMEZONE) -- Heartland, Inc. (OTCBB:HTLJ) finished the second quarter with a return to profitability. Quarterly net income was $7,029,021 including income resulting from discontinued operations. Redirection by the board of directors resulted in the improved numbers and reaffirmed the strength of the company as it moves forward into the third quarter. Improved backlogs at the existing subsidiary businesses and opportunities to complete agreements already in place for acquisitions reflect an encouraging future.
Mound Technologies, Inc., a Heartland subsidiary, has seen sales grow from $7,386,678 with an income of $112,448 in 2004 to a projected $11,000,000 with a net income of over $1 million in 2006. Mound presently has a backlog approaching $7 million with good margins and is negotiating contracts for work well into 2007. According to sales forecasts provided by the American Institute of Steel Construction, improved market conditions for Mound's products will prevail for the next few years. Lean management and manufacturing practices established at the company over the last two years will allow the company to capitalize on the prevailing environment to produce positive results.
The Heartland, Inc. Board of Directors continues to be optimistic about the future and will meet again in September to refine the business plan and establish new goals.
About Heartland Inc.
A growing, diversified holding company, Heartland's subsidiaries span heavy machining and fabricated steel products to specialized machinery to organic fertilizers. Heartland's breadth of product and service offerings provides economic protection and growth opportunities for investors.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that involve risks and uncertainties. In addition, Heartland, Inc., a Maryland corporation, and its subsidiaries, may from time to time make oral forward-looking statements. Actual results are uncertain and may be impacted by many factors. In particular, certain risks and uncertainties that may impact the accuracy of the forward-looking statements with respect to revenues, expenses and operating results. As a result, actual results may differ materially from those projected in the forward-looking statement. Heartland's operating results and past financial performance should not be considered an indicator of future performance. Investors should not use historical trends to anticipate results or trends in future periods.
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