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HEARTLAND INC. ANNOUNCES 1992 RESULTS

 SCOTTSBLUFF, Neb., April 16 /PRNewswire/ -- John H. Wise, chairman of the board of Heartland Inc. (OTC Bulletin Board: CAVO) reported today the results of operations for the year ended Dec. 31, 1992.
 Net sales amounted to $87.9 million, compared to $93.2 million in 1991. The decline in revenues is a result of the company's focus on higher-margin value-added products and a de-emphasis on commodity- type products.
 This strategy resulted in an increase in income from operations to $1,024,000 in 1992, compared to $916,000 last year.
 Net income amounted to $149,000, or $.03 per share, on 4.98 million shares outstanding, compared to $99,000 and $.02 per share, on 5.62 million shares outstanding for 1991.
 Wise commented on the results saying, "We are generally pleased with the results of operations for the year. 1992 was dedicated to reorganizing the company's operations and implementing a strategy of changing our product mix to higher-margin value-added products in relationship to total sales.
 "In particular, we are pleased to have completed the acquisitions of ASC Inc. (Solid Gold), in November 1992, and the acquisition of The Sigman Meat Co. in January 1993. The Sigman Meat Co., in business for over 50 years, provides a wide range of beef, poultry and pork products including luncheon meats and deli products, and sells such products to over 100 customers in approximately 14 states.
 "In April 1993, we also completed the acquisition of Specialty Branded Products Inc., a California-based distributor of meat products. We believe that we are in an excellent position to take advantage of these acquisitions in 1993 and improve substantially our revenue and net income picture."
 Heartland Inc., with operations in California, Colorado and Nebraska is a vertically integrated food products and services company which produces, processes and distributes beef and related meat products for markets in the United States and Pacific Rim countries. Through The Sigman Meat Co., the company also processes a wide range of beef, poultry and pork products including luncheon meats and deli products and sells such products to more than 100 customers in approximately 14 states. Its customers include Safeway Stores, Albertsons Stores, as well as a variety of wholesale warehouse club stores, including Sam's Club and Pace.
 HEARTLAND INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 For the Years Ended Dec. 31,
 1992 1991
 Net sales $87,983,000 $93,162,000
 Cost of sales 83,591,000 89,220,000
 Gross profit 4,392,000 3,942,000
 Operating expenses
 Selling, general &
 administrative expenses 2,656,000 2,385,000
 Depreciation and amortization 712,000 641,000
 Total 3,368,000 3,026,000
 Income from operations 1,024,000 916,000
 Other income (expense)
 Interest income 195,000 463,000
 Interest expense, net of
 capitalized interest of
 $48,000 in 1992 (998,000) (1,320,000)
 Other income 21,000 85,000
 Total 782,000 (772,000)
 Income before provision for
 income tax 242,000 144,000
 Provision for income tax
 Current 117,000 111,000
 Deferred (24,000) (66,000)
 Total 93,000 45,000
 Net income $149,000 $99,000
 Per share data
 Net income per common share $.03 $.02
 Weighted average number of
 common shares outstanding
 during the year 5,045,000 4,592,000
 -0- 4/16/93
 /CONTACT: Darwin A. Heggem or Thomas J. Bernard of Heartland, (Nebraska) 308-635-7931; John H. Wise of Heartland, (Fresno, Calif.) 209-252-5190; or William F. Coffin of Coffin Communications Group, 818-789-0300, for Heartland/
 (CAVO)


CO: Heartland Inc. ST: California IN: FOD SU: ERN

MS-BP -- LA022 -- 6873 04/16/93 15:22 EDT
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Date:Apr 16, 1993
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