Bendo, that doesn't make sense to me.
Inductive loads that develop magnetic fields and collapse them (like heavy motors) can give you a nasty power factor like that, but I would think that the majority of your load would be purely resistive from the heaters. In big 3 phase power systems, you will see poor power factor if the load on the 3 phase legs are largely imbalanced.
It might be interesting to see if there is voltage on your neutral and/or ground.
EDIT: And since it is AC, watts really aren't V * A, since V is only equal to 120 a small amount of the time, but that's picky.