Heart rate monitor wrong?

I bought a heart rate monitor at WalMart a while back because I've heard machines frequently overestimate calories burned; however, I sincerely hope my heart rate monitor is UNDERestimating calories burned. After being at the gym for an hour, it told me I had only burned 90 calories! My sessions at the gym include a half-hour circuit program, jogging a 5k on the treadmill at a speed of 5.0 and .1 incline, stairmaster, elliptical, etc. I HAVE to be burning more than 90 calories in an hour...right!?

Could my heart rate monitor be wrong (I did buy the cheapest one)? If so, should I buy a new one? Does anyone have recommendations? I am willing to spend the money if it's worth it. Or should I skip the heart monitor and track calories burned a different way? Thank you!