Lapolla Industries, Inc. ("Lapolla") (OTCBB: LPAD), a leading national manufacturer and supplier of insulation foam, coatings, and equipment, focused on commercial, industrial and residential applications in the insulation and construction industries, today announced results for the second quarter ended June 30, 2010.
Second Quarter Ended June 30, 2010 Overall Results
The Company reported sales of $16,646,574 for the second quarter ended June 30, 2010, compared to $10,939,502 in the prior second quarter in 2009, an increase of $5,707,072, or 52.2% quarter-over-quarter.
Gross profit was $4,236,699 in the second quarter of 2010, compared to $2,935,314 in the same quarter in 2009, an increase of $1,301,385, or 44.3%, of which 89.0% of the increase resulted from the Foam segment and 11.0% of the increase resulted from the Coatings segment.
Total operating expenses were $3,693,817 for the second quarter of 2010, compared to $4,269,772 from the second quarter in 2009, a decrease of $575,955, or 13.5%, due to tighter cost controls.
Net income was $542,882 for the quarter ended June 30, 2010, compared to a net loss of $1,334,458 in the quarter ended June 30, 2009.
Douglas J. Kramer, CEO and President of Lapolla, commented, "Lapolla's second quarter's results reflect record sales growth and continued profitability. Consumer demand for energy cost relief and growing awareness of the value proposition of spray polyurethane foam is expanding our target markets and continues to ensure growth in revenue and profit in all business segments. Foam sales continue to lead the charge with a 61.7% increase for the second quarter."
Results of Business Segments
Foam segment sales were $14,447,981 for the second quarter ended June 30, 2010, compared to $8,934,404 for the second quarter of 2009, an increase of $5,513,577, or 61.7%. Foam segment equipment sales for the second quarter of 2010 were $850,966, compared to $512,459 for the second quarter of 2009, an increase of $338,507, or 66.1%. Foam segment profit was $1,295,465 in the second quarter of 2010, compared to a loss of $57,241 in the second quarter of 2009.
Coatings segment sales were $2,198,592 for the second quarter ended June 30, 2010, compared to $2,005,097 in the second quarter ended June 30, 2009, an increase of $193,495, or 9.7%. Coating segment profit was $215,343 in the second quarter of 2010, compared to a loss of $142,686 in the second quarter of 2009.
Total Foam and Coatings segments sales for the second quarter ended June 30, 2010 were $16,646,573, compared to $10,939,501 for the second quarter of 2009, an increase of $5,707,072, or 52.2%.
Second Quarter Ended June 30, 2010 Overall Results
The Company reported sales of $16,646,574 for the second quarter ended June 30, 2010, compared to $10,939,502 in the prior second quarter in 2009, an increase of $5,707,072, or 52.2% quarter-over-quarter.
Gross profit was $4,236,699 in the second quarter of 2010, compared to $2,935,314 in the same quarter in 2009, an increase of $1,301,385, or 44.3%, of which 89.0% of the increase resulted from the Foam segment and 11.0% of the increase resulted from the Coatings segment.
Total operating expenses were $3,693,817 for the second quarter of 2010, compared to $4,269,772 from the second quarter in 2009, a decrease of $575,955, or 13.5%, due to tighter cost controls.
Net income was $542,882 for the quarter ended June 30, 2010, compared to a net loss of $1,334,458 in the quarter ended June 30, 2009.
Douglas J. Kramer, CEO and President of Lapolla, commented, "Lapolla's second quarter's results reflect record sales growth and continued profitability. Consumer demand for energy cost relief and growing awareness of the value proposition of spray polyurethane foam is expanding our target markets and continues to ensure growth in revenue and profit in all business segments. Foam sales continue to lead the charge with a 61.7% increase for the second quarter."
Results of Business Segments
Foam segment sales were $14,447,981 for the second quarter ended June 30, 2010, compared to $8,934,404 for the second quarter of 2009, an increase of $5,513,577, or 61.7%. Foam segment equipment sales for the second quarter of 2010 were $850,966, compared to $512,459 for the second quarter of 2009, an increase of $338,507, or 66.1%. Foam segment profit was $1,295,465 in the second quarter of 2010, compared to a loss of $57,241 in the second quarter of 2009.
Coatings segment sales were $2,198,592 for the second quarter ended June 30, 2010, compared to $2,005,097 in the second quarter ended June 30, 2009, an increase of $193,495, or 9.7%. Coating segment profit was $215,343 in the second quarter of 2010, compared to a loss of $142,686 in the second quarter of 2009.
Total Foam and Coatings segments sales for the second quarter ended June 30, 2010 were $16,646,573, compared to $10,939,501 for the second quarter of 2009, an increase of $5,707,072, or 52.2%.
