IFT expects $5 million sales for Q3: plans plant in Texas

By Liz White, UT staffDeerfield Beach, Florida-IFT Corp. says its results for the second quarter of this year surpassed its expectations: it also revealed plans to open a manufacturing facility in Texas.For the quarter ended 30 June, the supplier of spray polyurethane systems said it had revenue of $5.2 million, compared to revenue of $587 000 in the second quarter of 2004. The group had a net loss of $887 000, compared to the $1.56 million it lost in the same period last year. "Our revenue increased considerably in the second quarter as compared to the same period in 2004, while our gross profit margin increased from 14% for the first quarter of 2005 to 19% for the six months ended June 30, 2005," stated Michael Adams, CEO of IFT. "On 1 April 2005, IFT's subsidiary Infiniti Products Inc., of Florida, became part of IFT unit LaPolla Industries Inc., a producer of epoxy coatings and PU spray roofings, based in Arizona. "After the first full quarter of results with our LaPolla Industries Inc. subsidiary, the trends in both market opportunity and market penetration have met our expectations," commented Douglas Kramer, president and COO of IFT. "There are many positive sales and marketing developments underway as a result of the strong professional team that now makes up LaPolla," he added. IFT's Commercial and Retail Divisions continue to establish the LaPolla brands" within their markets: LaPolla Coatings, Infiniti Paints and Coatings and HardScape are potentially major product lines in both roofing products and [the] retail market," continued Kramer. "In keeping with our growth plans, we are scheduled to open a manufacturing facility in Texas at the end of the third quarter of this year," Kramer said, giving no further details."