Houston, Texas -- Spray foam insulation and cool roof coating manufacturer Lapolla Industries announced a sales revenue increase of 1.1% to $71.2m during 2013, compared to $70.4m during 2012.
Foam segment sales stood at $61.1m in 2013 - an increase of 3.8% on sales of $58.9m in 2012. Sales of coatings reached $10.1m, a decrease of 12.3% compared to $11.5m during 2012.
Lapolla managed to cut the total cost of its operations during 2013, according its full year financial report. In 2012, it cost Lapolla $16.2m to run the business yet operating costs for 2013 were reported as $15.6m in the current report. Savings came primarily from a $1.1m reduction in sales, general and administrative costs.
The company's operating loss was also significantly lower in 2013 than in 2012. The report put losses from 2013 at around $616,000, while in 2012 it reported losses in excess of $3.3m.
President and ceo Douglas Kramer referred to the company's "marked growth in profitability" and said it was a direct result of Lapolla's continued efforts to increase the operational efficiency.”
As reported at Utech-polyurethane.com, the company's third quarter results for 2013 rose thanks to an increase in foam sales. Lapolla also benefited from $4.4m of financing from private equity firm Enhanced Capital Partners Inc, as also reported previously.
XE currency conversion: 14 April
