Houston, Texas - Polyurethane insulation and coatings manufacturer Lapolla Industries Inc. reported sales of $30.0 million for the six months ended 30 June 2010, compared to $20.7 million in same period of 2009, an increase of 45.3 percent.
Gross profit was $7.6 million in H1, compared to $5.2 million in H1 2009, an increase of 45.4 percent. Lapolla said 87.6% of the increase resulted from its Foam segment and 12.4% from its Coatings unit.
Foam segment sales for H1 were $26.3 million, an increase of 51.3 percent over sales in H1 2009, while foam equipment sales for H1 2010 were $2.1 million, compared to $710 234 for H1 2009.
Lapolla's foam business also made a profit of $2.2 million in the first half, compared to a loss of $221,454 in the six months of 2009.
Coatings segment sales were $3.7 million for H1 2010, compared to $3.3 million in H1 2009, with
profit at $312 991, compared to a loss of $222 295 in H1 2009.
"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," commented Douglas Kramer, ceo and president of Lapolla.
Looking forward, Kramer said, "We believe the upward trends of the first half of the year will continue in the near term. All of the growth we are experiencing is as a result of existing market demand. Government stimulus and legislative efforts encouraging reductions in energy use and carbon footprint will only further enhance demand for our products."