Houston, Texas - Lapolla Industries Inc.'s foam sales have increased 8 percent in the third quarter of 2009 (Q3), compared with the same period last year.
Gross profit in the foam unit increased by 57 percent in Q3, year-on-year, while foam segment profit was up 94 percent in the third quarter, compared to Q3 2008, the polyurethane spray foam (SPF) specialist said 2 Nov.
For the first nine months of 2009, Lapolla recorded a 12 percent increase in sales in its foams business, compared the same period last year. Gross profit was up 60 percent in the nine month period, against Q3 2008.
"Lapolla's sustained growth, even through the current economic conditions, is a result of management's understanding of the dynamics of the spray polyurethane foam industry and commitment to an ongoing strategy for superior spray foam technology and deliberate market expansion," said Douglas Kramer, Lapolla ceo. As the economy rebounds, Kramer pointed out, the company expects further growth from "pent up" demand in its business segments, particularly in maintenance related spray foam and coatings.
Overall, Lapolla recorded sales of $14.22 million in Q3, compared to $13.88 million in the same period last year. Gross profit increased by 44 percent and net income increased $385 322 or 1500 percent in the third quarter, Lapolla said. (RD)