Houston Texas -- Lapolla Industries Inc. has reported record sales in the second quarter of 2010 (Q2), compared to the same period last year, as the value proposition of polyurethane spray foam increases.
The company's foam sales were up 61.7 percent to $14.4 million in Q2 compared to the same period last year. Foam segment equipment sales rose 66.1 percent in Q2 to $850 966. Profit in the foam unit rose to $1.2 million, compared to a loss of $57 241 in Q2 2009.
For the six months ended 30 June 2010, foam segment sales were up 51.3 percent to $26.3 million, compared to the first half of 2009, Lapolla said.
Overall company sales in Q2 rose 52.2 percent to $16.6 million, compared to Q2 2009, with 89 percent of the increase resulting from Lapolla's foam business, the statement said.
"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," said Lapolla president and ceo Douglas Kramer.
"As the third quarter unfolds, increased demand and order flow continues as expected," Kramer said, adding that the company expects 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," Kramer added. (RD)