Houston, Texas — Lapolla Industries said the first quarter of 2017 saw its sales reach a record $22.5m and separately, that its sprayfoam products had been approved for use in Russia.
Lapolla said that as sales had hit a record so had gross profit at $6.3m and earnings before interest taxation, depreciation and amortisation (ebitda) reached $.2.1m. Spray foam sales increased by 11.1% compared to the year earlier quarter.
The company also saw a significant reduction in interest charges which fell from $332,000 in the first quarter of 2016 to $61,000 in the same 2017 quarter, and the level of third party liabilities to the chairman fell by $183,000 because the company had restructured its debt in the third quarter of 2016..
In addition, Douglas Kramer, chief executive officer and president of Lapolla said: “We are also expanding internationally and have some exciting opportunities, in addition to our current footprint in the UK, Europe, Scandinavia, Middle East and Asia. Lapolla’s core spray foam products are now approved in Russia; and we continue to expand our distribution network around the world, growing our overall global footprint creating additional future potential.”