Houston, Texas -- Lapolla Industries Inc., which makes insulation foam, coatings, and equipment for construction uses, said 12 Nov that it acheived record results for the third quarter and the nine months ended 30 Sept 2010.
Lapolla's sales of $19.5 million for Q3 compared to $14 million the prior Q3 of 2009, an increase of $5. 4 million or 38.7 percent.
Gross Q3 profit was $4.6, compared to $3.7 million in Q3 2009, an increase of 23.8 percent, 90 percent from Lapolla's foam sales and 9.7 percent from its Coatings business.
"Lapolla's third quarter results continue to reflect record sales, record growth, and record profitability. We believe that Lapolla's sustained progress throughout the global economic downturn over the last two years is an indication that we will continue to gain market share against conventional insulation products as the US housing market begins to show more meaningful recovery in 2011 and beyond," said Douglas Kramer, ceo and president in the company's results statement.
Foam segment sales were $17 million for Q3, compared to $11.9 million for Q3 2009, an increase 43.6 percent.
"As the fourth quarter unfolds, increased demand and order flow continues aggressively as expected. Additionally, we are pursuing deeper growth strategies in new market areas currently untapped by Lapolla, including making significant progress in our plans to begin sales and marketing throughout Europe in 2011, Kramer commented.
"The global recognition of the value proposition of spray foam insulation technology is undeniable," he emphasised, adding that commercial roofing insulation and coating "are showing indications of recovery, further indicating growing consumer confidence for our energy saving products."