Houston, Texas - Sales at Houston-based spray foam supplier, Lapolla Industries Inc., have increased by 40.9 percent in 2010 to $50 million, the company said in an 11 April statement.
Lapolla also reported that gross profit for the year 2010 had increased by 33 percent from $12.5 million to $16.7 million. Lapolla attributed this rise to "record sales growth." And while operating expenses increased $246 229, or 1.8 percent, other expenses decreased by 48.7 percent ($997 745) due to "more favourable" lending terms, the company said.
Douglas Kramer, ceo of Lapolla, said, "Our compounded annual sales growth rate of 60 percent over the past 7 years is due to increasing demand for energy saving products from improved awareness of foam and coatings solutions in the marketplace."
Foam sales increased $18.5 million, or 43 percent, in 2010, which the company attributed to energy-conscious consumers choosing spray PU foam as an energy-efficient way of insulating a property.
Coatings sales increased $1.9 million, or 28.1 percent, from $6.9 million in 2009 as industrial building markets opened up to meet pent up demand for commercial building projects.
Kramer added, "The increase in equipment sales is an indicator that expansion of our market opportunities is accelerating due to growing consumer demand worldwide. Lapolla's ongoing international focus has now culminated into the first Lapolla Global Summit, representing 12 countries, in Europe this month."
Lapolla makes and supplies spray foam insulation systems and cool roof coating products targeting commercial, industrial and residential applications.