Lapolla Reports First Quarter 2013 Results Delivers 2.2% Margin Growth
HOUSTON, May 16, 2013 /PRNewswire/ -- Lapolla Industries, Inc. ("Lapolla") (OTCQB: LPAD), a Houston based global supplier, and manufacturer of spray foam insulation, and equipment designed to reduce energy consumption in the residential and commercial markets, for both new construction and retrofit applications, announces First Quarter of 2013 results.
"The first quarter of 2013 reflects the continued corporate commitment in maintaining the focus on driving the bottom line. Lapolla recognized a marked improvement in margins by aligning our strategy to more sustainable business and customers," said Douglas J. Kramer, CEO and President at Lapolla. "Lapolla is in the right space at the right time. Providing foams and coatings that bring substantial energy savings to consumers and businesses alike is what Lapolla is all about."
For the first quarter of 2013, Lapolla reported sales of $16,995,510, a decrease of 8.9%, comprehensive loss of $582,242, a decrease of 31.1%, and loss per share of $0.01, remaining equal, from the first quarter of 2012, respectively.
Mr. Kramer continued, "Lapolla's international business and prospects are growing every day. Industry awareness of Lapolla's international credentials is driving new opportunities and broadening recognition of the Lapolla brand. As new relationships are created, Lapolla's international network strengthens."
For the first quarter of 2013, reported foam segment sales were $14,901,225, a decrease of 7.5%, and foam segment profit was $541,691, an increase of 24.4%, while coatings segment sales were $2,094,285, a decrease of 17.7%, and coatings segment profit was $278,134, an increase of 744.5%, compared to the first quarter of 2012.
For further information regarding risks, uncertainties, and other factors associated with Lapolla's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Lapolla's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, available on the World Wide Web at www.lapollaindustries.com.
About Lapolla Industries, Inc.
Lapolla Industries, Inc. is a global supplier, and manufacturer of spray foam insulation, and equipment designed to reduce energy consumption in the residential and commercial markets, for both new construction and retrofit applications. Additional information about Lapolla is available at www.Lapolla.com.
Forward Looking Statements
Statements made in this press release that are not historical facts constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are necessarily estimates reflecting the best judgment of senior management and express the Company's opinions about trends and factors which may impact future operating results. Such statements rely on a number of assumptions concerning future events, many of which are outside of the Company's control, and involve risks and uncertainties that could cause actual results to differ materially from opinions and expectations. Any such forward-looking statements should be considered in context with the various disclosures made by the Company about its businesses. All information in this release is as of the date hereof. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Copies of Lapolla's press releases and additional information about Lapolla is available at on the World Wide Web at www.lapollaindustries.com.
Douglas J. Kramer, CEO
Harvey L. Schnitzer, COO
Michael T. Adams, CGO
Charles A. Zajaczkowski, CFO
SOURCE Lapolla Industries, Inc.