Delivers 8.1% Margin Growth
HOUSTON, TX, August 12, 2013 - 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 Second Quarter of 2013 results.
“The second quarter 2013 results demonstrate Lapolla’s commitment to sustainable business and customers. Effective execution of controls, policies, and procedures is building shareholder value”, said Douglas J. Kramer, CEO and President at Lapolla.
For the second quarter of 2013, Lapolla reported sales of $17,767,776, a decrease of 0.1%, comprehensive loss of $447,873, a decrease of 555.6%, and loss per share of $0.00, a decrease of 100%, from the second quarter of 2012, respectively.
Mr. Kramer continued, “Although sales were down slightly, gross profit was up significantly. Additionally, operating expenses remained at a three year low. We are on the cusp of some very exciting international business volumes. The Lapolla brands are gaining wider traction and visibility due to our investment in select market credentials and international partners.”
For the second quarter of 2013, reported foam segment sales were $14,906,516, an increase of 2.6%, and foam segment profit was $670,559, an increase of 181.6%, while coatings segment sales were $2,861,260, a decrease of 12.1%, and coatings segment profit was $446,542, an increase of 376.9%, compared to the second 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 http://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 http://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 http://www.lapollaindustries.com/.
Douglas J. Kramer, CEO
Harvey L. Schnitzer, COO
Michael T. Adams, CGO
Charles A. Zajaczkowski, CFO
SOURCE Lapolla Industries, Inc.
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