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LaPolla Reports First Quarter Results Monday May 15, 3:23 pm ET LaPolla Delivers 145% Sales Growth
HOUSTON, May 15 /PRNewswire-FirstCall/ -- LaPolla Industries, Inc. ("LaPolla" or the "Company") (Amex: LPA - News), today announced sales of $6,042,115 for the quarter ended March 31, 2006, a 145% increase over sales of $2,457,653 for the same period in the prior year. Operating income for the first quarter was $31,940 and net income was $327,008. Diluted net income per share for the quarter was $0.006 compared to diluted net loss per share of $0.031 in the prior comparable period. ADVERTISEMENT
"We've continued our sales growth momentum during the first quarter and increased sales 145% over the prior year's first quarter," said Michael T. Adams, CEO of LaPolla. "Delivering value to our shareholders and customers are our top priorities for the rest of the year," concluded Mr. Adams.
Foam sales increased $2,056,935, or 182%, for the first quarter of 2006 compared to the first quarter of 2005. Coatings sales increased $1,173,750, or 129%, for the current quarter compared to the prior comparable quarter. Paints, sealants, and adhesives sales each increased $152,661, $72,175, and $4,032, respectively, for the quarterly period ended March 31, 2006 compared to the quarterly period ended March 31, 2005. Equipment sales increased $151,864, or 628%, while all other sales decreased $26,954, or 42%, for the first quarter of 2006 compared to the first quarter of 2005.
Douglas J. Kramer, President and COO stated, "Our sales and marketing efforts remain aggressive and are aimed at broadening our national sales presence to support our longer term goals. The greatest sales growth occurred in our foam, coatings, and equipment businesses and we expect this trend to continue throughout 2006."
Outlook for 2006
Management offers the following guidance for the quarter ending June 30, 2006:
-- Sales are expected to be in the range of $7.5 Million and $8.0 Million. -- Operating income is expected to be in the range of $0.25 Million and $0.45 Million.
Management offers the following guidance for the full fiscal year ending December 31, 2006:
-- Sales are expected to be in the range of $35 Million and $38 Million. -- Operating income is expected to be in the range of $4.1 Million and $4.4 Million.
About LaPolla Industries, Inc. LaPolla Industries, Inc. is a national manufacturer and distributor focused on several basic segments: Coatings, Foam, Paints, Sealants, Adhesives, Equipment, and All Other. Within these business segments, LaPolla has invested resources in a variety of products targeting commercial and industrial and residential applications in the roofing, construction and paint industries.
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