Lapolla Industries Announces 2015 Third Quarter Results
Houston, TX, November 12, 2015 – Lapolla Industries, Inc. (“Lapolla” or the “Company”) (OTCQB: LPAD) a Houston-based global supplier and manufacturer of spray polyurethane foam insulation, reflective roof coatings, and equipment, today announced financial results for the third quarter ended September 30, 2015.
Third Quarter 2015 Highlights:
- Total Sales increased by 12.9% compared to the same period in 2014
- Gross Profit increased 47.4% compared to the same period in 2014
- Net Income was $215,489 compared to a net loss of $1,014,359 for the same period in 2014
“The third quarter is representative of the positive direction of our Company,” stated Douglas J. Kramer, Chief Executive Officer and President of Lapolla. “Lapolla’s inclusion in President Obama’s Climate Action Plan is telling as we are driving technology and innovation within our industry. We remain steadfast on growing our top line from domestic and international prospects and focused on operational and manufacturing efficiencies to drive our bottom line to build shareholder value.”
For further information regarding Lapolla’s financial results as of September 30, 2015, including Adjusted EBITDA, and a reconciliation of Adjusted EBITDA to net income or loss for the nine months ended September 30, 2015 and September 30, 2014, and risks, uncertainties, and other factors associated with Lapolla’s business, 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 at www.lapolla.com.
About Lapolla Industries, Inc.
Lapolla Industries, Inc. is a global supplier, and manufacturer of spray polyurethane foam insulation, reflective roof coatings, and equipment, designed to reduce energy consumption in the residential, industrial and commercial markets, for both new construction and retrofit applications. More information is available at www.lapolla.com.
Forward Looking Statements
Certain statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of our control that can make such statements untrue, including, but not limited to, adverse economic conditions and their effect on demand for foams and coating; adverse effects of fluctuations in sales; intense competition from competitors that are better established and have significantly greater resources than us; our dependence on a few large suppliers for a large portion of materials required for production and sales of our products; loss or departure of key personnel; market acceptance of our existing and new products; unanticipated increases in raw material prices or disruptions in supply; restrictive loan covenants and/or our ability to repay or refinance debt under our credit facilities; operating margin risk due to competitive pricing and operating efficiencies, supply chain risk, material, labor or overhead cost increases, interest rate risk and commodity risk; the fact that our chairman controls a majority of our combined voting power, and may have, or may develop in the future, interests that may diverge from those of other stockholders; future sales of large blocks of our common stock, which may adversely impact our stock price; and the liquidity and trading volume of our common stock. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Michael T. Adams, EVP