LaPolla Reports Fourth Quarter Net Income; Profit Expected for 2006 Year
March 31 2006 - 2:33PM
PR Newswire (US)
LaPolla Delivers 687% Sales Growth for 2005 Fiscal Year; Completes
Turnaround HOUSTON, March 31 /PRNewswire-FirstCall/ -- LaPolla
Industries, Inc. ("LaPolla" or the "Company") (AMEX:LPA), today
announced sales of $6,955,973 for the quarter ended December 31,
2005, a 599% increase over sales of $994,785 for the same period in
the prior year. Operating income for the fourth quarter was
$1,057,873. This compares to operating loss of $552,102 for the
fourth quarter of the prior fiscal year. Net income for the fourth
quarter was $1,165,318. This compares to net loss of $275,224
reported in the same quarter of the previous fiscal year. Diluted
net income per share for the quarter was $0.022. This compares to
diluted net loss per share of $0.01 in the fourth quarter of the
previous fiscal year. The Company also announced sales of
$20,179,263 for the fiscal year ended December 31, 2005, a 687%
increase over the $2,564,163 reported last year. Net loss for
fiscal year 2005 was $1,524,825 and diluted net loss per share was
$0.030. For the previous fiscal year, net loss and diluted net loss
per share were $5,768,508 and $0.199. "We had a great quarter with
599% sales growth as all of our businesses met our expectations
resulting in higher operating margins overall," said Michael T.
Adams, CEO of LaPolla. "Fiscal 2005 was a complete turnaround year
-- sales grew 687%. We are delivering on our long awaited promise
to provide value to our shareholders and are confident that we will
ultimately be profitable for 2006." Douglas J. Kramer, President
and COO of LaPolla said, "LaPolla achieved many of our goals in
2005, primarily, to build the needed infrastructure to support not
only the initial growth, but also anticipated growth moving
forward. This foundation, with minimal adjustments, will continue
to support substantial growth in the future. Additionally,
branding, marketing and sales efforts have been very well received
and will remain aggressive." Outlook for 2006 Management offers the
following guidance for the quarter ending March 31, 2006: -- Sales
are expected to be in the range of $5.8 Million and $6.0 Million.
-- Operating income is expected to be in the range of $0.2 Million
and $0.4 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. 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, Section 21 of the
Securities Exchange Act of 1934 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. You can identify
these and other forward-looking statements by the use of words such
as "may," "will," "should," "expects," "plans," "anticipates,"
"believes," "estimates," "predicts," "intends," "potential,"
"continue," or the negative of such terms, or other comparable
terminology. 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 including, without limitation, the
risk factors described below. Although the Company believes its
expectations are based on reasonable assumptions, judgments, and
estimates, forward-looking statements involve known and unknown
risks, uncertainties, contingencies, and other factors that could
cause the Company or the Company's industries' actual results,
level of activity, performance or achievement to differ materially
from those discussed in or implied by any forward-looking
statements made by or on the Company and could cause the financial
condition, results of operations, or cash flows to be materially
adversely affected. In evaluating these statements, some of the
factors that you should consider include the following: financial
position and results of operations, cash position and cash
requirements, accounting estimates, doubtful accounts, inventories,
and warranties; operations, supply chain, quality control, and
manufacturing supply, capacity, and facilities; products, price of
products, product lines, and product and sales channel mix;
relationship with customers, suppliers and strategic partners;
credit facilities; industry trends and responses to these trends;
sources of competition; and outcome and effect of current and
potential future litigation. All information in this release is as
of March 31, 2006. 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. 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. Copies of LaPolla's press
releases and additional information about LaPolla is available on
the World Wide Web at http://www.lapollaindustries.com/ . For more
information, financial analysts, investors and press only: Andrew
J. Kaplan Barry Kaplan Associates (732) 747-0702 (t) (732) 758-1837
(f) Company Contacts: Michael T. Adams, CEO Douglas J. Kramer,
President and COO John A. Campbell, CFO (281) 219-4700 (t) Website:
http://www.lapollaindustries.com/ DATASOURCE: LaPolla Industries,
Inc. CONTACT: Andrew J. Kaplan, of Barry Kaplan Associates,
+1-732-747-0702, fax: +1-732-758-1837, , for LaPolla Industries,
Inc.; Michael T. Adams, CEO, or Douglas J. Kramer, President and
COO, or John A. Campbell, CFO, all of LaPolla Industries, Inc.,
+1-281-219-4700 Web site: http://www.lapollaindustries.com/
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