On Friday, July 1, 1994, at 1200 eastern daylight time, a Cessna 172P, N5482K, a float-equipped airplane, registered to Folsom's Air Service, Inc., and piloted by Richard M. Cabot, sustained substantial damage during a takeoff from a pond near Greenville, Maine. The pilot received minor injuries and the two passengers were not injured. Visual meteorological conditions prevailed, and no flight plan was filed. The flight was being conducted under 14 CFR Part 91. The pilot reported that after the airplane became airborne, he raised the wing flaps from the 20 degrees setting to the UP position. At this time, a loss of lift occurred, and the airplane "mushed" into the trees. In a telephone interview, the pilot stated that the operation of the float-equipped Cessna 172 was marginal, because of limited airplane performance. He also said that in retrospect, he would have delayed raising the wing flaps until at a higher altitude and airspeed. The pilot reported that the winds were 8 to 10 knots.