The following excerpt is from the company's SEC filing.
Ocala, FL June 11, 2015Today Nobility Homes, Inc. (OTCQX: NOBH) announced sales and earnings results for its second quarter ended May 2, 2015. Sales for second quarter 2015 were up 23% to $6,706,118 as compared to $5,431,026 recorded in second quarter 2014. Income from operations was $665,719 versus $305,628 last year. Net income after taxes was $685,553 as compared to $284,900 last year. The net income after taxes for second quarter 2015 included a $51,657 non-cash loss from our investment in one retirement community limited partnership. Diluted earnings per share were $.17 per share compared to $.07 per share la st year.
For the first six months of fiscal 2015, sales were up 28% to $12,282,918 as compared to $9,622,455 for the first six months of 2014. Income from operations was $1,085,539 versus $389,814 last year. Net income after taxes was $1,160,341 compared to $388,302 last year. The net income after taxes for the first six months of 2015 included a $57,350 non-cash loss from our investment in one retirement community limited partnership. Diluted earnings per share were $0.30 per share compared to $.10 per share last year.
Nobilitys financial position for the first six months of 2015 remains very strong with cash and cash equivalents and short term investments of $14,843,963 and no outstanding debt. Working capital is $23,399,712 and our ratio of current assets to current liabilities is 7.7:1. Stockholders equity is $37,572,700 and the book value per share of common stock increased to $9.27.
Terry Trexler, President, stated, The demand for affordable manufactured housing in Florida and the U.S. is improving; however, our sales and earnings continue to be affected by the challenging housing environment, the uncertainty of the U.S. and world economy, employment levels, consumer confidence and, in particular, the lack of available retail and wholesale financing. Constrained consumer credit and the lack of lenders in the industry, partly as a result of an increase in government regulations, have limited many affordable manufactured housing buyers from purchasing homes.
Our 48 years of experience in the Florida market, combined with home buyers increased need for more affordable housing, should serve the Company well in the coming years. Management remains convinced that our specific geographic market is one of the best long-term growth areas in the country.
We understand that during this uncertain economic environment, maintaining our strong financial position is vital for future growth and success. Because of the recent years of very challenging business conditions in our market area, management will continue to evaluate all expenses and react in a manner consistent with maintaining our strong financial position.
The Company has specialized for 48 years in the design and production of quality, affordable manufactured homes at its plant located in central Florida. With multiple retail sales centers, an insurance subsidiary, and investments in retirement manufactured home communities, the Company is the only vertically integrated manufactured home company headquartered in Florida.
MANAGEMENT WILL NOT HOLD A CONFERENCE CALL. IF YOU HAVE ANY QUESTIONS, PLEASE CALL TERRY OR TOM TREXLER @ 800-476-6624 EXT 221 OR
Certain statements in this report are forward-looking statements within the meaning of the federal securities laws. Although Nobility believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, there are risks and uncertainties that may cause actual results to differ materially from expectations. These risks and uncertainties include, but are not limited to, competitive pricing pressures at both the wholesale and retail levels, increasing material costs, continued excess retail inventory, increase in repossessions, changes in market demand, changes in interest rates, availability of financing for retail and wholesale purchasers, consumer confidence, adverse weather conditions that reduce sales at retail centers, the risk of manufacturing plant shutdowns due to storms or other factors, the impact of marketing and cost-management programs, reliance on the Florida economy, impact of labor shortage, impact of materials shortage, increasing labor cost, cyclical nature of the manufactured housing industry, impact of rising fuel costs, catastrophic events impacting insurance costs, availability of insurance coverage for various risks to Nobility, market demographics, managements ability to attract and retain executive officers and key personnel, increased global tensions, market disruptions resulting from terrorist or other attack and any armed conflict involving the United States and the impact of inflation.
NOBILITY HOMES, INC.
Consolidated Balance Sheets
Cash and cash equivalents
Accounts receivable - trade
Mortgage notes receivable, current
Income tax receivable
Pre-owned homes, current
Prepaid expenses and other current assets
Deferred income taxes
Total current assets
Property, plant and equipment, net
Mortgage notes receivable, long term
Liabilities and Stockholders Equity
Accrued expenses and other current liabilities
Total current liabilities
Commitments and contingent liabilities
Preferred stock, $.10 par value, 500,000 shares authorized; none issued and outstanding
Common stock, $.10 par value, 10,000,000 shares authorized; 5,364,907 shares issued
Additional paid in capital
Accumulated other comprehensive income
Less treasury stock at cost, 1,310,538 shares in 2015 and 1,301,038 shares in 2014
Total stockholders equity
Total liabilities and stockholders equity
Consolidated Statements of Comprehensive Income
Three Months Ended
Six Months Ended
Cost of goods sold
Selling, general and administrative expenses
Other income (loss):
Undistributed earnings in joint venture - Majestic 21
Losses from investments in retirement community limited partnerships
Total other income (loss)
Income before provision for income taxes
Income tax expense
Other comprehensive income (loss)
Unrealized investment gain (loss)
Weighed average number of shares outstanding:
Net income per share:
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
To receive a free e-mail notification whenever NOBILITY HOMES INC makes a similar move, sign up!
Other recent filings from the company include the following:
NOBILITY HOMES INC Just Filed Its Quarterly Report: Note 5Net Income per... - March 16, 2020
Nobility Homes, Inc. Announces Sales And Earnings For Its First Quarter 2020 - March 13, 2020
Nobility Homes, Inc. Announces Sales and Earnings for Its First Quarter 2020 - March 12, 2020