OCALA, Fla., March 12 /PRNewswire-FirstCall/ -- Today Nobility
Homes, Inc. (NASDAQ:NOBH) announced sales and earnings results for
its first quarter ended January 31, 2009. Sales for the first
quarter of 2009 were $3,561,482 as compared to $8,168,552 recorded
in first quarter of 2008. Loss from operations for the first
quarter of 2009 was $519,823 versus income of $524,775 in the same
period a year ago. Net loss after taxes was $123,148 as compared to
income of $620,985 for the same period last year. The net loss
after taxes of $123,148 for the first quarter of 2009 came after
deducting $66,911 in non-cash losses for our investment in two
retirement community limited partnerships. Loss for the first
quarter of 2009 was ($0.03) per share compared to diluted earnings
of $0.15 per share last year. Nobility's financial position during
fiscal year 2009 remains very strong with cash and cash
equivalents, short and long-term investments of $12,306,660 and no
outstanding debt. Working capital is $20,084,846 and our ratio of
current assets to current liabilities is 19.3:1. Stockholders'
equity is $42,131,548 and the book value per share of common stock
is $10.35. The Company repurchased in the open market 17,133 shares
of its common stock during first quarter of 2009. The Company's
Board of Directors has authorized the purchase of up to 200,000
shares of the Company's stock in the open market. The Board of
Directors declared an annual cash dividend of $0.25 per common
share for fiscal year 2008. The cash dividend was paid January 12,
2009 to stockholders of record as of January 2, 2009. Terry
Trexler, President stated, "Sales and operations for the first
quarter of 2009, were adversely impacted by our country's severe
economic uncertainty and the reduced manufactured housing shipments
in Florida, plus the overall decline in Florida and the nation's
housing market. Industry shipments in Florida for the period of
November 2008 through January 2009 were down approximately 52% from
the same period last year. Fiscal year 2009 is Nobility's 42nd year
of operating in our market area and may prove to be our most
challenging. Lack of retail and wholesale financing, increasing
unemployment and home foreclosures, slow sales of existing
site-built homes, very low consumer confidence and a poor economic
outlook for the U.S. economy are just a few of the challenges
facing our country, our industry, and Nobility. "Management
understands that during these very challenging economic times,
maintaining the Company's strong financial condition is vital for
future growth and success. Because of deteriorating business
conditions and the lack of any clarity that today's economic
challenges will improve significantly, the Company has closed one
under-performing retail model center in the panhandle of Florida
and will temporarily close our Belleview, Florida, manufacturing
plant. The Company will consolidate the Belleview product line into
the Ocala manufacturing plant and continue to offer a full price
range of homes to our customers. Management will continue to
evaluate Prestige's other sixteen retail model centers in Florida,
along with all expenses within the Company and react in a manner
consistent with maintaining our strong balance sheet. Although the
overall housing picture, financial market and economy have declined
significantly this past year and the immediate outlook for the
manufactured housing industry in Florida and the nation is
uncertain, the long-term demographic trends still favor good future
growth in the Florida market area we serve. Job formation,
immigration growth and migration trends, plus consumers returning
to more affordable housing should favor Florida. Management remains
convinced that our specific geographic market is one of the best
long-term growth areas in the country and, because of the strong
operating leverage inherent in the Company, we plan to continue
out-performing the industry. For the remainder of fiscal 2009, the
country must experience a better economy with less uncertainty,
improved sales in the existing home market, declining unemployment,
continued low interest rates, improving credit markets, increased
consumer confidence and more retail financing for the demand of
Nobility's affordable homes to improve. The Company invested as a
limited partner in two new Florida retirement manufactured home
communities in fiscal year 2008. Although these investments will
report non-cash losses in the initial fill-up stage, management
believes that the new attractive and affordable manufactured home
communities for senior citizens will be a significant growth area
for Florida in the future." Nobility Homes, Inc. has specialized
for 42 years in the design and production of quality, affordable
manufactured homes at its two plants located in central Florida.
With sixteen Company retail sales centers, a finance company joint
venture, an insurance subsidiary, and an investment in two new
affordable retirement manufactured home communities, Nobility is
the only vertically integrated manufactured home company
headquartered in Florida. MANAGEMENT WILL HOLD A CONFERENCE CALL ON
THURSDAY, March 12, 2009 AT ll:00 AM EASTERN TIME. TO PARTICIPATE,
PLEASE DIAL 800-723-6575. THE PASSCODE FOR THE CALL IS 1296344. YOU
MAY ALSO ACCESS THE CALL AT http://www.nobilityhomes.com/ OR
http://www.videonewswire.com/event.asp?id=56902 Certain statements
in this report are forward-looking statements within the meaning of
the federal securities laws, including our statement that working
capital requirements will be met with internal sources. 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, management's 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 Statements of Income
and Comprehensive Income Unaudited Three Months Ended January 31,
February 2, 2009 2008 Net sales $3,561,482 $8,168,552 Cost of goods
sold (2,739,305) (5,952,355) Gross profit 822,177 2,216,197
Selling, general and administrative expenses (1,342,000)
(1,691,422) Operating income (loss) (519,823) 524,775 Other income:
Interest income 123,781 172,261 Undistributed earnings in joint
venture - Majestic 21 45,300 84,120 Earnings from finance revenue
sharing agreement 157,700 150,200 Undistributed losses from
investments in retirement community limited partnership (66,911) -
Miscellaneous 14 (3,747) Total other income 259,884 402,834 Income
(loss) before provision for income taxes (259,939) 927,609
Provision for income taxes 136,791 (306,624) Net income (loss)
(123,148) 620,985 Other comprehensive income (loss), net of tax:
Unrealized investment gain (loss) (14,863) (41,195) Comprehensive
income (loss) $(138,011) $579,790 Weighted average number of shares
outstanding Basic 4,078,820 4,086,897 Diluted 4,078,833 4,092,431
Earnings per share Basic $(0.03) $0.15 Diluted $(0.03) $0.15 Cash
dividends paid per common share $0.25 $0.50 NOBILITY HOMES, INC.
Consolidated Balance Sheets Unaudited January 31, November 1, 2009
2008 Assets Current Assets: Cash and cash equivalents $4,042,252
$8,649,724 Short-term investments 144,380 168,210 Accounts
receivable 476,746 654,529 Inventories 14,801,313 12,051,361
Prepaid income taxes 648,379 438,398 Prepaid expenses and other
current assets 811,363 433,166 Deferred income taxes 257,032
298,408 Total current assets 21,181,465 22,693,796 Property, plant
and equipment, net 4,320,113 4,342,401 Long-term investments
8,120,028 8,140,226 Other investments 7,117,165 7,222,276 Deferred
income taxes 351,577 334,424 Other assets 2,412,819 2,397,939 Total
assets $43,503,167 $45,131,062 Liabilities and stockholders' equity
Current liabilities: Accounts payable $163,619 $186,477 Accrued
compensation 112,147 201,155 Accrued expenses and other current
liabilities 278,763 355,218 Customer deposits 542,090 717,951 Total
current liabilities 1,096,619 1,460,801 Uncertain tax liabilities
275,000 275,000 Total liabilities 1,371,619 1,735,801 Commitments
and contingent liabilities Stockholders' equity: 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 536,491 536,491 Additional paid
in capital 10,219,729 10,178,398 Retained earnings 40,826,606
41,968,423 Accumulated other comprehensive income (14,688) 175 Less
treasury stock at cost, 1,293,506 and 1,276,373 shares,
respectively, in 2009 and 2008 (9,436,590) (9,288,226) Total
stockholders' equity 42,131,548 43,395,261 Total liabilities and
stockholders' equity $43,503,167 $45,131,062 DATASOURCE: Nobility
Homes, Inc. CONTACT: Terry Trexler, CEO of Nobility Homes, Inc.,
+1-352-732-5157 Web Site: http://www.nobilityhomes.com/
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