Nobility Homes, Inc. Announces Increased Sales and Earnings for Its First Quarter 2015
16 Março 2015 - 4:17PM
Today Nobility Homes, Inc. (OTC MKTS:NOBH) announced sales and
earnings results for its first quarter ended January 31, 2015.
Sales for first quarter 2015 were up 35% to $5,576,800 as compared
to $4,137,438 recorded in first quarter 2014. Income from
operations for first quarter was $424,820 compared to $84,186 in
the same period a year ago. Net income after taxes was $479,788 as
compared to $103,402 for the same period last year. The net income
after taxes for first quarter 2015 included a $5,693 non-cash loss
from our investment in a retirement community limited partnership.
Diluted earnings per share for first quarter 2015 were $.12 per
share compared to $.03 per share last year.
Nobility's financial position in first quarter 2015 remains very
strong with cash and cash equivalents and short term investments of
$15,156,309 and no outstanding debt. Working capital is $23,328,403
and our ratio of current assets to current liabilities is 11.1:1.
Stockholders' equity is $36,935,334 and the book value per share of
common stock increased to $9.09.
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 adversely 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.
For the Company to significantly improve their sales and
earnings, our country must experience a growing and more stable
economy with less uncertainty. Continued improved sales of the
existing home market, declining unemployment, increased consumer
confidence, and, most importantly, more manufactured housing retail
financing and a greater number of lenders with less stringent
underwriting requirements for our affordable home buyers, would
help improve our operations. Our 47 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 an 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."
We have specialized for 47 years in the design and production of
quality, affordable manufactured homes at our plant located in
central Florida. With our multiple retail sales centers, an
insurance subsidiary, and investments in retirement manufactured
home communities, we are 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 TERRY@NOBILITYHOMES.COM OR TOM@NOBILITYHOMES.COM
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, 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 Balance
Sheets |
|
|
|
|
January
31, |
November 1, |
|
2015 |
2014 |
|
(Unaudited) |
|
Assets |
|
|
Current assets: |
|
|
Cash and cash
equivalents |
$ 14,730,850 |
$ 14,116,412 |
Short-term
investments |
425,459 |
496,444 |
Accounts receivable -
trade |
1,260,874 |
2,141,468 |
Mortgage notes
receivable, current |
7,832 |
7,126 |
Income tax
receivable |
4,757 |
5,964 |
Inventories |
5,604,695 |
5,516,540 |
Pre-owned homes,
current |
2,401,834 |
2,839,203 |
Prepaid expenses and
other current assets |
674,795 |
286,990 |
Deferred income
taxes |
531,826 |
508,633 |
Total
current assets |
25,642,922 |
25,918,780 |
|
|
|
Property, plant and equipment,
net |
3,954,558 |
3,957,071 |
Pre-owned homes |
2,275,696 |
1,711,000 |
Mortgage notes receivable, long
term |
180,031 |
180,800 |
Other investments |
2,779,548 |
2,751,663 |
Deferred income taxes |
1,464,174 |
1,487,367 |
Other assets |
2,952,924 |
2,921,424 |
Total
assets |
$ 39,249,853 |
$ 38,928,105 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
Current liabilities: |
|
|
Accounts
payable |
$ 405,079 |
$ 502,259 |
Accrued
compensation |
307,843 |
320,502 |
Accrued expenses and
other current liabilities |
644,135 |
526,296 |
Customer
deposits |
957,462 |
1,029,088 |
Total current
liabilities |
2,314,519 |
2,378,145 |
|
|
|
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 |
10,646,157 |
10,643,866 |
Retained
earnings |
35,057,470 |
34,577,682 |
Accumulated other
comprehensive income |
210,605 |
281,590 |
Less treasury stock at
cost, 1,303,038 shares in 2015 and 1,301,038 shares in
2014 |
(9,515,389) |
(9,489,669) |
Total stockholders'
equity |
36,935,334 |
36,549,960 |
Total liabilities and
stockholders' equity |
$ 39,249,853 |
$ 38,928,105 |
|
|
|
|
|
|
NOBILITY HOMES,
INC. |
Consolidated Statements
of Comprehensive Income |
(Unaudited) |
|
|
|
|
Three
Months Ended |
|
January 31, |
February 1, |
|
2015 |
2014 |
|
|
|
Net sales |
$ 5,576,800 |
$ 4,137,438 |
|
|
|
Cost of goods sold |
(4,404,031) |
(3,391,908) |
|
|
|
Gross
profit |
1,172,769 |
745,530 |
|
|
|
Selling, general and administrative
expenses |
(747,949) |
(661,344) |
|
|
|
Operating
income |
424,820 |
84,186 |
|
|
|
Other income (loss): |
|
|
Interest
income |
13,120 |
9,832 |
Undistributed earnings
in joint venture -- Majestic 21 |
33,578 |
32,331 |
Losses from investments
in retirement community limited partnerships |
(5,693) |
(39,401) |
Miscellaneous |
15,170 |
16,454 |
Total
other income |
56,175 |
19,216 |
|
|
|
Income before provision for income
taxes |
480,995 |
103,402 |
|
|
|
Income tax expense |
(1,207) |
-- |
|
|
|
Net
income |
479,788 |
103,402 |
|
|
|
Other comprehensive income
(loss) |
|
|
Unrealized investment
gain (loss) |
(70,985) |
17,943 |
|
|
|
Comprehensive
income |
$ 408,803 |
$ 121,345 |
|
|
|
Weighed average number of shares
outstanding: |
|
|
Basic |
4,063,913 |
4,057,994 |
Diluted |
4,064,254 |
4,059,316 |
|
|
|
Net income per share: |
|
|
Basic |
$ 0.12 |
$ 0.03 |
Diluted |
$ 0.12 |
$ 0.03 |
|
|
|
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