Nobility Homes Inc. Files 2023 Annual Report

TL;DR

Nobility Homes filed its 2023 10-K. Check financials.

AI Summary

Nobility Homes Inc. filed its 10-K for the fiscal year ending November 4, 2023. The company, a manufacturer of manufactured homes, reported its financial performance and business operations. Key financial data and operational details for the period are outlined in the filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Nobility Homes Inc.'s financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: medium — The filing covers a full fiscal year and includes detailed financial statements, which are standard for a 10-K, but the nature of the manufactured housing industry can involve inherent risks.

Key Numbers

• 2023-11-04 — Fiscal Year End (The report covers the period up to this date.)
• 2024-05-20 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• NOBILITY HOMES INC (company) — Filer
• 2023-11-04 (date) — Fiscal Year End
• 2024-05-20 (date) — Filing Date
• FL (location) — State of Incorporation
• 3527325157 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.10 — on Which Registered Common Stock , $0.10 Par Value NOBH OTCQX Indicate by
• $26.25 — shares), based on the closing price of $26.25 on the over-the-counter market on May 5
• $70,000 — omes typically range from approximately $70,000 to $220,000. Most of the prices of Nobi
• $220,000 — lly range from approximately $70,000 to $220,000. Most of the prices of Nobility's homes
• $50,000 — te. The bond requirement for Florida is $50,000. Nobility competes directly with other
• $96,970 — frontage at the Inverness location for $96,970 to the Florida Department of Transporta
• $1.50 — s declared an one-time cash dividend of $1.50 per common share for fiscal year 2023 p
• $1.00 — h 25, 2024, a one-time cash dividend of $1.00 per common share for fiscal year 2022 p
• $4,432,483 — urers 44 new homes for an aggregate of ($4,432,483) and in fiscal year 2022 purchased 153
• $12,595,593 — ther manufacturers for an aggregate of ($12,595,593) to help eliminate the backlog from Nob
• $4,979,162 — new homes purchase for an aggregate of ($4,979,162) from Nobility and outside manufacturer
• $63,318,392 — es in fiscal year 2023 increased 23% to $63,318,392 compared to $51,522,054 in fiscal year
• $51,522,054 — ncreased 23% to $63,318,392 compared to $51,522,054 in fiscal year 2022. The Company report
• $10,898,864 — eported a 51% increase in net income to $10,898,864 in fiscal year 2023, compared to a net
• $7,232,029 — year 2023, compared to a net income of $7,232,029 in fiscal year 2022. The primary reason

Filing Documents

• ck0000072205-20231104.htm (10-K) — 1342KB
• ck0000072205-ex4_1.htm (EX-4.1) — 5KB
• ck0000072205-ex21_1.htm (EX-21.1) — 4KB
• ck0000072205-ex23_1.htm (EX-23.1) — 4KB
• ck0000072205-ex23_2.htm (EX-23.2) — 5KB
• ck0000072205-ex31_a.htm (EX-31.(A)) — 15KB
• ck0000072205-ex31_b.htm (EX-31.(B)) — 15KB
• ck0000072205-ex32_a.htm (EX-32.(A)) — 7KB
• ck0000072205-ex32_b.htm (EX-32.(B)) — 7KB
• 0000950170-24-062540.txt ( ) — 5838KB
• ck0000072205-20231104.xsd (EX-101.SCH) — 870KB
• ck0000072205-20231104_htm.xml (XML) — 985KB

, Items 10-14

Part III, Items 10-14 TABLE OF CONTENTS Form 10-K PART I Item 1.

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 4 Item 1B. Unresolved Staff Comment 4 Item 1C. Cybersecurity 4 Item 2.

Properties

Properties 5 Item 3.

Legal Proceedings

Legal Proceedings 5 Item 4. Mine Safety Disclosures 5 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 6 Item 6. Reserved 6 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 12 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 13 Index to Consolidated Financial Statements Report of Independent Registered Public Accounting Firm-Hancock Askew & Co., LLP 14 Report of Independent Registered Public Accounting Firm-Daszkal Bolton LLP 16 Consolidated Balance Sheets 17 Consolidated Statements of Income 18 Consolidated Statements of Changes in Stockholders' Equity 19 Consolidated Statements of Cash Flows 20

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 21 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 32 Item 9A.

Controls and Procedures

Controls and Procedures Item 9B. Other Information 32 Item 9C. Disclosure Regarding Foreign Jurisdictions that prevent Inspections 32 PART III Item 10. Directors, Executive Officers and Corporate Governance 33 Item 11.

Executive Compensation

Executive Compensation 33 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 33 Item 13. Certain Relationships and Related Transactions, and Director Independence 34 Item 14. Principal Accounting Fees and Services 34 PART IV Item 15. Exhibits and Financial Statement Schedules 35 (a) Consolidated Financial Statements and Schedules 35 (b) Exhibits 35 Item 16. Form 10-K Summary 36

Signatures

Signatures 37 1 PART I

Bus iness

Item 1. Bus iness Nobility Homes, Inc., a Florida corporation incorporated in 1967, designs, manufactures and sells a broad line of manufactured and modular homes through its own retail sales centers throughout Florida. Nobility also sells its manufactured homes on a wholesale basis to independent manufactured home retail dealers and manufactured home communities. All references in this annual report on Form 10-K to "Nobility," "Company," "we," "us," or "our" refer to Nobility Homes, Inc. and its consolidated subsidiaries unless the context otherwise suggests. Manufactured Homes Nobility's homes are available in approximately 100 active models sold under the trade names "Kingswood," "Richwood," "Tropic Isle," "Regency Manor," and "Tropic Manor." The homes, ranging in size from 464 to 2,800 square feet and containing from one to five bedrooms, are available in: Single-wide widths of 14 and 16 feet ranging from 35 to 72 feet in length. Double-wide widths of 20, 24, 26, 28 and 32 feet ranging from 32 to 72 feet in length. Triple-wide widths of 42 feet ranging from 60 to 72 feet in length. Quad unit with 2 sections 28 feet wide from 40 to 48 feet long and 2 sections 28 feet wide by 52 feet long. Our floor plans can be built as an on-frame modular home. We have been approved to build A.N.S.I. (American National Standards Institute) Park models less than 400 square feet and exposure D homes. Nobility's homes are sold primarily as unfurnished dwellings ready for permanent occupancy. Interiors are designed and color coordinated in a range of decors. Depending on the size of the unit and quality of appliances and other appointments, retail prices for Nobility's homes typically range from approximately $70,000 to $220,000. Most of the prices of Nobility's homes are considered by it to be within the low to medium price range of the industry. Nobility's manufacturing plant utilizes assembly line techniques in manufactured home production. The plant manufactu

Risk Fa ctors

Item 1A. Risk Fa ctors As a smaller reporting company, we are not required to provide the information required by this item.

Unresol ved Staff Comments

Item 1B. Unresol ved Staff Comments None.

Cybersecurity

Item 1C. Cybersecurity Not applicable 4

Pro perties

Item 2. Pro perties As of January 31, 2024, Nobility owned one manufacturing plant as follows: Location Approximate Size 3741 SW 7 th Street Ocala, Florida 72,000 sq. ft. Nobility's Ocala facility is located on approximately 35.5 acres of land on which an additional two-story structure adjoining the plant serves as Nobility's corporate offices. The plant, which is of metal construction, is in good condition and requires little maintenance. The Company has added an 11,900 square foot frame shop constructed of concrete block and metal to manufacture steel frames for our homes, on our current manufacturing plant property in Ocala, Florida. Prestige owns the properties on which it's Ocala South, Ocala North, Auburndale, Inverness, Tavares, Panama City, Yulee and Punta Gorda, Florida retail sales centers are located. Prestige leases the property for its other two retail sales centers located in Chiefland and Hudson Florida. The Company in April 2022 sold .1066 acres of land frontage at the Inverness location for $96,970 to the Florida Department of Transportation for SR 41 road widening project.

Legal Pr oceedings

Item 3. Legal Pr oceedings Certain claims and suits arising in the ordinary course of business have been filed or are pending against the Company. In the opinion of management, the ultimate outcome of these matters will not have a material adverse effect on the Company's financial position, results of operations or cash flows. The Company does not maintain casualty insurance on some of its property, including the inventory at its retail centers, its plant machinery and plant equipment and is at risk for those types of losses.

Mine Saf ety Disclosures

Item 4. Mine Saf ety Disclosures None. 5 PART II

Market for Registr ant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registr ant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information The Company's common stock currently trades under the symbol NOBH on the OTCQX market. Any over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions. Holders At January 31, 2024 the approximate number of holders on record of common stock was 85 (not including individual participants in security position listings). Dividends The Board of Directors declared an one-time cash dividend of $1.50 per common share for fiscal year 2023 paid to stockholders of record as of March 25, 2024, a one-time cash dividend of $1.00 per common share for fiscal year 2022 paid to stockholders of record as of March 20, 2023. Any future determination to pay dividends will be at the discretion of our Board of Directors. Recent Sales of Unregistered Securities None. Issuer Repurchases of Equity Securities The Company did not repurchase any shares of its common stock during the fourth quarter ended November 4. 2023. In December 2023, the Company's Board of Directors authorized the Company to repurchase up to 200,000 shares of the Company's common stock during fiscal year 2024 on the open market. The Company's Board of Directors authorized the Company to repurchase up to 200,000 shares of the Company's common stock during fiscal year 2023 on the open market. During the twelve months ended November 4, 2023, the Company repurchased an aggregate of 102,083 shares of common stock. In June 2023, the Company repurchased 100,000 shares of common stock from its President (see note 4) to the Company's financial statements included herein.

Rese rved

Item 6. Rese rved 6

Manageme nt's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Manageme nt's Discussion and Analysis of Financial Condition and Results of Operations General Nobility focuses on home buyers who generally purchase their manufactured homes from retail sales centers to locate on property they own. Nobility has aggressively pursued this market through its Prestige retail sales centers. While Nobility actively seeks to make wholesale sales to independent retail dealers, its presence as a competitor limits potential sales to dealers located in the same geographic areas serviced by its Prestige retail sales centers. Nobility has aggressively targeted the retirement community market, which is made up of retirees moving to Florida and typically purchasing homes to be located on sites leased from park communities offering a variety of amenities. Sales are not limited by the presence of the Company's Prestige retail sales centers in this type of arrangement, as the retirement community sells homes only within their community. Nobility has a product line of approximately 100 active models. Although market demand can fluctuate on a fairly short-term basis, the manufacturing process is such that Nobility can alter its product mix relatively quickly in response to changes in the market. During fiscal years 2023 and 2022, Nobility continued to experience consumer demand for affordable manufactured homes in Florida. Our three-, four- and five-bedroom manufactured homes are favored by families, compared with the one, two and three-bedroom homes that typically appeal to the retirement buyers who reside in the manufactured housing communities. In an effort to make manufactured homes more competitive with site-built housing, financing packages are available through third-party lenders to provide (1) 30-year financing, (2) an interest rate reduction program (buy-down), (3) combination land/manufactured home loans, and (4) a 5% down payment program for qualified buyers. Prestige maintains several outside financing sources that pro

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