Nobility Homes Inc. Q2 10-Q Filed

TL;DR

NOBH Q2 10-Q is in: financials updated, focus on manufactured housing sales channels.

AI Summary

Nobility Homes Inc. filed its 10-Q for the period ending May 4, 2024. The company reported financial results for the second quarter, detailing changes in retained earnings and additional paid-in capital. Specific figures for sales channels and insurance agent commissions were also noted, reflecting the company's operational activities in manufactured housing.

Why It Matters

This filing provides investors with an update on Nobility Homes' financial performance and operational details for the second quarter, crucial for assessing the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a routine 10-Q, but the manufactured housing sector can be sensitive to economic downturns and interest rate changes.

Key Numbers

• N/A — Revenue (Specific revenue figures were not extracted from the provided text snippet.)
• N/A — Net Income (Specific net income figures were not extracted from the provided text snippet.)
• N/A — Earnings Per Share (Specific EPS figures were not extracted from the provided text snippet.)

Key Players & Entities

• NOBILITY HOMES INC (company) — Filer of the 10-Q
• 2024-05-04 (date) — End of the reporting period
• 20240703 (date) — Filing date

FAQ

Key Financial Figures

• $11,527,978 — ales in the second quarter of 2024 were $11,527,978 compared to $16,779,597 in the second q
• $16,779,597 — er of 2024 were $11,527,978 compared to $16,779,597 in the second quarter of 2023. Total ne
• $26,295,976 — s for the first six months of 2024 were $26,295,976 compared to $33,944,350 for the first s
• $33,944,350 — hs of 2024 were $26,295,976 compared to $33,944,350 for the first six months of 2023. Net s
• $93,896 — nues in the second quarter of 2024 were $93,896 compared to $93,188 in the second quart
• $93,188 — uarter of 2024 were $93,896 compared to $93,188 in the second quarter of 2023. Total in
• $171,180 — s for the first six months of 2024 were $171,180 compared to $168,797 for the first six
• $168,797 — onths of 2024 were $171,180 compared to $168,797 for the first six months of 2023. Reven
• $4,168,394 — rofit in the second quarter of 2024 was $4,168,394 compared to $5,953,311 in the second qu
• $5,953,311 — rter of 2024 was $4,168,394 compared to $5,953,311 in the second quarter of 2023 and was $
• $8,902,740 — 1 in the second quarter of 2023 and was $8,902,740 for the first six months of 2024 compar
• $11,824,907 — he first six months of 2024 compared to $11,824,907 for the first six months of 2023. The g
• $1,911,380 — enses in the second quarter of 2024 was $1,911,380 compared to $2,215,198 in the second qu
• $2,215,198 — rter of 2024 was $1,911,380 compared to $2,215,198 in the second quarter of 2023 and was $
• $3,943,710 — 8 in the second quarter of 2023 and was $3,943,710 for the first six months of 2024 compar

Filing Documents

• ck0000072205-20240504.htm (10-Q) — 843KB
• ck0000072205-ex31_a.htm (EX-31.(A)) — 25KB
• ck0000072205-ex31_b.htm (EX-31.(B)) — 25KB
• ck0000072205-ex32_a.htm (EX-32.(A)) — 12KB
• ck0000072205-ex32_b.htm (EX-32.(B)) — 12KB
• 0000950170-24-081158.txt ( ) — 3124KB
• ck0000072205-20240504.xsd (EX-101.SCH) — 445KB
• ck0000072205-20240504_htm.xml (XML) — 366KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of May 4 , 2024 (Unaudited) and November 4, 2023 3 Condensed Consolidated Statements of Income for the three and six months ended May 4, 2024 (Unaudited) and May 6, 2023 (Unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended May 4, 2024 (Unaudited) and May 6, 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the six months ended May 4, 2024 (Unaudited) and May 6, 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 4.

Controls and Procedures

Controls and Procedures 12 PART II. Other Information 13 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13 Item 5. Other Information 13 Item 6. Exhibits 13

Signatures

Signatures 14 2 Table of Contents NOBILITY HOMES, INC. Condensed Consolid ated Balance Sheets May 4, November 4, 2024 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 10,659,825 $ 13,879,358 Certificates of deposit 12,239,189 10,204,287 Short-term investments at fair value 629,442 527,899 Accounts receivable - trade 2,080,220 2,864,808 Mortgage notes receivable 4,008 4,391 Inventories 21,205,417 21,518,098 Prepaid expenses and other current assets 1,689,041 1,733,179 Total current assets 48,507,142 50,732,020 Property, plant and equipment, net 8,334,042 8,268,976 Mortgage notes receivable, less current portion 142,971 142,761 Other investments 395,019 1,953,199 Property held for resale 26,590 26,590 Deferred income taxes 113,512 90,274 Cash surrender value of life insurance 4,419,709 4,331,659 Other assets 156,287 156,287 Total assets $ 62,095,272 $ 65,701,766 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,049,103 $ 819,143 Accrued compensation 901,237 992,622 Accrued expenses and other current liabilities 1,219,843 1,809,335 Income taxes payable 696,188 661,261 Customer deposits 5,969,271 8,703,107 Total current liabilities 9,835,642 12,985,468 Commitments and contingencies 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; 3,268,829 and 3,269,075 shares outstanding, respectively 536,491 536,491 Additional paid in capital 11,050,660 10,964,985 Retained earnings 70,430,917 70,969,764 Less treasury stock at cost, 2,096,078 and 2,095,832 shares, respectively ( 29,758,438 ) ( 29,754,942 ) Total stockholders' equity 52,259,630 52,716,298 Total liabilities an

Management's Discussion and Analysis of Fin ancial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Fin ancial Condition and Results of Operations Results of Operations Total net sales in the second quarter of 2024 were $11,527,978 compared to $16,779,597 in the second quarter of 2023. Total net sales for the first six months of 2024 were $26,295,976 compared to $33,944,350 for the first six months of 2023. Net sales decreased in the first half of 2024 as compared to last year because of the decrease in the number of homes retail sold and manufactured and we are building and selling smaller priced homes due to the higher interest rates on mortgages. There are still delays in the receipt of certain key production materials from suppliers, back orders, price increases and labor shortages. These issues continue to cause delays in the completion of the homes at the Company's manufacturing facility and the set-up process of retail homes in the field and our inability to timely deliver and set up homes to customers has negatively impacted sales and earnings. We expect that these challenges will continue throughout the second half of fiscal year 2024. The Company also continues to experience inflation in some building products resulting in increases to our material and labor costs which may increase the wholesale and retail selling prices of our homes. Additionally, we believe that potential customers have delayed or deferred purchasing decisions when considering the interest rate environment. The current demand for affordable manufactured housing in Florida and the U.S. is slowing because of the interest rate environment and increased costs associated with mortgages. According to the Florida Manufactured Housing Association, shipments for the industry in Florida for the period from November 2023 through April 2024 declined by approximately 9% from the same period last year. The following table summarizes certain key sales statistics and percentage of gross profit. (Unaudited) (Unaudited) Three Months Ended

View Full Filing

View this 10-Q filing on SEC EDGAR