Nobility Homes Inc. Files Q3 10-Q Report

TL;DR

Nobility Homes Q3 10-Q filed. Financials and ops detailed.

AI Summary

Nobility Homes Inc. filed its 10-Q for the period ending August 3, 2024. The filing details financial performance and operational updates for the third quarter. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors and analysts with a detailed look at Nobility Homes' financial health and strategic direction during the third quarter, influencing investment decisions.

Risk Assessment

Risk Level: medium — The company operates in the manufactured housing sector, which can be sensitive to economic downturns and interest rate fluctuations.

Key Numbers

• N/A — Revenue (Specific revenue figures for the quarter are not directly extractable from the provided header information.)
• N/A — Net Income (Specific net income figures for the quarter are not directly extractable from the provided header information.)
• N/A — Assets (Specific asset figures for the quarter are not directly extractable from the provided header information.)
• N/A — Liabilities (Specific liability figures for the quarter are not directly extractable from the provided header information.)
• N/A — Shareholder Equity (Specific shareholder equity figures for the quarter are not directly extractable from the provided header information.)

Key Players & Entities

• NOBILITY HOMES INC (company) — Filer
• 20240803 (date) — Reporting Period End Date
• 20240916 (date) — Filing Date

FAQ

Key Financial Figures

• $13,803,340 — sales in the third quarter of 2024 were $13,803,340 compared to $14,654,789 in the third qu
• $14,654,789 — er of 2024 were $13,803,340 compared to $14,654,789 in the third quarter of 2023. Total net
• $40,099,316 — for the first nine months of 2024 were $40,099,316 compared to $48,599,139 for the first n
• $48,599,139 — hs of 2024 were $40,099,316 compared to $48,599,139 for the first nine months of 2023. Net
• $88,703 — enues in the third quarter of 2024 were $88,703 compared to $86,255 in the third quarte
• $86,255 — uarter of 2024 were $88,703 compared to $86,255 in the third quarter of 2023. Total ins
• $259,883 — for the first nine months of 2024 were $259,883 compared to $255,052 for the first nine
• $255,052 — onths of 2024 were $259,883 compared to $255,052 for the first nine months of 2023. Reve
• $4,606,600 — profit in the third quarter of 2024 was $4,606,600 compared to $5,114,390 in the third qua
• $5,114,390 — rter of 2024 was $4,606,600 compared to $5,114,390 in the third quarter of 2023 and was $1
• $13,509,340 — 90 in the third quarter of 2023 and was $13,509,340 for the first nine months of 2024 compa
• $16,939,297 — e first nine months of 2024 compared to $16,939,297 for the first nine months of 2023. The
• $2,032,973 — penses in the third quarter of 2024 was $2,032,973 compared to $1,987,782 in the third qua
• $1,987,782 — rter of 2024 was $2,032,973 compared to $1,987,782 in the third quarter of 2023 and was $5
• $5,976,683 — 82 in the third quarter of 2023 and was $5,976,683 for the first nine months of 2024 compa

Filing Documents

• ck0000072205-20240803.htm (10-Q) — 917KB
• 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
• 0000950170-24-106742.txt ( ) — 3237KB
• ck0000072205-20240803.xsd (EX-101.SCH) — 446KB
• ck0000072205-20240803_htm.xml (XML) — 383KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of August 3 , 2024 (Unaudited) and November 4, 2023 3 Condensed Consolidated Statements of Income for the three and nine months ended August 3, 2024 (Unaudited) and August 5, 2023 (Unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended August 3, 2024 (Unaudited) and August 5, 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the nine months ended August 3, 2024 (Unaudited) and August 5, 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 August 3, November 4, 2024 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 13,052,050 $ 13,879,358 Certificates of deposit 12,888,834 10,204,287 Short-term investments at fair value 618,228 527,899 Accounts receivable - trade 2,053,550 2,864,808 Mortgage notes receivable 3,533 4,391 Inventories 20,387,489 21,518,098 Prepaid expenses and other current assets 1,646,061 1,733,179 Total current assets 50,649,745 50,732,020 Property, plant and equipment, net 8,321,580 8,268,976 Mortgage notes receivable, less current portion 143,313 142,761 Other investments 419,933 1,953,199 Property held for resale 65,470 26,590 Deferred income taxes 113,511 90,274 Cash surrender value of life insurance 4,463,734 4,331,659 Other assets 156,287 156,287 Total assets $ 64,333,573 $ 65,701,766 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 838,561 $ 819,143 Accrued compensation 972,913 992,622 Accrued expenses and other current liabilities 1,234,530 1,809,335 Income taxes payable 848,089 661,261 Customer deposits 5,948,020 8,703,107 Total current liabilities 9,842,113 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 11,097,178 10,964,985 Retained earnings 72,616,229 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 54,491,460 52,716,298 Total liabilities a

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 third quarter of 2024 were $13,803,340 compared to $14,654,789 in the third quarter of 2023. Total net sales for the first nine months of 2024 were $40,099,316 compared to $48,599,139 for the first nine months of 2023. Net sales decreased in the first nine months of 2024 as compared to last year because of the decrease in the number of retail homes sold and manufactured. In addition, we are building and selling lower-priced homes due to the higher interest rates on mortgages that we believe are negatively impacting sales as compared to the prior years. There also remain delays in the receipt of certain key production materials from suppliers, back orders, price increases and labor shortages which continue to cause delays in the completion of the homes at our manufacturing facility and the set-up process of retail homes in the field. Our inability to timely deliver and set up homes to customers has negatively impacted sales and earnings. We expect these challenges will continue throughout fiscal year 2024 and potentially into 2025. 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. 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. has slowed due to 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 July 2024 declined by approximately 3% from the same period last year. The following table summarizes certain key sales statistics and percentage of gross pr

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View this 10-Q filing on SEC EDGAR