OCALA, Fla., March 12 /PRNewswire/ -- Today Nobility Homes, Inc.
announced sales and earnings results for its first quarter ended
January 30, 2010. Sales for the first quarter of 2010 were
$3,292,874 as compared to $3,561,482 recorded in first quarter of
2009. Loss from operations for the first quarter of 2010 was
$411,593 versus loss of $519,823 in the same period a year ago. Net
loss after taxes was $337,345 as compared to loss of $123,148 for
the same period last year. The net loss after taxes of $337,345 for
the first quarter of 2010 came after deducting $255,224 in non-cash
losses for our investment in two retirement community limited
partnerships and included a tax benefit of $232,162. Loss for the
first quarter of 2010 was ($0.08) per share compared to loss of
($0.03) per share last year. Nobility's financial position during
first quarter of 2010 remains strong with cash and cash
equivalents, short and long-term investments of $9,018,821 and no
outstanding debt. Working capital is $25,207,731 and our ratio of
current assets to current liabilities is 30.6:1. Stockholders'
equity is $40,984,552 and the book value per share of common stock
is $10.10. 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. Terry Trexler, President, stated, "Sales and operations for
the first quarter of 2010, 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 calendar
year 2009 were down approximately 45% from the same period last
year. 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 our
country, our industry, and the Company faced. Management
understands that during these very challenging economic times,
maintaining the Company's strong financial position 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 will continue to
evaluate Prestige's fifteen retail model centers in Florida, along
with all expenses within the Company and react in a manner
consistent with maintaining our financial position. 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 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 financial
operating leverage inherent in the Company, we expect to
out-perform the industry. For fiscal 2010, 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 our
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 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 plant located in central Florida. With fifteen 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 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, 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 Balance
Sheets (Unaudited) January 30, October 31, 2010 2009 -----------
----------- Assets Current Assets: Cash and cash equivalents
$2,906,335 $3,995,167 Short-term investments 3,866,516 3,855,905
Accounts receivable 938,649 963,032 Inventories 16,438,992
15,679,969 Income tax receivable 1,088,503 976,130 Prepaid expenses
and other current assets 560,311 362,161 Deferred income taxes
258,986 279,818 ---------- ---------- Total current assets
26,058,292 26,112,182 ---------- ---------- Property, plant and
equipment, net 4,088,811 4,138,336 Long-term investments 2,245,970
2,252,419 Other investments 6,327,047 6,599,846 Deferred income
taxes 702,680 572,099 Other assets 2,412,673 2,397,793 -----------
----------- Total assets $41,835,473 $42,072,675 ===========
=========== Liabilities and stockholders' equity Current
liabilities: Accounts payable $106,116 $91,636 Accrued compensation
40,918 62,610 Accrued expenses and other current liabilities 84,008
240,539 Customer deposits 619,879 410,578 ------- ------- Total
current liabilities 850,921 805,363 ------- ------- 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
10,369,106 10,331,168 Retained earnings 39,560,567 39,897,911
Accumulated other Comprehensive income 70,081 53,435 Less treasury
stock at cost, 1,308,763 and 1,276,373 shares, respectively, in
2010 and 2009 (9,551,693) (9,551,693) ----------- ----------- Total
stockholders' equity 40,984,552 41,267,312 ----------- -----------
Total liabilities and stockholders' equity $41,835,473 $42,072,675
=========== =========== NOBILITY HOMES, INC. Consolidated
Statements of Operations and Comprehensive Loss (Unaudited) Three
Months Ended ------------------ January 30, January 31, 2010 2009
----------- ----------- Net sales $3,292,874 $3,561,482 Cost of
goods sold (2,673,392) (2,739,305) ----------- ----------- Gross
profit 619,482 822,177 Selling, general and administrative expenses
(1,031,075) (1,342,000) ----------- ----------- Operating loss
(411,593) (519,823) --------- --------- Other income (loss):
Interest income 67,669 123,795 Equity in earnings in joint venture
- Majestic 21 11,425 45,300 Earnings from finance revenue sharing
agreement - 157,700 Equity in losses from investments in retirement
community limited partnerships (255,224) (66,911) Miscellaneous
18,216 - --------- --------- Total other income (loss) (157,914)
259,884 --------- --------- Loss before provision for income taxes
(569,507) (259,939) Income tax benefit 232,162 136,791 ---------
--------- Net loss (337,345) (123,148) Other comprehensive income
(loss), net of tax: Unrealized investment gain (loss) 16,646
(14,863) ---------- ---------- Comprehensive loss $(320,699)
$(138,011) ========== ========== Weighted average number of shares
outstanding Basic 4,056,144 4,078,820 Diluted 4,056,144 4,078,820
Loss per share Basic $(0.08) $(0.03) Diluted $(0.08) $(0.03) Cash
dividends paid per common share $- $0.25 DATASOURCE: Nobility
Homes, Inc. CONTACT: Terry Trexler, Terry@Nobilityhomes.Com or Tom
Trexler,Tom@Nobilityhomes.Com, 1-800-476-6624 Ext 221 both of
Nobility Homes, Inc. Web Site: http://www.nobilityhomes.com/
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