Sales and income are down at Nobility Homes, Inc. (NOBH) according to their recent quarterly update press release. Nobility’s President Terry Trexler also said: “There also remain delays in the receipt of certain key production materials from suppliers, back orders, price increases and labor shortages…” That and much more corporate financial and other details insights will be found in Part I. Part II today will be an abbreviated analysis which will link to prior Nobility Homes reports that arguably offer still valid insights. Part II will also provide some related information. Part III is our Daily Business News on MHProNews market report.
Part I
Nobility Homes, Inc. Announces Sales and Earnings for Its Third Quarter 2024
OCALA, FL / ACCESSWIRE / September 10, 2024 / Today Nobility Homes, Inc. (OTCQX:NOBH) announced sales and earnings for its third quarter ended August 3, 2024.
Sales for the third quarter of 2024 were $13.8 million as compared to $14.7 million recorded in the third quarter of 2023. Income from operations for the third quarter of 2024 was $2.6 million versus $3.1 million in the same period a year ago. Net income after taxes was $2.2 million as compared to $2.7 million for the same period last year. Diluted earnings for the third quarter of 2024 were $0.67 per share compared to $0.80 per share last year.
For the first nine months of fiscal 2024, sales were $40.1 million as compared to $48.6 million for the nine months of 2023. Income from operations for the nine months of 2024 was $7.5 million versus $10.7 million in the same period last year. Net income after taxes was $6.5 million versus last year’s results of $8.6 million. Diluted earnings were $2.00 per share compared to $2.56 per share last year.
Nobility’s financial position for the first nine months 2024 remains strong with cash and cash equivalents, certificates of deposit and short-term investments of $26.5 million and no outstanding debt. Working capital is $40.8 million and our ratio of current assets to current liabilities is 5.1:1. Stockholders’ equity is $54.5 million and the book value per share of common stock is $16.67.
Terry Trexler, President, stated, “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 the 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.
Maintaining our strong financial position is vital for future growth and success. Our many 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.”
On June 5, 2024, the Company celebrated its 57th anniversary in business specializing in the design and production of quality, affordable manufactured homes. With multiple retail sales centers in Florida for over 34 years and an insurance agency subsidiary, 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 121 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 amounts and 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, the potential adverse impact on our business caused by competitive pricing pressures at both the wholesale and retail levels, inflation, increasing material costs (including forest based products) or availability of materials due to supply chain interruptions (such as current inflation with forest products and supply issues with insulation, shingles, vinyl siding and PVC piping), changes in market demand, increase 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 attacks, or other events such as a pandemic, any armed conflict involving the United States and the impact of inflation.
NOBILITY HOMES, INC.
Condensed Consolidated 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 | 618,228 | 527,899 | ||||||
| Accounts receivable – trade | 2,053,550 | 2,864,808 | ||||||
| Mortgage notes receivable | 3,533 | 4,391 | ||||||
| Income tax receivable | – | – | ||||||
| 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 and stockholders’ equity | $ | 64,333,573 | $ | 65,701,766 | ||||
NOBILITY HOMES, INC.
Condensed Consolidated Statements of Income
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| August 3, | August 5, | August 3, | August 5, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net sales | $ | 13,803,340 | $ | 14,654,789 | $ | 40,099,316 | $ | 48,599,139 | ||||||||
| Cost of sales | (9,196,740 | ) | (9,540,399 | ) | (26,589,976 | ) | (31,659,842 | ) | ||||||||
| Gross profit | 4,606,600 | 5,114,390 | 13,509,340 | 16,939,297 | ||||||||||||
| Selling, general and administrative expenses | (2,032,973 | ) | (1,987,782 | ) | (5,976,683 | ) | (6,238,457 | ) | ||||||||
| Operating income | 2,573,627 | 3,126,608 | 7,532,657 | 10,700,840 | ||||||||||||
| Other income (expense) | ||||||||||||||||
| Interest income | 318,253 | 203,972 | 836,113 | 513,987 | ||||||||||||
| Undistributed earnings in joint venture – Majestic 21 | 24,914 | 27,828 | 67,623 | 76,276 | ||||||||||||
| Proceeds received under escrow arrangement | 47,339 | 115,641 | 147,155 | 209,806 | ||||||||||||
| Increase (decrease) in fair value of equity investment | (11,214 | ) | 81,078 | 90,329 | (47,939 | ) | ||||||||||
| Gain on disposal of property, plant and equipment | 3,000 | – | 3,000 | – | ||||||||||||
| Miscellaneous | (28,706 | ) | 16,404 | 96,422 | 42,766 | |||||||||||
| Total other income | 353,586 | 444,923 | 1,240,642 | 794,896 | ||||||||||||
| Income before provision for income taxes | 2,927,213 | 3,571,531 | 8,773,299 | 11,495,736 | ||||||||||||
| Income tax expense | (741,901 | ) | (905,203 | ) | (2,223,591 | ) | (2,913,592 | ) | ||||||||
| Net income | $ | 2,185,312 | $ | 2,666,328 | $ | 6,549,708 | $ | 8,582,144 | ||||||||
| Weighted average number of shares outstanding: | ||||||||||||||||
| Basic | 3,268,829 | 3,323,874 | 3,268,829 | 3,354,981 | ||||||||||||
| Diluted | 3,277,856 | 3,328,875 | 3,278,742 | 3,357,424 | ||||||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 0.67 | $ | 0.80 | $ | 2.00 | $ | 2.56 | ||||||||
| Diluted | $ | 0.67 | $ | 0.80 | $ | 2.00 | $ | 2.56 | ||||||||
SOURCE: Nobility Homes, Inc. ##
Part II – Additional Information with More MHProNews Analysis and Commentary in Brief
1) Prior reports on Nobility Homes will provide some relevant insights for those trying to either better understand this specific company (NOBH) and how it fits into the puzzle of the manufactured housing industry. For instance, Nobility is operating in the rare air of a firm that has been successfully operating in business for over 57 years.
2) Per left-leaning Google’s AI powered Gemini is the following.
Key points about business longevity:
- Majority fail within 5 years: Roughly 50% of new businesses fail within their first five years of operation.
- 10-year survival rate: Around 34% of businesses make it to their 10th anniversary.
- 15-year survival rate: Only about 25% of businesses survive for 15 years or more. …”
3) Manufactured housing is demonstrably underperforming during an affordable housing crisis. On one level, the post-production bottlenecks oriented Manufactured Housing Institute (MHI) on the one hand acknowledges issues such as zoning and more competitive financing barriers. On the other hand, MHI’s postured behavior that now spans over two decades when it comes to failure to enforce the Manufactured Housing Improvement Act of 2000 (a.k.a.: MHIA, 2000 Reform Law, 2000 Reform Act, MHIA 2000) and its enhanced preemption provision. Or the now 17 years since the Duty to Serve (DTS) manufactured housing became federal law.
4) There has been an intentional delay of Part II of our report below on the controversial “interview” of MHI CEO Lesli Gooch, Ph.D., with Multi-Housing News, affiliated with MHI member Yardi. Part I is still very much on point. There have been some communications back and forth on those facts and issues uncovered in that report, and likely this week MHProNews will move ahead with Part II. Stay tuned.
5) This isn’t rocket science. MHI touts their conventional housing focused “housing coalition” partners. What precisely have they done on the issues of DTS? Or to get the 2000 Reform Acts enhanced preemption enforced?
6) MHI member Skyline Champion (SKY)’s enhanced illustration below (call out boxes by MHProNews, but the original graphic by Skyline Champion) demonstrates that manufactured housing is underperforming. Skyline pitches that to investors as upside potential to the industry’s long-term average. But as the 21st century has consistently been below that long-term average, even someone with mildly obscured vision may see that something is wrong in the dramatically diminished manufactured housing industry (a.k.a.: MHVille) in the 21st century.
7) Other quarterly reports from other firms in manufactured housing are linked from Part III below. Compare and contrast. It is an eye-opening experience.
Part III
Our Daily Business News on MHProNews stock market recap which features our business-daily at-a-glance update of over 2 dozen manufactured housing industry stocks.
NOTICE: following the TPG deal with CAPREIT, TPG has been added to our tracked stocks list below.
This segment of the Daily Business News on MHProNews is the recap of yesterday evening’s market report at the closing bell, so that investors can see-at-glance the type of topics may have influenced other investors. Our format includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines for a more balanced report.
The macro market moves graphics below provide context and comparisons for those invested in or tracking manufactured housing connected equities. Meaning, you can see ‘at a glance’ how manufactured housing connected firms do compared to other segments of the broader equities market.
- In minutes a day, readers can get a good sense of significant or major events while keeping up with the trends that may be impacting manufactured housing connected investing.
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- NOTE 1: Chart above of manufactured housing connected equities includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry finance lender.
- NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
- Note 4: some recent or related reports to the REITs, stocks, and other equities named above follow in the reports linked below.
- Note 5: Gifts of Sight and Insights, What’s in Store for 2024? Including 2023 Year End Reflections, manufactured homes, manufactured housing, mobile homes, MHVille, USA Snapshots, Manufactured housing industry year in review 2023.
-
2023 …Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
2022 was a tough year for many stocks. Unfortunately, that pattern held true for manufactured home industry (MHVille) connected stocks too. See the facts, linked above.
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Disclosure. MHProNews holds no positions in the stocks in this report.
· For expert manufactured housing business development or other manufactured housing professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.
- Note 1: MHVille means manufactured housing industry, MHVille also means artificially smaller manufactured housing (MH) industry,
- Note 2: Manufactured housing, building, factories, retail, dealers, manufactured home, communities, passive mobile home park investing, suppliers, brokers, finance, financial services, macro-markets, manufactured housing stocks, Manufactured Home Communities Real Estate Investment Trusts, MHC REITs.
- Note 3:
APO, Apollo Global Management, BAM, Brookfield Asset Management, BLK, BlackRock, BRK-A, Berkshire Hathaway, BX, Blackstone, CDPYF, Canadian Apartment Properties Real Estate Investment Trust, CIGI, Colliers International Group Inc, CG, The Carlyle Group, CSGP, CoStar Group, CVCO, Cavco Industries, ECNCF, ECN Capital Group, ELS, Equity LifeStyle Properties, FGF, FG Financial Group, FG Communities, KEY, KeyCorp, KMMPF, Killam Apartment REITs, LCII, LCI Industries, LEGH, Legacy Housing, LPX, Louisiana Pacific Corporation, MHC-UN.TO, Flagship Communities Real Estate Investment Trust (REIT), MHPC, Manufactured Housing Properties, MMI, Marcus and Millichap, NOBH, Nobility Homes, PATK, Patrick Industries, SKY, Skyline Champion, SUI, Sun Communities, UMH, UMH Properties, UFPI, UFP Industries.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports linked herein. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards, honors and numerous public recognitions for his achievements in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. Kovach is a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHLivingNews.com and MHProNews. MHProNews is ranked as the runaway most read trade media in modern manufactured housing history. Manufactured Home Pro News (MHProNews) is the documented #1 largest and most read source for manufactured housing industry News Tips and Views Pros Can Use, per Webalizer 2.23 (on 5.22.2024) and known data. MHProNews gets millions of visits a year and has significantly more pageviews per visit than CNN or Fox per SimilarWeb’s stats for those two sites (but in fairness CNN and Fox sites get more much more total traffic). Statistics – Data – Infographics – Research – Facts – Evidence – Trends – and manufactured housing industry expert Analysis make us and keep us the runaway most read in MHVille trade media. This article reflects the LLC’s and/or the writer’s editorial views and may or may not reflect the views of sponsors or supporters.
