CORRECTION: Nobility Homes, Inc. Announces Sales and Earnings for its Second Quarter 2025
- 28% increase in Q2 2025 sales to $14.8M year-over-year
- Strong financial position with $26.4M in cash/investments and zero debt
- 46% increase in homes sold to independent dealers (92 vs 63)
- Healthy 6.0:1 current assets to liabilities ratio
- 13.7% decrease in retail home sales (132 vs 153)
- Florida manufactured housing shipments down 11%
- Ongoing supply chain issues and material cost inflation
- H1 2025 net income declined to $4.3M from $4.4M year-over-year
This press release replaces the press release disseminated June 13, 2025 at 10:55 AM ET. The press release did not contain the financial tables. The corrected press release is below:
OCALA, FL / ACCESS Newswire / June 13, 2025 / Today Nobility Homes, Inc. (OTCQX:NOBH) announced sales and earnings for its second quarter ended May 3, 2025. Sales for the second quarter of 2025 increased
For the first six months of fiscal 2025, sales increased
Nobility's financial position during the second quarter of 2025 remains strong with cash and cash equivalents, certificates of deposit and short-term investments of
Terry Trexler, President, stated, "Net sales increased in 2025 as compared to 2024 due to the number of homes sold to independent dealers during 2025 (92 versus 63) however; the number of new retail homes sold by our Company owned retail sales centers in 2025 decreased as compared to 2024 (132 versus 153). We believe that potential customers have delayed or deferred purchasing decisions when considering the higher interest rate environment and the uncertainty of the economy continues to negatively impact sales. There also remain delays in the receipt of certain key production materials from suppliers, as well as, back orders, price increases, tariffs and labor shortages which continue to cause delays in the completion of the homes at our manufacturing facility. We also continue to experience inflation in several building products resulting in increases in our material and labor costs. We expect these challenges will continue throughout fiscal year 2025.
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 2024 through April 2025 declined by approximately
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, 2025, we celebrated our 58th anniversary in business specializing in the design and production of quality, affordable manufactured and modular homes. With multiple retail sales centers in Florida for over 35 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 unaudited or 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, tariffs, 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 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, the impact of higher interest rates on mortgage financing, 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
May 3, | November 2, | |||||||
2025 | 2024 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 13,033,939 | $ | 13,521,296 | ||||
Certificates of deposit | 12,737,301 | 13,021,839 | ||||||
Short-term investments | 580,997 | 680,017 | ||||||
Accounts receivable - trade | 3,697,224 | 2,935,517 | ||||||
Mortgage notes receivable | 4,642 | 4,505 | ||||||
Income tax receivable | - | - | ||||||
Inventories | 19,973,991 | 21,039,344 | ||||||
Prepaid expenses and other current assets | 1,623,092 | 1,727,034 | ||||||
Total current assets | 51,651,186 | 52,929,552 | ||||||
Property, plant and equipment, net | 8,362,383 | 8,280,695 | ||||||
Mortgage notes receivable, less current portion | 141,369 | 141,728 | ||||||
Other investments | 510,900 | 463,633 | ||||||
Property held for resale | 26,590 | 26,590 | ||||||
Deferred income taxes | 52,431 | 60,628 | ||||||
Cash surrender value of life insurance | 4,641,813 | 4,539,813 | ||||||
Other assets | 156,287 | 156,287 | ||||||
Total assets | $ | 65,542,959 | $ | 66,598,926 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 966,612 | $ | 753,317 | ||||
Accrued compensation | 821,599 | 800,013 | ||||||
Accrued expenses and other current liabilities | 1,401,834 | 1,826,042 | ||||||
Income taxes payable | 741,502 | 692,303 | ||||||
Customer deposits | 4,747,616 | 5,930,728 | ||||||
Total current liabilities | 8,679,163 | 10,002,403 | ||||||
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; | ||||||||
3,268,998 and 3,268,829 shares outstanding | 536,491 | 536,491 | ||||||
Additional paid in capital | 11,219,065 | 11,140,687 | ||||||
Retained earnings | 74,864,278 | 74,677,783 | ||||||
Less treasury stock at cost, 2,095,909 and | ||||||||
2,096,078 shares, respectively | (29,756,038 | ) | (29,758,438 | ) | ||||
Total stockholders' equity | 56,863,796 | 56,596,523 | ||||||
Total liabilities and stockholders' equity | $ | 65,542,959 | $ | 66,598,926 | ||||
NOBILITY HOMES, INC.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
May 3, | May 4, | May 3, | May 4, | |||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net sales | $ | 14,757,337 | $ | 11,527,978 | $ | 26,999,079 | $ | 26,295,976 | ||||||||
Cost of sales | (10,125,921 | ) | (7,359,584 | ) | (18,396,878 | ) | (17,393,236 | ) | ||||||||
Gross profit | 4,631,416 | 4,168,394 | 8,602,201 | 8,902,740 | ||||||||||||
Selling, general and administrative expenses | (1,889,197 | ) | (1,911,380 | ) | (3,565,847 | ) | (3,943,710 | ) | ||||||||
Operating income | 2,742,219 | 2,257,014 | 5,036,354 | 4,959,030 | ||||||||||||
Other income (expense) | ||||||||||||||||
Interest income | 298,318 | 219,861 | 583,596 | 517,860 | ||||||||||||
Undistributed earnings in joint venture - Majestic 21 | 21,462 | 20,535 | 47,269 | 42,709 | ||||||||||||
Proceeds received under escrow arrangement | 42,066 | 99,816 | 80,218 | 99,816 | ||||||||||||
(Decrease) increase in fair value of equity investment | (96,104 | ) | 50,744 | (99,020 | ) | 101,543 | ||||||||||
Gain on disposal of property, plant and equipment | 1,000 | - | 1,000 | |||||||||||||
Misscellaneous | 16,965 | 74,587 | 25,722 | 125,128 | ||||||||||||
Total other income | 283,707 | 465,543 | 638,785 | 887,056 | ||||||||||||
Income before provision for income taxes | 3,025,926 | 2,722,557 | 5,675,139 | 5,846,086 | ||||||||||||
Income tax expense | (733,606 | ) | (696,598 | ) | (1,402,397 | ) | (1,481,690 | ) | ||||||||
Net income | $ | 2,292,320 | $ | 2,025,959 | $ | 4,272,742 | $ | 4,364,396 | ||||||||
Weighted average number of shares outstanding: | ||||||||||||||||
Basic | 3,268,991 | 3,268,829 | 3,268,910 | 3,268,829 | ||||||||||||
Diluted | 3,276,400 | 3,277,920 | 3,276,808 | 3,279,719 | ||||||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.70 | $ | 0.62 | $ | 1.31 | $ | 1.34 | ||||||||
Diluted | $ | 0.70 | $ | 0.62 | $ | 1.30 | $ | 1.33 | ||||||||
SOURCE: Nobility Homes, Inc.
View the original press release on ACCESS Newswire
FAQ
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