OCALA, FL / ACCESSWIRE / June 17, 2022 / Today Nobility Homes, Inc. (OTCQX:NOBH) announced sales and earnings for its second quarter ended May 7, 2022. Sales for the second quarter of 2022 was $10.6 million as compared to $14.7 million recorded in the second quarter of 2021. Income from operations for the second quarter of 2022 was $1.6 million versus $2.1 million in the same period a year ago. Net income after taxes was $1.5 million as compared to $1.7 million for the same period last year. Diluted earnings per share for the second quarter of 2022 were $0.42 per share compared to $0.47 per share last year.
For the first six months of fiscal 2022 sales were $21.5 million as compared to $23.8 million for the first six months of 2021. Income from operations was $3.0 million versus $3.3 million last year. Net income after taxes was $2.6 million compared to $2.8 million last year. Diluted earnings per share were $0.74 per share compared to $0.77 per share last year.
Sponsored content:
Nobility’s financial position during the second quarter 2022 remains very strong with cash and cash equivalents and short term investments of $27.1 million and no outstanding debt. Working capital is $29.6 million and our ratio of current assets to current liabilities is 2.7:1. Stockholders’ equity is $43.3 million and the book value per share of common stock was $12.83.
Terry Trexler, President, stated, “The demand for affordable manufactured housing in Florida and the U.S. continues to improve. According to the Florida Manufactured Housing Association, shipments for the industry in Florida for the period from November 2021 through April 2022 were up approximately 23% from the same period last year. Our sales and earnings continue to be affected as we continue to experience the negative impact of limitations being placed on certain key production materials from suppliers, the delay or lack of key components from vendors as well as back orders, delayed shipments, price increases and labor shortages. This has caused delays in completion of the homes at the manufacturing facility and the set up process of retail homes in the field. We expect that these challenges will continue for the remainder of fiscal year 2022 and potentially beyond until the industry supply chain normalizes.
Maintaining our strong financial position is vital for future growth and success. Because of very challenging business conditions during economic recessions in our market area, management will continue to evaluate all expenses and react in a manner consistent with maintaining our strong financial position, while exploring opportunities to expand our distribution and manufacturing operations.
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.”
Sponsored content: OurLifeStore.com is a veteran owned e-commerce with over 40k items at great prices & always free shipping
On June 5, 2022 the Company celebrated its 55th anniversary in business specializing in the design and production of quality, affordable manufactured homes. With multiple retail sales centers in Florida for over 31 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 [email protected] OR [email protected]
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 the COVID-19 pandemic or other health pandemics, competitive pricing pressures at both the wholesale and retail levels, inflation, increasing material costs (including forest based products) or availability of materials due to potential supply chain interruptions (such as current inflation with forest products and supply issues with vinyl siding and PVC piping), 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, any armed conflict involving the United States and the impact of inflation.
NOBILITY HOMES, INC.
Condensed Consolidated Balance Sheets
May 7, November 6,
2022 2021
(Unaudited)
$26,530,111 $36,126,059
– 2,093,015
598,154 621,928
807,197 680,228
23,905 32,825
24,291 22,589
42,792 –
16,801,175 10,394,288
– 542,081
2,283,654 1,821,267
47,111,279 52,334,280
7,305,133 6,847,780
– 755,394
27,849 38,895
219,772 222,459
136,509 72,731
1,813,658 1,788,436
– 1,597
4,052,457 3,966,939
156,287 156,287
$60,822,944 $66,184,798
$1,819,257 $939,964
777,649 555,222
1,627,284 1,513,967
– 89,083
– 1,597
13,285,127 13,671,092
17,509,317 16,770,925
51,027 99,568
17,560,344 16,870,493
– –
536,491 536,491
10,806,923 10,766,253
58,823,643 59,742,759
(26,904,457) (21,731,198)
43,262,600 49,314,305
$60,822,944 $66,184,798
NOBILITY HOMES, INC.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended Six Months Ended
May 7, May 1, May 7, May 1,
2022 2021 2022 2021
$10,645,046 $14,742,900 $21,453,316 $23,814,411
(7,623,128) (11,130,215) (15,703,170) (17,704,279)
3,021,918 3,612,685 5,750,146 6,110,132
(1,378,606) (1,550,513) (2,795,149) (2,823,894)
1,643,312 2,062,172 2,954,997 3,286,238
39,577 52,474 114,257 83,130
12,665 12,049 25,222 25,757
115,454 – 233,499 45,868
(19,681) 123,803 (23,774) 203,759
88,936 – 88,936 –
12,352 17,945 25,908 25,265
249,303 206,271 464,048 383,779
1,892,615 2,268,443 3,419,045 3,670,017
(435,789) (543,505) (805,185) (879,314)
1,456,826 1,724,938 2,613,860 2,790,703
3,476,508 3,632,195 3,504,655 3,632,060
3,487,516 3,642,501 3,515,994 3,638,140
$0.42 $0.47 $0.75 $0.77
$0.42 $0.47 $0.74 $0.77
SOURCE: Nobility Homes, Inc.
View source version on accesswire.com:
https://www.accesswire.com/705491/Nobility-Homes-Inc-Announces-Sales-and-Earnings-for-Its-Second-Quarter-2022