-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FiNtLMjTGLUZdRJRHXSvgnK+lBKhrLW4+emhMZRTKFb9tmszYwGX1K1ssg5Z/ysw pThW30evR2arB5VbIAOPAA== 0000897069-05-002230.txt : 20050919 0000897069-05-002230.hdr.sgml : 20050919 20050919163724 ACCESSION NUMBER: 0000897069-05-002230 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050915 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050919 DATE AS OF CHANGE: 20050919 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOBILITY HOMES INC CENTRAL INDEX KEY: 0000072205 STANDARD INDUSTRIAL CLASSIFICATION: MOBILE HOMES [2451] IRS NUMBER: 591166102 STATE OF INCORPORATION: FL FISCAL YEAR END: 1027 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06506 FILM NUMBER: 051091652 BUSINESS ADDRESS: STREET 1: 3741 S W 7TH ST CITY: OCALA STATE: FL ZIP: 34478 BUSINESS PHONE: 3527325157 MAIL ADDRESS: STREET 1: P O BOX 1659 CITY: OCALA STATE: FL ZIP: 34478-1659 8-K 1 dkm705.txt FORM 8-K DATED SEPTEMBER 15, 2005 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 15, 2005 ------------------ NOBILITY HOMES, INC. (Exact name of registrant as specified in its charter) Florida 000-06506 59-1166102 ------- --------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File No.) Identification No.) 3741 S W 7th Street Ocala, Florida 34478 (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code: (352) 732-5157 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02 Results of Operations and Financial Condition --------------------------------------------- On September 15, 2005, Nobility Homes, Inc. issued a release regarding earnings for the third quarter of 2005. The text of the press release is attached as Exhibit 99 and is being furnished pursuant to Item 2.02 of Form 8-K (Results of Operations and Financial Condition). ITEM 9.01 Financial Statements and Exhibits --------------------------------- (c) Exhibits Exhibit 99.1 Earnings release issued September 15, 2005, by Nobility Homes, Inc., for the three months ended August 6, 2005. -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NOBILITY HOMES, INC. September 19, 2005 By: /s/ Lynn J. Cramer ------------------------------------ Lynn J. Cramer, Jr., Treasurer and Principal Accounting Officer -3- EXHIBIT INDEX Exhibit 99.1 Earnings release issued September 15, 2005, by Nobility Homes, Inc., for the three months ended August 6, 2005. -4- EX-99 2 dkm705a.txt PRESS RELEASE [graphic omitted NOBILITY HOMES, INC. Controlling Our Future through Vertical Integration NOBILITY HOMES, INC. ANNOUNCES SALES AND EARNINGS FOR ITS THIRD QUARTER 2005 Ocala, FL...September 15, 2005-- Today Nobility Homes, Inc. (NASDAQ: NOBH) announced sales and earnings results for its third quarter ended August 6, 2005. Sales for the third quarter of 2005 were up 11% to $13,652,618 as compared to $12,310,878 recorded in the third quarter of 2004. Income from operations increased 21% to $2,013,116 versus $1,670,160 in the same period a year ago. Net income after taxes was up 23% to $1,500,744 as compared to $1,220,138 for the same period last year. Diluted earnings per share for the third quarter of 2005 improved 23% to $0.37 per share compared to $0.30 per share last year. For the first nine months of fiscal 2005, sales increased 14% to $40,692,884 as compared to sales of $35,621,719 in the first nine months of last fiscal year. Income from operations for the first nine months improved 35% to $5,793,664 versus $4,276,005 in the same period last year. Net income increased 35% to $4,265,526 versus last year's results of $3,157,376 for the same nine-month period. Diluted earnings per share were up 36% to $1.05 per share versus last year's nine months results of $0.77 per share. Nobility's financial position continued to improve during the third quarter of 2005 and remains very strong with cash and cash equivalents, short and long-term investments of $23,207,682 and no outstanding debt. Working capital is $15,505,701 and our ratio of current assets to current liabilities is 3.0:1. Stockholders' equity increased to $34,803,138 and the book value per share of common stock increased to $8.58. The Company repurchased in the open market 24,200 shares of its common stock during the first nine months of fiscal 2005. The Company's Board of Directors has authorized the purchase of up to 100,000 additional shares of the Company's stock in the open market. Terry Trexler, President, stated, "Third quarter sales of fiscal 2005, continued to be adversely impacted by tight retail credit standards, high, although improving unemployment and uncertain economic conditions present in the country. Although Nobility continues to out-perform the manufactured housing industry, in the near term we anticipate continued pressure on both sales and earnings resulting from these factors, plus volatile pricing in lumber, OSB, sheetrock, steel and oil related products and services. Overall, most construction materials have increased or fluctuated widely in price over the past year and with the latest hurricane in New Orleans and the Gulf Coast we anticipate little price stability in the future. Management is optimistic for the remainder of fiscal 2005, convinced that our specific geographic market is one of the best long-term growth areas in the country and because of the strong operating leverage inherent in the Company. With an improving economy, declining unemployment claims, and increasing but still low interest rates in 2005, management expects the demand for our homes to improve. Increased demand should also continue from building replacement homes due to last year's hurricanes in Florida. The Company is well positioned to capitalize on the demand in the future by controlling the retail distribution, financing, and insuring of our homes and by being financially sound to take advantage of opportunities as they develop." Nobility Homes, Inc. has specialized for the past 38 years in the design and production of quality, affordable manufactured homes at its two plants located in central Florida. With nineteen Company owned retail sales centers, a finance company joint venture, and an insurance subsidiary, Nobility is the only vertically integrated manufactured home company headquartered in Florida. MANAGEMENT WILL HOLD A CONFERENCE CALL ON THURSDAY, SEPTEMBER 15, 2005, AT 4:30 PM EASTERN TIME. TO PARTICIPATE, PLEASE DIAL 800-482-9816. THE CONFIRMATION CODE FOR THE CALL IS 4574995. YOU MAY ALSO ACCESS THE CALL AT www.nobilityhomes.com OR http://phx.corporate-ir.net/playerlink.zhtml?c=60939&s= wm&e=1134834 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 purchases, consumer confidence, adverse weather conditions that reduce sales at retail centers, the risk of manufacturing plant shutdowns due to storms or other factors, and the impact of marketing and cost-management programs. NOBILITY HOMES, INC. CONSOLIDATED BALANCE SHEETS
August 6, November 6, 2005 2004 -------------- ------------- (Unaudited) Assets Current Assets: Cash and cash equivalents $ 10,978,105 $ 14,588,332 Short-term investments 364,399 777,042 Accounts receivable - trade 1,382,631 1,869,449 Inventories 9,414,947 6,908,557 Prepaid income taxes 62,263 - Prepaid expenses and other current assets 680,330 397,179 Deferred income taxes 366,387 392,594 ------------- ------------- Total current assets 23,249,062 24,933,153 Property, plant and equipment, net 3,801,285 3,265,042 Long-term investments 11,865,178 8,342,382 Other investments 1,727,222 1,446,012 Other assets 2,056,382 1,988,882 ------------- ------------- Total assets $ 42,699,129 $ 39,975,471 ============= ============= Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,308,661 $ 1,494,163 Accrued compensation 860,798 1,031,819 Accrued expenses and other current liabilities 969,739 977,848 Income taxes payable - 617,737 Customer deposits 4,604,163 4,327,647 ------------- ------------- Total current liabilities 7,743,361 8,449,214 Deferred income taxes 152,630 152,630 ------------- ------------- Total liabilities 7,895,991 8,601,844 ------------- ------------- Commitments and contingent liabilities Stockholders' equity: Preferred stock, $.10 par value, 500,000 shares authorized, none issued - - Common stock, $.10 par value, 10,000,000 shares authorized; 5,364,907 shares issued 536,491 536,491 Additional paid in capital 8,688,757 8,719,130 Retained earnings 33,189,771 29,732,071 Accumulated other comprehensive income 138,938 77,788 Less treasury stock at cost, 1,307,090 and 1,334,361 shares, respectively, in 2005 and 2004 (7,750,819) (7,691,853) ------------- ------------- Total stockholders' equity 34,803,138 31,373,627 ------------- ------------- Total liabilities and stockholders' equity $ 42,699,129 $ 39,975,471 ============= =============
NOBILITY HOMES, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)
Three Months Ended Nine Months Ended ------------------ ----------------- August 6, July 31, August 6, July 31, 2005 2004 2005 2004 Net sales $ 13,652,618 $ 12,310,878 $ 40,692,884 $ 35,621,719 Cost of goods sold (9,744,681) (9,070,731) (29,004,681) (26,461,090) ----------- ----------- ------------ ------------ Gross profit 3,907,937 3,240,147 11,688,203 9,160,629 Selling, general and administrative expenses (1,894,821) (1,569,987) (5,894,539) (4,884,624) ----------- ----------- ------------ ------------ Operating income 2,013,116 1,670,160 5,793,664 4,276,005 ----------- ----------- ------------ ------------ Other income: Interest income 162,924 83,491 426,533 249,922 Undistributed earnings in joint venture - Majestic 21 94,275 90,640 281,209 261,705 Miscellaneous income 10,429 39,847 21,120 72,744 ----------- ----------- ------------ ------------ 267,628 213,978 728,862 584,371 ----------- ----------- ------------ ------------ Income before provision for income taxes 2,280,744 1,884,138 6,522,526 4,860,376 Provision for income taxes (780,000) (664,000) (2,257,000) (1,703,000) ----------- ----------- ------------ ------------ Net income 1,500,744 1,220,138 4,265,526 3,157,376 Other comprehensive income, net of tax: Unrealized investment gain 22,254 10,283 61,150 31,086 ----------- ----------- ------------ ------------ Comprehensive income $ 1,522,998 $ 1,230,421 $ 4,326,676 $ 3,188,462 =========== =========== ============ ============ Average shares outstanding Basic 4,045,982 4,018,646 4,038,405 4,014,423 Diluted 4,090,861 4,137,460 4,077,268 4,108,026 Earnings per share Basic $ 0.37 $ 0.30 $ 1.06 $ 0.79 Diluted $ 0.37 $ 0.30 $ 1.05 $ 0.77 Cash dividends paid per common share $ - $ - $ 0.20 $ 0.10
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