-----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, KbU36OzbWRPXDwGRa+4x1S/o9nwkbVKM1sKxfAtXu1BNrEvEc/zMLkcvk9qkBGyJ MJwoW9bF2Rg5r7czak9rLg== 0000897069-06-000805.txt : 20060314 0000897069-06-000805.hdr.sgml : 20060314 20060314155742 ACCESSION NUMBER: 0000897069-06-000805 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060309 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060314 DATE AS OF CHANGE: 20060314 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: 06685136 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 dkm867.txt FORM 8-K DATED MARCH 9, 2006 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): March 9, 2006 ------------- 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 March 9, 2006, Nobility Homes, Inc. issued a release regarding earnings for the first quarter of 2006. 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 (d) Exhibits Exhibit 99.1 Earnings release issued March 9, 2006, by Nobility Homes, Inc., for the three months ended February 4, 2006. -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. March 14, 2006 By: /s/ Lynn J. Cramer, Jr. ------------------------------------- Lynn J. Cramer, Jr., Treasurer and Principal Accounting Officer -3- EXHIBIT INDEX Exhibit 99.1 Earnings release issued March 9, 2006, by Nobility Homes, Inc., for the three months ended February 4, 2006. -4- EX-99 2 dkm867a.txt EXHIBIT 99 - PRESS RELEASE [GRAPHIC OMITTED] NOBILITY HOMES, INC. ------------------------------------------------------------ Controlling Our Future through Vertical Integration NOBILITY HOMES, INC. ANNOUNCES SALES AND EARNINGS FOR ITS FIRST QUARTER 2006 Ocala, FL...March 9, 2006 NOBILITY HOMES, INC. (NASDAQ-NMS SYMBOL NOBH) today announced sales and earnings results for its first quarter ended February 4, 2006. Sales for the first quarter of fiscal 2006 were up 19% to $13,750,595 as compared to $11,511,134 recorded in first quarter of 2005. Income from operations for fiscal year 2006 was up 38% to $1,958,917 versus $1,418,563 in the same period a year ago. Net income after taxes was up 39% to $1,490,437 as compared to $1,072,780 last year. Diluted earnings per share for the first quarter increased 38% to $0.36 per share compared to $0.26 per share last year. Nobility's financial position continued to improve during the first quarter of 2006 and remains very strong with cash and cash equivalents, short and long-term investments of $24,601,677 and no outstanding debt. Working capital is $17,777,947 and our ratio of current assets to current liabilities is 3.2:1. Stockholders' equity increased to $37,356,723 and the book value per share of common stock increased to $9.20. The Company did not purchase any shares of its common stock during the first quarter of 2006, but is authorized by the Company's Board of Directors to purchase up to 100,000 shares of the Company's stock in the open market. The Board of Directors declared an annual cash dividend of $0.30 per common share for fiscal year 2005, an increase of 50% over the $.20 per share declared last fiscal year. The cash dividend was paid on January 13, 2006 to stockholders of record as of January 3, 2006. Terry Trexler, President stated, "First quarter sales of fiscal 2006, historically our weakest quarter, continued to be adversely impacted by the very competitive and difficult environment in the manufacturing housing industry. First quarter sales of fiscal year 2006, although a strong sales quarter for our retail organization, were adversely impacted by the volatile pricing in lumber, OSB, sheetrock, steel and oil related products and services. Overall, most construction materials, including materials used in the set-up of our homes, have increased or fluctuated widely in price over the past year with little price stability in sight. Nobility continues to out-perform the industry, however in the near term we anticipate continued pressure on both sales and earnings resulting from these factors. Management remains optimistic for fiscal 2006, 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 2006, management expects the demand for our homes to grow. Increased demand should also result from building replacement homes from the hurricanes in autumn of 2004. 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 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, March 9, 2006 AT 4:30 PM EASTERN TIME. TO PARTICIPATE, PLEASE DIAL 800-311-6662. THE PASSCODE FOR THE CALL IS 9028274. YOU MAY ALSO ACCESS THE CALL AT www.nobilityhomes.com OR http://phx.corporate-ir.net/playerlink.zhtml?c=60939&s=wm&e=1226762 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
February 4, November 5, 2006 2005 ----------------- ---------------- (Unaudited) Assets Current Assets: Cash and cash equivalents $ 12,382,331 $ 14,368,183 Short-term investments 418,394 414,526 Accounts receivable - trade 430,860 250,376 Inventories 11,389,545 9,549,486 Prepaid income taxes - 248,958 Prepaid expenses and other current assets 867,469 484,109 Deferred income taxes 224,085 225,245 ----------- ------------ Total current assets 25,712,684 25,540,883 Property, plant and equipment, net 3,869,075 3,791,558 Long-term investments 11,800,952 11,833,065 Other investments 1,816,539 1,819,494 Other assets 2,094,362 2,071,862 ----------- ------------ Total assets $ 45,293,612 $ 45,056,862 =========== ============ Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,770,349 $ 1,390,218 Accrued compensation 829,429 1,311,854 Accrued expenses and other current liabilities 1,062,737 1,318,657 Income taxes payable 374,042 - Customer deposits 3,898,180 3,964,519 ----------- ------------ Total current liabilities 7,934,737 7,985,248 Deferred income taxes 2,152 2,152 ----------- ------------ Total liabilities 7,936,889 7,987,400 ----------- ------------ 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 and outstanding in 2006 and 2005 536,491 536,491 Additional paid in capital 9,008,535 9,005,610 Retained earnings 35,369,281 35,096,462 Accumulated other comprehensive income 176,735 174,027 Less treasury stock at cost, 1,305,142 and 1,306,182 shares, respectively, in 2006 and 2005 (7,734,319) (7,743,128) ----------- ------------ Total stockholders' equity 37,356,723 37,069,462 ----------- ------------ Total liabilities and stockholders' equity $ 45,293,612 $ 45,056,862 =========== ============
NOBILITY HOMES, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended ------------------ February 4, February 5, 2006 2005 ----------------- ----------------- Net sales $ 13,750,595 $ 11,511,134 Cost of goods sold (9,637,560) (8,299,701) ------------ ----------- Gross profit 4,113,035 3,211,433 Selling, general and administrative expenses (2,154,118) (1,792,870) ------------ ----------- Operating income 1,958,917 1,418,563 ------------ ----------- Other income: Interest income 199,009 128,118 Undistributed earnings in joint venture - Majestic 21 101,545 84,579 Miscellaneous income 3,966 1,520 ------------ ----------- Total other income 304,520 214,217 ------------ ----------- Income before provision for income taxes 2,263,437 1,632,780 Provision for income taxes (773,000) (560,000) ------------ ----------- Net income 1,490,437 1,072,780 Other comprehensive income, net of tax: Unrealized investment gain 2,708 26,650 ------------ ----------- Comprehensive income $ 1,493,145 $ 1,099,430 ============ =========== Weighted average number of shares outstanding Basic 4,059,025 4,034,994 Diluted 4,155,131 4,147,145 Earnings per share Basic $ 0.37 $ 0.27 Diluted $ 0.36 $ 0.26 Cash dividends paid per common share $ 0.30 $ 0.20
-----END PRIVACY-ENHANCED MESSAGE-----