8-K

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): June 16, 2011

NOBILITY HOMES, INC.

(Exact name of registrant as specified in its charter)

Florida	000-06506	59-1166102
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer 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 June 16, 2011, Nobility Homes, Inc. announced sales and earnings results for its second quarter ended May 7, 2011. The text of the press release is attached as Exhibit 99.1.

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits:

Exhibit 99.1 Earnings release issued June 16, 2011 by Nobility Homes, Inc. for its second quarter ended May 7, 2011.

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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.
June 20, 2011	By:	/s/        Lynn J. Cramer, Jr.
		Lynn J. Cramer, Jr., Treasurer
		and Principal Accounting Officer

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EX-99.1

Exhibit 99.1

NOBILITY HOMES, INC. ANNOUNCES SECOND QUARTER 2011 RESULTS

Ocala, FL…June 16, 2011 — Today Nobility Homes, Inc. (NASDAQ: NOBH) announced sales and earnings results for its second quarter ended May 7, 2011. Sales for the second quarter 2011 were $3,229,214 as compared to $3,708,529 recorded in the second quarter of 2010. Loss from operations for the second quarter 2011 was $143,407 versus a loss of $236,928 in the same period a year ago. Net loss after taxes was $57,044 as compared to net loss after taxes of $202,029 for the same period last year. Due to the number of repurchased homes the Company has experienced under the finance revenue sharing agreement, the Company has increased the inventory valuation reserve to $461,208 at May 7, 2011 from $402,994 at November 6, 2010 for potential losses associated with the refurbishing and reselling of the repurchased homes. Although the Company has currently not experienced any losses in disposing of the repossessions, the Company is concerned with the number of repossessions in inventory and may choose more aggressive pricing which could lead to some repossessions being sold for a loss. The net loss after taxes of $57,044 for the second quarter 2011 came after deducting $82,605 in non-cash losses for our investment in two retirement community limited partnerships and included a tax benefit of $100,469. Loss for the second quarter 2011 was ($0.01) per share compared to a loss of ($0.05) per share in the same period a year ago.

For the first six months of fiscal 2011, sales were $6,461,903 as compared to sales of $7,001,403 in the first six months of 2010. Loss from operations for the first six months of 2011 was $314,403 versus loss of $648,521 in the first six months of 2010. Net loss after taxes was $173,430 compared to loss of $539,374 for the same six month period last year. The net loss after taxes of $173,430 for the first six months of 2011 came after deducting $110,805 in non-cash losses for our investment in two retirement community limited partnerships. Loss for the first six months of 2011 was ($0.04) per share compared to loss of ($0.13) per share last year.

Nobility’s financial position during for the second quarter 2011 remains strong with cash and cash equivalents, short and long-term investments of $9,401,554 and no outstanding debt. Working capital is $26,755,644 and our ratio of current assets to current liabilities is 22.3:1. Stockholders’ equity is $40,563,340 and the book value per share of common stock is $10.00. The Company did not repurchase any shares of its common stock during the first six months of 2011. The Company’s Board of Directors has authorized the purchase of up to 200,000 shares of the Company’s stock in the open market.

Terry Trexler, President stated, “Sales and operations for the second quarter of 2011, continued to be adversely impacted by our country’s economic uncertainty and the low manufactured housing shipments in Florida, plus the overall weakness in Florida and the nation’s housing market. Industry shipments in Florida for the period November 2010 through April 2011 were down approximately 17% from the same period last year. Even though Nobility’s gross profit as a percentage of net sales, selling, general and administrative expenses improved for the first six months, the Company’s low sales volume made it difficult to report meaningful results. Continued lack of retail and wholesale financing, very high unemployment and home foreclosures, slow sales of existing site-built homes, low consumer confidence and a poor economic outlook for the U.S. and Florida’s economy are just a few of the on-going challenges the Company faced. While the management has not seen decisive improvement in these challenges brought about by the tumultuous events of 2008 and 2009, some slight progress has emerged for the nation’s economy. Although the overall housing picture, credit market and economy have not improved measurably during the past year and the immediate outlook for the manufactured housing industry in Florida and the nation is uncertain, the long-term demographic trends still favor future growth in the Florida market area we serve. Job formation, immigration growth and migration trends, plus consumers returning to more affordable housing should favor Florida. The Baby Boomer generation began to turn 65 in January 2011 and by 2030 the number of Americans 65 and over is predicted to almost double. This trend coupled with the end of the free spending credit-driven years, Nobility’s 44 years in the Florida market, and consumers’ 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. For the remainder of fiscal 2011, the country must experience a better economy with less uncertainty, improved sales in the existing home market, declining unemployment, continued low interest rates, improving credit markets, increased consumer confidence and more retail financing for the demand of our affordable homes to improve significantly.

Management understands that during this very complex economic environment, maintaining the Company’s strong financial position is vital for future growth and success. Because of the poor business conditions in our market area and the lack of any clarity when today’s economic challenges will improve measurably, the Company will continue to evaluate Prestige’s twelve retail model centers in Florida, along with all expenses within the Company and react in a manner consistent with maintaining our financial position.

The Company invested as a limited partner in two new Florida retirement manufactured home communities in fiscal year 2008. Although these investments will report non-cash losses in the initial fill-up stage, management believes that the new attractive and affordable manufactured home communities for senior citizens will be a growth area for Florida in the future.”

MANAGEMENT WILL NOT HOLD A CONFERENCE CALL. IF YOU HAVE ANY QUESTIONS, PLEASE CALL TERRY OR TOM TREXLER @ 800-476-6624 EXT 221 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, 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

	May 7, 2011			November 6, 2010
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	6,830,663		$	8,225,232
Short-term investments		2,061,441			2,025,812
Accounts and notes receivable		1,179,118			296,536
Mortgage notes receivable, current		2,449			2,284
Inventories		16,937,757			16,569,403
Income tax receivable		316,020			244,365
Prepaid expenses and other current assets		425,660			230,597
Deferred income taxes		257,568			267,566
Total current assets		28,010,676			27,861,795
Property, plant and equipment, net		3,910,670			3,989,441
Long-term investments		509,450			512,786
Mortgage notes receivable, long term		189,803			190,921
Other investments		5,553,734			5,647,043
Deferred income taxes		1,077,830			1,033,291
Other assets		3,026,285			2,524,952
Total assets	$	42,278,448		$	41,760,229
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	318,870		$	220,635
Accrued compensation		109,443			114,478
Accrued expenses and other current liabilities		389,582			209,787
Deferred revenue, current		24,980			—
Customer deposits		412,157			554,991
Total current liabilities		1,255,032			1,099,891
Deferred revenue, long term		460,076			—
Total liabilities		1,715,108			1,099,891
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		536,491			536,491
Additional paid in capital		10,531,166			10,482,920
Retained earnings		38,929,351			39,102,781
Accumulated other comprehensive income (loss)		118,025			89,839
Less treasury stock at cost, 1,308,763 in 2011 and 2010		(9,551,693	)		(9,551,693	)
Total stockholders’ equity		40,563,340			40,660,338
Total liabilities and stockholders’ equity	$	42,278,448		$	41,760,229

NOBILITY HOMES, INC.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

	Three Months Ended						Six Months Ended
	May 7, 2011			May 1, 2010			May 7, 2011			May 1, 2010
Net sales	$	3,229,214		$	3,708,529		$	6,461,903		$	7,001,403
Cost of goods sold		(2,586,747	)		(2,888,795	)		(5,163,181	)		(5,606,967	)
Gross profit		642,467			819,734			1,298,722			1,394,436
Selling, general and administrative expenses		(785,874	)		(1,056,662	)		(1,613,125	)		(2,042,957	)
Operating loss		(143,407	)		(236,928	)		(314,403	)		(648,521	)
Other income (loss):
Interest income		37,068			61,676			73,389			129,345
Undistributed earnings in joint venture - Majestic 21		11,968			(21	)		17,496			11,404
Earnings from finance revenue sharing agreement		—			—			—			—
Losses from investments in retirement community limited partnership		(82,605	)		(194,825	)		(110,805	)		(450,049	)
Miscellaneous		19,463			5,802			37,691			24,018
Total other income (loss)		(14,106	)		(127,368	)		17,771			(285,282	)
Loss before provision for income taxes		(157,513	)		(364,296	)		(296,632	)		(933,803	)
Income tax benefit		100,469			162,267			123,202			394,429
Net loss		(57,044	)		(202,029	)		(173,430	)		(539,374	)
Other comprehensive income, net of tax:
Unrealized investment gain		2,763			30,809			28,186			47,455
Comprehensive loss	$	(54,281	)	$	(171,220	)	$	(145,244	)	$	(491,919	)
Weighed average number of shares outstanding:
Basic		4,056,144			4,056,144			4,056,144			4,056,144
Diluted		4,056,144			4,056,144			4,056,144			4,056,144
Loss per share:
Basic	$	(0.01	)	$	(0.05	)	$	(0.04	)	$	(0.13	)
Diluted	$	(0.01	)	$	(0.05	)	$	(0.04	)	$	(0.13	)
Cash dividends paid per common share	$	—		$	—		$	—		$	0.25