Form 10-K

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0001193125-16-441330.txt : 20160128 0001193125-16-441330.hdr.sgml : 20160128 20160128130104 ACCESSION NUMBER: 0001193125-16-441330 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 77 CONFORMED PERIOD OF REPORT: 20151031 FILED AS OF DATE: 20160128 DATE AS OF CHANGE: 20160128 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: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06506 FILM NUMBER: 161367643 BUSINESS ADDRESS: STREET 1: 3741 S W 7TH ST CITY: OCALA STATE: FL ZIP: 34474 BUSINESS PHONE: 3527325157 MAIL ADDRESS: STREET 1: 3741 SW 7TH STREET CITY: OCALA STATE: FL ZIP: 34474 10-K 1 d112996d10k.htm FORM 10-K Form 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

Annual Report Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

For the fiscal year ended October 31, 2015

Commission file number 000-06506

NOBILITY HOMES, INC.

(Exact name of registrant as specified in its charter)


Florida		59-1166102
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
3741 S.W. 7th Street Ocala, Florida		34474
(Address of principal executive offices)		(Zip Code)

(352) 732-5157

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $.10 par value

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes ¨ No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

The aggregate market value of the common stock held by non-affiliates of the registrant 896,945 shares), based on the closing price on the over-the-counter market on May 1, 2015 (the last business day of the second quarter of fiscal 2015), and was approximately $10,090,631.

The number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:

Title of Class

Shares Outstanding on

January 28, 2016

Common Stock

4,020,294

DOCUMENTS INCORPORATED BY REFERENCE

Title

Form 10-K

Definitive proxy statement for Annual Meeting of

Shareholders to be held February 26, 2016

Part III, Items 10-14

TABLE OF CONTENTS


		Form 10-K
PART I
Item 1.	Business		2
Item 1A.	Risk Factors		4
Item 1B.	Unresolved Staff Comments		4
Item 2.	Properties		5
Item 3.	Legal Proceedings		5
Item 4.	Mine Safety Disclosures		5

PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		6
Item 6.	Selected Financial Data		7
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		7
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk		11
Item 8.	Financial Statements and Supplementary Data		12
	Index to Consolidated Financial Statements		12
	Report of Independent Registered Public Accounting Firm-Averett Warmus Durkee, P.A.		13
	Consolidated Balance Sheets		14
	Consolidated Statements of Comprehensive Income		15
	Consolidated Statements of Changes in Stockholders’ Equity		16
	Consolidated Statements of Cash Flows		17
	Notes to Consolidated Financial Statements		18
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		32
Item 9A.	Controls and Procedures		32
Item 9B.	Other Information		32

PART III
Item 10.	Directors, Executive Officers and Corporate Governance		33
Item 11.	Executive Compensation		33
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		33
Item 13.	Certain Relationships and Related Transactions, and Director Independence		33
Item 14.	Principal Accounting Fees and Services		33

PART IV
Item 15.	Exhibits and Financial Statement Schedules		34
	(a) Consolidated Financial Statements and Schedules		34
	(b) Exhibits		34
SIGNATURES			36

PART I

Item 1.

Business

Nobility Homes, Inc., a Florida corporation incorporated in 1967, designs, manufactures and sells a broad line of manufactured and modular homes through its own retail sales centers throughout Florida. Nobility also sells its manufactured homes on a wholesale basis to independent manufactured home retail dealers and manufactured home communities. All references in this annual report on Form 10-K to “Nobility,” “Company,” “we,” “us,” or “our” refer to Nobility Homes, Inc. and its consolidated subsidiaries unless the context otherwise suggests.

Manufactured Homes

Nobility’s homes are available in approximately 100 active models sold under the trade names “Kingswood,” “Richwood,” “Tropic Isle,” “Regency Manor,” and “Special Edition.” The homes, ranging in size from 431 to 2,650 square feet and containing from one to five bedrooms, are available in:

•

Single-wide widths of 12, 14 and 16 feet ranging from 35 to 72 feet in length;

•

Double-wide widths of 20, 24, 26, 28 and 32 feet ranging from 32 to 72 feet in length;

•

Triple-wide widths of 42 feet ranging from 60 to 72 feet in length; and

•

Quad-unit with 2 sections 28 feet wide by 48 feet long and 2 sections 28 feet wide by 52 feet long.

Our floor plans can be built as an on-frame modular home. We have been approved to build A.N.S.I. Park models under 400 square feet and exposure D homes.

Nobility’s homes are sold primarily as unfurnished dwellings ready for permanent occupancy. Interiors are designed and color coordinated in a range of decors. Depending on the size of the unit and quality of appliances and other appointments, retail prices for Nobility’s homes typically range from approximately $30,000 to $100,000. Most of the prices of Nobility’s homes are considered by it to be within the low to medium price range of the industry.

Nobility’s manufacturing plant utilizes assembly line techniques in manufactured home production. The plant manufactures and assembles the floors, sidewalls, end walls, roofs and interior cabinets for their homes. Nobility purchases, from outside suppliers, various other components that are built into its homes including the axles, frames, tires, doors, windows, pre-finished sidings, plywood, ceiling panels, lumber, rafters, insulation, gypsum board, appliances, lighting and plumbing fixtures, carpeting and drapes. Nobility is not dependent upon any one particular supplier for its raw materials or component parts, and is not required to carry significant amounts of inventory to assure itself of a continuous allotment of goods from suppliers.

Nobility generally does not manufacture its homes to be held by it as inventory (except for model home inventory of its wholly-owned retail network subsidiary, Prestige Home Centers, Inc.), but, rather, manufactures its homes after receipt of orders. Although Nobility attempts to maintain a consistent level of production of homes throughout the fiscal year, seasonal fluctuations do occur, with sales of homes generally lower during the first fiscal quarter due to the holiday season.

The sales area for a manufactured home manufacturer is limited by substantial delivery costs of the finished product. Nobility’s homes are delivered by outside trucking companies. Nobility estimates that it can compete effectively within a range of approximately 350 miles from its manufacturing plant. Substantially all of Nobility’s sales are made in Florida.

Retail Sales

Prestige Home Centers, Inc., our wholly-owned subsidiary, operates ten retail sales centers in north and central Florida. Its principal executive offices are located at Nobility’s headquarters in Ocala, Florida. Sales by Prestige accounted for 61% and 64% of Nobility’s sales during fiscal years 2015 and 2014, respectively.

Each of Prestige’s retail sales centers are located within 350 miles of Nobility’s Ocala manufacturing facility. Prestige owns the land at four of its retail sales centers and leases the remaining six retail sales centers from unaffiliated parties under leases with terms between one and three years with renewal options.

The primary customers of Prestige are homebuyers who generally purchase manufactured homes to place on their own home sites. Prestige operates its retail sales centers with a model home concept. Each of the homes displayed at its retail sales centers is furnished and decorated as a model home. Although the model homes may be purchased from Prestige’s model home inventory, generally, customers order homes which are shipped directly from the factory to their home site. Prestige sales generally are to purchasers living within a radius of approximately 100 miles from the selling retail lot.

The retail sale of manufactured homes is a highly competitive business. Because of the number of retail sales centers located throughout Nobility’s market area, potential customers typically can find several sales centers within a 100 mile radius of their present home. Prestige competes with over 100 other retailers in its primary market area, some of which may have greater financial resources than Prestige. In addition, manufactured homes offered by Prestige compete with site-built housing.

Prestige does not itself finance customers’ new home purchases. Financing for home purchases has historically been available from other independent sources that specialize in manufactured housing lending and banks that finance manufactured home purchases. Prestige and Nobility are not required to sign any recourse agreements with any of these retail financing sources.

Investments in Limited Partnerships

The Company has a 31.3% investment interest in Walden Woods South LLC (“Walden Woods”), which owns and operates a 236 residential lot manufactured home community named Walden Woods located in Homosassa, Florida. The majority owner of Walden Woods is the Company’s principal shareholder.

The Company has a 48.5% limited partnership investment in CRF III, Ltd. (“Cypress Creek”). Cypress Creek owns and operates a 403 residential lot manufactured home community located in Winter Haven, Florida.

Insurance and Financial Services

Mountain Financial, Inc., a wholly-owned subsidiary of Prestige Home Centers, Inc., is an independent insurance agent and licensed mortgage loan originator. Its principal activity is providing retail insurance services, which involves placing various types of insurance, including property and casualty, automobile and extended home warranty coverage, with insurance underwriters on behalf of its Prestige customers in connection with their purchase and financing of manufactured homes. As agent, we solely assist our customers in obtaining various types of insurance and extended warranty coverage with insurance underwriters. As such, we have no agreements with homeowners and/or third party insurance companies other than agency agreements with various insurance carriers. The Company provides appropriate reserves for policy cancellations based on numerous factors, including past transaction history with customers, historical experience and other information, which is periodically evaluated and adjusted as deemed necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations for fiscal years 2015 and 2014.

Mountain Financial ceased providing construction financing to buyers in 2015 after legislature changed permitted practices for financing construction loans.

Wholesale Sales to Manufactured Home Communities

Nobility sells its homes on a wholesale basis exclusively through two full-time salespersons to approximately 30 manufactured home communities. Nobility continues to seek new opportunities in the areas in which it operates, as there is ongoing turnover in the manufactured home communities as they achieve full occupancy levels. As is common in the industry, most of Nobility’s independent dealers sell homes produced by several manufacturers. Sales to two publicly traded REITs (Real Estate Investment Trusts) which own multiple retirement communities in our market area accounted for $1,209,705 or 4% and $2,166,625 or 8% of our total sales in fiscal year 2015 and $304,345 or 1% and $1,700,910 or 8% of our total sales in fiscal year 2014. Other companies which own multiple retirement communities in our market area accounted for $3,120,000 or 11% of our total sales in fiscal year 2015 and $1,908,125 or 9% of our total sales in fiscal year 2014.

Nobility does not generally offer consigned inventory programs or other credit terms to its dealers and ordinarily receives payment for its homes within 15 to 30 days of delivery. However, Nobility may offer extended terms to park dealers who do a high volume of business with Nobility. In order to stimulate sales, Nobility sells homes for display to related manufactured home communities on extended terms and recognizes revenue when the homes are sold to the end users. The high visibility of Nobility’s homes in such communities generates additional sales of its homes through such dealers.

Regulation

The manufacture, distribution and sale of homes are subject to governmental regulation at the federal, state and local levels. The Department of Housing and Urban Development (HUD) has adopted national construction and safety standards that preempt state standards. In addition, HUD regulations require that manufactured homes be constructed to more stringent wind load and thermal standards. Compliance with these standards involves approval by a HUD approved engineering firm of engineering plans and specifications on all models. HUD has also promulgated rules requiring producers of manufactured homes to utilize wood products certified by their suppliers to meet HUD’s established limits on formaldehyde emissions and to place in each home written notice to prospective purchasers of possible adverse reaction from airborne formaldehyde in homes. HUD’s standards also require periodic inspection by state or other third party inspectors of plant facilities and construction procedures, as well as inspection of manufactured home units during construction. In addition, some components of manufactured homes may also be subject to Consumer Product Safety Commission standards and recall requirements. Modular homes manufactured by Nobility are required to comply with the Florida Building Code established by the Florida Department of Business and Professional Regulations.

Nobility estimates that compliance with federal, state and local environmental protection laws will have no material effect upon capital expenditures for plant or equipment modifications or earnings for the next fiscal year.

The transportation of manufactured homes is subject to state regulation. Generally, special permits must be obtained to transport the home over public highways and restrictions are imposed to promote travel safety including restrictions relating to routes, travel periods, speed limits, safety equipment and size.

Nobility’s homes are subject to the requirements of the Magnuson-Moss Warranty Act and Federal Trade Commission rulings which regulate warranties on consumer products. Nobility provides a limited warranty of one year on the structural components of its homes.

Competition

The manufactured home industry is highly competitive. The initial investment required for entry into the business of manufacturing homes is not unduly large. State bonding requirements for entry in the business vary from state to state. The bond requirement for Florida is $50,000. Nobility competes directly with other manufacturers, some of whom are both considerably larger and possess greater financial resources than Nobility. Nobility estimates that of the 18 manufacturers selling in the state, approximately 10 manufacture homes of the same type as Nobility and compete in the same market area. Nobility believes that it is generally competitive with most of those manufacturers in terms of price, service, warranties and product performance.

Employees

As of January 4, 2016, the Company had 129 full-time employees, including 29 employed by Prestige. Approximately 73 employees are factory personnel compared to approximately 62 in such positions a year ago and 56 are in management, administrative, supervisory, sales and clerical positions (including 26 management and sales personnel employed by Prestige) compared to approximately 48 a year ago. In addition, Nobility employs part-time employees when necessary.

Nobility makes contributions toward employees’ group health and life insurance. Nobility, which is not subject to any collective bargaining agreements, has not experienced any work stoppage or labor disputes and considers its relationship with employees to be generally satisfactory.

Item 1A.

Risk Factors

As a smaller reporting company, we are not required to provide the information required by this item.

Item 1B.

Unresolved Staff Comments

None.

Item 2.

Properties

As of January 28, 2016, Nobility owned two manufacturing plants:


Location		Approximate Size
3741 SW 7^th Street Ocala, Florida		72,000 sq ft.

6432 SE 115^th Lane Belleview, Florida		33,500 sq. ft.

Nobility’s Ocala facility is located on approximately 35.5 acres of land on which an additional two-story structure adjoining the plant serves as Nobility’s corporate offices. The plant, which is of metal construction, is in good condition and requires little maintenance.

Nobility’s Belleview facility is constructed of metal and concrete construction. The property is in good condition and requires little maintenance. The Belleview manufacturing plant was temporarily closed and its operations were consolidated into the Ocala manufacturing plant in the second quarter of 2009 due to the reduction in our manufacturing operations. The Company leased the Belleview plant to a third party in February 2011 until June 2015. This facility currently remains vacant.

Prestige owns the properties on which its Pace (closed February 2012), Panama City, Yulee, Punta Gorda and Ocala North, Florida retail sales centers are located. Prestige leases the property for its other 6 retail sales centers.

Item 3.

Legal Proceedings

We are a party to various legal proceedings that arise in the ordinary course of our business. We are not currently involved in any litigation nor to our knowledge, is any litigation threatened against us, the outcome of which would, in our judgment based on information currently available to us, have a material adverse effect on our financial position or results of operations.

The Company does not maintain casualty insurance on some of its property, including the inventory at its retail centers, its plant machinery and plant equipment and is at risk for those types of losses.

Item 4.

Mine Safety Disclosures

None.

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

The Company’s common stock currently trades under the symbol NOBH on the OTCQX market. The following table shows the range of high and low sales prices and/or high and low bid quotations (as applicable) for the common stock for each fiscal quarter of 2015 and 2014 on the over-the-counter market. Any over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.


	Fiscal Year End
Fiscal	October 31, 2015				November 1, 2014
Quarter	High		Low		High		Low
1^st	$	10.50	$	9.05	$	10.00	$	8.00
2^nd		12.00		9.25		13.00		9.25
3^rd		11.25		9.40		12.00		10.61
4^th		13.00		9.85		11.50		9.40

Holders

At January 28, 2016, the approximate number of holders of record of common stock was 132 (not including individual participants in security position listings).

Dividends

The Board of Directors declared no dividends in fiscal years 2015 and 2014.

Securities Authorized for Issuance Under Equity Compensation Plans

The following table displays equity compensation plan information as of the end of the fiscal year ended October 31, 2015. For further information, see Note 12 of “Notes to Consolidated Financial Statements”.


	Equity Compensation Plan Information
	Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)		Weighted-average exercise price of outstanding options, warrants and rights (b)		Number of securities remaining available for issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by security holders		—		—		300,000
Equity compensation plans not approved by security holders		5,000	$	9.47		—

Total		5,000	$	9.47		300,000

Recent Sales of Unregistered Securities

During fiscal 2015, the Company sold 2,000 shares of common stock upon the exercise of outstanding stock options to certain of its employees. The stock options were exercised at a weighted average exercise price of $7.91. The shares were issued pursuant to an exemption from the registration requirements of the Securities Act of 1933 in reliance upon Rule 701 of the Securities Act of 1933.

Issuer Repurchases of Equity Securities

The following table represents information with respect to purchases by the Company of its common stock during the months presented:


Period	Total number of shares purchased		Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Maximum number or approximate dollar value of shares that may yet be purchased under the plans or programs
January 1 – 31, 2015		4,000	$	10.05	N/A	N/A
April 1 – 30, 2015		8,000	$	11.40	N/A	N/A
June 1 – 30, 2015		9,800	$	9.83	N/A	N/A
September 1 – 30, 2015		13,000	$	10.20	N/A	N/A
November 1 – 30, 2015		6,475	$	11.55	N/A	N/A
December 1 – 31, 2015		4,800	$	12.00	N/A	N/A

The Company’s Board of Directors has authorized management to repurchase shares of the Company’s common stock from time to time in the open market.

Item 6.

Selected Financial Data

As a smaller reporting company, we are not required to provide the information required by this item.

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

Nobility focuses on home buyers who generally purchase their manufactured homes from retail sales centers to locate on property they own. Nobility has aggressively pursued this market through its Prestige retail sales centers. While Nobility actively seeks to make wholesale sales to independent retail dealers, its presence as a competitor limits potential sales to dealers located in the same geographic areas serviced by its Prestige retail sales centers.

Nobility has aggressively targeted the retirement community market, which is made up of retirees moving to Florida and typically purchasing or renting homes to be located on sites leased from park communities offering a variety of amenities. Sales are not limited by the presence of the Company’s Prestige retail sales centers in this type of arrangement, as the retirement community sells homes only within their community.

Nobility has a product line of approximately 100 active models. Although market demand can fluctuate on a fairly short-term basis, the manufacturing process is such that Nobility can alter its product mix relatively quickly in response to changes in the market. During fiscal years 2015 and 2014, Nobility continued to experience consumer demand for smaller, less expensive homes. Our three, four and five bedroom manufactured homes are favored by families, compared with the one, two and three-bedroom homes that typically appeal to the retirement buyers who reside in the manufactured housing communities.

In an effort to make manufactured homes more competitive with site-built housing, financing packages are available to provide (1) 30-year financing, (2) an interest rate reduction program, (3) combination land/manufactured home loans, and (4) a 5% down payment program for qualified buyers.

In the third quarter of fiscal year 2009, Majestic 21 secured $5,000,000 in financing from a commercial bank to support loan originations. The Company guarantees 50% of this financing. Subsequent to our 2009 fiscal year end, 21^st Mortgage Corporation announced that their parent company had agreed to provide additional capital to fund loan originations, which became available when Majestic 21 fully utilized the proceeds from the $5,000,000 commercial loan. As of October 31, 2015, the outstanding principal balance of the note was $1,294,148 and the amount of collateral held by our joint venture partner for the Majestic 21 note payable was $2,167,170. The Company has also been able to sign dealer agreements with additional lenders who provide financing for our homes.

Prestige maintains several other outside financing sources that provide financing to retail homebuyers for its manufactured homes. The Company continually tries to develop relationships with new lenders, since established lenders will occasionally leave manufactured home lending.

Prestige’s wholly-owned subsidiary, Mountain Financial, Inc., is an independent insurance agent and licensed loan originator. Mountain Financial provides automobile insurance, extended warranty coverage and property and casualty insurance to Prestige customers in connection with their purchase and financing of manufactured homes.

The Company’s fiscal year ends on the first Saturday on or after October 31. The years ended October 31, 2015 and November 1, 2014 each consisted of fifty-two week periods.

Results of Operations

Total net sales in fiscal year 2015 were $27,836,804 compared to $21,152,259 in fiscal year 2014. The Company reported net income of approximately $2,915,000 in fiscal year 2015, compared to a net income of approximately $1,258,000 during fiscal year 2014.

The following table summarizes certain key sales statistics and percent of gross profit as of and for fiscal years ended October 31, 2015 and November 1, 2014.


	2015			2014
New homes sold through Company owned sales centers		217			153
Pre-owned homes sold through Company owned sales centers		38			50
Homes sold to independent dealers		257			183
Total new factory built homes produced		533			375
Average new manufactured home price—retail	$	66,643		$	64,769
Average new manufactured home price—wholesale	$	34,512		$	32,407

As a percent of net sales:
Gross profit from the Company owned retail sales centers		16	%		16	%

Gross profit from the manufacturing facilities—including intercompany sales		17	%		15	%

Sales to two publicly traded REITs and other companies which own multiple retirement communities in our market area accounted for approximately 23% and 18% of our sales for the fiscal year ended October 31, 2015 and November 1, 2014, respectively. Accounts receivable due from these customers were $2,754,599 at October 31, 2015.

The demand for affordable manufactured housing in Florida and the U.S. is improving. According to the Florida Manufactured Housing Association, shipments in Florida for the period from November 2014 through October 2015 were up approximately 29% from the same period last year. Our sales and earnings continue to be affected by the challenging housing environment, the uncertainty of the U.S. and world economy, employment levels, consumer confidence and, in particular, the lack of available retail and wholesale financing. Constrained consumer credit and the lack of lenders in the industry, partly as a result of an increase in government regulations, have limited many affordable manufactured housing buyers from purchasing homes.

We understand that during this uncertain economic environment, maintaining our strong financial position is vital for future growth and success. Because of the recent years of very challenging business conditions in our market area, management will continue to evaluate all expenses and react in a manner consistent with maintaining our strong financial position.

The Company has specialized for 48 years in the design and production of quality, affordable manufactured homes at its plant located in central Florida. With multiple retail sales centers, an insurance subsidiary, and investments in retirement manufactured home communities, we are the only vertically integrated manufactured home company headquartered in Florida.

Insurance agent commissions in fiscal year 2015 were $211,017 compared to $204,355 in fiscal year 2014. We have established appropriate reserves for policy cancellations based on numerous factors, including past transaction history with customers, historical experience and other information, which is periodically evaluated and adjusted as deemed necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations at October 31, 2015 and November 1, 2014.

Cost of goods sold at our manufacturing facilities include: materials, direct and indirect labor and manufacturing expenses (which consists of factory occupancy, salary and salary related, delivery costs, manufactured home service costs and other manufacturing expenses). Cost of goods sold at our retail sales centers include: appliances, air conditioners, electrical and plumbing hook-ups, furniture, insurance, impact and permit fees, land and home fees, manufactured home, service warranty, setup contractor, interior drywall finish, setup display, skirting, steps, well and septic tank and other expenses.

Gross profit as a percentage of net sales was 22% in fiscal year 2015 compared to 21% in fiscal year 2014. Our gross profit of $6,135,375 for 2015 increased 40% compared to $4,371,546 for 2014. The increase in gross profit is primarily due to the increase in the average retail and wholesale selling price on each retail home sold.

Selling, general and administrative expenses at our manufacturing facility include salaries, professional services, advertising and promotions, corporate expense, employee benefits, office equipment and supplies and utilities. Selling, general and administrative expenses at our retail sales center include: advertising, retail sales centers expenses, salary and salary related, professional fees, corporate expense, employee benefit, office equipment and supplies, utilities and travel. Selling, general and administrative expenses at the insurance company include: advertising, professional fees and office supplies.

Selling, general and administrative expenses increased approximately $133,000 from 2014 to 2015. As a percent of net sales, selling, general and administrative expenses were 11% in fiscal year 2015 compared to 14% in fiscal year 2014. The increase in selling, general and administrative expenses in 2015 resulted from the increase in compensation expenses directly related to our increased sales.

The Company earned $138,469 from its joint venture, Majestic 21, in fiscal year 2015 compared to $134,921 in fiscal year 2014. The earnings from Majestic 21 represent the allocation of profit and losses which are owned 50% by 21st Mortgage Corporation and 50% by the Company.

The Company recorded a non-cash loss on its investment in Cypress Creek of $146,403 and $321,531 in fiscal year 2015 and 2014 respectively. No loss was recorded for Walden Woods as this investment was fully impaired. During 2015, the Company’s investment in Cypress Creek was reduced to zero from recurring operating losses.

The Company earned interest on cash, cash equivalents and short-term investments in the amount of $59,985 in fiscal year 2015 compared to $63,137 in fiscal year 2014. Interest income is dependent on our cash balance and available rates of return.

The Company realized pre-tax income of $3,051,201 in 2015 compared to a pre-tax income of $1,261,934 in fiscal 2014.

The Company recorded an income tax expense of approximately $136,000 in 2015 compared to $4,000 in 2014. The Company was able to use net operating loss carry forwards to offset its current income tax liabilities.

As a result of the factors discussed above, net income in fiscal year 2015 was $2,915,395 or $0.72 per share and net income in fiscal year 2014 was $1,257,898 or $0.31 per share.

Liquidity and Capital Resources

Cash and cash equivalents were $16,769,292 at October 31, 2015 compared to $14,116,412 at November 1, 2014. Short-term investments were $462,578 at October 31, 2015 compared to $496,444 at November 1, 2014. The increase in cash was due primarily to our net income. Working capital was $25,702,925 at October 31, 2015 as compared to $23,540,635 at November 1, 2014. Nobility owns the entire inventory for its Prestige retail sales centers which includes new, pre-owned and repossessed or foreclosed homes and does not incur any third party floor plan financing expenses. The Company has no material commitments for capital expenditures.

The Company currently has no line of credit facility and does not believe that such a facility is currently necessary to its operations. The Company has no debt. The Company also has approximately $2.9 million of cash surrender value of life insurance which it may be able to access as an additional source of liquidity though the Company has not currently viewed this to be necessary. As of October 31, 2015, the Company continued to report a strong balance sheet which included total assets of approximately $42 million which was funded primarily by stockholders’ equity of approximately $39 million.

Looking ahead, the Company’s strong balance sheet and significant cash reserves accumulated in profitable years has allowed the Company to remain sufficiently liquid so as to allow continuation of operations and should enable the Company to take advantage of market opportunities when presented by an expected improvement in the overall and the industry specific economy in fiscal 2016 and beyond. Management believes it has sufficient levels of liquidity as of the date of the filing of this Form 10-K to allow the Company to operate into the foreseeable future.

Critical Accounting Policies and Estimates

The Company applies judgment and estimates, which may have a material effect in the eventual outcome of assets, liabilities, revenues and expenses, accounts receivable, inventory and goodwill. The following explains the basis and the procedure where judgment and estimates are applied.

Revenue Recognition

The Company recognizes revenue from its retail sales of new manufactured homes upon the occurrence of the following:

•

Its receipt of a down payment,

•

Construction of the home is complete,

•

Home has been delivered and set up at the retail home buyer’s site and title has been transferred to the retail home buyer,

•

Remaining funds have been released by the finance company (financed sales transaction), remaining funds have been committed by the finance company by an agreement with respect to financing obtained by the customer, usually in the form of a written approval for permanent home financing received from a lending institution, (financed construction sales transaction) or cash has been received from the home buyer (cash sales transaction), and

•

Completion of any other significant obligations.

The Company recognizes revenue from the sale of the repurchased homes upon transfer of title to the new purchaser.

The Company recognizes revenue from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home and transferring title and risk of loss to the independent dealer. For wholesale shipments to independent dealers, the Company has no obligation to setup the home or to complete any other significant obligations.

The Company recognizes revenue from its wholly-owned subsidiary, Mountain Financial, Inc., as follows: commission income (and fees in lieu of commissions) is recorded as of the effective date of insurance coverage or the billing date, whichever is later. Commissions on premiums billed and collected directly by insurance companies are recorded as revenue when received which, in many cases, is the Company’s first notification of amounts earned due to the lack of policy and renewal information. Contingent commissions are recorded as revenue when received. Contingent commissions are commissions paid by insurance underwriters and are based on the estimated profit and/or overall volume of business placed with the underwriter. The data necessary for the calculation of contingent commissions cannot be reasonably obtained prior to the receipt of the commission which, in many cases, is the Company’s first notification of amounts earned. The Company provides appropriate reserves for policy cancellations based on numerous factors, including past transaction history with customers, historical experience and other information, which is periodically evaluated and adjusted as deemed necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations at October 31, 2015 or November 1, 2014.

Investments in Retirement Communities

The Company has a 31.3% investment interest in Walden Woods, which owns and operates a 236 residential lot manufactured home community located in Homosassa, Florida. The majority owner of Walden Woods is the Company’s principal shareholder.

The Company has a 48.5% limited partnership investment in Cypress Creek, which owns and operates a 403 residential lot manufactured home community located in Winter Haven, Florida.

These investments are accounted for under the equity method of accounting and are reviewed quarterly for impairment. All allocations are to be made on a pro-rata basis and the Company’s maximum exposure is limited to its investment in Walden Woods and Cypress Creek. Management has concluded that the Company would not absorb a majority of Walden Woods’ and Cypress Creek’s expected losses nor receive a majority of Walden Woods’ and Cypress Creek’s expected residual returns; therefore, the Company is not required to consolidate Walden Woods and Cypress Creek with the accounts of Nobility Homes in accordance with ASC No. 810-10.

Investment in Majestic 21

On May 20, 2009, the Company became a 50% guarantor on a $5 million note payable entered into by Majestic 21, a joint venture in which the Company owns a 50% interest. This guarantee was a requirement of the bank that provided a $5 million loan to Majestic 21. The $5 million guarantee of Majestic 21’s debt is for the life of the note which matures on the earlier of May 31, 2019 or when the principal balance is less than $750,000. The amount of the guarantee declines with the amortization and repayment of the loan. As collateral for the loan, 21^st Mortgage Corporation (our joint venture partner) has granted the lender a security interest in a pool of loans encumbering homes sold by Prestige Homes Centers, Inc. If the pool of loans securing this note should decrease in value so that the notes outstanding principal balance is in excess of 80% of the principal balance of the pool of loans, then Majestic 21 would have to pay down the note’s principal balance to an amount that is no more than 80% of the principal balance of the pool of loans. The Company and 21^st Mortgage Corporation are obligated jointly to contribute the amount necessary to bring the loan balance back down to 80% of the collateral provided. We do not anticipate any required contributions as the pool of loans securing the note have historically been in excess of 100% of the collateral value. As of October 31, 2015, the outstanding principal balance of the note was $1,294,148 and the amount of collateral held by our joint venture partner for the Majestic 21 note payable was $2,167,170. Based upon management’s analysis, the fair value of the guarantee is not material and as a result, no liability for the guarantee has been recorded in the accompanying balance sheets of the Company.

At October 31, 2015, there was approximately $170,573 in loan loss reserves or 1.19% of the portfolio in Majestic 21. The Majestic 21 joint venture partnership is monitoring loan loss reserves on a monthly basis and is adjusting the loan loss reserves as necessary. The Majestic 21 joint venture is reflected on 21st Mortgage Corporation’s financial statements which are included in the financial statements of its ultimate parent which is a public company. Management believes the loan loss reserves are adequate based upon its review of the Majestic 21 joint venture partnership’s financial statements.

Income Taxes

The Company accounts for income taxes utilizing the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The primary tax planning strategy is the potential sale of real estate, primarily land not currently used in the operations of the Company, to generate taxable gains. The Company has assessed that these strategies could result in the realization of approximately $2.0 million of deferred tax assets. The amount of deferred tax assets above this amount are reserved with a valuation allowance. There no valuation allowance at October 31, 2015. The valuation allowance was approximately $975,000 at November 1, 2014.

The Company’s tax planning strategies include estimates as to the amount of gains on sales of properties that could be realized. The Company believes its estimates are reasonable and supportable but if circumstances change, these amounts could be affected which would impact the amount of net deferred taxes which would be supportable. The Company will continue to monitor these matters at each future reporting period.

Rebate Program

The Company has a rebate program for some dealers, based upon the number and type of homes purchased, which pays rebates based upon sales volume to the dealers. Volume rebates are recorded as a reduction of sales in the accompanying consolidated financial statements. The rebate liability is calculated and recognized as eligible homes are sold based upon factors surrounding the activity and prior experience of specific dealers and is included in accrued expenses in the accompanying consolidated balance sheets.

Off-Balance Sheet Arrangements

As part of our ongoing business, we generally do not participate in transactions that generate relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or variable interest entities (“VIE’s”), which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. As of October 31, 2015, we are not involved in any material unconsolidated entities (other than the Company’s investments in Majestic 21 and retirement community limited partnerships).

Forward Looking Statements

Certain statements in this report are forward-looking statements within the meaning of the federal securities laws. 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.

Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

As a smaller reporting company, we are not required to provide the information required by this item.

Item 8.

Financial Statements and Supplementary Data

Index to Consolidated Financial Statements


Report of Independent Registered Public Accounting Firm-Averett Warmus Durkee, P.A.13			13
Consolidated Balance Sheets			14
Consolidated Statements of Comprehensive Income			15
Consolidated Statements of Changes in Stockholders’ Equity			16
Consolidated Statements of Cash Flows			17
Notes to Consolidated Financial Statements			18

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

of Nobility Homes, Inc.

We have audited the accompanying consolidated balance sheets of Nobility Homes, Inc. and subsidiaries (the “Company”) as of October 31, 2015 and November 1, 2014, and the related consolidated statements of comprehensive income, changes in stockholders’ equity, and cash flows for each of the years in the two-year period ended October 31, 2015. The Company’s management is responsible for these financial statements. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Nobility Homes, Inc. and subsidiaries as of October 31, 2015 and November 1, 2014, and the results of their operations and their cash flows for each of the years in the two-year period ended October 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

/s/ Averett Warmus Durkee, P.A.

Orlando, Florida

January 28, 2016

Nobility Homes, Inc.

Consolidated Balance Sheets

October 31, 2015 and November 1, 2014


	October 31,			November 1,
	2015			2014
Assets
Current assets:
Cash and cash equivalents	$	16,769.292		$	14,116,412
Short-term investments		462,578			496,444
Accounts receivable—trade		2,937,922			2,141,468
Mortgage notes receivable, current		9,851			7,126
Income tax receivable		335			5,964
Inventories		6,019,705			5,516,540
Pre-owned homes, current		1,366,974			2,839,203
Prepaid expenses and other current assets		826,180			286,990
Deferred income taxes		655,193			508,633

Total current assets		29,048,030			25,918,780
Property, plant and equipment, net		3,964,878			3,957,071
Pre-owned homes		2,724,190			1,711,000
Mortgage notes receivable, long term		177,644			180,800
Other investments		2,243,729			2,751,663
Deferred income taxes		1,210,630			1,487,367
Cash surrender value of life insurance		2,915,469			2,765,137
Other assets		156,287			156,287

Total assets	$	42,440,857		$	38,928,105

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	704,467		$	502,259
Accrued compensation		390,573			320,502
Accrued expenses and other current liabilities		926,204			526,296
Customer deposits		1,323,861			1,029,088

Total current liabilities		3,345,105			2,378,145

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		10,650,723			10,643,866
Retained earnings		37,493,077			34,577,682
Accumulated other comprehensive income		247,724			281,590
Less treasury stock at cost, 1,333,338 shares in 2015 and 1,301,038 shares in 2014		(9,832,263	)		(9,489,669	)

Total stockholders’ equity		39,095,752			36,549,960

Total liabilities and stockholders’ equity	$	42,440,857		$	38,928,105

The accompanying notes are an integral part of these financial statements.

Nobility Homes, Inc.

Consolidated Statements of Comprehensive Income

For the years ended October 31, 2015 and November 1, 2014


	Year Ended
	October 31, 2015			November 1, 2014
Net sales	$	27,836,804		$	21,152,259
Cost of goods sold		(21,701,429	)		(16,780,713	)

Gross profit		6,135,375			4,371,546
Selling, general and administrative expenses		(3,193,923	)		(3,060,516	)

Operating income		2,941,452			1,311,030

Other income (loss):
Interest income		59,985			63,137
Undistributed earnings in joint venture—Majestic 21		138,469			134,921
Losses from investments in retirement community limited partnerships		(146,403	)		(321,531	)
Miscellaneous		57,698			74,377

Total other income (loss)		109,749			(49,096	)

Income before provision for income taxes		3,051,201			1,261,934
Income tax expense		(135,806	)		(4,036	)

Net income		2,915,395			1,257,898
Other comprehensive income (loss)
Unrealized investment gain (loss)		(33,866	)		41,212

Comprehensive income	$	2,881,529		$	1,299,110

Weighed average number of shares outstanding:
Basic		4,052,865			4,059,668
Diluted		4,053,362			4,060,654
Net income per share:
Basic	$	0.72		$	0.31
Diluted	$	0.72		$	0.31

The accompanying notes are an integral part of these financial statements.

Nobility Homes, Inc.

Consolidated Statements of Changes in Stockholders’ Equity

For the years ended October 31, 2015 and November 1, 2014


	Common Stock Shares			Common Stock		Additional Paid- in Capital			Retained Earnings		Accumulated Other Comprehensive Income			Treasury Stock			Total
Balance at November 2, 2013		4,057,053		$	536,491	$	10,632,060		$	33,319,784	$	240,378		$	(9,545,057	)	$	35,183,656
Stock-based compensation		—			—		8,091			—		—			—			8,091
Unrealized investment gain		—			—		—			—		41,212			—			41,212
Exercise of employee stock options		5,875			—		3,715			—		—			42,888			46,603
Other		941			—		—			—		—			12.500			12,500
Net income		—			—		—			1,257,898		—			—			1,257,898

Balance at November 1, 2014		4,063,869		$	536,491	$	10,643,866		$	34,577,682	$	281,590		$	(9,489,669	)	$	36,549,960
Purchase of treasury stock		(34,800	)		—		—			—		—			(360,844	)		(360,844	)
Stock-based compensation		—			—		9,287			—		—			—			9,287
Unrealized investment loss		—			—		—			—		(33,866	)		—			(33,866	)
Exercise of employee stock options		2,500			—		(2,430	)		—		—			18,250			15,820
Net income		—			—		—			2,915,395		—			—			2,915,395

Balance at October 31, 2015		4,031,569		$	536,491	$	10,650,723		$	37,493,077	$	247,724		$	(9,832,263	)	$	39,095,752

The accompanying notes are an integral part of these financial statements.

Nobility Homes, Inc.

Consolidated Statements of Cash Flows

For the years ended October 31, 2015 and November 1, 2014


	Year Ended
	October 31, 2015			November 1, 2014
Cash flows from operating activities:
Net income	$	2,915,395		$	1,257,898
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		110,169			95,843
Deferred income taxes		130,177			—
Undistributed earnings in joint venture — Majestic 21		(138,469	)		(134,921	)
Losses from investments in retirement community limited partnerships		146,403			321,531
Gain on disposal of property, plant, and equipment		—			(3,650	)
Inventory impairment		75,000			—
Stock-based compensation		9,287			8,091
Other		—			12,500
Decrease (increase) in:
Accounts receivable — trade		(796,454	)		559,589
Inventories		(503,165	)		(472,724	)
Pre-owned homes		384,039			1,953,792
Income tax receivable		5,629			(5,964	)
Prepaid expenses and other current assets		(539,190	)		32,556
(Decrease) increase in:
Accounts payable		202,208			(143,260	)
Accrued compensation		70,071			150,476
Accrued expenses and other current liabilities		399,908			(88,072	)
Customer deposits		294,773			492,036

Net cash provided by operating activities		2,765,781			4,035,721

Cash flows from investing activities:
Purchase of property, plant and equipment		(117,976	)		(321,451	)
Proceeds from sale of property, plant and equipment		—			3,650
Distributions from joint venture – Majestic 21		500,000			—
Collections on mortgage notes receivable		431			376
Increase in cash surrender value of life insurance		(150,332	)		(116,940	)

Net cash provided by (used in) investing activities		232,123			(434,365	)

Cash flows from financing activities:
Proceeds from exercise of employee stock options		15,820			46,603
Purchase of treasury stock		(360,844	)		—

Net cash provided by (used in) financing activities		(345,024	)		46,603

Increase in cash and cash equivalents		2,652,880			3,647,959
Cash and cash equivalents at beginning of year		14,116,412			10,468,453

Cash and cash equivalents at end of year	$	16,769,292		$	14,116,412

Supplemental disclosure of cash flows information:
Income taxes paid	$	—		$	10,000

The accompanying notes are an integral part of these financial statements.

Notes to Consolidated Financial Statements

NOTE 1 Reporting Entity and Significant Accounting Policies

Description of Business and Principles of Consolidation – The consolidated financial statements include the accounts of Nobility Homes, Inc. (“Nobility”), its wholly-owned subsidiaries, Prestige Home Centers, Inc. (“Prestige”) Nobility Parks I, LLC, Nobility Parks II, LLC and Prestige’s wholly-owned subsidiaries, Mountain Financial, Inc., an independent insurance agency and licensed mortgage loan originator and Majestic Homes, Inc., (collectively the “Company”). The Company is engaged in the manufacture and sale of manufactured and modular homes to various dealerships, including its own retail sales centers, and manufactured housing communities throughout Florida. The Company has one manufacturing plant in operation that is located in Ocala, Florida. At October 31, 2015 Prestige operated ten Florida retail sales centers: Ocala (2), Chiefland, Auburndale, Inverness, Hudson, Tavares, Yulee, Panama City and Punta Gorda.

All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP).

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates and assumptions are based upon management’s best knowledge of current events and actions that the Company may take in the future. The Company is subject to uncertainties such as the impact of future events, economic, environmental and political factors and changes in the Company’s business environment; therefore, actual results could differ from these estimates. Accordingly, the accounting estimates used in the preparation of the Company’s consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in the reported financial condition and results of operations; if material, the effects of changes in estimates are disclosed in the notes to the consolidated financial statements. Significant estimates and assumptions by management affect: valuation of pre-owned homes, the allowance for doubtful accounts, the carrying value of long-lived assets, the provision for income taxes and related deferred tax accounts, certain accrued expenses and contingencies, warranty reserve and stock-based compensation.

Fiscal Year – The Company’s fiscal year ends on the first Saturday on or after October 31. The years ended October 31, 2015 and November 1, 2014 each consisted of fifty-two week periods.

Revenue Recognition – The Company recognizes revenue from its retail sales of new manufactured homes upon the occurrence of the following:

•

Its receipt of a down payment,

•

Construction of the home is complete,

•

Home has been delivered and set up at the retail home buyer’s site, and title has been transferred to the retail home buyer,

•

Completion of any other significant obligations.

The Company recognizes revenue from the sale of the repurchased homes upon transfer of title to the new purchaser.

The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. For wholesale shipments to independent dealers, the Company has no obligation to setup the home or to complete any other significant obligations.

The Company recognizes revenues from its wholly-owned subsidiary, Mountain Financial, Inc., as follows: commission income (and fees in lieu of commissions) is recorded as of the effective date of insurance coverage or the billing date, whichever is later. Commissions on premiums billed and collected directly by insurance companies are recorded as revenue when received which, in many cases, is the Company’s first notification of amounts earned due to the lack of policy and renewal information. Contingent commissions are recorded as revenue when received. Contingent commissions are commissions paid by insurance underwriters and are based on the estimated profit and/or overall volume of business placed with the underwriter. The data necessary for the calculation of contingent commissions cannot be reasonably obtained prior to the receipt of the commission which, in many cases, is the Company’s first notification of amounts earned. The Company provides appropriate reserves for policy cancellations based on numerous factors, including past transaction history with customers, historical experience, and other information, which is periodically evaluated and adjusted as deemed necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations at October 31, 2015 or November 1, 2014.

Notes to Consolidated Financial Statements

Revenues by Products and Services – Revenues by net sales from manufactured housing, pre-owned homes, and insurance agent commissions for the years ended October 31, 2015 and November 1, 2014 are as follows:


	2015		2014
Manufactured housing	$	25,904,715	$	17,814,751
Pre-owned homes		1,721,072		3,133,153
Insurance agent commissions		211,017		204,355

Total net sales	$	27,836,804	$	21,152,259

Cash and Cash Equivalents – The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.

Accounts Receivable – Accounts receivable are stated at net realizable value. An allowance for doubtful accounts is provided based on prior collection experiences and management’s analysis of specific accounts. At October 31, 2015 and November 1, 2014, in the opinion of management, all accounts were considered fully collectible and, accordingly, no allowance was deemed necessary.

Accounts receivable fluctuates due to the number of homes sold to independent dealers. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer.

Investments – The Company’s investments consist of money market accounts as well as equity securities of a public company. Investments with maturities of less than one year are classified as short-term investments. The Company’s equity investment in a public company is classified as “available-for-sale” and carried at fair value. Unrealized gains on the available-for-sale securities, net of taxes, are recorded in accumulated other comprehensive income.

The Company continually reviews its investments to determine whether a decline in fair value below the cost basis is other than temporary. If the decline in fair value is judged to be other than temporary, the cost basis of the security is written down to fair value and the amount of the write-down is included in the accompanying consolidated statements of income and other comprehensive income.

Inventories – New home inventory is carried at the lower of cost or market value. The cost of finished home inventories determined on the specific identification method is removed from inventories and recorded as a component of cost of sales at the time revenue is recognized. In addition, an allocation of depreciation and amortization is included in cost of goods sold. Under the specific identification method, if finished home inventory can be sold for a profit there is no basis to write down the inventory below the lower of cost or market value.

Pre-owned home inventory is valued at the Company’s cost to acquire the inventory plus refurbishment costs incurred to date to bring the inventory to a more saleable state. This amount is reduced by a valuation reserve which management believes results in inventory being valued at market.

Pre-owned homes are stated at cost or net realizable value. Homes taken as trade-ins are recorded at estimated actual cash value which approximates wholesale value. Other pre-owned homes are recorded at cost determined on the specific identification method and acquired from the Company’s joint venture partner, Majestic 21 Corporation and remarketed. Majestic 21 Corporation reimburses the Company for all costs related to these homes.

Other inventory costs are determined on a first-in, first-out basis.

Property, Plant and Equipment – Property, plant and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. Routine maintenance and repairs are charged to expense when incurred. Major replacements and improvements are capitalized. Gains or losses are credited or charged to earnings upon disposition.

Notes to Consolidated Financial Statements

Investment in Majestic 21 – Majestic 21 was formed in 1997 as a joint venture with our joint venture partner, an unrelated entity, 21^st Mortgage Corporation (“21^st Mortgage”). We have been allocated our share of net income and distributions on a 50/50 basis since Majestic 21’s formation. While Majestic 21 has been deemed to be a variable interest entity, the Company only holds a 50% interest in this entity and all allocations of profit and loss are on a 50/50 basis. Since all allocations are to be made on a 50/50 basis and joint decisions with the joint venture partner are made which most significantly impact Majestic 21 economic performance therefore, the Company is not required to consolidate Majestic 21 with the accounts of Nobility Homes in accordance with FASB ASC 810. Management believes that the Company’s maximum exposure to loss as a result of its involvement with Majestic 21 is its investment in the joint venture recorded in the accounts of Nobility Homes as of October 31, 2015 and November 1, 2014. Based on management’s evaluation, there was no impairment of this investment at October 31, 2015 or November 1, 2014.

The Company entered into an arrangement in 2002 to repurchase certain homes. Under this arrangement or any other arrangement, the Company is not obligated to repurchase any foreclosed/repossessed units of Majestic 21 as it does not have a repurchase agreement or any other guarantees with Majestic 21. However, the Company buys back foreclosed/repossessed units and acts as a remarketing agent. It resells those units through the Company’s network of retail centers as we believe it benefits the historical loss experience of the joint venture. The only impact on the Company’s operations from this arrangement are commissions earned on the resale of these units and interest received from Majestic 21 for funds the company used to carry the units while in inventory.

See Note 13 for discussion of the Company’s guarantee of a $5 million note payable of Majestic 21.

Other Investments - The Company has a 31.3% investment interest in Walden Woods South LLC (“Walden Woods”), which owns and operates a retirement manufactured home community located in Homosassa, Florida. The Company has the right to assign some of its ownership to partners other than Nobility Homes. The Company’s investment in Walden Woods is fully impaired. The majority owner of Walden Woods is the Company’s principal shareholder.

The Company has a 48.5% investment interest in a retirement manufactured home community, CRF III, Ltd. (Cypress Creek) located in Winter Haven, Florida. The Company has the right to assign some of its ownership to partners other than Nobility Homes. During 2015, the Company’s investment in Cypress Creek was reduced to zero from recurring operating losses.

See further discussion of these investments in Note 5.

Impairment of Long-Lived Assets – In the event that facts and circumstances indicate that the carrying value of a long-lived asset may be impaired, an evaluation of recoverability is performed by comparing the estimated future undiscounted cash flows associated with the asset to the asset’s carrying amount to determine if a write-down is required. If such evaluations indicate that the future undiscounted cash flows of certain long-lived assets are not sufficient to recover the carrying value of such assets, the assets are adjusted to their fair values.

Customer Deposits – A retail customer is required to make a down payment ranging from $500 to 35% of the retail contract price based upon the credit worthiness of the customer. The retail customer receives the full down payment back when the Company is not able to obtain retail financing. If the retail customer receives retail financing and decides not to go through with the retail sale, the Company can withhold 20% of the retail contract price. The Company does not receive any deposits from their independent dealers.

Company Owned Life Insurance – The Company has purchased life insurance policies on certain key executives. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement.

Notes to Consolidated Financial Statements

Warranty Costs – The Company provides for a warranty as the manufactured homes are sold. Amounts related to these warranties for fiscal years 2015 and 2014 are as follows:


	2015			2014
Beginning accrued warranty expense	$	75,000		$	75,000
Less: reduction for payments		(326,988	)		(195,819	)
Plus: additions to accrual		351,988			195,819

Ending accrued warranty expense	$	100,000		$	75,000

The Company’s limited warranty covers substantial defects in material or workmanship in specified components of the home including structural elements, plumbing systems, electrical systems, and heating and cooling systems which are supplied by the Company that may occur under normal use and service during a period of twelve (12) months from the date of delivery to the original homeowner, and applies to the original homeowner or any subsequent homeowner to whom this product is transferred during the duration of this twelve (12) month period.

The Company tracks the warranty claims per home. Based on the history of the warranty claims, the Company has determined that a majority of warranty claims usually occur within the first three months after the home is sold. The Company determines its warranty accrual using the last three months of home sales.

Accrued Home Setup Costs – Accrued home setup costs represent amounts due to vendors and/or independent contractors for various items related to the actual setup of the home on the retail home buyers’ site. These costs include appliances, air conditioners, electrical/plumbing hook-ups, furniture, insurance, impact/permit fees, land/home fees, extended service plan, freight, skirting, steps, well, septic tanks and other setup costs and are included in accrued expenses in the accompanying consolidated balance sheets. See Note 8 of “Notes to Consolidated Financial Statements”.

Stock-Based Compensation – The Company has a stock incentive plan (the “Plan”) which authorizes the issuance of options to purchase common stock. Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the period during which an employee is required to provide service in exchange for the award (usually the vesting period).

Rebate Program – The Company has a rebate program for some dealers based upon the number and type of home purchased, which pays rebates based upon sales volume to the dealers. Volume rebates are recorded as a reduction of sales in the accompanying consolidated financial statements. The rebate liability is calculated and recognized as eligible homes are sold based upon factors surrounding the activity and prior experience of specific dealers and is included in accrued expenses in the accompanying consolidated balance sheets.

Advertising – Advertising for Prestige retail sales centers consists primarily of newspaper, radio and television advertising. All costs are expensed as incurred. Advertising expense amounted to approximately $243,000 and $262,500 for fiscal year 2015 and 2014, respectively.

Audit Fees – The Company generally records audit fees in the period in which services are provided. Audit fees relating to the finalization of the audit generally will be reflected in the financial statements of the subsequent year.

Income Taxes – The Company accounts for income taxes utilizing the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

Net Income per Share – These financial statements include “basic” and “diluted” net income per share information for all periods presented. The basic net income per share is calculated by dividing net income by the weighted-average number of shares outstanding. The diluted net income per share is calculated by dividing net income by the weighted-average number of shares outstanding, adjusted for dilutive common shares.

Shipping and Handling Costs – Net sales include the revenue related to shipping and handling charges billed to customers. The related costs associated with shipping and handling is included as a component of cost of goods sold.

Notes to Consolidated Financial Statements

Comprehensive Income – Comprehensive income includes net income as well as other comprehensive income. The Company’s other comprehensive income consists of unrealized gains on available-for-sale securities, net of related taxes.

Segments – The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information on a company-wide or consolidated basis. Accordingly, the Company accounts for its operations in accordance with FAS ASC 280, “Segment Reporting.” No segment disclosures have been made as the Company considers its business activities as a single segment.

Major Customers – Sales to two publicly traded REITs (Real Estate Investment Trusts) which own multiple retirement communities in our market area accounted for $1,209,705 or 4% and $2,166,625 or 8% of our total sales in fiscal year 2015 and $304,345 or 1% and $1,700,910 or 8% of our total sales in fiscal year 2014. Other companies which own multiple retirement communities in our market area accounted for $3,120,000 or 11% of our total sales in fiscal year 2015 and $1,908,125 or 9% of our total sales in fiscal year 2014. Accounts receivable due from these customers were $2,754,599 and $1,963,520 at October 31, 2015 and November 1, 2014, respectively.

Concentration of Credit Risk – The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, short-term and long-term investments and accounts receivable. At times, the Company’s deposits may exceed federally insured limits. However, the Company has not experienced any losses in such accounts and management believes the Company is not exposed to any significant credit risk on these accounts. The majority of the Company’s sales are credit sales which are made primarily to customers whose ability to pay is dependent upon the industry economics prevailing in the areas where they operate; however, concentrations of credit risk with respect to accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk. The Company maintains reserves for potential credit losses when deemed necessary and such losses have historically been within management’s expectations.

Concentration of Retail Financing Sources – The manufactured housing industry recently lost one of the few lenders to our industry. US Bank ceased indirect lending to the manufactured housing industry in late 2014 due to the regulatory environment and the small market size. Accordingly, only two national lenders that service the manufactured housing industry remain, with several other who specialize in government insured loans (Fannie, Freddie, FHA, VA, etc.). With only a few lenders dedicated to our industry, the loss of either of them could adversely affect our retail sales.

Recently Issued Accounting Pronouncements – In May 2014, the FASB issued ASU 2014-09 (Revenue from Contracts with Customers (Topic 606)), which requires an entity to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance addresses, in particular, contracts with more than one performance obligation, as well as the accounting for some costs to obtain or fulfill a contract with a customer; and provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. With respect to public entities, this update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 and early adoption is not permitted. We believe that our implementation of this guidance will have no material impact on our consolidated financial statements.

NOTE 2 Investments

The following is a summary of short-term investments (available for sale):


	October 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	294,648	$	—	$	462,578


	November 1, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	328,514	$	—	$	496,444

The fair values were estimated based on unadjusted quoted prices at each respective period end.

Notes to Consolidated Financial Statements

NOTE 3 Fair Values of Financial Investments

The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates fair value because of the short maturity of those instruments.

The Company accounts for the fair value of financial investments in accordance with FASB ASC No. 820 “Fair Value Measurements” (ASC No. 820).

ASC No. 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability (i.e. exit price) in an orderly transaction between market participants at the measurement date. ASC No. 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e. inputs) used in the valuation. Financial assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement. The ASC No. 820 fair value hierarchy is defined as follows:

•

Level 1—Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

•

Level 2—Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly.

•

Level 3—Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date.

The following table represents the Company’s financial assets and liabilities which are carried at fair value at October 31, 2015 and November 1, 2014.


	October 31, 2015
	Level 1		Level 2		Level 3
Equity securities in a public company	$	462,578	$	—	$	—

	$	462,578	$	—	$	—


	November 1, 2014
	Level 1		Level 2		Level 3
Equity securities in a public company	$	496,444	$	—	$	—
Non-recurring fair value investment		—		—		146,403

	$	496,444	$	—	$	146,403

The level 3 non-recurring fair value investment represents the investment in Cypress Creek limited partnership.

NOTE 4 Related Party Transactions

Affiliated Entities

TLT, Inc. – Our President and Chairman of the Board of Directors (“President”) and the Executive Vice President each own 50% of the stock of TLT, Inc. TLT, Inc. is the general partner of limited partnerships which are developing manufactured housing communities in Central Florida (the “TLT Communities”). Our President owns between a 24.75% and a 49.5% direct and indirect interest in each of these limited partnerships. Our Executive Vice President owns between a 49.5% and a 57.75% direct and indirect interest in each of these limited partnerships. The TLT Communities have purchased manufactured homes exclusively from the Company since 1990. Sales to TLT Communities were not significant during fiscal years 2015 and 2014.

Walden Woods – The Company’s principal shareholder owns 51% of Walden Woods South LLC, which owns the Walden Woods South community.

Notes to Consolidated Financial Statements

NOTE 5 Other Investments

Investment in Joint Venture – Majestic 21 – During fiscal 1997, the Company contributed $250,000 for a 50% interest in a joint venture engaged in providing mortgage financing on manufactured homes. This investment is accounted for under the equity method of accounting.

While Majestic 21 has been deemed to be a variable interest entity, the Company only holds a 50% interest in this entity and all allocations of profit and loss are on a 50/50 basis. Since all allocations are to be made on a 50/50 basis and the Company’s maximum exposure is limited to its investment in Majestic 21, management has concluded that the Company would not absorb a majority of Majestic 21’s expected losses nor receive a majority of Majestic 21’s expected residual returns; therefore, the Company is not required to consolidate Majestic 21 with the accounts of Nobility Homes in accordance with ASC 810.

See Note 13 for discussion of the Company’s guarantee of a $5 million note payable of Majestic 21.

The following is summarized financial information of the Company’s joint venture:


	October 31, 2015		November 1, 2014
Total Assets	$	14,499,423	$	16,457,594
Total Liabilities	$	10,511,965	$	11,747,081
Total Equity	$	3,987,458	$	4,710,513
Net Income	$	276,945	$	269,840

Distributions received from the joint venture amounted to $500,000 in fiscal year 2015. There were no distributions received from the joint venture in fiscal year 2014.

With regard to our investment in Majestic 21, there are no differences between our investment balance and the amount of underlying equity in net assets owned by Majestic 21.

Investment in Retirement Community Limited Partnerships – The Company has a 31.3% investment interest in Walden Woods South LLC (“Walden Woods”), which owns and operates a retirement manufactured home community named Walden Woods located in Homosassa, Florida. The Company’s investment in Walden Woods is fully impaired. The majority owner of Walden Woods is the Company’s principal shareholder. The Company’s principal shareholder guaranteed the financing used to purchase Walden Woods Park, which created an implicit guarantee from the Company. The implicit guarantee caused Walden Woods Park to be a variable interest entity as defined in Accounting Standard Codification (ASC) 810. The Company is considered to currently have an implicit guarantee with Walden Woods because it is a related party to the primary guarantor. In determining the primary beneficiary of the variable interest entity, the Company has determined the principal shareholder has the power to direct the activities that most significantly impact the economic performance of Walden Woods. As a result, in accordance with ASC 810, Walden Woods has not been consolidated in the financial statements of the Company.

These investments in Walden Woods and Cypress Creek are accounted for under the equity method of accounting and all allocations of profit and loss are on a pro-rata basis. Since the Company’s maximum exposure is limited to its investment in Walden Woods and Cypress Creek, management has concluded that the Company would not absorb a majority of Walden Woods’ or Cypress Creek’s expected losses nor receive a majority of Walden Woods’ and Cypress Creek’s expected residual returns; therefore, the Company is not required to consolidate Walden Woods and Cypress Creek with the accounts of Nobility Homes in accordance with FASB ASC No. 810-10.

Notes to Consolidated Financial Statements

The following is summarized financial information of Walden Woods and Cypress Creek as of September 30, 2015 and September 30, 2014*:


	September 30, 2015			September 30, 2014
Total Assets	$	13,273,488		$	13,477,599
Total Liabilities	$	17,101,517		$	16,271,729
Total Deficit	$	(3,828,029	)	$	(2,794,130	)

*	Due to Walden Woods, and Cypress Creek having a calendar year-end, the summarized financial information provided is from their most recent quarter.

The following table summarizes the change in the investments for fiscal year 2015 and 2014:


	Walden Woods		Cypress Creek
Investment at November 2, 2013	$	—	$	467,934
Losses on investment		—		(321,531	)

Investment at November 1, 2014		—		146,403
Losses on investment		—		(146,403	)

Investment at October 31, 2015	$	—	$	—

The Company has no obligation to fund future operating losses of Walden Woods or Cypress Creek and accordingly, has not reduced the investment carrying value to less than zero.

NOTE 6 Inventories

The Company acquired a significant amount of repossessed pre-owned inventory in 2011. The Company will continue to sell the remaining pre-owned inventory and monitor and reduce, if necessary, the value of this inventory if circumstances so indicate in future periods. The Company could experience additional losses on the disposition of these homes beyond the level of the reserve recorded by the Company.

A breakdown of the elements of inventory at October 31, 2015 and November 1, 2014 is as follows:


	October 31, 2015			November 1, 2014
Raw materials	$	721,751		$	622,831
Work-in-process		113,891			114,368
Finished homes		5,114,568			4,722,923
Model home furniture and others		69,495			56,418

Inventories, net	$	6,019,705		$	5,516,540

Pre-owned homes *	$	5,516,272		$	6,322,483
Inventory impairment reserve		(1,425,108	)		(1,772,280	)

		4,091,164			4,550,203
Less homes expected to sell in 12 months		(1,366,974	)		(2,839,203	)

Pre-owned homes, long-term	$	2,724,190		$	1,711,000

Notes to Consolidated Financial Statements

*	The following table summarizes a breakdown of pre-owned homes inventory for fiscal year 2015 and 2014:


	Total pre-owned homes
Balance at November 2, 2013	$	9,215,590
Purchased		525,436
Sold		(3,418,543	)

Balance at November 1, 2014		6,322,483
Purchased		932,197
Sold		(1,738,408	)

Balance at October 31, 2015	$	5,516,272

An analysis of the inventory impairment reserve at October 31, 2015 and November 1, 2014 is as follows:


	October 31, 2015			November 1, 2014
Beginning inventory impairment reserve	$	1,772,280		$	2,711,595
Less: Reductions for homes sold		(258,001	)		(691,094	)
Inventory holding costs		(141,468	)		(211,334	)
Plus: Additions (subtractions) to impairment reserve		52,297			(36,887	)

Ending inventory impairment reserve	$	1,425,108		$	1,772,280

NOTE 7 Properties, Plant and Equipment

Property, plant and equipment, along with their estimated useful lives and related accumulated depreciation are summarized as follows:


	Range of Lives in Years	October 31, 2015			November 1, 2014
Land	—	$	2,349,383		$	2,349,383
Land improvements	10-20		839,912			839,912
Buildings and improvements	15-40		2,813,761			2,786,761
Machinery and equipment	3-10		1,180,377			1,089,401
Furniture and fixtures	3-10		437,432			437,432

			7,620,865			7,502,889
Less accumulated depreciation			(3,655,987	)		(3,545,818	)

		$	3,964,878		$	3,957,071

NOTE 8 Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following:


	October 31, 2015		November 1, 2014
Accrued warranty expense	$	100,000	$	75,000
Accrued taxes		261,289		215,807
Other accrued expenses		564,915		235,489

Total accrued expenses and other current liabilities	$	926,204	$	526,296

Notes to Consolidated Financial Statements

NOTE 9 Income Taxes

The Company computes income tax expense using the liability method. Under this method, deferred income taxes are provided, to the extent considered realizable by management, for basis differences of assets and liabilities for financial reporting and income tax purposes.

The Company follows guidance issued by the Financial Accounting Standards Board (“FASB”) with respect to accounting for uncertainty in income taxes. A tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded.

The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the state of Florida. The Company’s income tax returns for the past three years are subject to examination by tax authorities, and may change upon examination. The Company does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months.

The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company did not reflect any amounts for interest and penalties in its 2015 or 2014 statements of operations, nor are any amounts accrued for interest and penalties at October 31, 2015 or November 1, 2014.

The provision for income taxes for the years ended consists of the following:


	October 31, 2015			November 1, 2014
Current tax expense:
Federal	$	5,629		$	4,036
State		—			—

		5,629			4,036
Deferred tax expense		1,105,489			489,921
Valuation allowance		(975,312	)		(489,921	)

Income tax expense	$	135,806		$	4,036

The following table shows the reconciliation between the statutory federal income tax rate and the actual provision for income taxes for the years ended:


	October 31, 2015			November 1, 2014
Provision—federal statutory tax rate	$	1,037,408		$	429,057
Increase (decrease) resulting from:
State taxes, net of federal tax benefit		110,759			45,808
Permanent differences:
Stock option expirations		6,045			20,773
Other		(43,094	)		(1,681	)
Changes in DTA valuation allowance		(975,312	)		(489,921	)

Income tax expense	$	135,806		$	4,036

Notes to Consolidated Financial Statements

The types of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts and the related deferred tax assets and deferred tax liabilities are as follows:


	October 31, 2015			November 1, 2014
Deferred tax assets:
Allowance for doubtful accounts	$	87,261		$	87,261
Inventories		651,980			782,308
Carrying value of other investments		1,186,668			1,939,918
Accrued expenses		75,141			58,311
Stock-based compensation		8,971			10,507
Net operating loss		—			231,289
Valuation allowance		—			(975,312	)

Total deferred tax assets		2,010,021			2,134,282
Deferred tax liabilities:
Depreciation		(37,982	)		(33,288	)
State income tax refunds		(29,598	)		(29,598	)
Amortization		(58,810	)		(58,810	)
Prepaid expenses		(17,808	)		(16,586	)

Net deferred tax assets	$	1,865,823		$	1,996,000

At November 1, 2014, the Company has unused net operating loss carry forwards totaling approximately $600,000. These net operating losses were applied to 2015 taxable income.

These amounts are included in the accompanying consolidated balance sheets under the following captions:


	October 31, 2015			November 1, 2014
Current assets:
Deferred tax assets	$	814,381		$	927,879
Deferred tax liabilities		(159,188	)		(170,710	)
Valuation allowance		—			(248,535	)

Net current deferred taxes		655,193			508,634

Non-current assets:
Deferred tax assets		1,307,422			2,306,241
Deferred tax liabilities		(96,792	)		(92,098	)
Valuation allowance		—			(726,777	)

Net non-current deferred taxes		1,210,630			1,487,366

Net deferred tax asset	$	1,865,823		$	1,996,000

In assessing the ability to realize a portion of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. In fiscal year 2015, the Company determined that a valuation reserve for the Company’s deferred tax assets was not considered necessary as the deferred tax assets were fully realizable. The decision was made based on the strong profitability for two consecutive years, the reduction in deferred tax assets in 2015, and the complete utilization of all net operating loss carryforwards. In fiscal 2014, the Company had determined that, due to negative evidence as a result of losses in numerous consecutive years through 2011, a valuation reserve was required to reduce the Company’s net deferred taxes to a level supportable by certain tax planning strategies that could be enacted to realize deferred tax assets, if necessary.

The primary tax planning strategy is the potential sale of real estate, primarily land not currently used in the operations of the Company, to generate taxable gains. The Company has assessed that these strategies could result in the realization of approximately $2.0 million of deferred tax assets. The amount of deferred tax assets above this amount are reserved with a valuation allowance. There no valuation allowance at October 15, 2015. The valuation allowance was approximately $975,000 at November 1, 2014.

Notes to Consolidated Financial Statements

The Company’s tax planning strategies include estimates as to the amount of gains on sales of properties that could be realized. The Company believes these amounts are reasonable and supportable but, if circumstances change, these amounts could be affected which would impact the amount of net deferred taxes which would be supportable. The Company will continue to monitor these matters at each future reporting period.

NOTE 10 Stockholders’ Equity

Authorized preferred stock may be issued in series with rights and preferences designated by the Board of Directors at the time it authorizes the issuance of such stock. The Company has never issued any preferred stock. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the accompanying consolidated financial statements. The Company repurchased 34,800 and 0 shares of its common stock during fiscal years 2015 and 2014, respectively.

NOTE 11 Stock Option Plan

In June 2011, the Company’s Board of Directors adopted and the Company’s shareholders later approved, the Nobility Homes, Inc. 2011 Stock Incentive Plan (the “Plan”), providing for the issuance of options to purchase shares of common stock, stock appreciation rights and other stock-based awards to employees and non-employee directors. A total of 300,000 shares were reserved for issuance under the Plan, all of which may be issued pursuant to the exercise of incentive stock options. At October 31, 2015, options available for future grant under the plan were 300,000 and no options were outstanding.

As of October 31, 2015, the Company has 5,000 stock options outstanding that were granted pursuant to individual award agreements outside of the 2011 Plan. The Company does not expect to award additional stock options outside of the 2011 Plan in the future.

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is to be recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). The grant date fair value of employee share options and similar instruments will be estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. During fiscal years 2015 and 2014, the Company recognized approximately $9,000 and $8,000 in compensation cost related to stock options respectively.

A summary of information with respect to options granted is as follows:


	Number of Shares			Stock Option Price Range		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at November 2, 2013		30,400			7.91 - 18.50		13.58
Granted		—			—		—
Exercised		(5,875	)		7.91 - 8.49		7.93
Canceled		(17,525	)		7.91 - 18.50		17.30

Outstanding at November 1, 2014		7,000		$	7.91 - 10.45	$	9.02

Granted		—			—		—
Exercised		(2,000	)		7.91		7.91
Canceled		—			—		—

Outstanding at October 31, 2015		5,000		$	8.49 - 10.45	$	9.47	$	16,900

The aggregate intrinsic value in the table above represents total intrinsic value (of options in the money), which is the difference between the Company’s closing stock price on the last trading day of fiscal year 2015 and the exercise price times the number of shares, that would have been received by the option holders had the option holders exercised their options on October 31, 2015.

Notes to Consolidated Financial Statements

The following table summarizes information about the outstanding stock options at October 31, 2015:


Options Outstanding							Options Exercisable
Exercise Prices	Shares Outstanding		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$10.45		2,500		1	$	10.45		2,500	$	10.45
$ 8.49		2,500		—		8.49		1,750		8.49

		5,000		1	$	9.47		4,250	$	9.64

The fair value of each option is determined using the Black-Scholes option-pricing model which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, expected dividend payments, and the risk-free interest rate over the expected life of the option. The dividend yield was calculated by dividing the current annualized dividend by the option exercise price for each grant. The expected volatility was determined considering the Company’s historical stock prices for the fiscal year the grant occurred and prior fiscal years for a period equal to the expected life of the option. The risk-free interest rate was the rate available on zero coupon U.S. government obligations with a term equal to the expected life of the option. The expected life of the option was estimated based on the exercise history from previous grants.

As of October 31, 2015, there is $602 of total unrecognized compensation cost related to non-vested share based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted average period of .14 years.

NOTE 12 Employee Benefit Plan

The Company has a defined contribution retirement plan (the “Plan”) qualifying under Section 401(k) of the Internal Revenue Code. The Plan covers employees who have met certain service requirements. The Company makes a discretionary matching contribution of up to 20% of an employee’s contribution, up to a maximum of 6% of an employee’s compensation. The contribution expense charged to operations in fiscal years 2015 was $20,000 and no contribution expense charged in 2014.

NOTE 13 Commitments and Contingent Liabilities

Operating Leases – The Company leases the property for several Prestige retail sales centers from various unrelated entities under operating lease agreements expiring through November 2017. The Company also leases certain equipment under unrelated operating leases. These leases have varying renewal options. Total rent expense for operating leases, including those with terms of less than one year, amounted to $189,333 and $183,631 in fiscal year 2015 and 2014, respectively.

Future minimum payments by year and in the aggregate, under the aforementioned leases and other non-cancelable operating leases with initial or remaining terms in excess of one year, as of October 31, 2015 are as follows for the fiscal years ending:


2016	$	30,388
2017	$	20,009

Majestic 21 – On May 20, 2009, the Company became a 50% guarantor on a $5 million note payable entered into by Majestic 21, a joint venture in which the Company owns a 50% interest. This guarantee was a requirement of the bank that provided the $5 million loan to Majestic 21. The $5 million guarantee of Majestic 21’s debt is for the life of the note which matures on the earlier of May 31, 2019 or when the principal balance is less than $750,000. The amount of the guarantee declines with the amortization and repayment of the loan. As collateral for the loan, 21^st Mortgage Corporation (our joint venture partner) has granted the lender a security interest in a pool of loans encumbering homes sold by Prestige Homes Centers, Inc. If the pool of loans securing this note should decrease in value so that the notes outstanding principal balance is in excess of 80% of the principal balance of the pool of loans, then Majestic 21 would have to pay down the note’s principal balance to an amount that is no more than 80% of the principal balance of the pool of loans. The Company and 21^st Mortgage Corporation are obligated jointly to contribute the amount necessary to bring the loan balance back down to 80% of the collateral provided. We do not anticipate any required contributions as the pool of loans securing the note have historically been in excess of 100% of the collateral value. As of October 31, 2015, the outstanding principal balance of the note was $1,294,148 and the amount of collateral held by our joint venture partner for the Majestic 21 note payable was $2,167,170. Should the collateral not be sufficient, the Company’s maximum exposure at October 31, 2015, would be 50% or $647,074 of the outstanding principal balance. Based upon management’s analysis, the fair value of the guarantee is not material and as a result, no liability for the guarantee has been recorded in the accompanying balance sheets of the Company.

Notes to Consolidated Financial Statements

On October 31, 2015 there was approximately $170,573 in loan loss reserves or 1.19% of the portfolio in Majestic 21. The Majestic 21 joint venture partnership is monitoring loan loss reserves on a monthly basis and is adjusting the loan loss reserves as necessary. The Majestic 21 joint venture is reflected on 21st Mortgage Corporation’s financial statements which are included in the financial statements of its ultimate parent which is a public company. Management believes the loan loss reserves are adequate based upon its review of the Majestic 21 joint venture partnership’s financial statements.

Other Contingent Liabilities – Certain claims and suits arising in the ordinary course of business have been filed or are pending against the Company. In the opinion of management, the ultimate outcome of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. Accordingly, the Company has not made any accrual provisions for litigation in the accompanying consolidated financial statements.

The Company does not maintain casualty insurance on some of its property, including the inventory at our retail centers, our plant machinery and plant equipment and is at risk for those types of losses.

NOTE 14 Subsequent Events

On November 20, 2015 and December 16, 2015, the Company repurchased 6,475 and 4,800 shares of its common stock for an aggregate purchase price of $74,786 and $57,600 respectively.

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

There were no disagreements with accountants on accounting and financial disclosure matters.

Item 9A.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures. The Company’s Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) have evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a–15(e) and 15d–15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report (the “Evaluation Date”). Based on their evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures require remedial action as of the Evaluation Date as outlined in management’s Report on Internal Controls over Financial Reporting as outlined below.

Management’s Annual Report on Internal Control over Financial Reporting. The Company’s management is responsible for establishing and maintaining adequate and effective internal control over financial reporting in order to provide reasonable assurance of the reliability of the Company’s financial reporting and preparation of financial statements for external reporting purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting involves policies and procedure that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and disposition of assets of the issuer; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made in accordance with authorizations of management and directors of the issuer; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer Company assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Company’s management assessed the effectiveness of its internal control over financial reporting as of October 31, 2015 based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and determined that its internal controls were effective.

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting.

Changes in internal control over financial reporting. There were no changes in our internal controls over financial reporting that occurred during the fourth quarter of fiscal 2015 that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

Item 9B.

Other Information

None.

PART III

Item 10.

Directors, Executive Officers and Corporate Governance

Information is incorporated by reference pursuant to Instruction G of Form 10-K from its definitive proxy statement for the 2016 annual meeting of shareholders.

The following table provides the names, ages and business experience for the past five years for each of Nobility’s executive officers. Executive officers are each elected for one year terms.

Executive Officers


Terry E. Trexler (76)		Chairman of the Board and President of Nobility since 1967; Mr. Trexler is also President of TLT, Inc.

Thomas W. Trexler (52)		Executive Vice President and Chief Financial Officer of Nobility since December 1994; President of Prestige Home Centers, Inc. since June 1995; Director of Prestige since 1993 and Vice President from 1991 to June 1995; President of Mountain Financial, Inc. since August 1992; Vice President of TLT, Inc. since September 1991.

Jean Etheredge (70)		Secretary since 1967.

Lynn J. Cramer, Jr. (70)		Treasurer since 1980.

Thomas W. Trexler, Executive Vice President, Chief Financial Officer and a director, is the son of Terry E. Trexler, Nobility’s President and Chairman of the Board. There are no other family relationships between any directors or executive officers.

Code of Ethics

We have adopted a code of ethics that applies to the principal executive officer, principal financial officer, executive vice presidents and controller. The code has been designed in accordance with provisions of the Sarbanes-Oxley Act of 2002, to promote honest and ethical conduct.

Our code of ethics is available on our website at www.nobilityhomes.com. You may also obtain a copy of the Nobility Homes, Inc. Code of Ethics, at no cost, by forwarding a written request to the Secretary, Nobility Homes, Inc., 3741 SW 7^th Street, Ocala, Florida 34474.

Item 11.

Executive Compensation

Information concerning executive compensation is incorporated by reference pursuant to Instruction G of Form 10-K from Nobility’s definitive proxy statement for the 2016 annual meeting of shareholders.

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Information concerning security ownership of certain beneficial owners and management is incorporated by reference pursuant to Instruction G of Form 10-K from Nobility’s definitive proxy statement for the 2016 annual meeting of shareholders.

Item 13.

Certain Relationships and Related Transactions, and Director Independence

Information concerning certain relationships and related transactions is incorporated by reference pursuant to Instruction G of Form 10-K from Nobility’s definitive proxy statement for the 2016 annual meeting of shareholders.

Item 14.

Principal Accounting Fees and Services

Information concerning principal accountant fees and services is incorporated by reference pursuant to Instruction G of Form 10-K from Nobility’s definitive proxy statement for the 2016 annual meeting of shareholders.

PART IV

Item 15.

Exhibits and Financial Statement Schedules

(a)

Consolidated Financial Statements and Schedules

Report of Averett Warmus Durkee, P.A.

Consolidated Balance Sheets at October 31, 2015 and November 1, 2014

Consolidated Statements of Comprehensive Income for the Years Ended October 31, 2015 and November 1, 2014

Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended October 31, 2015 and November 1, 2014

Consolidated Statements of Cash Flows for the Years Ended October 31, 2015 and November 1, 2014

Notes to Consolidated Financial Statements

(b)

Exhibits:

In reviewing the agreements included as exhibits to this report, please remember they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company, its subsidiaries or other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

•

should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

•

have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

•

may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and

•

were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this report and the Company’s other public files, which are available without charge through the SEC’s website at http://www.sec.gov.


3.(a)		Nobility’s Articles of Incorporation, as amended (filed as an exhibit to Nobility’s Form 10-K for the fiscal year ended November 1, 1997 and incorporated herein by reference).

(b)		Bylaws, as amended March 28, 1994 (filed as an exhibit to Nobility’s Form 10-KSB for the fiscal year ended October 29, 1994 and incorporated herein by reference.)

10.(a)		Joint Venture Agreement with 21st Century Mortgage Corporation (filed as an exhibit to Nobility’s Form 10-K for the fiscal year ended November 1, 1997 and incorporated herein by reference).

(b)		2011 Stock Incentive Plan (filed as part of Nobility’s definitive proxy statement filed on June 7, 2011 and incorporated herein by reference).

(c)		Agreement dated September 7, 2001 between Nobility and Terry E. Trexler relating to use of life insurance proceeds (filed as an exhibit to Nobility’s Form 10-K for the fiscal year ended November 3, 2001 and incorporated herein by reference).

(d)		Finance Revenue Sharing Agreement dated April 10, 2004 between 21st Mortgage Corporation, Prestige Home Centers, Inc. and Majestic Homes, Inc. (filed as an exhibit to Nobility’s Form 10-K for the fiscal year ended October 31, 2009 and incorporated herein by reference).

(e)		Seventh Amendment to the Finance Revenue Sharing Agreement dated April 10, 2004 with 21st Mortgage Corporation (filed as an exhibit to Nobility’s Form 8-K filed November 14, 2011 and incorporated herein by reference).


(f)		Loan and Security Agreement dated May 20, 2009, by and among Clayton Bank & Trust, Majestic 21 Partnership, 21st Mortgage Corporation, Majestic Homes, Inc. and the Company, as guarantor (filed as an exhibit to Nobility’s Form 10-K for the fiscal year ended October 31, 2009 and incorporated herein by reference).

(g)		Term Note dated May 20, 2009 in favor of Clayton Bank & Trust (filed as an exhibit to Nobility’s Form 10-K for the fiscal year ended October 31, 2009 and incorporated herein by reference).

21.1		Subsidiaries of Nobility.

23.1		Consent of Averett Warmus Durkee, P.A.

31.(a)		Written Statement of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.

(b)		Written Statement of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934.

32.(a)		Written Statement of Chief Executive Officer pursuant to 18 U.S.C. §1350.

(b)		Written Statement of Chief Financial Officer pursuant to 18 U.S.C. §1350.

101.		Interactive data filing formatted in XBRL.

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NOBILITY HOMES, INC.


DATE: January 28, 2016						By: /s/ Terry E. Trexler
						Terry E. Trexler, Chairman,
						President and Chief Executive Officer (Principal Executive Officer)

DATE: January 28, 2016						By: /s/ Thomas W. Trexler
						Thomas W. Trexler, Executive Vice President
						and Chief Financial Officer (Principal Financial Officer)

DATE: January 28, 2016						By: /s/ Lynn J. Cramer, Jr.
						Lynn J. Cramer, Jr., Treasurer
						and Principal Accounting Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:


DATE: January 28, 2016						By: /s/ Terry E. Trexler
						Terry E. Trexler, Director

DATE: January 28, 2016						By: /s/ Richard C. Barberie
						Richard C. Barberie, Director

DATE: January 28, 2016						By: /s/ Robert P. Saltsman
						Robert P. Saltsman, Director

DATE: January 28, 2016						By: /s/ Thomas W. Trexler
						Thomas W. Trexler, Director

EX-21.1 2 d112996dex211.htm SUBSIDIARIES Subsidiaries

Exhibit 21.1

Subsidiaries of Registrant


Prestige Home Centers, Inc.			Florida
Mountain Financial, Inc. (a subsidiary of Prestige Home Centers, Inc.)			Florida
Majestic Homes, Inc. (a subsidiary of Prestige Home Centers, Inc.)			Florida
Nobility Parks I, LLC			Florida
Nobility Parks II, LLC			Florida

EX-23.1 3 d112996dex231.htm CONSENT Consent

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in Registration Statement (No. 333-102919) on Form S-8 of Nobility Homes, Inc., of our report dated January 28, 2016, relating to our audits of the consolidated financial statements, which appear in this Annual Report on Form 10-K of Nobility Homes, Inc., for the years ended October 31, 2015 and November 1, 2014.

/s/ Averett Warmus Durkee, P.A.

Orlando, Florida

January 28, 2016

EX-31.(A) 4 d112996dex31a.htm WRITTEN STATEMENT CEO Written Statement CEO

Exhibit 31(a)

Certifications of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a)

or 15d-14(a) under the Securities Exchange Act of 1934

I, Terry E. Trexler, certify that:

1.	I have reviewed this Annual Report on Form 10-K of Nobility Homes, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

EX-31.(B) 5 d112996dex31b.htm WRITTEN STATEMENT CFO Written Statement CFO

Exhibit 31(b)

Certifications of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a)

or 15d-14(a) under the Securities Exchange Act of 1934

I, Thomas W. Trexler, certify that:

1.	I have reviewed this Annual Report on Form 10-K of Nobility Homes, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

EX-32.(A) 6 d112996dex32a.htm WRITTEN STATEMENT CEO Written Statement CEO

Exhibit 32(a)

Written Statement of the Chief Executive Officer

Pursuant to 18 U.S.C. §1350

Solely for the purposes of complying with 18 U.S.C. Section 1350, I, the undersigned Chairman and Chief Executive Officer of Nobility Homes, Inc. (the “Company”), hereby certify that:

The Annual Report on Form 10-K of the Company for the year ended October 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

EX-32.(B) 7 d112996dex32b.htm WRITTEN STATEMENT CFO Written Statement CFO

Exhibit 32(b)

Written Statement of the Chief Financial Officer

Pursuant to 18 U.S.C. §1350

Solely for the purposes of complying with 18 U.S.C. Section 1350, I, the undersigned Executive Vice President and Chief Financial Officer of Nobility Homes, Inc. (the “Company”), hereby certify that:

The Annual Report on Form 10-K of the Company for the year ended October 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

EX-101.INS 8 nobh-20151031.xml XBRL INSTANCE DOCUMENT

16271729

-2794130

13477599

17101517

-3828029

13273488

4250

5000

1333338

10000000

9.47

0.10

500000

300000

5364907

9.64

0.10

20009

1425108

30388

10650723

564915

159188

39095752

390573

926204

1323861

261289

100000

926204

294648

17808

704467

37493077

42440857

536491

100000

3655987

3345105

96792

247724

2915469

75141

721751

1307422

1210630

651980

602

462578

2000000

335

156287

1186668

8971

42440857

69495

2724190

6019705

2937922

3964878

814381

2010021

9832263

29048030

1865823

87261

5114568

655193

113891

826180

16769292

1210630

2243729

7620865

462578

16900

655193

167930

5516272 29598 1366974 4091164 170573 58810 750000 10 5000000 9851 0.35 1294148 37982 0.20 177644 500 2167170

2813761

839912

437432

2349383

1180377

462578

0.5775

0.495

0.2475

0.50

10511965

3987458

14499423

647074 5000000 0.50

0.313

0.51

0.50

0.485

1750

2500

8.49

2500

10.45

10.45 8.49

2754599

4031569

536491

37493077

-9832263

10650723

247724

4020294 10090631

30400

13.58

2711595

35183656

75000

10468453

9215590

467934

18.50 7.91

4057053

536491

33319784

-9545057

10632060

240378

7000

1301038

10000000

9.02

0.10

500000

5364907

0.10

1772280

10643866

235489

170710

36549960

320502

526296

1029088

215807

75000

526296

328514

16586

502259

248535

34577682

38928105

726777

536491

75000

3545818

2378145

975312

92098

281590

2765137

58311

622831

2306241

1487367

231289

782308

496444

5964

156287

1939918

10507

38928105

56418

1711000

5516540

2141468

3957071

927879

2134282

9489669

25918780

1996000

87261

600000

4722923

508633

114368

286990

14116412

1487366

2751663

7502889

496444

508634

167930

6322483 29598 2839203 4550203 58810 7126 33288 180800

2786761

839912

437432

2349383

1089401

146403

496444

11747081

4710513

16457594

146403

10.45 7.91

1963520

4063869

536491

34577682

-9489669

10643866

281590

4800

57600

6475

74786

0.72

2765781

<div> The types of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts and the related deferred tax assets and deferred tax liabilities are as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Allowance for doubtful accounts </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">87,261</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">87,261</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Inventories </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">651,980</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">782,308</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Carrying value of other investments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,186,668</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,939,918</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accrued expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">75,141</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">58,311</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Stock-based compensation </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,971</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,507</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net operating loss </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">231,289</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Valuation allowance </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(975,312</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total deferred tax assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,010,021</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,134,282</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred tax liabilities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Depreciation </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(37,982</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(33,288</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> State income tax refunds </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29,598</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29,598</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(58,810</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(58,810</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Prepaid expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,808</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(16,586</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net deferred tax assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,865,823</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,996,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

34800

<div> NOTE 12 Employee Benefit Plan The Company has a defined contribution retirement plan (the “Plan”) qualifying under Section 401(k) of the Internal Revenue Code. The Plan covers employees who have met certain service requirements. The Company makes a discretionary matching contribution of up to 20% of an employee’s contribution, up to a maximum of 6% of an employee’s compensation. The contribution expense charged to operations in fiscal years 2015 was $20,000 and no contribution expense charged in 2014. </div>

2015

<div> Major Customers – Sales to two publicly traded REITs (Real Estate Investment Trusts) which own multiple retirement communities in our market area accounted for $1,209,705 or 4% and $2,166,625 or 8% of our total sales in fiscal year 2015 and $304,345 or 1% and $1,700,910 or 8% of our total sales in fiscal year 2014. Other companies which own multiple retirement communities in our market area accounted for $3,120,000 or 11% of our total sales in fiscal year 2015 and $1,908,125 or 9% of our total sales in fiscal year 2014. Accounts receivable due from these customers were $2,754,599 and $1,963,520 at October 31, 2015 and November 1, 2014, respectively. </div>

<div> Description of Business and Principles of Consolidation – The consolidated financial statements include the accounts of Nobility Homes, Inc. (“Nobility”), its wholly-owned subsidiaries, Prestige Home Centers, Inc. (“Prestige”) Nobility Parks I, LLC, Nobility Parks II, LLC and Prestige’s wholly-owned subsidiaries, Mountain Financial, Inc., an independent insurance agency and licensed mortgage loan originator and Majestic Homes, Inc., (collectively the “Company”). The Company is engaged in the manufacture and sale of manufactured and modular homes to various dealerships, including its own retail sales centers, and manufactured housing communities throughout Florida. The Company has one manufacturing plant in operation that is located in Ocala, Florida. At October 31, 2015 Prestige operated ten Florida retail sales centers: Ocala (2), Chiefland, Auburndale, Inverness, Hudson, Tavares, Yulee, Panama City and Punta Gorda. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). </div>

<div> The provision for income taxes for the years ended consists of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current tax expense: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Federal </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,629</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,036</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> State </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,629</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,036</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,105,489</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">489,921</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Valuation allowance </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(975,312</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(489,921</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income tax expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">135,806</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,036</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

false

<div> NOTE 2 Investments The following is a summary of short-term investments (available for sale):   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="55%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="14" align="center">October 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Amortized Cost</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Gross Unrealized Gains</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Gross Unrealized Losses</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Estimated Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Equity securities in a public company </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">167,930</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">294,648</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">462,578</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="55%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="14" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Amortized Cost</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Gross Unrealized Gains</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Gross Unrealized Losses</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Estimated Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Equity securities in a public company </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">167,930</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">328,514</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">496,444</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The fair values were estimated based on unadjusted quoted prices at each respective period end. </div>

<div> Revenue Recognition – The Company recognizes revenue from its retail sales of new manufactured homes upon the occurrence of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Its receipt of a down payment,</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Construction of the home is complete,</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Home has been delivered and set up at the retail home buyer’s site, and title has been transferred to the retail home buyer,</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Remaining funds have been released by the finance company (financed sales transaction), remaining funds have been committed by the finance company by an agreement with respect to financing obtained by the customer, usually in the form of a written approval for permanent home financing received from a lending institution, (financed construction sales transaction) or cash has been received from the home buyer (cash sales transaction), and</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Completion of any other significant obligations.</td> </tr> </table> The Company recognizes revenue from the sale of the repurchased homes upon transfer of title to the new purchaser. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. For wholesale shipments to independent dealers, the Company has no obligation to setup the home or to complete any other significant obligations. The Company recognizes revenues from its wholly-owned subsidiary, Mountain Financial, Inc., as follows: commission income (and fees in lieu of commissions) is recorded as of the effective date of insurance coverage or the billing date, whichever is later. Commissions on premiums billed and collected directly by insurance companies are recorded as revenue when received which, in many cases, is the Company’s first notification of amounts earned due to the lack of policy and renewal information. Contingent commissions are recorded as revenue when received. Contingent commissions are commissions paid by insurance underwriters and are based on the estimated profit and/or overall volume of business placed with the underwriter. The data necessary for the calculation of contingent commissions cannot be reasonably obtained prior to the receipt of the commission which, in many cases, is the Company’s first notification of amounts earned. The Company provides appropriate reserves for policy cancellations based on numerous factors, including past transaction history with customers, historical experience, and other information, which is periodically evaluated and adjusted as deemed necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations at October 31, 2015 or November 1, 2014. </div>

P1Y

<div> A summary of information with respect to options granted is as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="53%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Number of Shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Stock Option Price Range</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Weighted Average Exercise Price</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Aggregate Intrinsic Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at November 2, 2013 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,400</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> 7.91 - 18.50</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13.58</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Granted </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Exercised </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,875</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> 7.91 -   8.49</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.93</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Canceled </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,525</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> 7.91 - 18.50</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.30</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at November 1, 2014 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> 7.91 - 10.45</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9.02</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Granted </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Exercised </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,000</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right">7.91</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.91</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Canceled </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at October 31, 2015 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right">8.49 - 10.45</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9.47</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,900</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> The following is a summary of short-term investments (available for sale):   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="55%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="14" align="center">October 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Amortized Cost</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Gross Unrealized Gains</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Gross Unrealized Losses</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Estimated Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Equity securities in a public company </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">167,930</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">294,648</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">462,578</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="55%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="14" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Amortized Cost</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Gross Unrealized Gains</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Gross Unrealized Losses</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Estimated Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Equity securities in a public company </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">167,930</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">328,514</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">496,444</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Segments – The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information on a company-wide or consolidated basis. Accordingly, the Company accounts for its operations in accordance with FAS ASC 280, “Segment Reporting.” No segment disclosures have been made as the Company considers its business activities as a single segment. </div>

<div> Accounts Receivable – Accounts receivable are stated at net realizable value. An allowance for doubtful accounts is provided based on prior collection experiences and management’s analysis of specific accounts. At October 31, 2015 and November 1, 2014, in the opinion of management, all accounts were considered fully collectible and, accordingly, no allowance was deemed necessary. Accounts receivable fluctuates due to the number of homes sold to independent dealers. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. </div>

<div> Property, Plant and Equipment – Property, plant and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. Routine maintenance and repairs are charged to expense when incurred. Major replacements and improvements are capitalized. Gains or losses are credited or charged to earnings upon disposition. </div>

<div> Warranty Costs – The Company provides for a warranty as the manufactured homes are sold. Amounts related to these warranties for fiscal years 2015 and 2014 are as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="75%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Beginning accrued warranty expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Less: reduction for payments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(326,988</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(195,819</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Plus: additions to accrual </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">351,988</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">195,819</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Ending accrued warranty expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">100,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The Company’s limited warranty covers substantial defects in material or workmanship in specified components of the home including structural elements, plumbing systems, electrical systems, and heating and cooling systems which are supplied by the Company that may occur under normal use and service during a period of twelve (12) months from the date of delivery to the original homeowner, and applies to the original homeowner or any subsequent homeowner to whom this product is transferred during the duration of this twelve (12) month period. The Company tracks the warranty claims per home. Based on the history of the warranty claims, the Company has determined that a majority of warranty claims usually occur within the first three months after the home is sold. The Company determines its warranty accrual using the last three months of home sales. </div>

10-K 0000072205

<div> Inventories – New home inventory is carried at the lower of cost or market value. The cost of finished home inventories determined on the specific identification method is removed from inventories and recorded as a component of cost of sales at the time revenue is recognized. In addition, an allocation of depreciation and amortization is included in cost of goods sold. Under the specific identification method, if finished home inventory can be sold for a profit there is no basis to write down the inventory below the lower of cost or market value. Pre-owned home inventory is valued at the Company’s cost to acquire the inventory plus refurbishment costs incurred to date to bring the inventory to a more saleable state. This amount is reduced by a valuation reserve which management believes results in inventory being valued at market. Pre-owned homes are stated at cost or net realizable value. Homes taken as trade-ins are recorded at estimated actual cash value which approximates wholesale value. Other pre-owned homes are recorded at cost determined on the specific identification method and acquired from the Company’s joint venture partner, Majestic 21 Corporation and remarketed. Majestic 21 Corporation reimburses the Company for all costs related to these homes. Other inventory costs are determined on a first-in, first-out basis. </div>

<div> Amounts related to these warranties for fiscal years 2015 and 2014 are as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="75%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Beginning accrued warranty expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Less: reduction for payments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(326,988</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(195,819</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Plus: additions to accrual </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">351,988</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">195,819</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Ending accrued warranty expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">100,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Comprehensive Income – Comprehensive income includes net income as well as other comprehensive income. The Company’s other comprehensive income consists of unrealized gains on available-for-sale securities, net of related taxes. </div>

Smaller Reporting Company

<div> Shipping and Handling Costs – Net sales include the revenue related to shipping and handling charges billed to customers. The related costs associated with shipping and handling is included as a component of cost of goods sold. </div>

<div> NOTE 8 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are comprised of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accrued warranty expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">100,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Accrued taxes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">261,289</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">215,807</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Other accrued expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">564,915</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">235,489</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total accrued expenses and other current liabilities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">926,204</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">526,296</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Concentration of Credit Risk – The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, short-term and long-term investments and accounts receivable. At times, the Company’s deposits may exceed federally insured limits. However, the Company has not experienced any losses in such accounts and management believes the Company is not exposed to any significant credit risk on these accounts. The majority of the Company’s sales are credit sales which are made primarily to customers whose ability to pay is dependent upon the industry economics prevailing in the areas where they operate; however, concentrations of credit risk with respect to accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk. The Company maintains reserves for potential credit losses when deemed necessary and such losses have historically been within management’s expectations. </div>

<div> The following table summarizes the change in the investments for fiscal year 2015 and 2014:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Walden Woods</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Cypress Creek</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Investment at November 2, 2013 </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">467,934</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Losses on investment </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(321,531</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Investment at November 1, 2014 </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">146,403</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Losses on investment </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(146,403</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Investment at October 31, 2015 </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Future minimum payments by year and in the aggregate, under the aforementioned leases and other non-cancelable operating leases with initial or remaining terms in excess of one year, as of October 31, 2015 are as follows for the fiscal years ending:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="88%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30,388</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> 2017 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,009</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> </div>

<div> NOTE 7 Properties, Plant and Equipment Property, plant and equipment, along with their estimated useful lives and related accumulated depreciation are summarized as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="47%"></td> <td valign="bottom" width="10%"></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="center"> Range of Lives in Years</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Land </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">—</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,349,383</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,349,383</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Land improvements </td> <td valign="bottom">  </td> <td valign="bottom" align="center">10-20</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">839,912</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">839,912</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Buildings and improvements </td> <td valign="bottom">  </td> <td valign="bottom" align="center">15-40</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,813,761</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,786,761</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Machinery and equipment </td> <td valign="bottom">  </td> <td valign="bottom" align="center">3-10</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,180,377</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,089,401</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Furniture and fixtures </td> <td valign="bottom">  </td> <td valign="bottom" align="center">3-10</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">437,432</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">437,432</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,620,865</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,502,889</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Less accumulated depreciation </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,655,987</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,545,818</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,964,878</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,957,071</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Investment in Majestic 21 – Majestic 21 was formed in 1997 as a joint venture with our joint venture partner, an unrelated entity, 21st Mortgage Corporation (“21st Mortgage”). We have been allocated our share of net income and distributions on a 50/50 basis since Majestic 21’s formation. While Majestic 21 has been deemed to be a variable interest entity, the Company only holds a 50% interest in this entity and all allocations of profit and loss are on a 50/50 basis. Since all allocations are to be made on a 50/50 basis and joint decisions with the joint venture partner are made which most significantly impact Majestic 21 economic performance therefore, the Company is not required to consolidate Majestic 21 with the accounts of Nobility Homes in accordance with FASB ASC 810. Management believes that the Company’s maximum exposure to loss as a result of its involvement with Majestic 21 is its investment in the joint venture recorded in the accounts of Nobility Homes as of October 31, 2015 and November 1, 2014. Based on management’s evaluation, there was no impairment of this investment at October 31, 2015 or November 1, 2014. The Company entered into an arrangement in 2002 to repurchase certain homes. Under this arrangement or any other arrangement, the Company is not obligated to repurchase any foreclosed/repossessed units of Majestic 21 as it does not have a repurchase agreement or any other guarantees with Majestic 21. However, the Company buys back foreclosed/repossessed units and acts as a remarketing agent. It resells those units through the Company’s network of retail centers as we believe it benefits the historical loss experience of the joint venture. The only impact on the Company’s operations from this arrangement are commissions earned on the resale of these units and interest received from Majestic 21 for funds the company used to carry the units while in inventory. See Note 13 for discussion of the Company’s guarantee of a $5 million note payable of Majestic 21. </div>

<div> NOTE 3 Fair Values of Financial Investments The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates fair value because of the short maturity of those instruments. The Company accounts for the fair value of financial investments in accordance with FASB ASC No. 820 “Fair Value Measurements” (ASC No. 820). ASC No. 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability (i.e. exit price) in an orderly transaction between market participants at the measurement date. ASC No. 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e. inputs) used in the valuation. Financial assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement. The ASC No. 820 fair value hierarchy is defined as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 1—Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 2—Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly.</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 3—Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date.</td> </tr> </table> The following table represents the Company’s financial assets and liabilities which are carried at fair value at October 31, 2015 and November 1, 2014.   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center">October 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Equity securities in a public company </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">462,578</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">462,578</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="12"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Equity securities in a public company </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">496,444</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Non-recurring fair value investment </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">146,403</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">496,444</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">146,403</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The level 3 non-recurring fair value investment represents the investment in Cypress Creek limited partnership. </div>

<div> Fiscal Year – The Company’s fiscal year ends on the first Saturday on or after October 31. The years ended October 31, 2015 and November 1, 2014 each consisted of fifty-two week periods. </div>

<div> Accrued expenses and other current liabilities are comprised of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accrued warranty expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">100,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Accrued taxes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">261,289</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">215,807</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Other accrued expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">564,915</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">235,489</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total accrued expenses and other current liabilities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">926,204</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">526,296</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Property, plant and equipment, along with their estimated useful lives and related accumulated depreciation are summarized as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="47%"></td> <td valign="bottom" width="10%"></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="center"> Range of Lives in Years</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Land </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap" align="center">—</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,349,383</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,349,383</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Land improvements </td> <td valign="bottom">  </td> <td valign="bottom" align="center">10-20</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">839,912</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">839,912</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Buildings and improvements </td> <td valign="bottom">  </td> <td valign="bottom" align="center">15-40</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,813,761</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,786,761</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Machinery and equipment </td> <td valign="bottom">  </td> <td valign="bottom" align="center">3-10</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,180,377</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,089,401</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Furniture and fixtures </td> <td valign="bottom">  </td> <td valign="bottom" align="center">3-10</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">437,432</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">437,432</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,620,865</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,502,889</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Less accumulated depreciation </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,655,987</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,545,818</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,964,878</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,957,071</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> A breakdown of the elements of inventory at October 31, 2015 and November 1, 2014 is as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Raw materials </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">721,751</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">622,831</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Work-in-process </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">113,891</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">114,368</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Finished homes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,114,568</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,722,923</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Model home furniture and others </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">69,495</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">56,418</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Inventories, net </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,019,705</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,516,540</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Pre-owned homes * </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,516,272</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,322,483</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Inventory impairment reserve </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,425,108</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,772,280</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,091,164</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,550,203</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Less homes expected to sell in 12 months </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,366,974</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,839,203</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Pre-owned homes, long-term </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,724,190</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,711,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="2%" align="left">*</td> <td valign="top" align="left">The following table summarizes a breakdown of pre-owned homes inventory for fiscal year 2015 and 2014:</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="77%"></td> <td valign="bottom" width="13%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total pre-owned homes</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Balance at November 2, 2013 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,215,590</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Purchased </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">525,436</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Sold </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,418,543</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Balance at November 1, 2014 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,322,483</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Purchased </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">932,197</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Sold </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,738,408</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Balance at October 31, 2015 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,516,272</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

--10-31 Yes NOBILITY HOMES INC

<div> Advertising – Advertising for Prestige retail sales centers consists primarily of newspaper, radio and television advertising. All costs are expensed as incurred. Advertising expense amounted to approximately $243,000 and $262,500 for fiscal year 2015 and 2014, respectively. </div>

<div> NOTE 6 Inventories The Company acquired a significant amount of repossessed pre-owned inventory in 2011. The Company will continue to sell the remaining pre-owned inventory and monitor and reduce, if necessary, the value of this inventory if circumstances so indicate in future periods. The Company could experience additional losses on the disposition of these homes beyond the level of the reserve recorded by the Company. A breakdown of the elements of inventory at October 31, 2015 and November 1, 2014 is as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Raw materials </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">721,751</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">622,831</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Work-in-process </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">113,891</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">114,368</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Finished homes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,114,568</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,722,923</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Model home furniture and others </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">69,495</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">56,418</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Inventories, net </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,019,705</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,516,540</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Pre-owned homes * </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,516,272</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,322,483</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Inventory impairment reserve </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,425,108</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,772,280</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,091,164</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,550,203</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Less homes expected to sell in 12 months </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,366,974</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,839,203</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Pre-owned homes, long-term </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,724,190</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,711,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="2%" align="left">*</td> <td valign="top" align="left">The following table summarizes a breakdown of pre-owned homes inventory for fiscal year 2015 and 2014:</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="77%"></td> <td valign="bottom" width="13%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total pre-owned homes</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Balance at November 2, 2013 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9,215,590</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Purchased </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">525,436</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Sold </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,418,543</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Balance at November 1, 2014 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,322,483</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Purchased </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">932,197</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Sold </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,738,408</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Balance at October 31, 2015 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,516,272</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> An analysis of the inventory impairment reserve at October 31, 2015 and November 1, 2014 is as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Beginning inventory impairment reserve </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,772,280</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,711,595</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Less: Reductions for homes sold </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(258,001</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(691,094</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Inventory holding costs </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(141,468</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(211,334</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Plus: Additions (subtractions) to impairment reserve </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">52,297</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(36,887</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Ending inventory impairment reserve </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,425,108</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,772,280</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Investments – The Company’s investments consist of money market accounts as well as equity securities of a public company. Investments with maturities of less than one year are classified as short-term investments. The Company’s equity investment in a public company is classified as “available-for-sale” and carried at fair value. Unrealized gains on the available-for-sale securities, net of taxes, are recorded in accumulated other comprehensive income. The Company continually reviews its investments to determine whether a decline in fair value below the cost basis is other than temporary. If the decline in fair value is judged to be other than temporary, the cost basis of the security is written down to fair value and the amount of the write-down is included in the accompanying consolidated statements of income and other comprehensive income. </div>

<div> NOTE 1 Reporting Entity and Significant Accounting Policies Description of Business and Principles of Consolidation – The consolidated financial statements include the accounts of Nobility Homes, Inc. (“Nobility”), its wholly-owned subsidiaries, Prestige Home Centers, Inc. (“Prestige”) Nobility Parks I, LLC, Nobility Parks II, LLC and Prestige’s wholly-owned subsidiaries, Mountain Financial, Inc., an independent insurance agency and licensed mortgage loan originator and Majestic Homes, Inc., (collectively the “Company”). The Company is engaged in the manufacture and sale of manufactured and modular homes to various dealerships, including its own retail sales centers, and manufactured housing communities throughout Florida. The Company has one manufacturing plant in operation that is located in Ocala, Florida. At October 31, 2015 Prestige operated ten Florida retail sales centers: Ocala (2), Chiefland, Auburndale, Inverness, Hudson, Tavares, Yulee, Panama City and Punta Gorda. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates and assumptions are based upon management’s best knowledge of current events and actions that the Company may take in the future. The Company is subject to uncertainties such as the impact of future events, economic, environmental and political factors and changes in the Company’s business environment; therefore, actual results could differ from these estimates. Accordingly, the accounting estimates used in the preparation of the Company’s consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in the reported financial condition and results of operations; if material, the effects of changes in estimates are disclosed in the notes to the consolidated financial statements. Significant estimates and assumptions by management affect: valuation of pre-owned homes, the allowance for doubtful accounts, the carrying value of long-lived assets, the provision for income taxes and related deferred tax accounts, certain accrued expenses and contingencies, warranty reserve and stock-based compensation. Fiscal Year – The Company’s fiscal year ends on the first Saturday on or after October 31. The years ended October 31, 2015 and November 1, 2014 each consisted of fifty-two week periods. Revenue Recognition – The Company recognizes revenue from its retail sales of new manufactured homes upon the occurrence of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Its receipt of a down payment,</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Construction of the home is complete,</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Home has been delivered and set up at the retail home buyer’s site, and title has been transferred to the retail home buyer,</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Remaining funds have been released by the finance company (financed sales transaction), remaining funds have been committed by the finance company by an agreement with respect to financing obtained by the customer, usually in the form of a written approval for permanent home financing received from a lending institution, (financed construction sales transaction) or cash has been received from the home buyer (cash sales transaction), and</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Completion of any other significant obligations.</td> </tr> </table> The Company recognizes revenue from the sale of the repurchased homes upon transfer of title to the new purchaser. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. For wholesale shipments to independent dealers, the Company has no obligation to setup the home or to complete any other significant obligations. The Company recognizes revenues from its wholly-owned subsidiary, Mountain Financial, Inc., as follows: commission income (and fees in lieu of commissions) is recorded as of the effective date of insurance coverage or the billing date, whichever is later. Commissions on premiums billed and collected directly by insurance companies are recorded as revenue when received which, in many cases, is the Company’s first notification of amounts earned due to the lack of policy and renewal information. Contingent commissions are recorded as revenue when received. Contingent commissions are commissions paid by insurance underwriters and are based on the estimated profit and/or overall volume of business placed with the underwriter. The data necessary for the calculation of contingent commissions cannot be reasonably obtained prior to the receipt of the commission which, in many cases, is the Company’s first notification of amounts earned. The Company provides appropriate reserves for policy cancellations based on numerous factors, including past transaction history with customers, historical experience, and other information, which is periodically evaluated and adjusted as deemed necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations at October 31, 2015 or November 1, 2014.   Revenues by Products and Services – Revenues by net sales from manufactured housing, pre-owned homes, and insurance agent commissions for the years ended October 31, 2015 and November 1, 2014 are as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Manufactured housing </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,904,715</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,814,751</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Pre-owned homes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,721,072</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,133,153</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Insurance agent commissions </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">211,017</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">204,355</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">27,836,804</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">21,152,259</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> Cash and Cash Equivalents – The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Accounts Receivable – Accounts receivable are stated at net realizable value. An allowance for doubtful accounts is provided based on prior collection experiences and management’s analysis of specific accounts. At October 31, 2015 and November 1, 2014, in the opinion of management, all accounts were considered fully collectible and, accordingly, no allowance was deemed necessary. Accounts receivable fluctuates due to the number of homes sold to independent dealers. The Company recognizes revenues from its independent dealers upon receiving wholesale floor plan financing or establishing retail credit approval for terms, shipping of the home, and transferring title and risk of loss to the independent dealer. Investments – The Company’s investments consist of money market accounts as well as equity securities of a public company. Investments with maturities of less than one year are classified as short-term investments. The Company’s equity investment in a public company is classified as “available-for-sale” and carried at fair value. Unrealized gains on the available-for-sale securities, net of taxes, are recorded in accumulated other comprehensive income. The Company continually reviews its investments to determine whether a decline in fair value below the cost basis is other than temporary. If the decline in fair value is judged to be other than temporary, the cost basis of the security is written down to fair value and the amount of the write-down is included in the accompanying consolidated statements of income and other comprehensive income. Inventories – New home inventory is carried at the lower of cost or market value. The cost of finished home inventories determined on the specific identification method is removed from inventories and recorded as a component of cost of sales at the time revenue is recognized. In addition, an allocation of depreciation and amortization is included in cost of goods sold. Under the specific identification method, if finished home inventory can be sold for a profit there is no basis to write down the inventory below the lower of cost or market value. Pre-owned home inventory is valued at the Company’s cost to acquire the inventory plus refurbishment costs incurred to date to bring the inventory to a more saleable state. This amount is reduced by a valuation reserve which management believes results in inventory being valued at market. Pre-owned homes are stated at cost or net realizable value. Homes taken as trade-ins are recorded at estimated actual cash value which approximates wholesale value. Other pre-owned homes are recorded at cost determined on the specific identification method and acquired from the Company’s joint venture partner, Majestic 21 Corporation and remarketed. Majestic 21 Corporation reimburses the Company for all costs related to these homes. Other inventory costs are determined on a first-in, first-out basis. Property, Plant and Equipment – Property, plant and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. Routine maintenance and repairs are charged to expense when incurred. Major replacements and improvements are capitalized. Gains or losses are credited or charged to earnings upon disposition.   Investment in Majestic 21 – Majestic 21 was formed in 1997 as a joint venture with our joint venture partner, an unrelated entity, 21st Mortgage Corporation (“21st Mortgage”). We have been allocated our share of net income and distributions on a 50/50 basis since Majestic 21’s formation. While Majestic 21 has been deemed to be a variable interest entity, the Company only holds a 50% interest in this entity and all allocations of profit and loss are on a 50/50 basis. Since all allocations are to be made on a 50/50 basis and joint decisions with the joint venture partner are made which most significantly impact Majestic 21 economic performance therefore, the Company is not required to consolidate Majestic 21 with the accounts of Nobility Homes in accordance with FASB ASC 810. Management believes that the Company’s maximum exposure to loss as a result of its involvement with Majestic 21 is its investment in the joint venture recorded in the accounts of Nobility Homes as of October 31, 2015 and November 1, 2014. Based on management’s evaluation, there was no impairment of this investment at October 31, 2015 or November 1, 2014. The Company entered into an arrangement in 2002 to repurchase certain homes. Under this arrangement or any other arrangement, the Company is not obligated to repurchase any foreclosed/repossessed units of Majestic 21 as it does not have a repurchase agreement or any other guarantees with Majestic 21. However, the Company buys back foreclosed/repossessed units and acts as a remarketing agent. It resells those units through the Company’s network of retail centers as we believe it benefits the historical loss experience of the joint venture. The only impact on the Company’s operations from this arrangement are commissions earned on the resale of these units and interest received from Majestic 21 for funds the company used to carry the units while in inventory. See Note 13 for discussion of the Company’s guarantee of a $5 million note payable of Majestic 21. Other Investments – The Company has a 31.3% investment interest in Walden Woods South LLC (“Walden Woods”), which owns and operates a retirement manufactured home community located in Homosassa, Florida. The Company has the right to assign some of its ownership to partners other than Nobility Homes. The Company’s investment in Walden Woods is fully impaired. The majority owner of Walden Woods is the Company’s principal shareholder. The Company has a 48.5% investment interest in a retirement manufactured home community, CRF III, Ltd. (Cypress Creek) located in Winter Haven, Florida. The Company has the right to assign some of its ownership to partners other than Nobility Homes. During 2015, the Company’s investment in Cypress Creek was reduced to zero from recurring operating losses. See further discussion of these investments in Note 5. Impairment of Long-Lived Assets – In the event that facts and circumstances indicate that the carrying value of a long-lived asset may be impaired, an evaluation of recoverability is performed by comparing the estimated future undiscounted cash flows associated with the asset to the asset’s carrying amount to determine if a write-down is required. If such evaluations indicate that the future undiscounted cash flows of certain long-lived assets are not sufficient to recover the carrying value of such assets, the assets are adjusted to their fair values. Customer Deposits – A retail customer is required to make a down payment ranging from $500 to 35% of the retail contract price based upon the credit worthiness of the customer. The retail customer receives the full down payment back when the Company is not able to obtain retail financing. If the retail customer receives retail financing and decides not to go through with the retail sale, the Company can withhold 20% of the retail contract price. The Company does not receive any deposits from their independent dealers. Company Owned Life Insurance – The Company has purchased life insurance policies on certain key executives. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement.     Warranty Costs – The Company provides for a warranty as the manufactured homes are sold. Amounts related to these warranties for fiscal years 2015 and 2014 are as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="75%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Beginning accrued warranty expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Less: reduction for payments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(326,988</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(195,819</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Plus: additions to accrual </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">351,988</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">195,819</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Ending accrued warranty expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">100,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The Company’s limited warranty covers substantial defects in material or workmanship in specified components of the home including structural elements, plumbing systems, electrical systems, and heating and cooling systems which are supplied by the Company that may occur under normal use and service during a period of twelve (12) months from the date of delivery to the original homeowner, and applies to the original homeowner or any subsequent homeowner to whom this product is transferred during the duration of this twelve (12) month period. The Company tracks the warranty claims per home. Based on the history of the warranty claims, the Company has determined that a majority of warranty claims usually occur within the first three months after the home is sold. The Company determines its warranty accrual using the last three months of home sales. Accrued Home Setup Costs – Accrued home setup costs represent amounts due to vendors and/or independent contractors for various items related to the actual setup of the home on the retail home buyers’ site. These costs include appliances, air conditioners, electrical/plumbing hook-ups, furniture, insurance, impact/permit fees, land/home fees, extended service plan, freight, skirting, steps, well, septic tanks and other setup costs and are included in accrued expenses in the accompanying consolidated balance sheets. See Note 8 of “Notes to Consolidated Financial Statements”. Stock-Based Compensation – The Company has a stock incentive plan (the “Plan”) which authorizes the issuance of options to purchase common stock. Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). Rebate Program – The Company has a rebate program for some dealers based upon the number and type of home purchased, which pays rebates based upon sales volume to the dealers. Volume rebates are recorded as a reduction of sales in the accompanying consolidated financial statements. The rebate liability is calculated and recognized as eligible homes are sold based upon factors surrounding the activity and prior experience of specific dealers and is included in accrued expenses in the accompanying consolidated balance sheets. Advertising – Advertising for Prestige retail sales centers consists primarily of newspaper, radio and television advertising. All costs are expensed as incurred. Advertising expense amounted to approximately $243,000 and $262,500 for fiscal year 2015 and 2014, respectively. Audit Fees – The Company generally records audit fees in the period in which services are provided. Audit fees relating to the finalization of the audit generally will be reflected in the financial statements of the subsequent year. Income Taxes – The Company accounts for income taxes utilizing the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Net Income per Share – These financial statements include “basic” and “diluted” net income per share information for all periods presented. The basic net income per share is calculated by dividing net income by the weighted-average number of shares outstanding. The diluted net income per share is calculated by dividing net income by the weighted-average number of shares outstanding, adjusted for dilutive common shares. Shipping and Handling Costs – Net sales include the revenue related to shipping and handling charges billed to customers. The related costs associated with shipping and handling is included as a component of cost of goods sold.   Comprehensive Income – Comprehensive income includes net income as well as other comprehensive income. The Company’s other comprehensive income consists of unrealized gains on available-for-sale securities, net of related taxes. Segments – The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information on a company-wide or consolidated basis. Accordingly, the Company accounts for its operations in accordance with FAS ASC 280, “Segment Reporting.” No segment disclosures have been made as the Company considers its business activities as a single segment. Major Customers – Sales to two publicly traded REITs (Real Estate Investment Trusts) which own multiple retirement communities in our market area accounted for $1,209,705 or 4% and $2,166,625 or 8% of our total sales in fiscal year 2015 and $304,345 or 1% and $1,700,910 or 8% of our total sales in fiscal year 2014. Other companies which own multiple retirement communities in our market area accounted for $3,120,000 or 11% of our total sales in fiscal year 2015 and $1,908,125 or 9% of our total sales in fiscal year 2014. Accounts receivable due from these customers were $2,754,599 and $1,963,520 at October 31, 2015 and November 1, 2014, respectively. Concentration of Credit Risk – The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, short-term and long-term investments and accounts receivable. At times, the Company’s deposits may exceed federally insured limits. However, the Company has not experienced any losses in such accounts and management believes the Company is not exposed to any significant credit risk on these accounts. The majority of the Company’s sales are credit sales which are made primarily to customers whose ability to pay is dependent upon the industry economics prevailing in the areas where they operate; however, concentrations of credit risk with respect to accounts receivables is limited due to generally short payment terms. The Company also performs ongoing credit evaluations of its customers to help further reduce credit risk. The Company maintains reserves for potential credit losses when deemed necessary and such losses have historically been within management’s expectations. Concentration of Retail Financing Sources – The manufactured housing industry recently lost one of the few lenders to our industry. US Bank ceased indirect lending to the manufactured housing industry in late 2014 due to the regulatory environment and the small market size. Accordingly, only two national lenders that service the manufactured housing industry remain, with several other who specialize in government insured loans (Fannie, Freddie, FHA, VA, etc.). With only a few lenders dedicated to our industry, the loss of either of them could adversely affect our retail sales. Recently Issued Accounting Pronouncements – In May 2014, the FASB issued ASU 2014-09 (Revenue from Contracts with Customers (Topic 606)), which requires an entity to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance addresses, in particular, contracts with more than one performance obligation, as well as the accounting for some costs to obtain or fulfill a contract with a customer; and provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. With respect to public entities, this update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 and early adoption is not permitted. We believe that our implementation of this guidance will have no material impact on our consolidated financial statements. </div>

4053362

<div> NOTE 9 Income Taxes The Company computes income tax expense using the liability method. Under this method, deferred income taxes are provided, to the extent considered realizable by management, for basis differences of assets and liabilities for financial reporting and income tax purposes. The Company follows guidance issued by the Financial Accounting Standards Board (“FASB”) with respect to accounting for uncertainty in income taxes. A tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the state of Florida. The Company’s income tax returns for the past three years are subject to examination by tax authorities, and may change upon examination. The Company does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company did not reflect any amounts for interest and penalties in its 2015 or 2014 statements of operations, nor are any amounts accrued for interest and penalties at October 31, 2015 or November 1, 2014. The provision for income taxes for the years ended consists of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="10%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current tax expense: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Federal </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,629</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,036</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> State </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,629</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,036</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax expense </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,105,489</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">489,921</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Valuation allowance </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(975,312</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(489,921</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Income tax expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">135,806</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,036</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The following table shows the reconciliation between the statutory federal income tax rate and the actual provision for income taxes for the years ended:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Provision—federal statutory tax rate </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,037,408</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">429,057</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Increase (decrease) resulting from: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> State taxes, net of federal tax benefit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">110,759</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">45,808</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Permanent differences: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Stock option expirations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,045</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,773</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(43,094</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,681</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Changes in DTA valuation allowance </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(975,312</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(489,921</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income tax expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">135,806</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,036</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   The types of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts and the related deferred tax assets and deferred tax liabilities are as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Allowance for doubtful accounts </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">87,261</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">87,261</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Inventories </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">651,980</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">782,308</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Carrying value of other investments </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,186,668</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,939,918</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Accrued expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">75,141</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">58,311</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Stock-based compensation </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,971</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,507</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net operating loss </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">231,289</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Valuation allowance </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(975,312</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total deferred tax assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,010,021</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,134,282</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred tax liabilities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Depreciation </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(37,982</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(33,288</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> State income tax refunds </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29,598</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(29,598</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Amortization </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(58,810</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(58,810</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Prepaid expenses </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,808</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(16,586</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net deferred tax assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,865,823</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,996,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> At November 1, 2014, the Company has unused net operating loss carry forwards totaling approximately $600,000. These net operating losses were applied to 2015 taxable income. These amounts are included in the accompanying consolidated balance sheets under the following captions:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred tax assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">814,381</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">927,879</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(159,188</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(170,710</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Valuation allowance </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(248,535</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net current deferred taxes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">655,193</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">508,634</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Non-current assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,307,422</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,306,241</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred tax liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(96,792</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(92,098</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Valuation allowance </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(726,777</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Net non-current deferred taxes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,210,630</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,487,366</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net deferred tax asset </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,865,823</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,996,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> In assessing the ability to realize a portion of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. In fiscal year 2015, the Company determined that a valuation reserve for the Company’s deferred tax assets was not considered necessary as the deferred tax assets were fully realizable. The decision was made based on the strong profitability for two consecutive years, the reduction in deferred tax assets in 2015, and the complete utilization of all net operating loss carryforwards. In fiscal 2014, the Company had determined that, due to negative evidence as a result of losses in numerous consecutive years through 2011, a valuation reserve was required to reduce the Company’s net deferred taxes to a level supportable by certain tax planning strategies that could be enacted to realize deferred tax assets, if necessary. The primary tax planning strategy is the potential sale of real estate, primarily land not currently used in the operations of the Company, to generate taxable gains. The Company has assessed that these strategies could result in the realization of approximately $2.0 million of deferred tax assets. The amount of deferred tax assets above this amount are reserved with a valuation allowance. There no valuation allowance at October 15, 2015. The valuation allowance was approximately $975,000 at November 1, 2014.   The Company’s tax planning strategies include estimates as to the amount of gains on sales of properties that could be realized. The Company believes these amounts are reasonable and supportable but, if circumstances change, these amounts could be affected which would impact the amount of net deferred taxes which would be supportable. The Company will continue to monitor these matters at each future reporting period. </div>

<div> The following table shows the reconciliation between the statutory federal income tax rate and the actual provision for income taxes for the years ended:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Provision—federal statutory tax rate </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,037,408</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">429,057</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Increase (decrease) resulting from: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> State taxes, net of federal tax benefit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">110,759</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">45,808</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Permanent differences: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Stock option expirations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,045</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,773</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Other </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(43,094</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,681</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Changes in DTA valuation allowance </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(975,312</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(489,921</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Income tax expense </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">135,806</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,036</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> The following table summarizes information about the outstanding stock options at October 31, 2015:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="80%" align="center" border="0"> <tr> <td width="22%"></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="12" nowrap="nowrap" align="center"> Options Outstanding </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Options Exercisable</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Exercise Prices </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Shares Outstanding</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Weighted Average Remaining Contractual Life (years)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Weighted Average Exercise Price</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Number Exercisable</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Weighted Average Exercise Price</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> $10.45 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,500</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10.45</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,500</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10.45</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> $  8.49 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,500</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.49</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,750</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.49</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9.47</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,250</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9.64</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Impairment of Long-Lived Assets – In the event that facts and circumstances indicate that the carrying value of a long-lived asset may be impaired, an evaluation of recoverability is performed by comparing the estimated future undiscounted cash flows associated with the asset to the asset’s carrying amount to determine if a write-down is required. If such evaluations indicate that the future undiscounted cash flows of certain long-lived assets are not sufficient to recover the carrying value of such assets, the assets are adjusted to their fair values. </div>

<div> NOTE 13 Commitments and Contingent Liabilities Operating Leases – The Company leases the property for several Prestige retail sales centers from various unrelated entities under operating lease agreements expiring through November 2017. The Company also leases certain equipment under unrelated operating leases. These leases have varying renewal options. Total rent expense for operating leases, including those with terms of less than one year, amounted to $189,333 and $183,631 in fiscal year 2015 and 2014, respectively. Future minimum payments by year and in the aggregate, under the aforementioned leases and other non-cancelable operating leases with initial or remaining terms in excess of one year, as of October 31, 2015 are as follows for the fiscal years ending:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="88%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30,388</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> 2017 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,009</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> Majestic 21 – On May 20, 2009, the Company became a 50% guarantor on a $5 million note payable entered into by Majestic 21, a joint venture in which the Company owns a 50% interest. This guarantee was a requirement of the bank that provided the $5 million loan to Majestic 21. The $5 million guarantee of Majestic 21’s debt is for the life of the note which matures on the earlier of May 31, 2019 or when the principal balance is less than $750,000. The amount of the guarantee declines with the amortization and repayment of the loan. As collateral for the loan, 21st Mortgage Corporation (our joint venture partner) has granted the lender a security interest in a pool of loans encumbering homes sold by Prestige Homes Centers, Inc. If the pool of loans securing this note should decrease in value so that the notes outstanding principal balance is in excess of 80% of the principal balance of the pool of loans, then Majestic 21 would have to pay down the note’s principal balance to an amount that is no more than 80% of the principal balance of the pool of loans. The Company and 21st Mortgage Corporation are obligated jointly to contribute the amount necessary to bring the loan balance back down to 80% of the collateral provided. We do not anticipate any required contributions as the pool of loans securing the note have historically been in excess of 100% of the collateral value. As of October 31, 2015, the outstanding principal balance of the note was $1,294,148 and the amount of collateral held by our joint venture partner for the Majestic 21 note payable was $2,167,170. Should the collateral not be sufficient, the Company’s maximum exposure at October 31, 2015, would be 50% or $647,074 of the outstanding principal balance. Based upon management’s analysis, the fair value of the guarantee is not material and as a result, no liability for the guarantee has been recorded in the accompanying balance sheets of the Company. On October 31, 2015 there was approximately $170,573 in loan loss reserves or 1.19% of the portfolio in Majestic 21. The Majestic 21 joint venture partnership is monitoring loan loss reserves on a monthly basis and is adjusting the loan loss reserves as necessary. The Majestic 21 joint venture is reflected on 21st Mortgage Corporation’s financial statements which are included in the financial statements of its ultimate parent which is a public company. Management believes the loan loss reserves are adequate based upon its review of the Majestic 21 joint venture partnership’s financial statements. Other Contingent Liabilities – Certain claims and suits arising in the ordinary course of business have been filed or are pending against the Company. In the opinion of management, the ultimate outcome of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. Accordingly, the Company has not made any accrual provisions for litigation in the accompanying consolidated financial statements. The Company does not maintain casualty insurance on some of its property, including the inventory at our retail centers, our plant machinery and plant equipment and is at risk for those types of losses. </div>

7.91

4052865

<div> The following table represents the Company’s financial assets and liabilities which are carried at fair value at October 31, 2015 and November 1, 2014.   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center">October 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Equity securities in a public company </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">462,578</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">462,578</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="12"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Equity securities in a public company </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">496,444</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Non-recurring fair value investment </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">146,403</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">496,444</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">146,403</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> ASC No. 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability (i.e. exit price) in an orderly transaction between market participants at the measurement date. ASC No. 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e. inputs) used in the valuation. Financial assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement. The ASC No. 820 fair value hierarchy is defined as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 1—Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 2—Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly.</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 3—Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date.</td> </tr> </table> </div>

<div> Stock-Based Compensation – The Company has a stock incentive plan (the “Plan”) which authorizes the issuance of options to purchase common stock. Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). </div>

2015-10-31

<div> NOTE 10 Stockholders’ Equity Authorized preferred stock may be issued in series with rights and preferences designated by the Board of Directors at the time it authorizes the issuance of such stock. The Company has never issued any preferred stock. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the accompanying consolidated financial statements. The Company repurchased 34,800 and 0 shares of its common stock during fiscal years 2015 and 2014, respectively. </div>

<div> Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates and assumptions are based upon management’s best knowledge of current events and actions that the Company may take in the future. The Company is subject to uncertainties such as the impact of future events, economic, environmental and political factors and changes in the Company’s business environment; therefore, actual results could differ from these estimates. Accordingly, the accounting estimates used in the preparation of the Company’s consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Changes in estimates are made when circumstances warrant. Such changes in estimates and refinements in estimation methodologies are reflected in the reported financial condition and results of operations; if material, the effects of changes in estimates are disclosed in the notes to the consolidated financial statements. Significant estimates and assumptions by management affect: valuation of pre-owned homes, the allowance for doubtful accounts, the carrying value of long-lived assets, the provision for income taxes and related deferred tax accounts, certain accrued expenses and contingencies, warranty reserve and stock-based compensation. </div>

2000

<div> Cash and Cash Equivalents – The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. </div>

0.06

<div> NOTE 11 Stock Option Plan In June 2011, the Company’s Board of Directors adopted and the Company’s shareholders later approved, the Nobility Homes, Inc. 2011 Stock Incentive Plan (the “Plan”), providing for the issuance of options to purchase shares of common stock, stock appreciation rights and other stock-based awards to employees and non-employee directors. A total of 300,000 shares were reserved for issuance under the Plan, all of which may be issued pursuant to the exercise of incentive stock options. At October 31, 2015, options available for future grant under the plan were 300,000 and no options were outstanding. As of October 31, 2015, the Company has 5,000 stock options outstanding that were granted pursuant to individual award agreements outside of the 2011 Plan. The Company does not expect to award additional stock options outside of the 2011 Plan in the future. The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is to be recognized over the period during which an employee is required to provide service in exchange for the award (usually the vesting period). The grant date fair value of employee share options and similar instruments will be estimated using option-pricing models adjusted for the unique characteristics of those instruments (unless observable market prices for the same or similar instruments are available). If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. During fiscal years 2015 and 2014, the Company recognized approximately $9,000 and $8,000 in compensation cost related to stock options respectively. A summary of information with respect to options granted is as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="53%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Number of Shares</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Stock Option Price Range</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Weighted Average Exercise Price</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Aggregate Intrinsic Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at November 2, 2013 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,400</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> 7.91 - 18.50</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13.58</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Granted </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Exercised </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,875</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> 7.91 -   8.49</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.93</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Canceled </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(17,525</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> 7.91 - 18.50</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">17.30</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at November 1, 2014 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> 7.91 - 10.45</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9.02</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Granted </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Exercised </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,000</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right">7.91</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7.91</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Canceled </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at October 31, 2015 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right">8.49 - 10.45</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9.47</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,900</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The aggregate intrinsic value in the table above represents total intrinsic value (of options in the money), which is the difference between the Company’s closing stock price on the last trading day of fiscal year 2015 and the exercise price times the number of shares, that would have been received by the option holders had the option holders exercised their options on October 31, 2015.   The following table summarizes information about the outstanding stock options at October 31, 2015:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="80%" align="center" border="0"> <tr> <td width="22%"></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="12%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="12" nowrap="nowrap" align="center"> Options Outstanding </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Options Exercisable</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" nowrap="nowrap" align="center"> Exercise Prices </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Shares Outstanding</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Weighted Average Remaining Contractual Life (years)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Weighted Average Exercise Price</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Number Exercisable</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Weighted Average Exercise Price</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> $10.45 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,500</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10.45</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,500</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10.45</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> $  8.49 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,500</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.49</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,750</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8.49</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9.47</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,250</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">9.64</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The fair value of each option is determined using the Black-Scholes option-pricing model which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, expected dividend payments, and the risk-free interest rate over the expected life of the option. The dividend yield was calculated by dividing the current annualized dividend by the option exercise price for each grant. The expected volatility was determined considering the Company’s historical stock prices for the fiscal year the grant occurred and prior fiscal years for a period equal to the expected life of the option. The risk-free interest rate was the rate available on zero coupon U.S. government obligations with a term equal to the expected life of the option. The expected life of the option was estimated based on the exercise history from previous grants. As of October 31, 2015, there is $602 of total unrecognized compensation cost related to non-vested share based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted average period of .14 years. </div>

<div> Net Income per Share – These financial statements include “basic” and “diluted” net income per share information for all periods presented. The basic net income per share is calculated by dividing net income by the weighted-average number of shares outstanding. The diluted net income per share is calculated by dividing net income by the weighted-average number of shares outstanding, adjusted for dilutive common shares. </div>

<div> Recently Issued Accounting Pronouncements – In May 2014, the FASB issued ASU 2014-09 (Revenue from Contracts with Customers (Topic 606)), which requires an entity to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance addresses, in particular, contracts with more than one performance obligation, as well as the accounting for some costs to obtain or fulfill a contract with a customer; and provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. With respect to public entities, this update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 and early adoption is not permitted. We believe that our implementation of this guidance will have no material impact on our consolidated financial statements. </div>

NOBH

<div> Revenues by Products and Services – Revenues by net sales from manufactured housing, pre-owned homes, and insurance agent commissions for the years ended October 31, 2015 and November 1, 2014 are as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Manufactured housing </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,904,715</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,814,751</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Pre-owned homes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,721,072</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,133,153</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Insurance agent commissions </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">211,017</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">204,355</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">27,836,804</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">21,152,259</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

0.72

P1M21D

<div> Income Taxes – The Company accounts for income taxes utilizing the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. </div>

<div> NOTE 4 Related Party Transactions Affiliated Entities TLT, Inc. – Our President and Chairman of the Board of Directors (“President”) and the Executive Vice President each own 50% of the stock of TLT, Inc. TLT, Inc. is the general partner of limited partnerships which are developing manufactured housing communities in Central Florida (the “TLT Communities”). Our President owns between a 24.75% and a 49.5% direct and indirect interest in each of these limited partnerships. Our Executive Vice President owns between a 49.5% and a 57.75% direct and indirect interest in each of these limited partnerships. The TLT Communities have purchased manufactured homes exclusively from the Company since 1990. Sales to TLT Communities were not significant during fiscal years 2015 and 2014. Walden Woods – The Company’s principal shareholder owns 51% of Walden Woods South LLC, which owns the Walden Woods South community. </div>

<div> NOTE 14 Subsequent Events On November 20, 2015 and December 16, 2015, the Company repurchased 6,475 and 4,800 shares of its common stock for an aggregate purchase price of $74,786 and $57,600 respectively. </div>

117976

2915395

15820

27836804

-5629

539190

360844

2941452

503165

6135375

57698

109749

975312

351988

796454

-146403

2881529

-33866

3051201

59985

135806

9287

326988

70071

1105489

-43094

189333

360844

2652880

-975312

232123

431

-345024

500000

130177

15820

9000

6045

399908

20000

243000

5629

1037408

3193923

21701429

202208

75000

110169

294773

110759

<div> Accrued Home Setup Costs – Accrued home setup costs represent amounts due to vendors and/or independent contractors for various items related to the actual setup of the home on the retail home buyers’ site. These costs include appliances, air conditioners, electrical/plumbing hook-ups, furniture, insurance, impact/permit fees, land/home fees, extended service plan, freight, skirting, steps, well, septic tanks and other setup costs and are included in accrued expenses in the accompanying consolidated balance sheets. See Note 8 of “Notes to Consolidated Financial Statements”. </div> <div> NOTE 5 Other Investments Investment in Joint Venture – Majestic 21 – During fiscal 1997, the Company contributed $250,000 for a 50% interest in a joint venture engaged in providing mortgage financing on manufactured homes. This investment is accounted for under the equity method of accounting. While Majestic 21 has been deemed to be a variable interest entity, the Company only holds a 50% interest in this entity and all allocations of profit and loss are on a 50/50 basis. Since all allocations are to be made on a 50/50 basis and the Company’s maximum exposure is limited to its investment in Majestic 21, management has concluded that the Company would not absorb a majority of Majestic 21’s expected losses nor receive a majority of Majestic 21’s expected residual returns; therefore, the Company is not required to consolidate Majestic 21 with the accounts of Nobility Homes in accordance with ASC 810. See Note 13 for discussion of the Company’s guarantee of a $5 million note payable of Majestic 21. The following is summarized financial information of the Company’s joint venture:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total Assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14,499,423</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,457,594</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total Liabilities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,511,965</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,747,081</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total Equity </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,987,458</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,710,513</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Net Income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">276,945</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">269,840</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> Distributions received from the joint venture amounted to $500,000 in fiscal year 2015. There were no distributions received from the joint venture in fiscal year 2014. With regard to our investment in Majestic 21, there are no differences between our investment balance and the amount of underlying equity in net assets owned by Majestic 21. Investment in Retirement Community Limited Partnerships –The Company has a 31.3% investment interest in Walden Woods South LLC (“Walden Woods”), which owns and operates a retirement manufactured home community named Walden Woods located in Homosassa, Florida. The Company’s investment in Walden Woods is fully impaired. The majority owner of Walden Woods is the Company’s principal shareholder. The Company’s principal shareholder guaranteed the financing used to purchase Walden Woods Park, which created an implicit guarantee from the Company. The implicit guarantee caused Walden Woods Park to be a variable interest entity as defined in Accounting Standard Codification (ASC) 810. The Company is considered to currently have an implicit guarantee with Walden Woods because it is a related party to the primary guarantor. In determining the primary beneficiary of the variable interest entity, the Company has determined the principal shareholder has the power to direct the activities that most significantly impact the economic performance of Walden Woods. As a result, in accordance with ASC 810, Walden Woods has not been consolidated in the financial statements of the Company. The Company has a 48.5% investment interest in a retirement manufactured home community, CRF III, Ltd. (Cypress Creek) located in Winter Haven, Florida. The Company has the right to assign some of its ownership to partners other than Nobility Homes. During 2015, the Company’s investment in Cypress Creek was reduced to zero from recurring operating losses. These investments in Walden Woods and Cypress Creek are accounted for under the equity method of accounting and all allocations of profit and loss are on a pro-rata basis. Since the Company’s maximum exposure is limited to its investment in Walden Woods and Cypress Creek, management has concluded that the Company would not absorb a majority of Walden Woods’ or Cypress Creek’s expected losses nor receive a majority of Walden Woods’ and Cypress Creek’s expected residual returns; therefore, the Company is not required to consolidate Walden Woods and Cypress Creek with the accounts of Nobility Homes in accordance with FASB ASC No. 810-10.   The following is summarized financial information of Walden Woods and Cypress Creek as of September 30, 2015 and September 30, 2014*:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="64%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">September 30, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">September 30, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total Assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,273,488</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,477,599</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total Liabilities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,101,517</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,271,729</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total Deficit </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3,828,029</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(2,794,130</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="2%" align="left">*</td> <td valign="top" align="left">Due to Walden Woods, and Cypress Creek having a calendar year-end, the summarized financial information provided is from their most recent quarter.</td> </tr> </table> The following table summarizes the change in the investments for fiscal year 2015 and 2014:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Walden Woods</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Cypress Creek</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Investment at November 2, 2013 </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">467,934</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Losses on investment </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(321,531</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Investment at November 1, 2014 </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">146,403</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Losses on investment </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(146,403</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Investment at October 31, 2015 </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The Company has no obligation to fund future operating losses of Walden Woods or Cypress Creek and accordingly, has not reduced the investment carrying value to less than zero. </div> 1.00 141468 <div> Customer Deposits – A retail customer is required to make a down payment ranging from $500 to 35% of the retail contract price based upon the credit worthiness of the customer. The retail customer receives the full down payment back when the Company is not able to obtain retail financing. If the retail customer receives retail financing and decides not to go through with the retail sale, the Company can withhold 20% of the retail contract price. The Company does not receive any deposits from their independent dealers. </div> 0 1738408 <div> These amounts are included in the accompanying consolidated balance sheets under the following captions:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Current assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred tax assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">814,381</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">927,879</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(159,188</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(170,710</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Valuation allowance </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(248,535</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net current deferred taxes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">655,193</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">508,634</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Non-current assets: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Deferred tax assets </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,307,422</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,306,241</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Deferred tax liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(96,792</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(92,098</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Valuation allowance </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(726,777</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Net non-current deferred taxes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,210,630</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,487,366</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net deferred tax asset </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,865,823</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,996,000</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div> <div> Revenues by Products and Services – Revenues by net sales from manufactured housing, pre-owned homes, and insurance agent commissions for the years ended October 31, 2015 and November 1, 2014 are as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="72%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Manufactured housing </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">25,904,715</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,814,751</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="8"></td> <td height="8" colspan="4"></td> <td height="8" colspan="4"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Pre-owned homes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,721,072</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,133,153</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Insurance agent commissions </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">211,017</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">204,355</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">27,836,804</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">21,152,259</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div> 0.80 9287 932197 150332 <div> Other Investments – The Company has a 31.3% investment interest in Walden Woods South LLC (“Walden Woods”), which owns and operates a retirement manufactured home community located in Homosassa, Florida. The Company has the right to assign some of its ownership to partners other than Nobility Homes. The Company’s investment in Walden Woods is fully impaired. The majority owner of Walden Woods is the Company’s principal shareholder. The Company has a 48.5% investment interest in a retirement manufactured home community, CRF III, Ltd. (Cypress Creek) located in Winter Haven, Florida. The Company has the right to assign some of its ownership to partners other than Nobility Homes. During 2015, the Company’s investment in Cypress Creek was reduced to zero from recurring operating losses. See further discussion of these investments in Note 5. </div> <div> An analysis of the inventory impairment reserve at October 31, 2015 and November 1, 2014 is as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Beginning inventory impairment reserve </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,772,280</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,711,595</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Less: Reductions for homes sold </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(258,001</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(691,094</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Inventory holding costs </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(141,468</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(211,334</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Plus: Additions (subtractions) to impairment reserve </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">52,297</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(36,887</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Ending inventory impairment reserve </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,425,108</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,772,280</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div> 138469 0.50 -384039 P12M <div> Concentration of Retail Financing Sources – The manufactured housing industry recently lost one of the few lenders to our industry. US Bank ceased indirect lending to the manufactured housing industry in late 2014 due to the regulatory environment and the small market size. Accordingly, only two national lenders that service the manufactured housing industry remain, with several other who specialize in government insured loans (Fannie, Freddie, FHA, VA, etc.). With only a few lenders dedicated to our industry, the loss of either of them could adversely affect our retail sales. </div> <div> Rebate Program – The Company has a rebate program for some dealers based upon the number and type of home purchased, which pays rebates based upon sales volume to the dealers. Volume rebates are recorded as a reduction of sales in the accompanying consolidated financial statements. The rebate liability is calculated and recognized as eligible homes are sold based upon factors surrounding the activity and prior experience of specific dealers and is included in accrued expenses in the accompanying consolidated balance sheets. </div> 258001 <div> Audit Fees – The Company generally records audit fees in the period in which services are provided. Audit fees relating to the finalization of the audit generally will be reflected in the financial statements of the subsequent year. </div> -52297 <div> Company Owned Life Insurance – The Company has purchased life insurance policies on certain key executives. Company owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. </div> 0.50 0.0119 0 7.91

P15Y

P10Y

P3Y

0.04

1209705

0.08

2166625

0.11

3120000

211017

25904715

1721072

<div> The following is summarized financial information of Walden Woods and Cypress Creek as of September 30, 2015 and September 30, 2014*:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="64%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">September 30, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">September 30, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total Assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,273,488</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,477,599</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total Liabilities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">17,101,517</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,271,729</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total Deficit </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3,828,029</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(2,794,130</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="2%" align="left">*</td> <td valign="top" align="left">Due to Walden Woods, and Cypress Creek having a calendar year-end, the summarized financial information provided is from their most recent quarter.</td> </tr> </table> </div>

<div> The following is summarized financial information of the Company’s joint venture:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">October 31, 2015</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">November 1, 2014</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total Assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14,499,423</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,457,594</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total Liabilities </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,511,965</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,747,081</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total Equity </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,987,458</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,710,513</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Net Income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">276,945</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">269,840</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> </div>

0.50

276945

50/50 basis

146403

P0Y

P1Y

0.20

0 0 1

34800

2500

2915395

18250

360844

-2430

9287

-33866

0.31

4035721

4060654

7.93

4059668

5875

0.31

321451

1257898

46603

21152259

5964

-32556

1311030

472724

4371546

74377

-49096

489921

195819

-559589

-321531

3650

1299110

41212

1261934

63137

10000

4036

8091

195819

150476

489921

-1681

183631

3647959

-489921

-434365

376

46603

12500

3650

46603

8000

20773

-88072

262500

4036

429057

3060516

16780713

-143260

-12500

95843

492036

45808

17525 211334 3418543 17.30 8091 525436 116940 134921 -1953792 691094 36887 0

P40Y

P20Y

P10Y

0.01

304345

0.08

1700910

0.09

1908125

204355

17814751

3133153

269840

321531

18.50 0 8.49 7.91 0 7.91

941

5875

1257898

42888

-12500

3715

8091

41212

250000

0000072205 nobh:MajesticTwentyOneMember 1996-11-02 1997-11-01 0000072205 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2013-11-03 2014-11-01 0000072205 us-gaap:AdditionalPaidInCapitalMember 2013-11-03 2014-11-01 0000072205 us-gaap:TreasuryStockMember 2013-11-03 2014-11-01 0000072205 us-gaap:RetainedEarningsMember 2013-11-03 2014-11-01 0000072205 us-gaap:CommonStockMember 2013-11-03 2014-11-01 0000072205 us-gaap:MinimumMember 2013-11-03 2014-11-01 0000072205 us-gaap:MaximumMember 2013-11-03 2014-11-01 0000072205 nobh:CypressCreekMember 2013-11-03 2014-11-01 0000072205 nobh:MajesticTwentyOneMember 2013-11-03 2014-11-01 0000072205 nobh:PreOwnedHomesMember 2013-11-03 2014-11-01 0000072205 nobh:ManufacturedHousingMember 2013-11-03 2014-11-01 0000072205 nobh:InsuranceAgentCommissionsMember 2013-11-03 2014-11-01 0000072205 us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernobh:OtherRealEstateInvestmentTrustMember 2013-11-03 2014-11-01 0000072205 us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernobh:RealEstateInvestmentTrustTwoMember 2013-11-03 2014-11-01 0000072205 us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernobh:RealEstateInvestmentTrustOneMember 2013-11-03 2014-11-01 0000072205 us-gaap:MachineryAndEquipmentMemberus-gaap:MaximumMember 2013-11-03 2014-11-01 0000072205 us-gaap:LandMemberus-gaap:MaximumMember 2013-11-03 2014-11-01 0000072205 us-gaap:FurnitureAndFixturesMemberus-gaap:MaximumMember 2013-11-03 2014-11-01 0000072205 us-gaap:LandImprovementsMemberus-gaap:MaximumMember 2013-11-03 2014-11-01 0000072205 us-gaap:BuildingAndBuildingImprovementsMemberus-gaap:MaximumMember 2013-11-03 2014-11-01 0000072205 2013-11-03 2014-11-01 0000072205 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-11-02 2015-10-31 0000072205 us-gaap:AdditionalPaidInCapitalMember 2014-11-02 2015-10-31 0000072205 us-gaap:TreasuryStockMember 2014-11-02 2015-10-31 0000072205 us-gaap:RetainedEarningsMember 2014-11-02 2015-10-31 0000072205 us-gaap:CommonStockMember 2014-11-02 2015-10-31 0000072205 nobh:OcalaFlMember 2014-11-02 2015-10-31 0000072205 us-gaap:MinimumMember 2014-11-02 2015-10-31 0000072205 us-gaap:MaximumMember 2014-11-02 2015-10-31 0000072205 nobh:RangeOneMember 2014-11-02 2015-10-31 0000072205 nobh:RangeTwoMember 2014-11-02 2015-10-31 0000072205 nobh:CypressCreekMember 2014-11-02 2015-10-31 0000072205 nobh:MajesticTwentyOneMember 2014-11-02 2015-10-31 0000072205 nobh:WaldenWoodsAndCypressCreekMember 2014-11-02 2015-10-31 0000072205 nobh:PreOwnedHomesMember 2014-11-02 2015-10-31 0000072205 nobh:ManufacturedHousingMember 2014-11-02 2015-10-31 0000072205 nobh:InsuranceAgentCommissionsMember 2014-11-02 2015-10-31 0000072205 us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernobh:OtherRealEstateInvestmentTrustMember 2014-11-02 2015-10-31 0000072205 us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernobh:RealEstateInvestmentTrustTwoMember 2014-11-02 2015-10-31 0000072205 us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernobh:RealEstateInvestmentTrustOneMember 2014-11-02 2015-10-31 0000072205 us-gaap:MachineryAndEquipmentMemberus-gaap:MinimumMember 2014-11-02 2015-10-31 0000072205 us-gaap:LandMemberus-gaap:MinimumMember 2014-11-02 2015-10-31 0000072205 us-gaap:FurnitureAndFixturesMemberus-gaap:MinimumMember 2014-11-02 2015-10-31 0000072205 us-gaap:LandImprovementsMemberus-gaap:MinimumMember 2014-11-02 2015-10-31 0000072205 us-gaap:BuildingAndBuildingImprovementsMemberus-gaap:MinimumMember 2014-11-02 2015-10-31 0000072205 2014-11-02 2015-10-31 0000072205 us-gaap:SubsequentEventMember 2015-11-20 2015-11-20 0000072205 us-gaap:SubsequentEventMember 2016-12-16 2016-12-16 0000072205 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-11-01 0000072205 us-gaap:AdditionalPaidInCapitalMember 2014-11-01 0000072205 us-gaap:TreasuryStockMember 2014-11-01 0000072205 us-gaap:RetainedEarningsMember 2014-11-01 0000072205 us-gaap:CommonStockMember 2014-11-01 0000072205 us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember 2014-11-01 0000072205 us-gaap:MinimumMember 2014-11-01 0000072205 us-gaap:MaximumMember 2014-11-01 0000072205 nobh:CypressCreekMember 2014-11-01 0000072205 nobh:MajesticTwentyOneMember 2014-11-01 0000072205 us-gaap:FairValueInputsLevel1Member 2014-11-01 0000072205 us-gaap:FairValueInputsLevel3Member 2014-11-01 0000072205 us-gaap:MachineryAndEquipmentMember 2014-11-01 0000072205 us-gaap:LandMember 2014-11-01 0000072205 us-gaap:FurnitureAndFixturesMember 2014-11-01 0000072205 us-gaap:LandImprovementsMember 2014-11-01 0000072205 us-gaap:BuildingAndBuildingImprovementsMember 2014-11-01 0000072205 2014-11-01 0000072205 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2013-11-02 0000072205 us-gaap:AdditionalPaidInCapitalMember 2013-11-02 0000072205 us-gaap:TreasuryStockMember 2013-11-02 0000072205 us-gaap:RetainedEarningsMember 2013-11-02 0000072205 us-gaap:CommonStockMember 2013-11-02 0000072205 us-gaap:MinimumMember 2013-11-02 0000072205 us-gaap:MaximumMember 2013-11-02 0000072205 nobh:CypressCreekMember 2013-11-02 0000072205 2013-11-02 0000072205 2015-05-01 0000072205 2016-01-28 0000072205 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-10-31 0000072205 us-gaap:AdditionalPaidInCapitalMember 2015-10-31 0000072205 us-gaap:TreasuryStockMember 2015-10-31 0000072205 us-gaap:RetainedEarningsMember 2015-10-31 0000072205 us-gaap:CommonStockMember 2015-10-31 0000072205 us-gaap:EmployeeStockOptionMember 2015-10-31 0000072205 us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember 2015-10-31 0000072205 us-gaap:MinimumMember 2015-10-31 0000072205 us-gaap:MaximumMember 2015-10-31 0000072205 nobh:RangeOneMember 2015-10-31 0000072205 nobh:RangeTwoMember 2015-10-31 0000072205 nobh:CrfIiiLtdMember 2015-10-31 0000072205 nobh:TltIncorporationMember 2015-10-31 0000072205 us-gaap:MajorityShareholderMembernobh:WaldenWoodsSouthLlcMember 2015-10-31 0000072205 nobh:WaldenWoodsSouthLlcMember 2015-10-31 0000072205 nobh:MajesticTwentyOneMember 2015-10-31 0000072205 us-gaap:MinimumMembernobh:TltIncorporationMemberus-gaap:PresidentMember 2015-10-31 0000072205 us-gaap:MaximumMembernobh:TltIncorporationMemberus-gaap:PresidentMember 2015-10-31 0000072205 us-gaap:MinimumMembernobh:TltIncorporationMemberus-gaap:ExecutiveVicePresidentMember 2015-10-31 0000072205 us-gaap:MaximumMembernobh:TltIncorporationMemberus-gaap:ExecutiveVicePresidentMember 2015-10-31 0000072205 us-gaap:FairValueInputsLevel1Member 2015-10-31 0000072205 us-gaap:MachineryAndEquipmentMember 2015-10-31 0000072205 us-gaap:LandMember 2015-10-31 0000072205 us-gaap:FurnitureAndFixturesMember 2015-10-31 0000072205 us-gaap:LandImprovementsMember 2015-10-31 0000072205 us-gaap:BuildingAndBuildingImprovementsMember 2015-10-31 0000072205 2015-10-31 0000072205 nobh:WaldenWoodsAndCypressCreekMember 2015-09-30 0000072205 nobh:WaldenWoodsAndCypressCreekMember 2014-09-30 iso4217:USD shares iso4217:USD shares nobh:Retailer pure nobh:Segment nobh:Plant

EX-101.SCH 9 nobh-20151031.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 103 - Statement - Consolidated Balance Sheets link:calculationLink link:presentationLink link:definitionLink 104 - Statement - Consolidated Balance Sheets (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - Consolidated Statements of Comprehensive Income link:calculationLink link:presentationLink link:definitionLink 106 - Statement - Consolidated Statements of Changes in Stockholders' Equity link:calculationLink link:presentationLink link:definitionLink 107 - Statement - Consolidated Statements of Cash Flows link:calculationLink link:presentationLink link:definitionLink 108 - Disclosure - Reporting Entity and Significant Accounting Policies link:calculationLink link:presentationLink link:definitionLink 109 - Disclosure - Investments link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - Fair Values of Financial Investments link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Related Party Transactions link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Other Investments link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Inventories link:calculationLink link:presentationLink link:definitionLink 114 - Disclosure - Properties, Plant and Equipment link:calculationLink link:presentationLink link:definitionLink 115 - Disclosure - Accrued Expenses and Other Current Liabilities link:calculationLink link:presentationLink link:definitionLink 116 - Disclosure - Income Taxes link:calculationLink link:presentationLink link:definitionLink 117 - Disclosure - Stockholders' Equity link:calculationLink link:presentationLink link:definitionLink 118 - Disclosure - Stock Option Plan link:calculationLink link:presentationLink link:definitionLink 119 - Disclosure - Employee Benefit Plan link:calculationLink link:presentationLink link:definitionLink 120 - Disclosure - Commitments and Contingent Liabilities link:calculationLink link:presentationLink link:definitionLink 121 - Disclosure - Subsequent Events link:calculationLink link:presentationLink link:definitionLink 122 - Disclosure - Reporting Entity and Significant Accounting Policies (Policies) link:calculationLink link:presentationLink link:definitionLink 123 - Disclosure - Reporting Entity and Significant Accounting Policies (Tables) link:calculationLink link:presentationLink link:definitionLink 124 - Disclosure - Investments (Tables) link:calculationLink link:presentationLink link:definitionLink 125 - Disclosure - Fair Values of Financial Investments (Tables) link:calculationLink link:presentationLink link:definitionLink 126 - Disclosure - Other Investments (Tables) link:calculationLink link:presentationLink link:definitionLink 127 - Disclosure - Inventories (Tables) link:calculationLink link:presentationLink link:definitionLink 128 - Disclosure - Properties, Plant and Equipment (Tables) link:calculationLink link:presentationLink link:definitionLink 129 - Disclosure - Accrued Expenses and Other Current Liabilities (Tables) link:calculationLink link:presentationLink link:definitionLink 130 - Disclosure - Income Taxes (Tables) link:calculationLink link:presentationLink link:definitionLink 131 - Disclosure - Stock Option Plan (Tables) link:calculationLink link:presentationLink link:definitionLink 132 - Disclosure - Commitments and Contingent Liabilities (Tables) link:calculationLink link:presentationLink link:definitionLink 133 - Disclosure - Reporting Entity and Significant Accounting Policies - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 134 - Disclosure - Reporting Entity and Significant Accounting Policies - Revenues by Products and Services (Detail) link:calculationLink link:presentationLink link:definitionLink 135 - Disclosure - Reporting Entity and Significant Accounting Policies - Summary of Amounts Related to Limited Warranty (Detail) link:calculationLink link:presentationLink link:definitionLink 136 - Disclosure - Investments - Summary of Short-term Investments (Detail) link:calculationLink link:presentationLink link:definitionLink 137 - Disclosure - Fair Values of Financial Investments - Summary of Financial Assets and Liabilities Carried at Fair Value (Detail) link:calculationLink link:presentationLink link:definitionLink 138 - Disclosure - Related Party Transactions - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 139 - Disclosure - Other Investments - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 140 - Disclosure - Other Investments - Summarized Financial Information of Company's Joint Venture (Detail) link:calculationLink link:presentationLink link:definitionLink 141 - Disclosure - Other Investments - Summarized Financial Information of Walden Woods and Cypress Creek (Detail) link:calculationLink link:presentationLink link:definitionLink 142 - Disclosure - Other Investments - Summary of Change in Investments and Costs Incurred (Detail) link:calculationLink link:presentationLink link:definitionLink 143 - Disclosure - Inventories - Summary of Breakdown of Elements of Inventory (Detail) link:calculationLink link:presentationLink link:definitionLink 144 - Disclosure - Inventories - Summary of Breakdown of Elements of Inventory (Parenthetical) (Detail) link:calculationLink link:presentationLink link:definitionLink 145 - Disclosure - Inventories - Analysis of Inventory Impairment Reserve (Detail) link:calculationLink link:presentationLink link:definitionLink 146 - Disclosure - Properties, Plant and Equipment - Property, Plant and Equipment with Estimated Useful Lives and Related Accumulated Depreciation (Detail) link:calculationLink link:presentationLink link:definitionLink 147 - Disclosure - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) link:calculationLink link:presentationLink link:definitionLink 148 - Disclosure - Income Taxes - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 149 - Disclosure - Income Taxes - Summary of Provision for Income Taxes (Detail) link:calculationLink link:presentationLink link:definitionLink 150 - Disclosure - Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Actual Provision for Income Taxes (Detail) link:calculationLink link:presentationLink link:definitionLink 151 - Disclosure - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Detail) link:calculationLink link:presentationLink link:definitionLink 152 - Disclosure - Income Taxes - Accompanying Deferred Current and Non-current Tax Assets and Liabilities in Consolidated Balance Sheet (Detail) link:calculationLink link:presentationLink link:definitionLink 153 - Disclosure - Stockholders' Equity - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 154 - Disclosure - Stock Option Plan - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 155 - Disclosure - Stock Option Plan - Option Granted (Detail) link:calculationLink link:presentationLink link:definitionLink 156 - Disclosure - Stock Option Plan - Outstanding Stock Options (Detail) link:calculationLink link:presentationLink link:definitionLink 157 - Disclosure - Employee Benefit Plan - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 158 - Disclosure - Commitments and Contingent Liabilities - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 159 - Disclosure - Commitments and Contingent Liabilities - Future Minimum Payments by Year (Detail) link:calculationLink link:presentationLink link:definitionLink 160 - Disclosure - Subsequent Events - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 161 - Disclosure - Inventories - Summary of Breakdown of Elements of Inventory (Detail) (Alternate 1) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 10 nobh-20151031_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 11 nobh-20151031_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 12 nobh-20151031_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Accounting Policies [Abstract] Accounting Policies [Abstract] Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] Accrued Expenses and Other Current Liabilities Accounts Payable and Accrued Liabilities, Current Total accrued expenses and other current liabilities Accounts Payable and Other Accrued Liabilities, Current Accrued expenses and other current liabilities Accounts Payable, Current Accounts payable Accounts Receivable, Net, Current Accounts receivable-trade Accounts Receivable, Related Parties Accounts receivable due from customers Accrued expenses policy. Accrued Expenses Policy [Text Block] Accrued Home Setup Costs Accrued Income Taxes, Current Accrued taxes Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Less accumulated depreciation Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive income AOCI Attributable to Parent [Member] Accumulated Other Comprehensive Income [Member] Additional Paid in Capital, Common Stock Additional paid in capital Additional Paid-in Capital [Member] Additional Paid-in Capital [Member] Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities: Advertising Costs, Policy [Policy Text Block] Advertising Advertising Expense Advertising expense Allocated Share-based Compensation Expense Compensation cost related to stock options Amendment Flag Amendment Flag Asset Impairment Charges Inventory impairment Assets Total assets Assets [Abstract] Assets Assets, Current Total current assets Assets, Current [Abstract] Current assets: Audit Fees [Policy Text Block] Audit Fees [Policy Text Block] Audit Fees Available-for-sale Securities Available-for-sale Securities, Estimated Fair Value Equity securities in a public company Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax Available-for-sale Securities, Gross Unrealized Gains Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax Available-for-sale Securities, Gross Unrealized Losses Available-for-sale Securities, Amortized Cost Basis Available-for-sale Securities, Amortized Cost Award Type [Axis] Award Type [Axis] Building and Building Improvements [Member] Building and Improvements [Member] Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents at end of year Cash and cash equivalents at beginning of year Cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Increase in cash and cash equivalents Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents Cash Surrender Value of Life Insurance Cash surrender value of life insurance Collateral value for pool of loan securing note payable by joint venture. Collateral Value For Pool Of Loan Securing Note Payable By Joint Venture Collateral value for pool of loan securing note payable by joint venture Commitments and Contingencies Commitments and contingent liabilities Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingent Liabilities Commitments And Contingencies [Line Items] Commitments And Contingencies [Line Items] Commitments And Contingencies [Line Items] Commitments And Contingencies [Table] Commitments And Contingencies [Table] Commitments And Contingencies [Table] Common Stock, Capital Shares Reserved for Future Issuance Shares reserved for issuance Common Stock [Member] Common Stock [Member] Common Stock, Par or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Value, Issued Common stock, $.10 par value, 10,000,000 shares authorized; 5,364,907 shares issued Company owned life insurance policy. Company Owned Life Insurance Policy [Text Block] Company Owned Life Insurance Compensation and Retirement Disclosure [Abstract] Compensation and Retirement Disclosure [Abstract] Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income Comprehensive Income, Policy [Policy Text Block] Comprehensive Income Concentration Of Retail Financing Sources [Policy Text Block] Concentration Of Retail Financing Sources [Policy Text Block] Concentration of Retail Financing Sources Concentration Risk Benchmark [Domain] Concentration Risk Benchmark [Domain] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Axis] Concentration Risk Type [Axis] Concentration Risk Type [Axis] Concentration Risk, Credit Risk, Policy [Policy Text Block] Concentration of Credit Risk Concentration Risk, Percentage Percentage of sales from major customers Concentration Risk Type [Domain] Concentration Risk Type [Domain] Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] Future Minimum Payments by Year Cost of Goods Sold Cost of goods sold CRF III, ltd. Crf Iii Ltd [Member] CRF III, Ltd [Member] Current Federal Tax Expense (Benefit) Federal Current Fiscal Year End Date Current Fiscal Year End Date Current Income Tax Expense (Benefit) Total current tax expense (benefit) Current Income Tax Expense (Benefit), Continuing Operations [Abstract] Current tax expense: Current State and Local Tax Expense (Benefit) State Customer Concentration Risk [Member] Customer Concentration Risk [Member] Customer Deposits, Current Customer deposits Customer deposits policy. Customer Deposits Policy [Text Block] Customer Deposits Cypress Creek. Cypress Creek [Member] Cypress Creek [Member] Deferred Compensation Liability, Current Accrued compensation Deferred Income Tax Expense (Benefit) Deferred income taxes Deferred State and Local Income Tax Expense (Benefit) Deferred tax expense Deferred Tax Assets, Gross Realization of deferred tax assets Deferred Tax Assets, Gross, Current Deferred tax assets Deferred Tax Assets, Gross, Noncurrent Deferred tax assets Deferred Tax Assets, Inventory Inventories Deferred Tax Assets, Investments Carrying value of other investments Deferred Tax Assets, Net Net deferred tax asset Deferred Tax Assets, Net, Current Deferred income taxes Deferred Tax Assets, Net, Noncurrent Deferred income taxes Deferred Tax Assets Liabilities Net Table [Text Block] Deferred Tax Assets Liabilities Net Table [Text Block] Accompanying Deferred Current and Non current Tax Assets and Liabilities in Consolidated Balance Sheet Deferred Tax Assets, Net of Valuation Allowance Total deferred tax assets Deferred Tax Assets, Net [Abstract] Deferred tax assets: Deferred Tax Assets, Net of Valuation Allowance, Current Net current deferred taxes Deferred Tax Assets, Net of Valuation Allowance, Current Classification [Abstract] Current assets: Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Net non-current deferred taxes Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Classification [Abstract] Non-current assets: Deferred Tax Assets, Operating Loss Carryforwards Net operating loss Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost Stock-based compensation Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities Accrued expenses Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts Allowance for doubtful accounts Deferred Tax Assets, Valuation Allowance Valuation allowance Deferred Tax Assets, Valuation Allowance, Current Valuation allowance Deferred Tax Assets, Valuation Allowance, Noncurrent Valuation allowance Deferred Tax Liabilities Amortization Deferred Tax Liabilities Amortization Amortization Deferred tax liabilities depreciation. Deferred Tax Liabilities Depreciation Depreciation Deferred Tax Liabilities, Gross, Current Deferred tax liabilities Deferred Tax Liabilities, Gross, Noncurrent Deferred tax liabilities Deferred tax liabilities income taxes recoverable. Deferred Tax Liabilities Income Taxes Recoverable State income tax refunds Deferred Tax Liabilities, Net [Abstract] Deferred tax liabilities: Deferred Tax Liabilities, Prepaid Expenses Prepaid expenses Defined Benefit Plan Disclosure [Line Items] Defined Benefit Plan Disclosure [Line Items] Defined Contribution Plan, Administrative Expenses Contribution expense charged to operations Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay Percentage of discretionary matching contribution Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent Maximum employee compensation Depreciation Depreciation Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Stock Option Plan Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] Options Granted Document and entity information. Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Document Period End Date Document Period End Date Document Type Document Type Earnings Per Share [Abstract] Net income per share: Earnings Per Share, Basic Basic Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] Weighed average number of shares outstanding: Earnings Per Share, Diluted Diluted Earnings Per Share, Policy [Policy Text Block] Net Income per Share Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition Weighted average period Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options Unrecognized compensation cost related to non-vested Employee Stock Option [Member] Employee Stock Option [Member] Entity Central Index Key Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity Current Reporting Status Entity Current Reporting Status Entity Filer Category Entity Filer Category Entity Public Float Entity Public Float Entity Registrant Name Entity Registrant Name Entity Voluntary Filers Entity Voluntary Filers Entity Well-known Seasoned Issuer Entity Well-known Seasoned Issuer Equity [Abstract] Equity [Abstract] Equity Component [Domain] Equity Component [Domain] Investment, Name [Domain] Investment, Name [Domain] Equity Method Investment, Other than Temporary Impairment Impairment charges related to Investment in Majestic 21 Equity Method Investment, Ownership Percentage Percentage of ownership interest Equity Method Investments Investment, Ending Balance Investment, Beginning Balance Equity Method Investments, Fair Value Disclosure Non-recurring fair value investment Equity Method Investments, Policy [Policy Text Block] Investment in Majestic 21 Equity Method Investments [Table Text Block] Summarized Financial Information of Company's Other Investments Equity Method Investment, Summarized Financial Information, Assets Total Assets Equity Method Investment Summarized Financial Information, Equity Total Deficit Total Equity Equity Method Investment, Summarized Financial Information, Liabilities Total Liabilities Equity Method Investment, Summarized Financial Information, Net Income (Loss) Net Income Executive Vice President [Member] Executive Vice President [Member] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] Summary of Financial Assets and Liabilities Carried at Fair Value Fair Value, Hierarchy [Axis] Fair Value, Hierarchy [Axis] Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Fair Values of Financial Investments Fair Value, Inputs, Level 1 [Member] Level 1 [Member] Fair Value, Inputs, Level 3 [Member] Level 3 [Member] Fair Value Measurement, Policy [Policy Text Block] Fair Value Measurements Fair Value Hierarchy [Domain] Fair Value Hierarchy [Domain] Fiscal Period, Policy [Policy Text Block] Fiscal Year Furniture and Fixtures [Member] Furniture and Fixtures [Member] Gain (Loss) on Sale of Interest in Projects Losses from investments in retirement community limited partnerships Losses from investments in retirement community limited partnerships Gain (Loss) on Disposition of Property Plant Equipment Gain on disposal of property, plant, and equipment Gross Profit Gross profit Guarantee obligations maximum limit of note payable principal amount for maturity. Guarantee Obligations Maximum Limit Of Note Payable Principal Amount For Maturity Guarantee obligations maximum limit of note payable principal amount for maturity Guarantee obligations note payable principal amount. Guarantee Obligations Note Payable Principal Amount Guarantee obligations note payable principal amount Guarantee obligations outstanding note payable principal amount. Guarantee Obligations Outstanding Note Payable Principal Amount Guarantee obligations outstanding note payable principal amount Guarantee obligations principal balance of pool of loans percentage. Guarantee Obligations Principal Balance Of Pool Of Loans Percentage Guarantee obligations principal balance of pool of loans percentage Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] Impairment of Long-Lived Assets Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Income before provision for income taxes Income (Loss) from Equity Method Investments Losses on investment Income Statement [Abstract] Income Statement [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Taxes Income Taxes Paid, Net Income taxes paid Income Taxes Receivable, Current Income tax receivable Income Tax Expense (Benefit) Income tax expense Income tax expense Income tax expense (benefit) for tax positions more likely than not. Income Tax Expense Benefit For Tax Positions More Likely Than Not Tax benefit Income Tax, Policy [Policy Text Block] Income Taxes Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount Changes in DTA valuation allowance Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount Provision-federal statutory tax rate Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount Stock option expirations Effective Income Tax Rate Reconciliation, Other Adjustments, Amount Other Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount State taxes, net of federal tax benefit Increase (Decrease) in Accounts Payable Accounts payable Increase (Decrease) in Accounts Receivable Accounts receivable - trade Increase decrease in cash surrender value of life insurance. Increase Decrease In Cash Surrender Value Of Life Insurance Increase in cash surrender value of life insurance Increase (Decrease) in Customer Deposits Customer deposits Increase decrease in impairment reserve. Increase Decrease In Impairment Reserve Plus: Additions (subtractions) to impairment reserve Increase (Decrease) in Income Taxes Receivable Income tax receivable Increase (Decrease) in Inventories Inventories Increase decrease in inventory holding costs. Increase Decrease In Inventory Holding Costs Inventory holding costs Increase decrease in inventory impairment reserve. Increase Decrease In Inventory Impairment Reserve Less: Reductions for homes sold Increase (Decrease) in Operating Assets [Abstract] Decrease (increase) in: Increase (Decrease) in Operating Liabilities [Abstract] (Decrease) increase in: Increase (Decrease) in Other Accounts Payable and Accrued Liabilities Accrued expenses and other current liabilities Increase decrease in pre owned homes. Increase Decrease In Pre Owned Homes Pre-owned homes Increase (Decrease) in Prepaid Expense and Other Assets Prepaid expenses and other current assets EX-101.PRE 13 nobh-20151031_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 14 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Oct. 31, 2015	Jan. 28, 2016	May. 01, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Oct. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	NOBH
Entity Registrant Name	NOBILITY HOMES INC
Entity Central Index Key	0000072205
Current Fiscal Year End Date	--10-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,020,294
Entity Public Float			$ 10,090,631

XML 15 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Oct. 31, 2015	Nov. 01, 2014
Current assets:
Cash and cash equivalents	$ 16,769,292	$ 14,116,412
Short-term investments	462,578	496,444
Accounts receivable-trade	2,937,922	2,141,468
Mortgage notes receivable, current	9,851	7,126
Income tax receivable	335	5,964
Inventories	6,019,705	5,516,540
Pre-owned homes, current	1,366,974	2,839,203
Prepaid expenses and other current assets	826,180	286,990
Deferred income taxes	655,193	508,633
Total current assets	29,048,030	25,918,780
Property, plant and equipment, net	3,964,878	3,957,071
Pre-owned homes	2,724,190	1,711,000
Mortgage notes receivable, long term	177,644	180,800
Other investments	2,243,729	2,751,663
Deferred income taxes	1,210,630	1,487,367
Cash surrender value of life insurance	2,915,469	2,765,137
Other assets	156,287	156,287
Total assets	42,440,857	38,928,105
Current liabilities:
Accounts payable	704,467	502,259
Accrued compensation	390,573	320,502
Accrued expenses and other current liabilities	926,204	526,296
Customer deposits	1,323,861	1,029,088
Total current liabilities	$ 3,345,105	$ 2,378,145
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	10,650,723	10,643,866
Retained earnings	37,493,077	34,577,682
Accumulated other comprehensive income	247,724	281,590
Less treasury stock at cost, 1,333,338 shares in 2015 and 1,301,038 shares in 2014	(9,832,263)	(9,489,669)
Total stockholders' equity	39,095,752	36,549,960
Total liabilities and stockholders' equity	$ 42,440,857	$ 38,928,105

XML 16 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2015	Nov. 01, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.10	$ 0.10
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	5,364,907	5,364,907
Treasury stock, shares	1,333,338	1,301,038

XML 17 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Income Statement [Abstract]
Net sales	$ 27,836,804	$ 21,152,259
Cost of goods sold	(21,701,429)	(16,780,713)
Gross profit	6,135,375	4,371,546
Selling, general and administrative expenses	(3,193,923)	(3,060,516)
Operating income	2,941,452	1,311,030
Other income (loss):
Interest income	59,985	63,137
Undistributed earnings in joint venture-Majestic 21	138,469	134,921
Losses from investments in retirement community limited partnerships	(146,403)	(321,531)
Miscellaneous	57,698	74,377
Total other income (loss)	109,749	(49,096)
Income before provision for income taxes	3,051,201	1,261,934
Income tax expense	(135,806)	(4,036)
Net income	2,915,395	1,257,898
Other comprehensive income (loss)
Unrealized investment gain (loss)	(33,866)	41,212
Comprehensive income	$ 2,881,529	$ 1,299,110
Weighed average number of shares outstanding:
Basic	4,052,865	4,059,668
Diluted	4,053,362	4,060,654
Net income per share:
Basic	$ 0.72	$ 0.31
Diluted	$ 0.72	$ 0.31

XML 18 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Treasury Stock [Member]
Beginning balance at Nov. 02, 2013	$ 35,183,656	$ 536,491	$ 10,632,060	$ 33,319,784	$ 240,378	$ (9,545,057)
Beginning balance, shares at Nov. 02, 2013		4,057,053
Purchase of treasury stock, shares	0
Stock-based compensation	$ 8,091		8,091
Unrealized investment gain	41,212				41,212
Exercise of employee stock options	$ 46,603		3,715			42,888
Exercise of employee stock options, shares	5,875	5,875
Other	$ 12,500					12,500
Other, shares		941
Net income	1,257,898			1,257,898
Ending balance at Nov. 01, 2014	36,549,960	$ 536,491	10,643,866	34,577,682	281,590	(9,489,669)
Ending balance, shares at Nov. 01, 2014		4,063,869
Purchase of treasury stock	$ (360,844)					(360,844)
Purchase of treasury stock, shares	(34,800)	(34,800)
Stock-based compensation	$ 9,287		9,287
Unrealized investment gain	(33,866)				(33,866)
Exercise of employee stock options	$ 15,820		(2,430)			18,250
Exercise of employee stock options, shares	2,000	2,500
Net income	$ 2,915,395			2,915,395
Ending balance at Oct. 31, 2015	$ 39,095,752	$ 536,491	$ 10,650,723	$ 37,493,077	$ 247,724	$ (9,832,263)
Ending balance, shares at Oct. 31, 2015		4,031,569

XML 19 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Oct. 31, 2015	Nov. 01, 2014
Cash flows from operating activities:
Net income	$ 2,915,395	$ 1,257,898
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	110,169	95,843
Deferred income taxes	130,177
Undistributed earnings in joint venture - Majestic 21	(138,469)	(134,921)
Losses from investments in retirement community limited partnerships	146,403	321,531
Gain on disposal of property, plant, and equipment		(3,650)
Inventory impairment	75,000
Stock-based compensation	9,287	8,091
Other		12,500
Decrease (increase) in:
Accounts receivable - trade	(796,454)	559,589
Inventories	(503,165)	(472,724)
Pre-owned homes	384,039	1,953,792
Income tax receivable	5,629	(5,964)
Prepaid expenses and other current assets	(539,190)	32,556
(Decrease) increase in:
Accounts payable	202,208	(143,260)
Accrued compensation	70,071	150,476
Accrued expenses and other current liabilities	399,908	(88,072)
Customer deposits	294,773	492,036
Net cash provided by operating activities	2,765,781	4,035,721
Cash flows from investing activities:
Purchase of property, plant and equipment	(117,976)	(321,451)
Proceeds from sale of property, plant and equipment		3,650
Distributions from joint venture - Majestic 21	500,000	0
Collections on mortgage notes receivable	431	376
Increase in cash surrender value of life insurance	(150,332)	(116,940)
Net cash provided by (used in) investing activities	232,123	(434,365)
Cash flows from financing activities:
Proceeds from exercise of employee stock options	15,820	46,603
Purchase of treasury stock	(360,844)
Net cash provided by (used in) financing activities	(345,024)	46,603
Increase in cash and cash equivalents	2,652,880	3,647,959
Cash and cash equivalents at beginning of year	14,116,412	10,468,453
Cash and cash equivalents at end of year	$ 16,769,292	14,116,412
Supplemental disclosure of cash flows information:
Income taxes paid		$ 10,000

XML 20 R7.htm IDEA: XBRL DOCUMENT

Reporting Entity and Significant Accounting Policies

12 Months Ended

Oct. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reporting Entity and Significant Accounting Policies

NOTE 1 Reporting Entity and Significant Accounting Policies

Fiscal Year – The Company’s fiscal year ends on the first Saturday on or after October 31. The years ended October 31, 2015 and November 1, 2014 each consisted of fifty-two week periods.

Revenue Recognition – The Company recognizes revenue from its retail sales of new manufactured homes upon the occurrence of the following:

•

Its receipt of a down payment,

•

Construction of the home is complete,

•

Home has been delivered and set up at the retail home buyer’s site, and title has been transferred to the retail home buyer,

•

Completion of any other significant obligations.

The Company recognizes revenue from the sale of the repurchased homes upon transfer of title to the new purchaser.


	2015		2014
Manufactured housing	$	25,904,715	$	17,814,751

Pre-owned homes		1,721,072		3,133,153
Insurance agent commissions		211,017		204,355

Total net sales	$	27,836,804	$	21,152,259

Cash and Cash Equivalents – The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.

Other inventory costs are determined on a first-in, first-out basis.

See Note 13 for discussion of the Company’s guarantee of a $5 million note payable of Majestic 21.

Other Investments – The Company has a 31.3% investment interest in Walden Woods South LLC (“Walden Woods”), which owns and operates a retirement manufactured home community located in Homosassa, Florida. The Company has the right to assign some of its ownership to partners other than Nobility Homes. The Company’s investment in Walden Woods is fully impaired. The majority owner of Walden Woods is the Company’s principal shareholder.

See further discussion of these investments in Note 5.

Warranty Costs – The Company provides for a warranty as the manufactured homes are sold. Amounts related to these warranties for fiscal years 2015 and 2014 are as follows:


	2015			2014
Beginning accrued warranty expense	$	75,000		$	75,000
Less: reduction for payments		(326,988	)		(195,819	)
Plus: additions to accrual		351,988			195,819

Ending accrued warranty expense	$	100,000		$	75,000

XML 21 R8.htm IDEA: XBRL DOCUMENT

Investments

12 Months Ended

Oct. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Investments

NOTE 2 Investments

The following is a summary of short-term investments (available for sale):


	October 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	294,648	$	—	$	462,578


	November 1, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	328,514	$	—	$	496,444

The fair values were estimated based on unadjusted quoted prices at each respective period end.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

XML 22 R9.htm IDEA: XBRL DOCUMENT

Fair Values of Financial Investments

12 Months Ended

Oct. 31, 2015

Fair Value Disclosures [Abstract]

Fair Values of Financial Investments

NOTE 3 Fair Values of Financial Investments

The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximates fair value because of the short maturity of those instruments.

The Company accounts for the fair value of financial investments in accordance with FASB ASC No. 820 “Fair Value Measurements” (ASC No. 820).

•

Level 1—Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

•

The following table represents the Company’s financial assets and liabilities which are carried at fair value at October 31, 2015 and November 1, 2014.


	October 31, 2015
	Level 1		Level 2		Level 3
Equity securities in a public company	$	462,578	$	—	$	—

	$	462,578	$	—	$	—


	November 1, 2014
	Level 1		Level 2		Level 3
Equity securities in a public company	$	496,444	$	—	$	—
Non-recurring fair value investment		—		—		146,403

	$	496,444	$	—	$	146,403

The level 3 non-recurring fair value investment represents the investment in Cypress Creek limited partnership.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 23 R10.htm IDEA: XBRL DOCUMENT

Related Party Transactions	12 Months Ended
Related Party Transactions	Oct. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 4 Related Party Transactions *Affiliated Entities* TLT, Inc. – Our President and Chairman of the Board of Directors (“President”) and the Executive Vice President each own 50% of the stock of TLT, Inc. TLT, Inc. is the general partner of limited partnerships which are developing manufactured housing communities in Central Florida (the “TLT Communities”). Our President owns between a 24.75% and a 49.5% direct and indirect interest in each of these limited partnerships. Our Executive Vice President owns between a 49.5% and a 57.75% direct and indirect interest in each of these limited partnerships. The TLT Communities have purchased manufactured homes exclusively from the Company since 1990. Sales to TLT Communities were not significant during fiscal years 2015 and 2014. Walden Woods – The Company’s principal shareholder owns 51% of Walden Woods South LLC, which owns the Walden Woods South community.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

XML 24 R11.htm IDEA: XBRL DOCUMENT

Other Investments

12 Months Ended

Oct. 31, 2015

Text Block [Abstract]

Other Investments

NOTE 5 Other Investments

See Note 13 for discussion of the Company’s guarantee of a $5 million note payable of Majestic 21.

The following is summarized financial information of the Company’s joint venture:


	October 31, 2015		November 1, 2014
Total Assets	$	14,499,423	$	16,457,594
Total Liabilities	$	10,511,965	$	11,747,081
Total Equity	$	3,987,458	$	4,710,513
Net Income	$	276,945	$	269,840

Distributions received from the joint venture amounted to $500,000 in fiscal year 2015. There were no distributions received from the joint venture in fiscal year 2014.

With regard to our investment in Majestic 21, there are no differences between our investment balance and the amount of underlying equity in net assets owned by Majestic 21.

Investment in Retirement Community Limited Partnerships –The Company has a 31.3% investment interest in Walden Woods South LLC (“Walden Woods”), which owns and operates a retirement manufactured home community named Walden Woods located in Homosassa, Florida. The Company’s investment in Walden Woods is fully impaired. The majority owner of Walden Woods is the Company’s principal shareholder. The Company’s principal shareholder guaranteed the financing used to purchase Walden Woods Park, which created an implicit guarantee from the Company. The implicit guarantee caused Walden Woods Park to be a variable interest entity as defined in Accounting Standard Codification (ASC) 810. The Company is considered to currently have an implicit guarantee with Walden Woods because it is a related party to the primary guarantor. In determining the primary beneficiary of the variable interest entity, the Company has determined the principal shareholder has the power to direct the activities that most significantly impact the economic performance of Walden Woods. As a result, in accordance with ASC 810, Walden Woods has not been consolidated in the financial statements of the Company.

The following is summarized financial information of Walden Woods and Cypress Creek as of September 30, 2015 and September 30, 2014*:


	September 30, 2015			September 30, 2014
Total Assets	$	13,273,488		$	13,477,599
Total Liabilities	$	17,101,517		$	16,271,729
Total Deficit	$	(3,828,029	)	$	(2,794,130	)

*	Due to Walden Woods, and Cypress Creek having a calendar year-end, the summarized financial information provided is from their most recent quarter.

The following table summarizes the change in the investments for fiscal year 2015 and 2014:


	Walden Woods		Cypress Creek
Investment at November 2, 2013	$	—	$	467,934
Losses on investment		—		(321,531	)

Investment at November 1, 2014		—		146,403
Losses on investment		—		(146,403	)

Investment at October 31, 2015	$	—	$	—

The Company has no obligation to fund future operating losses of Walden Woods or Cypress Creek and accordingly, has not reduced the investment carrying value to less than zero.

XML 25 R12.htm IDEA: XBRL DOCUMENT

Inventories

12 Months Ended

Oct. 31, 2015

Inventory Disclosure [Abstract]

Inventories

NOTE 6 Inventories

A breakdown of the elements of inventory at October 31, 2015 and November 1, 2014 is as follows:


	October 31, 2015			November 1, 2014
Raw materials	$	721,751		$	622,831
Work-in-process		113,891			114,368
Finished homes		5,114,568			4,722,923
Model home furniture and others		69,495			56,418

Inventories, net	$	6,019,705		$	5,516,540

Pre-owned homes *	$	5,516,272		$	6,322,483
Inventory impairment reserve		(1,425,108	)		(1,772,280	)

		4,091,164			4,550,203
Less homes expected to sell in 12 months		(1,366,974	)		(2,839,203	)

Pre-owned homes, long-term	$	2,724,190		$	1,711,000

*	The following table summarizes a breakdown of pre-owned homes inventory for fiscal year 2015 and 2014:


	Total pre-owned homes
Balance at November 2, 2013	$	9,215,590
Purchased		525,436
Sold		(3,418,543	)

Balance at November 1, 2014		6,322,483
Purchased		932,197
Sold		(1,738,408	)

Balance at October 31, 2015	$	5,516,272

An analysis of the inventory impairment reserve at October 31, 2015 and November 1, 2014 is as follows:


	October 31, 2015			November 1, 2014
Beginning inventory impairment reserve	$	1,772,280		$	2,711,595
Less: Reductions for homes sold		(258,001	)		(691,094	)
Inventory holding costs		(141,468	)		(211,334	)
Plus: Additions (subtractions) to impairment reserve		52,297			(36,887	)

Ending inventory impairment reserve	$	1,425,108		$	1,772,280

XML 26 R13.htm IDEA: XBRL DOCUMENT

Properties, Plant and Equipment

12 Months Ended

Oct. 31, 2015

Property, Plant and Equipment [Abstract]

Properties, Plant and Equipment

NOTE 7 Properties, Plant and Equipment

Property, plant and equipment, along with their estimated useful lives and related accumulated depreciation are summarized as follows:


	Range of Lives in Years	October 31, 2015			November 1, 2014
Land	—	$	2,349,383		$	2,349,383
Land improvements	10-20		839,912			839,912
Buildings and improvements	15-40		2,813,761			2,786,761
Machinery and equipment	3-10		1,180,377			1,089,401
Furniture and fixtures	3-10		437,432			437,432

			7,620,865			7,502,889
Less accumulated depreciation			(3,655,987	)		(3,545,818	)

		$	3,964,878		$	3,957,071

XML 27 R14.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Current Liabilities

12 Months Ended

Oct. 31, 2015

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

NOTE 8 Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following:


	October 31, 2015		November 1, 2014
Accrued warranty expense	$	100,000	$	75,000
Accrued taxes		261,289		215,807
Other accrued expenses		564,915		235,489

Total accrued expenses and other current liabilities	$	926,204	$	526,296

XML 28 R15.htm IDEA: XBRL DOCUMENT

Income Taxes

12 Months Ended

Oct. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 9 Income Taxes

The provision for income taxes for the years ended consists of the following:


	October 31, 2015			November 1, 2014
Current tax expense:
Federal	$	5,629		$	4,036
State		—			—

		5,629			4,036
Deferred tax expense		1,105,489			489,921
Valuation allowance		(975,312	)		(489,921	)

Income tax expense	$	135,806		$	4,036

The following table shows the reconciliation between the statutory federal income tax rate and the actual provision for income taxes for the years ended:


	October 31, 2015			November 1, 2014
Provision—federal statutory tax rate	$	1,037,408		$	429,057
Increase (decrease) resulting from:
State taxes, net of federal tax benefit		110,759			45,808
Permanent differences:
Stock option expirations		6,045			20,773
Other		(43,094	)		(1,681	)
Changes in DTA valuation allowance		(975,312	)		(489,921	)

Income tax expense	$	135,806		$	4,036


	October 31, 2015			November 1, 2014
Deferred tax assets:
Allowance for doubtful accounts	$	87,261		$	87,261
Inventories		651,980			782,308
Carrying value of other investments		1,186,668			1,939,918
Accrued expenses		75,141			58,311
Stock-based compensation		8,971			10,507
Net operating loss		—			231,289
Valuation allowance		—			(975,312	)

Total deferred tax assets		2,010,021			2,134,282
Deferred tax liabilities:
Depreciation		(37,982	)		(33,288	)
State income tax refunds		(29,598	)		(29,598	)
Amortization		(58,810	)		(58,810	)
Prepaid expenses		(17,808	)		(16,586	)

Net deferred tax assets	$	1,865,823		$	1,996,000

At November 1, 2014, the Company has unused net operating loss carry forwards totaling approximately $600,000. These net operating losses were applied to 2015 taxable income.

These amounts are included in the accompanying consolidated balance sheets under the following captions:


	October 31, 2015			November 1, 2014
Current assets:
Deferred tax assets	$	814,381		$	927,879
Deferred tax liabilities		(159,188	)		(170,710	)
Valuation allowance		—			(248,535	)

Net current deferred taxes		655,193			508,634

Non-current assets:
Deferred tax assets		1,307,422			2,306,241
Deferred tax liabilities		(96,792	)		(92,098	)
Valuation allowance		—			(726,777	)

Net non-current deferred taxes		1,210,630			1,487,366

Net deferred tax asset	$	1,865,823		$	1,996,000

The primary tax planning strategy is the potential sale of real estate, primarily land not currently used in the operations of the Company, to generate taxable gains. The Company has assessed that these strategies could result in the realization of approximately $2.0 million of deferred tax assets. The amount of deferred tax assets above this amount are reserved with a valuation allowance. There no valuation allowance at October 15, 2015. The valuation allowance was approximately $975,000 at November 1, 2014.

XML 29 R16.htm IDEA: XBRL DOCUMENT

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Oct. 31, 2015
Equity [Abstract]
Stockholders' Equity	NOTE 10 Stockholders’ Equity Authorized preferred stock may be issued in series with rights and preferences designated by the Board of Directors at the time it authorizes the issuance of such stock. The Company has never issued any preferred stock. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the accompanying consolidated financial statements. The Company repurchased 34,800 and 0 shares of its common stock during fiscal years 2015 and 2014, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

XML 30 R17.htm IDEA: XBRL DOCUMENT

Stock Option Plan

12 Months Ended

Oct. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Option Plan

NOTE 11 Stock Option Plan

A summary of information with respect to options granted is as follows:


	Number of Shares			Stock Option Price Range		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at November 2, 2013		30,400			7.91 - 18.50		13.58
Granted		—			—		—
Exercised		(5,875	)		7.91 - 8.49		7.93
Canceled		(17,525	)		7.91 - 18.50		17.30

Outstanding at November 1, 2014		7,000		$	7.91 - 10.45	$	9.02

Granted		—			—		—
Exercised		(2,000	)		7.91		7.91
Canceled		—			—		—

Outstanding at October 31, 2015		5,000		$	8.49 - 10.45	$	9.47	$	16,900

The following table summarizes information about the outstanding stock options at October 31, 2015:


Options Outstanding							Options Exercisable
Exercise Prices	Shares Outstanding		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$10.45		2,500		1	$	10.45		2,500	$	10.45
$ 8.49		2,500		—		8.49		1,750		8.49

		5,000		1	$	9.47		4,250	$	9.64

XML 31 R18.htm IDEA: XBRL DOCUMENT

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Oct. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plan	NOTE 12 Employee Benefit Plan The Company has a defined contribution retirement plan (the “Plan”) qualifying under Section 401(k) of the Internal Revenue Code. The Plan covers employees who have met certain service requirements. The Company makes a discretionary matching contribution of up to 20% of an employee’s contribution, up to a maximum of 6% of an employee’s compensation. The contribution expense charged to operations in fiscal years 2015 was $20,000 and no contribution expense charged in 2014.

XML 32 R19.htm IDEA: XBRL DOCUMENT

Commitments and Contingent Liabilities

12 Months Ended

Oct. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

NOTE 13 Commitments and Contingent Liabilities


2016	$	30,388
2017	$	20,009

XML 33 R20.htm IDEA: XBRL DOCUMENT

Subsequent Events	12 Months Ended
Subsequent Events	Oct. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	NOTE 14 Subsequent Events On November 20, 2015 and December 16, 2015, the Company repurchased 6,475 and 4,800 shares of its common stock for an aggregate purchase price of $74,786 and $57,600 respectively.

XML 34 R21.htm IDEA: XBRL DOCUMENT

Reporting Entity and Significant Accounting Policies (Policies)

12 Months Ended

Oct. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Principles of Consolidation

Use of Estimates

Fiscal Year

Fiscal Year – The Company’s fiscal year ends on the first Saturday on or after October 31. The years ended October 31, 2015 and November 1, 2014 each consisted of fifty-two week periods.

Revenue Recognition

Revenue Recognition – The Company recognizes revenue from its retail sales of new manufactured homes upon the occurrence of the following:

•

Its receipt of a down payment,

•

Construction of the home is complete,

•

Home has been delivered and set up at the retail home buyer’s site, and title has been transferred to the retail home buyer,

•

Completion of any other significant obligations.

The Company recognizes revenue from the sale of the repurchased homes upon transfer of title to the new purchaser.

Revenues by Products and Services


	2015		2014
Manufactured housing	$	25,904,715	$	17,814,751

Pre-owned homes		1,721,072		3,133,153
Insurance agent commissions		211,017		204,355

Total net sales	$	27,836,804	$	21,152,259

Cash and Cash Equivalents

Cash and Cash Equivalents – The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.

Accounts Receivable

Investments

Inventories

Other inventory costs are determined on a first-in, first-out basis.

Property, Plant and Equipment

Investment in Majestic 21

See Note 13 for discussion of the Company’s guarantee of a $5 million note payable of Majestic 21.

Other Investments

See further discussion of these investments in Note 5.

Impairment of Long-Lived Assets

Customer Deposits

Company Owned Life Insurance

Warranty Costs

Warranty Costs – The Company provides for a warranty as the manufactured homes are sold. Amounts related to these warranties for fiscal years 2015 and 2014 are as follows:


	2015			2014
Beginning accrued warranty expense	$	75,000		$	75,000
Less: reduction for payments		(326,988	)		(195,819	)
Plus: additions to accrual		351,988			195,819

Ending accrued warranty expense	$	100,000		$	75,000

Accrued Home Setup Costs

Stock-Based Compensation

Shipping and Handling Costs

Comprehensive Income

Segments

Major Customers

Concentration of Credit Risk

Concentration of Retail Financing Sources

Recently Issued Accounting Pronouncements

Fair Value Measurements

•

Level 1—Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

•

XML 35 R22.htm IDEA: XBRL DOCUMENT

Reporting Entity and Significant Accounting Policies (Tables)

12 Months Ended

Oct. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenues by Products and Services


	2015		2014
Manufactured housing	$	25,904,715	$	17,814,751

Pre-owned homes		1,721,072		3,133,153
Insurance agent commissions		211,017		204,355

Total net sales	$	27,836,804	$	21,152,259

Summary of Amounts Related to Limited Warranty

Amounts related to these warranties for fiscal years 2015 and 2014 are as follows:


	2015			2014
Beginning accrued warranty expense	$	75,000		$	75,000
Less: reduction for payments		(326,988	)		(195,819	)
Plus: additions to accrual		351,988			195,819

Ending accrued warranty expense	$	100,000		$	75,000

XML 36 R23.htm IDEA: XBRL DOCUMENT

Investments (Tables)

12 Months Ended

Oct. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Summary of Short-term Investments

The following is a summary of short-term investments (available for sale):


	October 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	294,648	$	—	$	462,578


	November 1, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	328,514	$	—	$	496,444

XML 37 R24.htm IDEA: XBRL DOCUMENT

Fair Values of Financial Investments (Tables)

12 Months Ended

Oct. 31, 2015

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Carried at Fair Value

The following table represents the Company’s financial assets and liabilities which are carried at fair value at October 31, 2015 and November 1, 2014.


	October 31, 2015
	Level 1		Level 2		Level 3
Equity securities in a public company	$	462,578	$	—	$	—

	$	462,578	$	—	$	—


	November 1, 2014
	Level 1		Level 2		Level 3
Equity securities in a public company	$	496,444	$	—	$	—
Non-recurring fair value investment		—		—		146,403

	$	496,444	$	—	$	146,403

XML 38 R25.htm IDEA: XBRL DOCUMENT

Other Investments (Tables)

12 Months Ended

Oct. 31, 2015

Summary of Change in Investments

The following table summarizes the change in the investments for fiscal year 2015 and 2014:


	Walden Woods		Cypress Creek
Investment at November 2, 2013	$	—	$	467,934
Losses on investment		—		(321,531	)

Investment at November 1, 2014		—		146,403
Losses on investment		—		(146,403	)

Investment at October 31, 2015	$	—	$	—

Majestic 21 [Member]

Summarized Financial Information of Company's Other Investments

The following is summarized financial information of the Company’s joint venture:


	October 31, 2015		November 1, 2014
Total Assets	$	14,499,423	$	16,457,594
Total Liabilities	$	10,511,965	$	11,747,081
Total Equity	$	3,987,458	$	4,710,513
Net Income	$	276,945	$	269,840

Walden Woods and Cypress Creek [Member]

Summarized Financial Information of Company's Other Investments

The following is summarized financial information of Walden Woods and Cypress Creek as of September 30, 2015 and September 30, 2014*:


	September 30, 2015			September 30, 2014
Total Assets	$	13,273,488		$	13,477,599
Total Liabilities	$	17,101,517		$	16,271,729
Total Deficit	$	(3,828,029	)	$	(2,794,130	)

*	Due to Walden Woods, and Cypress Creek having a calendar year-end, the summarized financial information provided is from their most recent quarter.

XML 39 R26.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

12 Months Ended

Oct. 31, 2015

Inventory Disclosure [Abstract]

Summary of Breakdown of Elements of Inventory

A breakdown of the elements of inventory at October 31, 2015 and November 1, 2014 is as follows:


	October 31, 2015			November 1, 2014
Raw materials	$	721,751		$	622,831
Work-in-process		113,891			114,368
Finished homes		5,114,568			4,722,923
Model home furniture and others		69,495			56,418

Inventories, net	$	6,019,705		$	5,516,540

Pre-owned homes *	$	5,516,272		$	6,322,483
Inventory impairment reserve		(1,425,108	)		(1,772,280	)

		4,091,164			4,550,203
Less homes expected to sell in 12 months		(1,366,974	)		(2,839,203	)

Pre-owned homes, long-term	$	2,724,190		$	1,711,000

*	The following table summarizes a breakdown of pre-owned homes inventory for fiscal year 2015 and 2014:


	Total pre-owned homes
Balance at November 2, 2013	$	9,215,590
Purchased		525,436
Sold		(3,418,543	)

Balance at November 1, 2014		6,322,483
Purchased		932,197
Sold		(1,738,408	)

Balance at October 31, 2015	$	5,516,272

Analysis of Inventory Impairment Reserve

An analysis of the inventory impairment reserve at October 31, 2015 and November 1, 2014 is as follows:


	October 31, 2015			November 1, 2014
Beginning inventory impairment reserve	$	1,772,280		$	2,711,595
Less: Reductions for homes sold		(258,001	)		(691,094	)
Inventory holding costs		(141,468	)		(211,334	)
Plus: Additions (subtractions) to impairment reserve		52,297			(36,887	)

Ending inventory impairment reserve	$	1,425,108		$	1,772,280

XML 40 R27.htm IDEA: XBRL DOCUMENT

Properties, Plant and Equipment (Tables)

12 Months Ended

Oct. 31, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment with Estimated Useful Lives and Related Accumulated Depreciation

Property, plant and equipment, along with their estimated useful lives and related accumulated depreciation are summarized as follows:


	Range of Lives in Years	October 31, 2015			November 1, 2014
Land	—	$	2,349,383		$	2,349,383
Land improvements	10-20		839,912			839,912
Buildings and improvements	15-40		2,813,761			2,786,761
Machinery and equipment	3-10		1,180,377			1,089,401
Furniture and fixtures	3-10		437,432			437,432

			7,620,865			7,502,889
Less accumulated depreciation			(3,655,987	)		(3,545,818	)

		$	3,964,878		$	3,957,071

XML 41 R28.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Oct. 31, 2015

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following:


	October 31, 2015		November 1, 2014
Accrued warranty expense	$	100,000	$	75,000
Accrued taxes		261,289		215,807
Other accrued expenses		564,915		235,489

Total accrued expenses and other current liabilities	$	926,204	$	526,296

XML 42 R29.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

12 Months Ended

Oct. 31, 2015

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes

The provision for income taxes for the years ended consists of the following:


	October 31, 2015			November 1, 2014
Current tax expense:
Federal	$	5,629		$	4,036
State		—			—

		5,629			4,036
Deferred tax expense		1,105,489			489,921
Valuation allowance		(975,312	)		(489,921	)

Income tax expense	$	135,806		$	4,036

Reconciliation Between Statutory Federal Income Tax Rate and Actual Provision for Income Taxes

The following table shows the reconciliation between the statutory federal income tax rate and the actual provision for income taxes for the years ended:


	October 31, 2015			November 1, 2014
Provision—federal statutory tax rate	$	1,037,408		$	429,057
Increase (decrease) resulting from:
State taxes, net of federal tax benefit		110,759			45,808
Permanent differences:
Stock option expirations		6,045			20,773
Other		(43,094	)		(1,681	)
Changes in DTA valuation allowance		(975,312	)		(489,921	)

Income tax expense	$	135,806		$	4,036

Deferred Tax Assets and Deferred Tax Liabilities


	October 31, 2015			November 1, 2014
Deferred tax assets:
Allowance for doubtful accounts	$	87,261		$	87,261
Inventories		651,980			782,308
Carrying value of other investments		1,186,668			1,939,918
Accrued expenses		75,141			58,311
Stock-based compensation		8,971			10,507
Net operating loss		—			231,289
Valuation allowance		—			(975,312	)

Total deferred tax assets		2,010,021			2,134,282
Deferred tax liabilities:
Depreciation		(37,982	)		(33,288	)
State income tax refunds		(29,598	)		(29,598	)
Amortization		(58,810	)		(58,810	)
Prepaid expenses		(17,808	)		(16,586	)

Net deferred tax assets	$	1,865,823		$	1,996,000

Accompanying Deferred Current and Non current Tax Assets and Liabilities in Consolidated Balance Sheet

These amounts are included in the accompanying consolidated balance sheets under the following captions:


	October 31, 2015			November 1, 2014
Current assets:
Deferred tax assets	$	814,381		$	927,879
Deferred tax liabilities		(159,188	)		(170,710	)
Valuation allowance		—			(248,535	)

Net current deferred taxes		655,193			508,634

Non-current assets:
Deferred tax assets		1,307,422			2,306,241
Deferred tax liabilities		(96,792	)		(92,098	)
Valuation allowance		—			(726,777	)

Net non-current deferred taxes		1,210,630			1,487,366

Net deferred tax asset	$	1,865,823		$	1,996,000

XML 43 R30.htm IDEA: XBRL DOCUMENT

Stock Option Plan (Tables)

12 Months Ended

Oct. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Options Granted

A summary of information with respect to options granted is as follows:


	Number of Shares			Stock Option Price Range		Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at November 2, 2013		30,400			7.91 - 18.50		13.58
Granted		—			—		—
Exercised		(5,875	)		7.91 - 8.49		7.93
Canceled		(17,525	)		7.91 - 18.50		17.30

Outstanding at November 1, 2014		7,000		$	7.91 - 10.45	$	9.02

Granted		—			—		—
Exercised		(2,000	)		7.91		7.91
Canceled		—			—		—

Outstanding at October 31, 2015		5,000		$	8.49 - 10.45	$	9.47	$	16,900

Outstanding Stock Options

The following table summarizes information about the outstanding stock options at October 31, 2015:


Options Outstanding							Options Exercisable
Exercise Prices	Shares Outstanding		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number Exercisable		Weighted Average Exercise Price
$10.45		2,500		1	$	10.45		2,500	$	10.45
$ 8.49		2,500		—		8.49		1,750		8.49

		5,000		1	$	9.47		4,250	$	9.64

XML 44 R31.htm IDEA: XBRL DOCUMENT

Commitments and Contingent Liabilities (Tables)

12 Months Ended

Oct. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Payments by Year


2016	$	30,388
2017	$	20,009

XML 45 R32.htm IDEA: XBRL DOCUMENT

Reporting Entity and Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Oct. 31, 2015 USD ($) Retailer Segment Plant	Nov. 01, 2014 USD ($)
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Number of retail centers \| Retailer	10
Guarantee obligations note payable principal amount	$ 5,000,000
Down payment by retail customers	$ 500
Percentage of retail contract price	35.00%
Percentage of retail contract price withhold by company	20.00%
Warranty period of homes	12 months
Advertising expense	$ 243,000	$ 262,500
Number of Segment \| Segment	1
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Accounts receivable due from customers	$ 2,754,599	1,963,520
Real Estate Investment Trust One [Member] \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Sales from major customers	$ 1,209,705	$ 304,345
Percentage of sales from major customers	4.00%	1.00%
Real Estate Investment Trust Two [Member] \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Sales from major customers	$ 2,166,625	$ 1,700,910
Percentage of sales from major customers	8.00%	8.00%
Other Real Estate Investment Trust [Member] \| Sales Revenue, Net [Member] \| Customer Concentration Risk [Member]
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Sales from major customers	$ 3,120,000	$ 1,908,125
Percentage of sales from major customers	11.00%	9.00%
Majestic 21 [Member]
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Variable Interest Entity	50.00%
Impairment charges related to Investment in Majestic 21	$ 0	$ 0
Guarantee obligations note payable principal amount	$ 5,000,000
Percentage of ownership interest	50.00%
Walden Woods [Member]
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Percentage of ownership interest	31.30%
CRF III, Ltd [Member]
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Percentage of ownership interest	48.50%
Ocala Fl [Member]
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items]
Number of manufacturing plants \| Plant	1

XML 46 R33.htm IDEA: XBRL DOCUMENT

Reporting Entity and Significant Accounting Policies - Revenues by Products and Services (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Sales Information [Line Items]
Total net sales	$ 27,836,804	$ 21,152,259
Manufactured Housing [Member]
Sales Information [Line Items]
Total net sales	25,904,715	17,814,751
Pre-Owned Homes [Member]
Sales Information [Line Items]
Total net sales	1,721,072	3,133,153
Insurance Agent Commissions [Member]
Sales Information [Line Items]
Total net sales	$ 211,017	$ 204,355

XML 47 R34.htm IDEA: XBRL DOCUMENT

Reporting Entity and Significant Accounting Policies - Summary of Amounts Related to Limited Warranty (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Accounting Policies [Abstract]
Beginning accrued warranty expense	$ 75,000	$ 75,000
Less: reduction for payments	(326,988)	(195,819)
Plus: additions to accrual	351,988	195,819
Ending accrued warranty expense	$ 100,000	$ 75,000

XML 48 R35.htm IDEA: XBRL DOCUMENT

Investments - Summary of Short-term Investments (Detail) - USD ($)	Oct. 31, 2015	Nov. 01, 2014
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities, Amortized Cost	$ 167,930	$ 167,930
Available-for-sale Securities, Gross Unrealized Gains	294,648	328,514
Available-for-sale Securities, Gross Unrealized Losses	0	0
Available-for-sale Securities, Estimated Fair Value	$ 462,578	$ 496,444

XML 49 R36.htm IDEA: XBRL DOCUMENT

Fair Values of Financial Investments - Summary of Financial Assets and Liabilities Carried at Fair Value (Detail) - USD ($)	Oct. 31, 2015	Nov. 01, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities in a public company	$ 462,578	$ 496,444
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities in a public company	462,578	496,444
Fair value of investments	$ 462,578	496,444
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-recurring fair value investment		146,403
Fair value of investments		$ 146,403

XML 50 R37.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Additional Information (Detail)	Oct. 31, 2015
TLT Incorporation [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest	50.00%
Walden Woods [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest	31.30%
Walden Woods [Member] \| Majority Shareholder [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest	51.00%
President [Member] \| TLT Incorporation [Member] \| Minimum Range [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest	24.75%
President [Member] \| TLT Incorporation [Member] \| Maximum Range [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest	49.50%
Executive Vice President [Member] \| TLT Incorporation [Member] \| Minimum Range [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest	49.50%
Executive Vice President [Member] \| TLT Incorporation [Member] \| Maximum Range [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest	57.75%

XML 51 R38.htm IDEA: XBRL DOCUMENT

Other Investments - Additional Information (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Nov. 01, 1997
Investment [Line Items]
Guarantee obligations note payable principal amount	$ 5,000,000
Distributions from joint venture - Majestic 21	$ 500,000	$ 0
Majestic 21 [Member]
Investment [Line Items]
Amount invested in joint venture - Majestic 21			$ 250,000
Percentage of ownership interest	50.00%
Variable Interest Entity	50.00%
Profit and loss basis point	50/50 basis
Guarantee obligations note payable principal amount	$ 5,000,000
Walden Woods [Member]
Investment [Line Items]
Percentage of ownership interest	31.30%
CRF III, Ltd [Member]
Investment [Line Items]
Percentage of ownership interest	48.50%

XML 52 R39.htm IDEA: XBRL DOCUMENT

Other Investments - Summarized Financial Information of Company's Joint Venture (Detail) - Majestic 21 [Member] - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Schedule of Equity Method Investments [Line Items]
Total Assets	$ 14,499,423	$ 16,457,594
Total Liabilities	10,511,965	11,747,081
Total Equity	3,987,458	4,710,513
Net Income	$ 276,945	$ 269,840

- Definition

The amount of net income (loss) reported by an equity method investment of the entity.

+ References + Details

XML 53 R40.htm IDEA: XBRL DOCUMENT

Other Investments - Summarized Financial Information of Walden Woods and Cypress Creek (Detail) - Walden Woods and Cypress Creek [Member] - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Total Assets	$ 13,273,488	$ 13,477,599
Total Liabilities	17,101,517	16,271,729
Total Deficit	$ (3,828,029)	$ (2,794,130)

XML 54 R41.htm IDEA: XBRL DOCUMENT

Other Investments - Summary of Change in Investments and Costs Incurred (Detail) - Cypress Creek [Member] - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Investment [Line Items]
Investment, Beginning Balance	$ 146,403	$ 467,934
Losses on investment	$ (146,403)	(321,531)
Investment, Ending Balance		$ 146,403

XML 55 R42.htm IDEA: XBRL DOCUMENT

Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($)	Oct. 31, 2015	Nov. 01, 2014	Nov. 02, 2013
Inventory Disclosure [Abstract]
Raw materials	$ 721,751	$ 622,831
Work-in-process	113,891	114,368
Finished homes	5,114,568	4,722,923
Model home furniture and others	69,495	56,418
Inventories, net	6,019,705	5,516,540
Pre-owned homes	5,516,272	6,322,483	$ 9,215,590
Inventory impairment reserve	(1,425,108)	(1,772,280)	$ (2,711,595)
Pre-owned homes, net	4,091,164	4,550,203
Pre-owned homes, net	4,091,164	4,550,203
Less homes expected to sell in 12 months	(1,366,974)	(2,839,203)
Pre-owned homes, long-term	$ 2,724,190	$ 1,711,000

XML 56 R43.htm IDEA: XBRL DOCUMENT

Inventories - Summary of Breakdown of Elements of Inventory (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Inventory Disclosure [Abstract]
Beginning Balance	$ 6,322,483	$ 9,215,590
Purchased	932,197	525,436
Sold	(1,738,408)	(3,418,543)
Ending Balance	$ 5,516,272	$ 6,322,483

XML 57 R44.htm IDEA: XBRL DOCUMENT

Inventories - Analysis of Inventory Impairment Reserve (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Inventory Disclosure [Abstract]
Beginning inventory impairment reserve	$ 1,772,280	$ 2,711,595
Less: Reductions for homes sold	(258,001)	(691,094)
Inventory holding costs	(141,468)	(211,334)
Plus: Additions (subtractions) to impairment reserve	52,297	(36,887)
Ending inventory impairment reserve	$ 1,425,108	$ 1,772,280

XML 58 R45.htm IDEA: XBRL DOCUMENT

Properties, Plant and Equipment - Property, Plant and Equipment with Estimated Useful Lives and Related Accumulated Depreciation (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 7,620,865	$ 7,502,889
Less accumulated depreciation	(3,655,987)	(3,545,818)
Property plant and equipment, net	3,964,878	3,957,071
Land [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	2,349,383	2,349,383
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	839,912	839,912
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	2,813,761	2,786,761
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	1,180,377	1,089,401
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 437,432	$ 437,432
Minimum Range [Member] \| Land [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful life
Minimum Range [Member] \| Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful life	10 years
Minimum Range [Member] \| Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful life	15 years
Minimum Range [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful life	3 years
Minimum Range [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful life	3 years
Maximum Range [Member] \| Land [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful life
Maximum Range [Member] \| Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful life		20 years
Maximum Range [Member] \| Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful life		40 years
Maximum Range [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful life		10 years
Maximum Range [Member] \| Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, estimated useful life		10 years

XML 59 R46.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($)	Oct. 31, 2015	Nov. 01, 2014
Payables and Accruals [Abstract]
Accrued warranty expense	$ 100,000	$ 75,000
Accrued taxes	261,289	215,807
Other accrued expenses	564,915	235,489
Total accrued expenses and other current liabilities	$ 926,204	$ 526,296

XML 60 R47.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Income Tax Disclosure [Abstract]
Percentage of tax benefit	50.00%
Tax benefit	$ 0
Unused net operating loss carry forwards		$ 600,000
Realization of deferred tax assets	2,000,000
Valuation allowance	$ 0	$ (975,312)

XML 61 R48.htm IDEA: XBRL DOCUMENT

Income Taxes - Summary of Provision for Income Taxes (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Current tax expense:
Federal	$ 5,629	$ 4,036
State	0	0
Total current tax expense (benefit)	5,629	4,036
Deferred tax expense	1,105,489	489,921
Valuation allowance	(975,312)	(489,921)
Income tax expense	$ 135,806	$ 4,036

XML 62 R49.htm IDEA: XBRL DOCUMENT

Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Actual Provision for Income Taxes (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Income Tax Disclosure [Abstract]
Provision-federal statutory tax rate	$ 1,037,408	$ 429,057
Increase (decrease) resulting from:
State taxes, net of federal tax benefit	110,759	45,808
Permanent differences:
Stock option expirations	6,045	20,773
Other	(43,094)	(1,681)
Changes in DTA valuation allowance	(975,312)	(489,921)
Income tax expense	$ 135,806	$ 4,036

XML 63 R50.htm IDEA: XBRL DOCUMENT

Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($)	Oct. 31, 2015	Nov. 01, 2014
Deferred tax assets:
Allowance for doubtful accounts	$ 87,261	$ 87,261
Inventories	651,980	782,308
Carrying value of other investments	1,186,668	1,939,918
Accrued expenses	75,141	58,311
Stock-based compensation	8,971	10,507
Net operating loss		231,289
Valuation allowance	0	(975,312)
Total deferred tax assets	2,010,021	2,134,282
Deferred tax liabilities:
Depreciation	(37,982)	(33,288)
State income tax refunds	(29,598)	(29,598)
Amortization	(58,810)	(58,810)
Prepaid expenses	(17,808)	(16,586)
Net deferred tax asset	$ 1,865,823	$ 1,996,000

XML 64 R51.htm IDEA: XBRL DOCUMENT

Income Taxes - Accompanying Deferred Current and Non-current Tax Assets and Liabilities in Consolidated Balance Sheet (Detail) - USD ($)	Oct. 31, 2015	Nov. 01, 2014
Current assets:
Deferred tax assets	$ 814,381	$ 927,879
Deferred tax liabilities	(159,188)	(170,710)
Valuation allowance		(248,535)
Net current deferred taxes	655,193	508,634
Non-current assets:
Deferred tax assets	1,307,422	2,306,241
Deferred tax liabilities	(96,792)	(92,098)
Valuation allowance		(726,777)
Net non-current deferred taxes	1,210,630	1,487,366
Net deferred tax asset	$ 1,865,823	$ 1,996,000

XML 65 R52.htm IDEA: XBRL DOCUMENT

Stockholders' Equity - Additional Information (Detail) - shares	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Equity [Abstract]
Repurchased shares of common stock	34,800	0

XML 66 R53.htm IDEA: XBRL DOCUMENT

Stock Option Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Nov. 02, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance	300,000
Options Outstanding, Shares Outstanding	5,000	7,000	30,400
Compensation cost related to stock options	$ 9,000	$ 8,000
Unrecognized compensation cost related to non-vested	$ 602
Weighted average period	1 month 21 days
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Shares Outstanding	0

XML 67 R54.htm IDEA: XBRL DOCUMENT

Stock Option Plan - Option Granted (Detail) - USD ($)	12 Months Ended
Stock Option Plan - Option Granted (Detail) - USD ($)	Oct. 31, 2015	Nov. 01, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Beginning, Number of Shares	7,000	30,400
Granted, Number of Shares	0	0
Exercised, Number of Shares	(2,000)	(5,875)
Canceled, Number of Shares		17,525
Outstanding Ending, Number of Shares	5,000	7,000
Granted, Stock Option Price Range	$ 0	$ 0
Exercised, Stock Option Price Range	7.91
Outstanding Beginning, Weighted Average Exercise Price	9.02	13.58
Granted, Weighted Average Exercise Price	0	0
Exercised, Weighted Average Exercise Price	7.91	7.93
Canceled, Weighted Average Exercise Price		17.30
Outstanding Ending, Weighted Average Exercise Price	$ 9.47	9.02
Outstanding Ending, Aggregate Intrinsic Value	$ 16,900
Minimum Range [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Beginning, Stock Option Price Range	$ 7.91	7.91
Granted, Stock Option Price Range	0	0
Exercised, Stock Option Price Range		7.91
Canceled, Stock Option Price Range		7.91
Outstanding Ending, Stock Option Price Range	8.49	7.91
Maximum Range [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Beginning, Stock Option Price Range	10.45	18.50
Granted, Stock Option Price Range	0	0
Exercised, Stock Option Price Range		8.49
Canceled, Stock Option Price Range		18.50
Outstanding Ending, Stock Option Price Range	$ 10.45	$ 10.45

XML 68 R55.htm IDEA: XBRL DOCUMENT

Stock Option Plan - Outstanding Stock Options (Detail) - $ / shares	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014	Nov. 02, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Shares Outstanding	5,000	7,000	30,400
Options Outstanding, Weighted Average Remaining Contractual Life (years)	1 year
Options Outstanding, Weighted Average Exercise Price	$ 9.47
Options Exercisable, Weighted Average Exercise Price	$ 9.64
Options Exercisable, Number Exercisable	4,250
Range One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Exercise Price	$ 10.45
Options Outstanding, Shares Outstanding	2,500
Options Outstanding, Weighted Average Remaining Contractual Life (years)	1 year
Options Outstanding, Weighted Average Exercise Price	$ 10.45
Options Exercisable, Weighted Average Exercise Price	$ 10.45
Options Exercisable, Number Exercisable	2,500
Range Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Exercise Price	$ 8.49
Options Outstanding, Shares Outstanding	2,500
Options Outstanding, Weighted Average Remaining Contractual Life (years)	0 years
Options Outstanding, Weighted Average Exercise Price	$ 8.49
Options Exercisable, Weighted Average Exercise Price	$ 8.49
Options Exercisable, Number Exercisable	1,750

XML 69 R56.htm IDEA: XBRL DOCUMENT

Employee Benefit Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Defined Benefit Plan Disclosure [Line Items]
Maximum employee compensation	6.00%
Contribution expense charged to operations	$ 20,000	$ 0
Maximum Range [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of discretionary matching contribution	20.00%

XML 70 R57.htm IDEA: XBRL DOCUMENT

Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($)	12 Months Ended
	Oct. 31, 2015	Nov. 01, 2014
Commitments And Contingencies [Line Items]
Total rent expenses for operating leases	$ 189,333	$ 183,631
Percentage of joint venture loan guaranteed by company	50.00%
Guarantee obligations note payable principal amount	$ 5,000,000
Guarantee obligations maximum limit of note payable principal amount for maturity	$ 750,000
Guarantee obligations principal balance of pool of loans percentage	80.00%
Percentage of collateral value for pool of loan securing note	100.00%
Guarantee obligations outstanding note payable principal amount	$ 1,294,148
Collateral value for pool of loan securing note payable by joint venture	2,167,170
Loan loss reserve	$ 170,573
Loan loss reserve as percentage of portfolio	1.19%
Majestic 21 [Member]
Commitments And Contingencies [Line Items]
Guarantee obligations note payable principal amount	$ 5,000,000
Percentage of ownership interest	50.00%
Percentage of outstanding principal balance, Company's maximum exposure	50.00%
Amount of outstanding principal balance, Company's maximum exposure	$ 647,074

XML 71 R58.htm IDEA: XBRL DOCUMENT

Commitments and Contingent Liabilities - Future Minimum Payments by Year (Detail)	Oct. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2016	$ 30,388
2017	$ 20,009

XML 72 R59.htm IDEA: XBRL DOCUMENT

Subsequent Events - Additional Information (Detail) - USD ($)			12 Months Ended
	Dec. 16, 2016	Nov. 20, 2015	Oct. 31, 2015	Nov. 01, 2014
Subsequent Event [Line Items]
Repurchased shares of common stock			34,800	0
Purchase price of common stock			$ 360,844
Subsequent Event [Member]
Subsequent Event [Line Items]
Repurchased shares of common stock	4,800	6,475
Purchase price of common stock	$ 57,600	$ 74,786

EXCEL 73 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( #UH/$@:LHU,! ( .PC 3 6T-O;G1E;G1?5'EP97-= M+GAM;,W:S4[C,! '\%>IU6 MW17L4NE_:9J./3/))+]3S^^? J79SO5#6E9=SN$;8ZGIR)E4^T!#B:Q\=":7 MT[AFP30;LR8F%HLSUO@ATY#G>C8%]I^\'N/L8PJF$,FT MJ2/*KJ]3?NHI':N_C[Q4OJ*5>>CSNPH_W[LZ4C^M29T-SZ6N=R5+*K\MJQ)- M;ZIPN/%OG5DW#BT,Z]]VC.?_>"T'-W'K^JMH'NU!@>W)QC0>:V?L<&Q4CSYN M?GB_^E\9'>5'!<>,*7HC.1 MVN\YEOD>?S=^77"Z/L:Y3M__-/0IF-AT."$2[^I#@/0A0?I0('UHD#[.0/KX M#-+'%Y ^OH+TP1QW8OG*\M"_V/ MZ'D4X$G1H>)%]2-F Q+M*;V"^GH A3&^.R6:E((C-Z."N[_8_ )02P,$% M @ /6@\2/8!U;L. @ WB, !H !X;"]?36'%&F63:R0:07396;$!41>GL/L2#EOO! M40\LG0D((]WZ1Y]1P4.7Z]6/=&S*H>]R>QCRXN?IV.75]/NZ:DL95B'D39M. M3;[IA]1-=W?]>&K*=#GNP]!LWII]"E+7RS!>SJD>'_ZKJOQ>1NKQ6LS M[E-95Q_]^);;E$H.YU.\F1:8;G\.Z7^6[W>[PR8]]9OW4^K*/RK"KP6J,!\D M\T%""=+Y(*4$V7R048)\/L@I0@MI&=M]+#-T5N WL+16X#>PM%;@-["T5N WL+16X#>PM%; M@-["T5N WL+16X'>RM%;@=[*T5N!WDK:*T&;)1R]%>BM'+T5Z*TBM'+T5Z*TAM'+T-Z&TAMI+UNM-G-T=N WL;1 MVX#>QM';@-[&T=N WL;1VX#>QM';@=[.T=N!WL[1VX'>SM';@=[.T=N!WDYZ M5XE>5G+T=J"W<_1VH+=S]':@MW/T=J"W<_1>7NB=VV9,VYN7P>T_53SE-APX7695HIA?/QZG\=YZG?(>&O3WD>OP!02P,$% @ M/6@\2.F_)I]K P K0X ! !D;V-0&ULO5=;;^(X&/TK M%B_;E;83AM*Y5#02IGT*0X(>%A^U+' M/N>['E^8"#V\62B9@S(<--EFJ= W.'D[2(S);X) LP0RJM\A1.!J+%5ZJ M=2#CF#.XEZS(0)A@-!Q^"&!K0$007>8'HX-P8KU,\SSEC!HN1?@O9TIJ&1LR MWS)()\%;@&.@Y26P0G&S"X^DO?40)557RBM)U1!A$YKU@^3#O//#O-,+7>64+&&J(H]7MS7XA&4 MMIF^'[T;XM^A!/OYTC;0B(OU@G*EP\G&W&R &:E>VK0QYW8IDLPV73^N,#X] M($]4@QW>#C94<2K,@&C^&S]'@])M.>O&::Z-"G]*]:P3 *,GP6'2#:O8ZIB/ MP^O/#H&C.C(X9!:^E*V6MYU9<9."?H@75)G_J10NIWTAKC\/*MGO31 J(C(7 M!N5(OHK2%3:O6I+#:":%EBF/4%P1N:,I%0S(\JB$7?#D8D%/+E?(=-QYUU^/ MV+_( EOYHIQ?!<^M42]GRI@J,-#Y%I6L,4-+*<.9%4HUQ,%D!F1%MPV!+(UD MSXE,(SQF_G !F%TSD#SDMC(N9"]JGN6IW &0.Q 0<].,1/UEO*R@2P0E9,5@ M-]$W3I_\,11/&GX5%C/?--:^55BC]V=P1J?$2"Y6] G/HS_[JW(T[B:S=A<5 MO;4#6X4W^MA?>*-/)X77'M&1L-KAK;JY.J.[5_[NMG.NSN#X&UUM\259%EE& MU<[*9)F@K.G/*K/#>C,[@C(<].:YZ)W=) M#7VG@#[[:]#*&?MU4.=,L58[S5VKW$K_C3F^[K\QQWX=U#9FK9WNP=*%4RD" M1KWA73C?@4G4:,K=@XCXS_'3VDZ0J6ZZ:>OY,%:^[NTN1 .=+[U* M+3H>4Z?W@H_S\O6W:K@7O9S":(.]Q9RZW[JO\?4_1Z_]%T$[QW\1'-W9S74[ M>O:_>>0']1^GX7]02P,$% @ /6@\2'?60<0^ 0 :0, !$ !D;V-0 MR,;4Q)!GU51L4(5E7>0BJKVJ:9M+,4ET-S.IMTI]2.Z>%75%U!+ P04 " ]:#Q(F5R<(Q & "<)P $P M 'AL+W1H96UE+W1H96UE,2YX;6SM6EMSVC@4?N^OT'AG]FT+QC:!MK03621A'^_1S80RY8-[9)-NIL\!"SI^\Y%1^?H.'GS[BYB MZ(:(E/)X8-DOV]:[MR_>X%#BVR]*+4 M1B1%G\@MNN01.+5)#3(3/PB=AIAJ4!P"I DQEJ&&^+3&K!'@$WVWO@C(WXV( M]ZMOFCU7H5A)VH3X$$8:XIQSYG/1;/L'I4;1]E6\W*.76!4!EQC?-*HU+,76 M>)7 \:V@S&L%&KQMUAVC2/'K^!?F<-0HACA*FNVB<5@$_9Y>PTG!Z(++9OVX?H;5,VPLCO='U!=*Y \F MIS_I,C0'HYI9";V$5FJ?JH,@H%\;D>/N5Z> HWEL:\4*Z">P'_T=HW MPJOX@L Y?RY]SZ7ON?0]H=*W-R-]9\'3BUO>1FY;Q/NN,=K7-"XH8U=RSTS0LS0[=R2^JV ME+ZU)CA*]+',<$X>RPP[9SR2';9WH!TU^_9==N0CI3!3ET.X&D*^ VVZG=PZ M.)Z8D;D*TU*0;\/YZ<5X&N(YV02Y?9A7;>?8T='[Y\%1L*/O/)8=QXCRHB'N MH8:8S\-#AWE[7YAGE<90-!1M;*PD+$:W8+C7\2P4X&1@+: '@Z]1 O)256 Q M6\8#*Y"B?$R,1>APYY=<7^/1DN/;IF6U;J\I=QEM(E(YPFF8$V>KRMYEL<%5 M'<]56_*POFH]M!5.S_Y9KF4Q9Z;RWRT,"2Q;B%D2XDU=[=7GFYRN M>B)V^I=WP6#R_7#)1P_E.^=?]%U#KG[VW>/Z;I,[2$R<><41 71% B.5' 86 M%S+D4.Z2D 83 >LX=SFWJXPD6L_UC6'ODRWSEP MVSK> U[F$RQ#I'[!?8J*@!&K8KZZKT_Y)9P[M'OQ@2";_-;;I/;=X Q\U*M: MI60K$3]+!WP?D@9CC%OT-%^/%&*MIK&MQMHQ#'F 6/,,H68XWX=%FAHSU8NL M.8T*;T'50.4_V]0-:/8--!R1!5XQF;8VH^1."CS<_N\-L,+$CN'MB[\!4$L# M!!0 ( #UH/$@K'.+$.0( (() - >&POG'\$@C-VFY+ MONCTZ.ZYY\[*V6&M.HH?2HP5:!GE=01+I:I/GE>G)6:H7HH*'4E,<,V3-4@%0U7$5P-$'#Q=R+#$7R\>/^S$>KV M'7#KXL-BX3]>WA[B%_;@$@+'\26+8+"^AM[II$O_.*\^.Z!>&VJOKR$.<\'G MI1@@#NLGL$-4^P?&/1542*!TK[0&BW#$L/.X0Y0DDA@P1XS0SL$K ]CV]GZ, M<"%M;I?A,,_2'S/)(HF@W_].3Y>,['8QY1%*Y^5I( XKI!26?*,WH+>W7:6+ MXX)C)]+Z/>-=2-0%J^M)@%UTWD3(#,LA4^HCT.9# AV-JHIVGRDI.,-.K(,VHM\]1Q\_YK\NFSL7]# M>*#GA$=QW[ $RXV=S7\N[.KCN2HS[YZSE;8^5VE7-Z]4YO73=S+B9P-^0$'2 M$*H(WTM YI5\;V33V>P=A[OFS-IQKMM3A1+]033+HLDRG*.&JN]D)Y0]C.!H M?S7R@_7@M1TH(CC:WW!&&G9C%8Q?7?%O4$L#!!0 ( #UH/$BU9\=_W@0 M (3 / >&PO=V]R:V)O;VLN>&ULE9A;;^,V$$;_"J&7;H&FMG7)#>L% M$1.3Q#C?C9[S]8=W=C M[9UXK$WC]]T\6870[D\FOERI6OH_;:L:NK:TKI:!#MWMQ"Z7NE3'MNQJU81) M.IUN3YPR,FC;^)5N??),\[]"\ZU3LO(KI4)MUK!:ZB;Y\MGO+[51U\IY @O9 MMO_(6LV31Y,((WTXJ710U3S)Z= ^J,$)U[6'G3;QH)@6R23"7H9ZX41I*[6& M7:VT__?Y0B(JM92="5?4V9?GSI-9FJ?I]IH1;[O6ZL$C,)X0L@SZ7EW)FWDR M383L@CW5)BAW+(/ZZFS7ZN:66(E8:N?#(@ZWO[/6C:[UC]AO.O(K^_"7=?J' M;8(TB])98_I6\4+?B)[@_S]#?0RZ'-P8Y,UEG(EYLCTEX+WV^D8;'9[F2?_? MJ#B2R9NA].%__2>:/C@O4RQD4XF3)A!%G#7KR:/0Q#[0S6=5_V"WK^F/.ZMF MZU AZ(C$L$97%(M*'$HCFU*)?C@>("E T@]!Q*<+": ,0-E/0(M /W&07MBE M.+)U"Z <0/G'0"N)\2D 5'P,)/T*0-L VMX$7:K6DA+-[K0#H)U-T%ES3QG5]P(:[4*CW'*R<;'_*(HH7-3E&ZZ23D/*^4$/Y+9P%A&V=BL"92*:M ,'9TQ MDEXX6N)H!I3_0UR0HL^Y\[W3;>P"HM#2&:/I05FZCH)P\DB+IJ>01M)Z3$>= M,J&=-:6LEKN3C<#2HY8SQ;>RIJ*U\+=^%.$)VZ.-,T;'OKTX M;^/4]>' QFC@C%'PI&Z-?5)*'*I&+778 *"-,T9'2N9:KV>^CQUE64R-N*!] MT_(&4>CCC!%RT=UX];V+34_NWZB4HH*:/G:+*G.:)0SY31JFG+IO$HNNKJ5[BCFR6-$CMA"% M3F>,TZ-)EFTC"O7.V-+@O7.PQ[CK;G[ZS8 M[Z)RM#U'VW/&]B'J@&;MR>M>L?X*H@8U,&/[Z+*9%XA"VW/&]M%E,T?;<[0] M9VP?+)L#._L/&$2A[3E;"@]0$'<:^KU&%-J>_VPQWQ*7JK24SD;WGU,"*Y(< M;<\9V]^@CM52.4>QHQ/BP&-]4J#M!6/[VUB5=-C*YBDNAL1%%-I>,+9S!2.$ M'U%H>\'8OOG>>F^1*=#V@K&=0ST??77#[S2TO6!L9U%=\(%4I7@A:O#-Q]C. MUK>O@T04VEXPMH^^G0LL70JTO6!L'T=AZ5*@[05C^T;1_/X,HNW%WO,.Q>NF M1$7Q:505MVQ\_YA2FC+NX]#/^K,L+V(-'X__MA4].V[ )&+9&7-$Y\Z;;U;V MVQ1K\LO.S9?_ %!+ P04 " ]:#Q(#=4OFI(" #C"0 & 'AL+W=O M*W/E3(#49%'(^]8MZR3->\"P4[K<(.?]WAI(!;Q MIV9W.6D'9O('SM],Y]=Q'2(S!]:P4ID05+]N;,>:QD32RN]#T$]-0YRV']%_ MV.7JZ1^H9#O>_*V/JM*S16%P9"=Z;=0KO_]DPQH6)F#)&VF?07F5BKCRA+V!Z M(32T\F]-39(A^1P0(+4&#A MT9>.@(]8P0(I*)!Z=.QF&8#,I#D#)3*?[^1YVT-2"^GZ2D!X)A-+4&3IBSBE ML@4@,[6R B56/G_A2 "0%)8P?QS(<\B/D+FN S#+&9499V,_PLI5P5Y.,D+0 M3%(PZ/ -)IX0\7XB &:FOC!L8AS[$=P*@S#QC KL=>Q;F22N"H"9VS'8\-CW M,W'_*1!F;BVPZ['O:>*5&8"9*S/8^-AW/G'*;(=]ZR>((+*:L2:&[8]]<\=. MH>T'3#:1P@BM4!J[Y19-CLB6B;.]:\B@Y-?.7FTFH^-]9D/L$?L)+_(+/;/? M5)SK3@8'KO1!;8_3$^>*Z0FA)YW'2M^XQD[#3LHT,]T6_1VD[RA^>5RIQGM= M\1]02P,$% @ /6@\2!55^XF9! Z!4 !@ !X;"]W;W)K M-_6^ZCXUQ_J0_WEJVGW5Y\?V>=8=V[I:CT'[W0R-\;-]M3U,%_/QW==V,6]> M^MWV4']M)]W+?E^U_RWK77.ZG\+T[<6W[?.F'U[,%O/9>]QZNZ\/W;8Y3-KZ MZ7[Z.]RMR ^24?'WMCYU5_>3P?Q#TWP?'OYU8_]4$25+Z_UJM[M MAI)RS?]>"OU9YQ!X??]6^I>QN=G^0]75JV;WSW;=;[);,YVLZZ?J9==_:TY_ MU)N;_9O(=/)OOIQOFX/X_5T_B>:2Y@>@)< ? \ ^V$ M70*(!/8HN]X_U4??C53]>^@G,CQ?UI.C8S%Q)40#TNI.@.@G2"1N M91"5$!_+E=2X/$BZD:@:B=)(8D:BJ,0;2,%P,U+G''AGC>XGJ7Z2\',5?_:3 M1#U WJ? EMY*ZC!20E-8X@-U-5 9Z4B0RHBJ(GJ(AO-*ZC#ZE H]! 5T@G2$ MW!'(0= MY#$@&"^GN"+,DXY\*'C2X0V2WI:G$9!8Q@3.>M%/BC!X!U3RI ,<%(+SC (* MPIW'&+BE7^IN-WDZP5$2W/&<@I+,%JTUT7%/BI)BP@A7^?#6E4YQ!+'Y= 66 M8&'W*JGK^(Q$R=)@K/6B55+G#&;L%ASIQ$5)7,?S &H@-2[PS*3IT&13!4B\1N-&7^K$W)E_I*IRQ)RO(\O"0)S$^1%$6 M]B&SJS.Y8_5<_U6US]M#-WEH^K[9CX=P3TW3U[E4\RFW=5-7Z_>'7?W4#[&PO=V]R:W-H965T&ULC95=CZ,@%(;_BO$'%/RVC369 M=K/9O=AD,A>[U]32:@;%!5IG__T"VHX":<>+RL?['IXC]% ,E+WS&F/A?;2D MXUN_%J+? ,"K&K>(KVB/.SESHJQ%0G;9&?">8734II: $,(4M*CI_++08Z^L M+.A%D*;#K\SCE[9%[-\.$SIL_<"_#;PUYUJH 5 6X.X[-BWN>$,[C^'3UG$ M-OL *HE6_&[PP&=M3\$?*'U7G9_'K0\5 R:X$BH$DJ\KWF-"5"2Y\M\IZ.>: MRCAOWZ)_U^E*_ /B>$_)G^8H:DD+?>^(3^A"Q!L=?N IAT0%K"CA^M>K+ES0 M]F;QO19]C.^FT^]AG$FRR>8VA),AO!N"^*$AF@R180 CF<[K&Q*H+!@=/#9N M1H_4G@>;2'ZY2@WJ#Z7G9&9\0 MH1,BU/YH#K%V^R.G/]+^>.;/H)'$*,FUI-,2N J,-!YK%ARQDR.V.8PU=J,D MG:V10/48*$]E"YK$29/8-,;&[1)K&1/DD6+!D#H94ILA,AC2IPR/% N&S,F0 MV0RQP9!]X70\UBPX4(VKE'ZLG-JN02P@#.A",3F!7+'IWQ+\3.3<>] M Q6R[NKJ>*)48!D4KN0?HI;WX;U#\$FH9B;;;+PAQHZ@_>W"N]^ZY7]02P,$ M% @ /6@\2$?=316V P D0\ !@ !X;"]W;W)K#F4,#C3YTGQ6;7M!:/)(<][Q] M4Y+C**S28"Z61/U%_L7ELVIYK9N?[='[+OE5%E7[O#AVW?DI3=OMT9=Y^UB? M?17>[.NFS+OPV!S2]MSX?#<$E46*0NBTS$_58K4EJF=[C=J?25^VIKI+&[Y\7+_"T0=U+!L7W MD[^VD_ND-_]:US_[A[]WSPO1>_"%WW9]%WFXO/F-+XJ^IS#R/[=./\;L Z?W M[[W_.:0;[+_FK=_4Q8_3KCL&MV*1[/P^OQ3=M_KZE[_ED/4=;NNB'7Z3[:7M MZO(]9)&4^:_Q>JJ&ZW5\H]TMC _ 6P#> T#_9X"\!9)BY;=\X3-3P+F36AM:WE;'+]*WOYR99CQ*<2."N2$/G M]Q&0&V&-)!P_#["A"HG\")+-00[Q#6)MR*:@U%B!DDU)F&L MU%:H*!=&") A9C..,M911AU!Y&B4Z,E #PA&@$(766*4H(T5!B3O2;.>-/44 M+>1:DY$TR$R:+')$=4H:R)3F_1C6CZ%^9.3'T,PE..DP$FXXH= B@QE'EG5D MJ:-H>ZPM&0B= I7%1X+J0 ((*7@_CO7CR+FP&1_?DXZ#@Z 9Z9@.@EC-G+/Q MDC,R+4&:&3\SL +JQ\1^@)DZJW1\*EB=#53NF;PU !MLFVOE1=7U1,6N]5Y@OVE5+4O@[5YU@K?G2S M6I[S@_^2-X=3U2:O=1?JL*%:VM=UYX-)\1BF[!CJX_M#X?==?VO"?3-6C.-# M5Y_?"^![%;[Z#5!+ P04 " ]:#Q(*,!^=OH# "-$0 & 'AL+W=O M)KJI,B.I^EBWKW[ M5BWFY4N3'T_^6S6I7XHBJ_Y;^KR\W$_9].W%]^/SH6E?)(MY?^VW3-I&%RZM? M^3QO6PJ9?PV-ON=L V_OWUI?=]T-])^RVJ_*_-_CKCD$MNETLO/[["5OOI>7 MKW[H@VH;W)9YW?U.MB]U4Q9O(=-)D?WNK\=3=[WT_V@WA-$!? C@UP F/@P0 M0X"X!O2E&PV00X"\!@C]88 : M1[!O-A@!X"]#5 V@\#S!!@WC/(;K3ZZG9C M\Y UV6)>E9=)U4^H<];.6W9GPNAOVY?=8'?_A=&IP]O7!4O9/'EM&QHPRQ[# M(PR/,2L*(V+, X61,>:1PJ@8LZ8P.L9L*(RY8I)0DVMA.%D8WC4@HP8L*$R/ M,1WFU&&$8E9H!=BL,% )+1TH] .&A8X)GNH45(E(+ 1SQH)RKC&0RU08T)$- MALV%0E6S*1I3A7A$H(B*)JEH@@I8?DN-R\HX1*T_0T5D#$G&$&3 .E\:5!>I M-5(#@\@(P\!2WV"0Y-9:FK$E&5N",5@F2XO2*&L E]4GH(B*(ZDX@@K(LG18 M [A*P>S>.,0E1D5D6B^FI#\EZ$#E&D"WF9P6<&DN)XBFHEG8-ZO&)_*/!$BT'AI;!:PWX2N:4R1ENXJ DD MMTPY.&4(W,Q)Z[1V(Z6C59X1,L\L+ BE\SKT03:QFE4)\>M@5,4FT2$ MBNG0)L$HEX"6Q;"VSP1>">O/<3$EV@4890-(A2P67V5Y"DN$G6#&I4 +#L.8 M#2H]PINV#$9Y!K0OANT@G#715"-0HY[!:<_@V#.0E@^8:-/IF!(.6-TCQ]X" M@3$GVE\X]A<&QVPY@*(MLTN=,@J>9 @DO5G'N*#E*C5RB*;O:K*D_MX_S0=>>'Y;+= M'8HJ;[_4Y^(4_WFIFRKOXF7SNFS/39'OAT95N02EW++*CZ?Y>C7<^]ZL5_5; M5QY/Q?=FUKY55=[\MRG*^O(XU_./&S^.KX>NO[%]:;?Z[KG_W%G_O'N>H]%&6QZ_HN\OCU7FR+LNQ[ MBI'_G3K]C-DWO/W]T?O7(=UH_SEOBVU=_G/<=X?H5LUG^^(E?RN['_7E6S'E M8/L.=W79#I^SW5O;U=5'D_FLRG^-W\?3\'T9_\G4U$QN %,#N#;0[K<-<&J MGPW,D.GH;,CKC[S+UZNFOLR:\6&<\_Z9ZP>,([?K;PX#-?P7,VOCW?>U!E@M MW_N.)LUFU,"MYJI8QMZO(4 *L0'6G 38<@6"' '%)'!HCW=)H-R!$3LP0P?F MIH. 9!!&B1\DIS&+H"T&2W+A.@W69R&3_5C1CQ42,G('3NS L82B"Y+1J'&W M3K72+I"$N"S8S"2&UXMN/'-CZ!SSW PJ[;T<)A/#9$+2CL3)6)R%QLRPK$6= M"9"8^4$T%)BA+"-^ L_;.*/([-MR&4*/ IEFH97UK@%X6IY@"+6%'4^U;0Z6#1A\2&IV74:85\IKZHC+M%7&IX99 MYAUPWE$P;(#C#D,(?(RX;I%ERB=6!LA[KK"KI8 BA, MC9&,69 PRR82IR=X%PM']MRX,&+&^E1E C)GP0GK(U'4@8Q%X%B,)1+-B_-N MH;4/WM&\!&&L<8Q-Y26#$80B$.F^ )QYZ1('9.0!1YY&6FT"1UE?X2B*/$&7 M<(,R[E H[9 4.!ODI9U!.K\$$::@@#(X4:C^V.Z$$A'C+DY7QE84QM<4DQHA M&9TH%(JLLD .18B3$"@8!-W"H,&;"N3>4^*]57AQ3:8EXPXY[C3;>I%S3-L, MZ"P49,8YE: "RK1#@7::C;-05*)3F4F4'2A##(777/9FB4(1B,8JH 6L(/Q= M^C(448"BH5LTSU&?8+^*)#G7.7XN_\N;U>&IGSW77U=5P'/A2UUT17:HO<:D>BGQ_O2B+EZ[_Z>/O M9CP2'2^Z^OQQPGL]9E[_#U!+ P04 " ]:#Q( \8N.YX! "Q P & M 'AL+W=O*D4YM&?6'MLHP+B U^G?%[#7<5.K%V"&>6_>#$,QHGUQ'8 GKUH9=Z*= M]_V1,5=UH(6[PQY,N&G0:N&#:5OF>@NB3B"M&,^R#TP+:6A9)-^3+0L)9MYZ.#E05;<+748)Q$0RPT)_JP.Y[S&)$"?D@8 MW>I,HO8+XDLTOM4GFD4)H*#RD4&$[0J/H%0D"HE_S9QO*2-P?;ZQ?TG5!O47 MX> 1U4]9^RZ(S2BIH1&#\L\X?H6YA$,DK%"YM))JRUU^ M7[!K))ICSE,,7\M/!=V%8:1R[HP\NF M_C>('H*4[.Y 21?^SV(H:'P\?@QG.XW49'CL;Q]D^:7E'U!+ P04 " ] M:#Q(#$CUB9\! "Q P & 'AL+W=O*D4YM&?6'MLHP#B U^G?%[#7<5NW%V"& M>6_>#$,QHGUQ'8 G;UH9=Z*=]_V1,5=UH(6[PQY,N&G0:N&#:5OF>@NB3B"M M&,^R#TP+:6A9)-^3+0L MQ!?,CSPTHHK.5'>Z"T)=\%[+_) 7[!J)YICS%,/7,4L$"^Q+"KZ5XLS_@O-M M^&Y3X2[!=[\I_ ?!?I-@GPCV_RUQ*V;W1Q*VZJD&VZ;1<:3"P:1!77F7Z;SG MZ4W>P\NB%RU\$[:5QI$+^O"RJ?\-HH<@);L[4-*%_[,8"AH?CQ_#V4XC-1D> M^]L'67YI^0M02P,$% @ /6@\2'(+A!^@ 0 L0, !@ !X;"]W;W)K MPUW%:JQ=@AGEOW@Q#,:)]=1V )V]:&7>BG??]D3%7=:"% MN\,>3+AIT&KA@VE;YGH+HDX@K1C/LGNFA32T+)+OV98%#EY) \^6N$%K87^? M0>%XHCMZ<[S(MO/1P8Q( 3\DC&YU)E'[!?$U M&M_J$\VB!%!0^<@@PG:%)U J$H7$OV;.]Y01N#[?V+^D:H/ZBW#PA.JGK'T7 MQ&:4U-"(0?D7'+_"7,(A$E:H7%I)-3B/^@:A1(NW:9-TLW^88=L /@/X M OB4)>%3HB3SL_"B+"R.Q$ZM[45\P=V1AT94T9GJ3G=!J O>:[D[Y 6[1J(Y MYCS%\'7,$L$"^Y*";Z4X\W_@?!N^WU2X3_#]!X6';8)\DR!/!/E_2]R*N?\K M"5OU5(-MT^@X4N%@TJ"NO,MT/O+T)N_A9=&+%KX+VTKCR 5]>-G4_P;10Y"2 MW1THZ<+_60P%C8_'AW"VTTA-AL?^]D&67UK^ 5!+ P04 " ]:#Q(9P+> MH* ! "Q P &0 'AL+W=O99^8 M%M+0(D^^9UODV'LE#3Q;XGJMA?UU!H7#B6[HS?$BF]9'!RMR-N,JJ<$XB898 MJ$_T87,\[V)$"O@A87"+,XG:+XBOT?A6G6@6)8""TD<&$;8K/()2D2@D?ILX M/U)&X/)\8_^2J@WJ+\+!(ZJ?LO)M$)M14D$M>N5?\\ MZAN$$BW>QUV:M _CS?8PP=8!? +P&7#(DO Q49+Y)+PH>S@>>WN0C MO,@[T@A2LKL])6WX/[.AH/;Q>!_.=ARIT?#8W3[( M_$N+WU!+ P04 " ]:#Q(_ 2C=IX! "Q P &0 'AL+W=OPUW%2MQ=@AGEOW@Q#/J!]=2V )^]:&7>@K??=GC%7MJ"%N\(. M3+BIT6KA@VD;YCH+HDH@K1C/LANFA32TR)/OV18Y]EY) \^6N%YK87\?0>%P MH!MZ<;S(IO71P8JR/NQB1 GY*&-SB3*+V$^)K-!ZK M \VB!%!0^L@@PG:&.U J$H7$;Q/G1\H(7)XO[/>IVJ#^)!S82KB.A"4JEU92]LZCOD HT>)]W*5)^S#><#[!U@%\ O 9\#U+ MPL=$2>8/X4616QR('5O;B?B"FST/C2BC,]6=[H)0%[SG8G.3Y>P$VP;>?%/XC_VZ58)<(=O\M<2WFJTJVZ*D& MVZ31<:3$WJ1!77CGZ;Q-C\@^PHN\$PT\"=M(X\@)?7C9U/\:T4.0DEU=4]*& M_S,;"FH?C]_"V8XC-1H>N\L'F7]I\0=02P,$% @ /6@\2#B5I$RB 0 MKP, !D !X;"]W;W)K&UL?5/!;IPP$/T5BP^( MP9!MNV*1LJFJ]E IRJ$]>V$ *[:'VF9)_[ZV80E*4"^V9SSOS9OQN)S0O-@> MP)%7);4]);USPY%26_>@N+W# ;2_:=$H[KQI.FH' [R)("4I2],#55SHI"JC M[\E4)8Y."@U/AMA1*6[^GD'B=$JRY.9X%EWO@H-6)5UQC5"@K4!-#+2GY"$[ MGHL0$0-^"9CLYDR"]@OB2S!^-*;)J2!EH_2/>/T'982[@-AC=+&E=2C=:AND(0H M_CKO0L=]FF]RML#V 6P!L!7P.8W"YT11YE?N>%4:G(B96SOP\(+9D?E&U,$9 MZXYW7JCUWFN5?RGI-? L(>O(U ]O+<&8?X&P?GN\*S",\WV8_ MY/L$Q2Y!$0F*_U7X,20[%.]RT$U'%9@N#HXE-8XZCNG&N\[F0WQ"^A9>E0/O MX""GIW7U">O][5D-"Z\+QDS^;>:!FP^%P^Q[K'ZW^ M 5!+ P04 " ]:#Q(VF74\: ! "Q P &0 'AL+W=OO!F&8D3S:CL 1]Z5U/9$.^?Z(V.VZD!Q>X<]:'_3 MH%'<>=.TS/8&>!U!2K(L20Y,<:%I643?LRD+')P4&IX-L8-2W/P^@\3Q1%-Z M<[R(MG/!P4?X2M>N\V(22&AH^ M2/>"XS>82]@'P@JEC2NI!NM0W2"4*/X^[4+'?9QN\G2&;0.R&9 M@"])%#XE MBC*_.>%6N^]ENEA7[!K()ICSE-,MHY9 M(IAG7U)D6RG.V3_P;!N^VU2XB_#=)X6';8)\DR"/!/E_2]R*N?\K"5OU5(%I MX^A84N&@XZ"NO,MT/F3Q33["RZ+G+?S@IA7:D@LZ_[*Q_PVB R\EN=M3TOG_ MLQ@2&A>.]_YLII&:#(?][8,LO[3\ U!+ P04 " ]:#Q('O9!R*$! "Q M P &0 'AL+W=ON"@Q4YFW&54*"M0$T,U =ZM]D? MLQ 1 UX%#'9Q)D'["?$M&$_5@29! D@H76#@?CO#/4@9B'SB]XGS*V4 +L\7 M]H=8K5=_XA;N4?X6E6N]V(22"FK>2_>"PR-,)5P'PA*EC2LI>^M072"4*/XQ M[D+'?1AOLMT$6P>D$R"= ;=)%#XFBC)_+W.! S-C:CH<7W.Q3WX@R.&/= M\QT'=>&=I_,NC6_R%5[D'6_@ M%S>-T):&UL?5/;;MP@$/T5Q <$7S9)M?):RJ:JFH=*41[:9]8>VRC .(#7 MZ=\7L-=Q$JE=3V0#OG^CUCMNI <7N%/6A_TZ!1 MW'G3M,SV!G@=04JR+$ENF.)"T[*(OD=3%C@X*30\&F('I;CY>P2)XX&F].)X M$FWG@H.5!5MPM5"@K4!-##0'>I?NC[L0$0-^"QCMZDR"]A/BZ@--@@20 M4+G P/UVAGN0,A#YQ"\SYUO* %R?+^P_8K5>_8E;N$?Y1]2N\V(32FIH^"#= M$XX_82[A.A!6*&U<2358A^H"H43QUVD7.N[C=)/G,VP;D,V ; %\2Z+P*5&4 M^9T[7A8&1V*FUO8\O&"ZSWPCJN",=<<[+]1Z[[E,;]."G0/1''.<8K)US!+! M//N2(MM*<+ZI,(_P_)W"+PAVFP2[2+#[;XE;,?F')&S54P6FC:-C M286#CH.Z\B[3>9?%-WD++XN>M_"+FU9H2T[H_,O&_C>(#KR4Y.J:DL[_G\60 MT+APO/5G,XW49#CL+Q]D^:7E/U!+ P04 " ]:#Q(N2'7H: ! "Q P M&0 'AL+W=OPUW$2JQ=@AGEOW@Q#,:)YM1V (V]* M:GM,.N?Z Z6VZD!Q>X,]:'_3H%'<>=.TU/8&>!U!2E*6IK=4<:&3LHB^9U,6 M.#@I-#P;8@>EN/E[ HGC,TZ+S9-2 T-'Z1[P?$1YA+V@;!":>-*JL$Z5%=(0A1_FW:A MXSY.-RR;8=L -@/8 OB61N%3HBCS.W>\+ R.Q$RM[7EXP>S ?".JX(QUQSLO MU'KOI M$<?4G!ME*%^FR#? M),@C0?[?$K=B;C\EH:N>*C!M'!U+*AQT'-25=YG.>Q;?Y#V\+'K>PD]N6J$M M.:/S+QO[WR Z\%+2FWU".O]_%D-"X\+QSI_--%*3X;"_?I#EEY;_ %!+ P04 M " ]:#Q(^+,@6: ! "Q P &0 'AL+W=OP MUW%;JQ=@AGEOW@Q#,:)]=1V )V]:&7>BG??]D3%7=:"%N\,>3+AIT&KA@VE; MYGH+HDX@K1C/L@],"VEH623?LRT+'+R2!IXM<8/6POXZ@\+Q1'?TYGB1;>>C M@Y4%6W"UU&"<1$,L-"?ZN#N>\QB1 KY+&-WJ3*+V"^)K-+[6)YI%":"@\I%! MA.T*3Z!4) J)?\Z<[RDC<'V^L7].U0;U%^'@"=4/6?LNB,THJ:$1@_(O.'Z! MN83[2%BA \ZAN$$BW>IEV:M(_3S2&?8=L /@/X GC(DO I49+Y27A1 M%A9'8J?6]B*^X.[(0R.JZ$QUI[L@U 7OM=P=#@6[1J(YYCS%\'7,$L$"^Y*" M;Z4X\W_@?!N^WU2X3_#]'PH?M@GR38(\$>3_+7$KYN-?2=BJIQILFT;'D0H' MDP9UY5VF\Y&G-WD/+XM>M/!-V%8:1R[HP\NF_C>('H*4[.Z>DB[\G\50T/AX M/(2SG49J,CSVMP^R_-+R-U!+ P04 " ]:#Q(I2N'<)X! "Q P &0 M 'AL+W=OO!F&?$#[YEH 3]ZU,NY( M6^^[ V.N;$$+=X,=F'!3H]7"!],VS'461)5 6C&>9;=,"VEHD2??BRUR[+V2 M!EXL<;W6POXZ@<+A2#?TZGB53>NC@Q4YFW&5U&"<1$,LU$=ZOSF<=C$B!7R7 M,+C%F43M9\2W:#Q71YI%":"@])%!A.T"#Z!4) J)?TZ<'RDC<'F^LC^F:H/Z MLW#P@.J'K'P;Q&:45%"+7OE7')Y@*F$?"4M4+JVD[)U'?850HL7[N$N3]F&\ MV6<3;!W )P"? 7<)P,9$2>97X4616QR('5O;B?B"FP,/C2BC,]6=[H)0%[R7 M8G.7Y>P2B::8TQC#ES%S! OL$VP;=_*/Q'_MTJP2X1 M[/Y;XEK,9Y5LT5,-MDFCXTB)O4F#NO#.TWG/TYM\A!=Y)QKX)FPCC2-G].%E M4_]K1 ]!2G:SIZ0-_V&UL M?5/!;MP@$/T5Q <$+^MMHY774C91U1XJ13FT9]8>VRC .(#7Z=\7L-=Q6ZL7 M8(9Y;]X,0S&B?74=@"?O6AEWHIWW_9$Q5W6@A;O#'DRX:=!JX8-I6^9Z"Z). M(*T8S[)/3 MI:%DDW[,M"QR\D@:>+7&#UL+^.H/"\41W].9XD6WGHX.5!5MP MM=1@G$1#+#0G^K [GO,8D0)^2!C=ZDRB]@OB:S2^U2>:10F@H/*1083M"H^@ M5"0*B=]FSH^4$;@^W]B_I&J#^HMP\(CJIZQ]%\1FE-30B$'Y%QR_PES"(1)6 MJ%Q:234XC_H&H42+]VF7)NWC='/@,VP;P&< 7P#W61(^)4HRGX0796%Q)'9J M;2_B"^Z./#2BBLY4=[H+0EWP7LO=_;Y@UT@TQYRG&+Z.62)88%]2\*T49_X/ MG&_#]YL*]PF^_T-AODV0;Q+DB2#_;XE;,8>_DK!53S78-HV.(Q4.)@WJRKM, MYT-Z1/817A:]:.&[L*TTCES0AY=-_6\0/00IV=V!DB[\G\50T/AX_!S.=AJI MR?#8WS[(\DO+WU!+ P04 " ]:#Q(!QO8=J ! "Q P &0 'AL+W=O MO!F&?$#[ZEH 3]ZU,NY(6^^[ V.N M;$$+=X,=F'!3H]7"!],VS'461)5 6C&>97=,"VEHD2??LRUR[+V2!IXM<;W6 MPOX^@<+A2#?TZGB13>NC@Q4YFW&5U&"<1$,LU$?ZL#F<=C$B!?R4,+C%F43M M9\37:'ROCC2+$D!!Z2.#"-L%'D&I2!02OTV<'RDC<'F^LC^E:H/ZLW#PB.J7 MK'P;Q&:45%"+7OD7'+[!5,)M)"Q1N;22LG<>]15"B1;OXRY-VH?QAG^98.L M/@'X#-AG2?B8*,G\*KPH( M'H*4[.:6DC;\G]E04/MXO ]G.X[4:'CLKA]D_J7%'U!+ P04 " ]:#Q( MCO0I,R\# #2#P &0 'AL+W=O6^;3B_3O3&'^RS3Z[ULA;Y3!]G9.UO5M\+8RWZ7Z4,O MQ<85M4U&>3[-6E%W:56ZL:>^*M71-'4GG_I$']M6]']6LE&G9E:=4DOM\OT@=VO>#% '.)G+4_ZYCP9)O^BU.MP\7VS3/-A M#K*1:S.T$/;P)A]ETPR=+//O<],/SJ'P]OS2_:M;KIW^B]#R436_ZHW9V]GF M:;*16W%LS+,Z?9/G-4R&AFO5:/>;K(_:J/92DB:M>!^/=>>.I_'./#^7X0(Z M%Y!7D(U$;II?A!%5V:M3TH_/]B"&5\CNR3Z(]3#HUNWNV8EJ._I6L?FBS-Z& M1F?,:L30+>:*R&SW*P4ABA4%Y83+.9PA=^7\EKU8X 8%;%"X!L5M@T7N+1%A M(HN<0)():$ >"<)P3#*%)%/0H/!($&:"26:09 8:3#T2A)EADCDDF8,&"<)$7OS@;N2@'+3P7ST$1=X]BSB5A<]CPGR>$$1Y$>&! M=GU@%+3@02*$&,HC*F/8UHR#%K[.("@B-(;=ST)K4^Y+#8(B6F,X !AP]]17 M&P 1RR,\. -8:'!B@0P0*)*Z#,< "SU.C/L\"!23&TX"%MJG <$\F 6/#>0!Q33&\X# E:G0&\( M%,DWPGE P.K$+ Z]S^F("B2.QSG 0=6 MYW[N0%!$!QSG 0=6Y[X.("BB X[S@ .K%[X.("BB Q[Y[ =6+WP=0%!$!QSG M 0=6+WP=0)"O@^QFS]7*?N>VECI9JV/G=K(WH]?MZP.Y/=L'O"H/8B=_B'Y7 M=SIY4<;N_-S^;*N4D78N^9W-C+W=8%\O&KDUP^G,GO?CEG.\,.IPV4%?M_'5 M7U!+ P04 " ]:#Q()Y:.R*X! 6! &0 'AL+W=OD]:Y[D"I+5M0W-YA!]K/U&@4 M=WYH&FH[ [R*)"4I2]-[JKC029''VHLI#+&]4MS\.X'$X9ALDFOA M532M"P5:Y'3F54*!M@(U,5 ?DZ?-X;0+B CX+6"PBSX)V<^(;V'PLSHF:8@ M$DH7%+AO+O ,4@8A;_QWTORP#,1E_ZK^/:[6IS]S"\\H_XC*M3YLFI *:MY+ M]XK##YB6$!.6*&W\DK*W#M65DA#%W\=6Z-@.X\P^G6CK!#81V V!CD8QYC?N M>)$;'(@9M[;CX00W!^8WH@S%N.XXYX-:7[T4++O/Z24(39C3B&$+S&9&4*\^ M6[ UBQ/[1&?K].UJPFVD;Y?NV>.Z0+8JD$6!;"GPN+]9XAKF"Y/=JLGNDP#+ M'FY,UC#[&Q.Z.#@%IHGWTY(2>QU?PZ(Z/X$G%@_^ U[D'6_@%S>-T):VW'@L+N^POE74/P'4$L#!!0 ( M #UH/$B*WH>:HP$ +$# 9 >&PO=V]R:W-H965T<^;,>%Q.:%YL#^#(FY+:GI+>N>%(J:U[4-S>X0#:W[1H%'?>-!VU@P'> M1)"2E*7I)ZJXT$E51M^3J4HHOW,(#RM^B<;T7FR:D@9:/TCWC]!V6$HI M6*.T<27U:!VJ&R0ABK_-N]!QG^:;(EM@^P"V -@*^))&X7.B*/.1.UZ5!B=B MYM8./+Q@=F2^$75PQKKCG1=JO?=:L?QK2:^!:(DYSS%L$Y.M$=2SKRG87HHS M^P?.]N&'786'"#]LLQ?_(WA5#KR#G]QT0EMR0>=?-O:_173@I:1W14)Z_W]60T+KPO&S M/YMYI&;#X7#[(.LOK?X"4$L#!!0 ( #UH/$A"*3V#HP$ +$# 9 M>&PO=V]R:W-H965T0/"%[6WD8KKZ5L MJJHY1(IR:,^L/;91@'$!K]._#V"OXZ:^ #/,>_-F&(H1S9OM !QY5U+;4](Y MUQ\IM54'BML[[$'[FP:-XLZ;IJ6V-\#K"%*2LC0]4,6%3LHB^EY,6>#@I-#P M8H@=E.+F[QDDCJ=DE]P.:F%=J2 M"SK_LK'_#:(#+R6]RQ/2^?^S&!(:%X[?_-E,(S49#OO;!UE^:?D!4$L#!!0 M ( #UH/$C&HP&PO=V]R:W-H965T(#+ X[ZG;BF.QLT[07339[T5XS^JMD.5C E7TT/8-&;X-(*5US !TC ED8;VF#SN#J?"(P+@!X/);/K(9S\K]>H'WYICDOH(P*&V7H&Z MY@)/P+D7L%;R?<++4X@"X&LA(M[:@?H_N#L0MQ&U+X9UASD7U+CJI2)95N*+%UHPIQE#-IC=BL!.?;4@ M,8L3^8M.XO3[:,+[0-]_2)C?)(QABKC)/FJRCP@\Q 6RJ$ 6$?ATDS*"R=.X M21XUR2,"__@5152@^(^4$4Q^^\/PYG@)T%VX10;5:I3ASFZJZT5]).%XOL.K MZ8]*@L[+ND(>CV"IEP45)[]R.]>XI60<<6NN[A>OK^7;- ZN&ZUNQ M/EC5'U!+ P04 " ]:#Q(H6 Q^Z\! 6! &0 'AL+W=O0.!Z3 M37(MO(BFM;Y BYPNO$HHZ(S CFBHC\GCYG#:>40 O H8S6I.?/8SXKM?_*Z. M2>HC@(32>@7NA@L\@91>R!G_G36_+#UQ/;^J_PS=NO1G;N )Y9NH;.O"I@FI MH.:#M"\X_H*YA9"P1&G"+RD'8U%=*0E1_&,:11?&<=K)]C,M3F S@2V$AS0$ MGXQ"S!_<\B+7.!(]?=J>^Q/<')C[$*4OAK[#G@MJ7/52L/TVIQ\R'O>P!^N&]$9 MV;:P$\>=?*N"-MO>\.C+FR!2W<'79@PDV-5@L?3-LP MUUD050)IQ7B6[9D6TM B3[X76^38>R4-O%CB>JV%_7L"A<.1;NC5\2J;UD<' M*W(VXRJIP3B)AEBHC_1I72#3%G,88OHC9S!$LL,\I^%J* M$_\/SM?AVU6%VP3?+K/O]^L$NU6"72+8?2KQRTV)*S$/V4T2MNBI!MNDT7&D MQ-ZD05UXY^E\XNE-/L*+O!,-_!2VD<:1,_KPLJG_-:*'("6[NZ>D#?]G-A34 M/AX?PMF.(S4:'KOK!YE_:?$/4$L#!!0 ( #UH/$BU6H'JHP$ +$# 9 M >&PO=V]R:W-H965T.I/)H3UC:24Q 58%9*5_7T"RK*2Z +OL>_MV6?(![9MK 3QYU\JX M(VV][PZ,N;(%+=P==F#"38U6"Q],VS#761!5 FG%>);=,RVDH46>?"^VR+'W M2AIXL<3U6@O[]P0*AR/=T*OC53:MCPY6Y&S&55*#<1(-L5 ?Z=/F<-K%B!3P M2\+@%F<2M9\1WZ+QHSK2+$H !:6/#")L%W@&I2)12/QGXKREC,#E^>=17""5:O(^[-&D? MQIO]XP1;!_ )P&? 8Y:$CXF2S*_"BR*W.! [MK83\04W!QX:449GJCO=!:$N M>"\%?]CD[!*)IIC3&,,7,;<(%MCG%'PMQ8G_!^?K\.VJPFV";Y?9[[^L$^Q6 M"7:)8/>A1/ZIQ+68[:&PO=V]R:W-H965T(#%&5^G$X[%)DTOVFM&CTH*8@''[ML7 MT+&NR]X('+Z?"\K:*,]\[%GEF>P-9RT\*Z1[(:CZX6O\I3%+L4@$-A MG *UPQ4>@7,G9(T_)LUO2T=1([$$4+NCK]GLV46VCUYRDVPQ?G="$.8\8LL D,P);]=F" MA"S.Y!\Z"=,WP0PWGKY9NJ?_$=@&!;9>8/M7B;M5B2',/FRR"YKL @+IRB2$ M.81-]D&3?4#@?F42P!SBL$D:-$D# LG*)(19_Q.\N(("5.T[3:-"]JWOZT5T M;N8'XJ_P-SS/.EK#;ZIJUFITD<8V@K^NE90&;"KQG3W5QCXW\X)#9=PTM7,U M=N"X,+*[O2?SHY9_ 5!+ P04 " ]:#Q(MH=KJ*\! 6! &0 'AL M+W=O^C<3HU:<>N6NJ&FU\"K0%*2LC1]I(J++BGR4'O518Z#E:*#5TW, MH!37?\X@<3PEF^16>!--:WV!%CE=>)50T!F!'=%0GY*GS?&\\X@ ^"5@-*LY M\=DOB.]^\:,Z):F/ !)*ZQ6X&Z[P#%)Z(6?\,6M^67KB>GY3_Q:Z=>DOW, S MRM^BLJT+FR:D@IH/TK[A^!WF%D+"$J4)OZ0^Q/<')G[$*4OAK[#G@MJ7/5:L,,V MIU<\;^,EU(SI#+FC=]0F'7"-:<%'2!Y>E=8]T64BHK9_NW5Q/]W9:6.QOKW#Y M*RC^ E!+ P04 " ]:#Q(OZ?#':0! "Q P &0 'AL+W=O'2^R;EQPL#QC,ZZ4&EHKL24&JB.]WQQ.:8B( 7\D#'9Q)D'[&?$U&+_+ M(TV"!%!0N, @_':!!U J$/G$;Q/G5\H 7)ZO[#]CM5[]65AX0/57EJ[Q8A-* M2JA$K]P+#K]@*F$7" M4-JZDZ*U#?850HL7[N,LV[L-XL^,3;!W )P"? ?LD M"A\319F/PHD\,S@0,[:V$^$%-P?N&U$$9ZP[WGFAUGLO.=_O,W8)1%/,:8SA MBYC-',$\^YR"KZ4X\?_@?!V^756XC?#M,OL^72=(5PG22)#^4^+=MQ)78NZ2 M;TG8HJ<:3!U'QY("^S8.ZL([3^=]?$3V%9YGG:CA29A:MI:&ULE5C;CMHP M$/V5B _8V.-<" *DA:IJ'RJM]J%]SH*!:).8)F;9_GUS@R7V\;;P0!+GS)RQ M/6=L9WY6U6M]D%)[[T5>UHO)0>OCS/?KS4$6:?V@CK)LWNQ45:2Z>:SV?GVL M9+KMC(K<)\8BOTBS?6I*-+JSTKFZKR8\,FEX3G; M'W3;X"_G_M5NFQ6RK#-5>I7<+2:/?+8..DB'^)G)&^??@](.S-;R]OWC_VG6W"?\EK>5:Y;^RK3XT MT;*)MY6[])3K9W7^)H<^A*W#C#?B2OZB?CF+9SSF>B&;E-V]@- M5/>NZ5G=M+XM*>%S_ZUU-&!6/89N,!\(O_%^I2!$L2++G!(:4ZP11F 2 ?LA M.@=BY"# #@+H(.@HGX.0S*P?0*.T=[# O#(";!$ M#A=8WOP.?7,L<&XK7#!3% -H-*QQ&(0W23N,/Z@%221"

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end

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company