Exhibit 99.1

NOBILITY HOMES, INC. ANNOUNCES SALES AND EARNINGS FOR ITS FIRST QUARTER 2024

Ocala, FL…June 6, 2024 - Today Nobility Homes, Inc. (OTCQX: NOBH) announced sales and earnings for its first quarter ended February 3, 2024. Sales for the first quarter of 2024 were $14.8 million compared to $17.1 million recorded in the first quarter of 2023. Income from operations for the first quarter of 2024 was $2.7 million versus $3.8 million in the same period a year ago. Net income after taxes was $2.3 million as compared to $3.0 million for the same period last year. Diluted earnings per share for the first quarter of 2024 were $0.71 per share compared to $0.91 per share last year.

Nobility’s financial position during the first quarter 2024 remains strong with cash and cash equivalents, certificates of deposit and short-term investments of $27.4 million and no outstanding debt. Working capital is $41.6 million and our ratio of current assets to current liabilities is 5.2:1. Stockholders’ equity is $55 million and the book value per share of common stock increased to $16.85.

Terry Trexler, President, stated, “Net sales decreased in the first quarter of 2024 as compared to last year primarily because of the interest rates on mortgages, plus we continue to experience limitations on certain key production materials from suppliers. Delay of key components from vendors as well as back orders, price increases and labor shortages also negatively affected sales and earnings. These issues continue to cause delays in the completion of the homes at the Company’s manufacturing facility and the set-up process of retail homes in the field, resulting in decreased net sales due to our inability to timely deliver and set up homes to customers. We expect that these challenges will continue throughout 2024. The Company also continues to experience inflation in some building products resulting in increases to our material and labor costs which may increase the wholesale and retail selling prices of our homes. Additionally, we believe that potential customers have delayed or deferred purchasing decisions when considering the interest rate environment.

The current demand for affordable manufactured housing in Florida and the U.S. is slowing because of the interest rate environment and increased costs associated with mortgages. According to the Florida Manufactured Housing Association, shipments for the industry in Florida for the period from November 2023 through February 2024 declined by approximately 15% from the same period last year.

Maintaining our strong financial position is vital for future growth and success. Our many years of experience in the Florida market, combined with home buyers’ increased need for more affordable housing, should serve the Company well in the coming years. Management remains convinced that our specific geographic market is one of the best long-term growth areas in the country.”  

On June 5, 2024, the Company celebrated its 57^th anniversary in business specializing in the design and production of quality, affordable manufactured homes. With multiple retail sales centers in Florida for over 34 years and an insurance agency subsidiary, we are the only vertically integrated manufactured home company headquartered in Florida.

MANAGEMENT WILL NOT HOLD A CONFERENCE CALL. IF YOU HAVE ANY QUESTIONS, PLEASE CALL TERRY OR TOM TREXLER @ 800-476-6624 EXT 121 OR TERRY@NOBILITYHOMES.COM OR TOM@NOBILITYHOMES.COM

Certain statements in this report are forward-looking statements within the meaning of the federal securities laws. Although Nobility believes that the amounts and expectations reflected in such forward-looking statements are based on reasonable assumptions, there are risks and uncertainties that may cause actual results to differ materially from expectations. These risks and uncertainties include, but are not limited to, the potential adverse impact on our business caused by competitive pricing pressures at both the wholesale and retail levels, inflation, increasing material costs (including forest based products) or availability of materials due to supply chain interruptions (such as current inflation with forest products and supply issues with insulation, shingles, vinyl siding and PVC piping), changes in market demand, increase 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 attacks, or other events such as a pandemic, any armed conflict involving the United States and the impact of inflation.

NOBILITY HOMES, INC.

Condensed Consolidated Balance Sheets

	February 3, 2024			November 4, 2023
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	15,142,033		$	13,879,358
Certificates of deposit		11,712,706			10,204,287
Short-term investments		578,698			527,899
Accounts receivable - trade		2,269,360			2,864,808
Mortgage notes receivable		4,480			4,391
Income tax receivable		—			—
Inventories		20,061,646			21,518,098
Prepaid expenses and other current assets		1,662,231			1,733,179
Total current assets		51,431,154			50,732,020
Property, plant and equipment, net		8,352,165			8,268,976
Mortgage notes receivable, less current portion		142,628			142,761
Other investments		374,484			1,953,199
Property held for resale		26,590			26,590
Deferred income taxes		90,274			90,274
Cash surrender value of life insurance		4,375,684			4,331,659
Other assets		156,287			156,287
Total assets	$	64,949,266		$	65,701,766
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	684,162		$	819,143
Accrued compensation		978,865			992,622
Accrued expenses and other current liabilities		1,774,322			1,809,335
Income taxes payable		771,353			661,261
Customer deposits		5,652,609			8,703,107
Total current liabilities		9,861,311			12,985,468
Commitments and contingencies
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; 3,269,075 and 3,370,912 shares outstanding, respectively		536,491			536,491
Additional paid in capital		11,001,701			10,964,985
Retained earnings		73,308,201			70,969,764
Less treasury stock at cost, 2,095,832 and 1,993,995 shares, respectively		(29,758,438	)		(29,754,942	)
Total stockholders’ equity		55,087,955			52,716,298
Total liabilities and stockholders’ equity	$	64,949,266		$	65,701,766

NOBILITY HOMES, INC.

Condensed Consolidated Statements of Income

(Unaudited)

	Three Months Ended
	February 3, 2024			February 4, 2023
Net sales	$	14,767,998		$	17,164,753
Cost of sales		(10,033,652	)		(11,293,157	)
Gross profit		4,734,346			5,871,596
Selling, general and administrative expenses		(2,032,330	)		(2,035,477	)
Operating income		2,702,016			3,836,119
Other income (loss):
Interest income		297,999			140,033
Undistributed earnings in joint venture - Majestic 21		22,174			22,826
Proceeds received under escrow arrangement		—			—
Increase (decrease) in fair value of equity investment		50,799			(17,942	)
Miscellaneous		50,541			7,772
Total other income		421,513			152,689
Income before provision for income taxes		3,123,529			3,988,808
Income tax expense		(785,092	)		(931,841	)
Net income	$	2,338,437		$	3,056,967
Weighted average number of shares outstanding:
Basic		3,268,829			3,370,912
Diluted		3,277,565			3,371,418
Net income per share:
Basic	$	0.72		$	0.91
Diluted	$	0.71		$	0.91