EX-99.1 2 d142655dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO   LOGO
       Controlling Our Future through Vertical Integration

NOBILITY HOMES, INC. ANNOUNCES SALES AND EARNINGS FOR ITS THIRD QUARTER 2025

Ocala, FL…September 12, 2025—Today Nobility Homes, Inc. (OTCQX: NOBH) announced sales and earnings for its third quarter ended August 2, 2025. Sales for the third quarter of 2025 were $12.0 million compared to $13.8 million recorded in the third quarter of 2024. Income from operations for the third quarter of 2025 was $2.2 million versus $2.6 million in the same period a year ago. Net income after taxes was $1.8 million as compared to $2.2 million for the same period last year. Diluted earnings were $0.56 per share compared to $0.67 per share last year.

Sales for the first nine months of fiscal 2025 were $39.0 million as compared to $40.0 million for the nine months of 2024. Income from operations for the nine months of 2025 was $7.2 million versus $7.5 in the same period last year. Net income after taxes was $6.1 million versus last year’s results of $6.5 million. Diluted earnings were $1.86 per share compared to $2.00 per share last year.

Nobility’s financial position during the third quarter of 2025 remains strong with cash and cash equivalents, certificates of deposit and short-term investments of $27.1 million and no outstanding debt. Working capital is $44.8 million and our ratio of current assets to current liabilities is 7.5:1. Stockholders’ equity is $58.7 million and the book value per share of common stock increased to $20.08.

The Board of Directors on September 5, 2025 authorized the Company to purchase up to two hundred thousand shares of its common stock in the open market for fiscal year 2026.

Terry Trexler, President, stated, “Total net sales decreased during the first nine months of 2025 as compared to same period in 2024 due to a decrease in the number of new retail homes sold in our company owned retail sales centers during the first nine months of fiscal 2025 as compared to 2024 partially offset by an increase in the number of homes sold to independent dealers during 2025, which have lower margins than retail sales.

We believe that potential customers have delayed or deferred purchasing decisions when considering the higher interest rate environment and the uncertainty of the economy, which continue to negatively impact sales. There also remain delays in the receipt of certain key production materials from suppliers, as well as back orders, price increases, tariffs, and labor shortages which continue to cause delays in the completion of the homes at our manufacturing facility. We also continue to experience inflation in several building products resulting in increases in our material and labor costs. We expect these challenges will continue throughout fiscal year 2025 and into fiscal 2026.

The current demand for affordable manufactured housing in Florida and the U.S. has slowed. According to the Florida Manufactured Housing Association, shipments for the industry in Florida for the period from November 2024 through July 2025 declined by approximately 12% 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, 2025, we celebrated our 58th anniversary in business specializing in the design and production of quality, affordable manufactured and modular homes. With multiple retail sales centers in Florida for over 35 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 unaudited or 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, tariffs, 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 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, the impact of higher interest rates on mortgage financing, 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

 

     August 2,
2025
    November 2,
2024
 
     (Unaudited)        

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 14,362,469     $ 13,521,296  

Certificates of deposit

     12,174,266       13,021,839  

Short-term investments

     564,681       680,017  

Accounts receivable - trade

     2,767,428       2,935,517  

Mortgage notes receivable

     4,176       4,505  

Income tax receivable

     —        —   

Inventories

     19,812,206       21,039,344  

Prepaid expenses and other current assets

     2,037,995       1,727,034  
  

 

 

   

 

 

 

Total current assets

     51,723,221       52,929,552  

Property, plant and equipment, net

     8,328,074       8,280,695  

Mortgage notes receivable, less current portion

     141,597       141,728  

Other investments

     536,524       463,633  

Property held for resale

     26,590       26,590  

Deferred income taxes

     42,867       60,628  

Cash surrender value of life insurance

     4,692,813       4,539,813  

Other assets

     156,287       156,287  
  

 

 

   

 

 

 

Total assets

   $ 65,647,973     $ 66,598,926  
  

 

 

   

 

 

 

Liabilities and Stockholders’ Equity

    

Current liabilities:

    

Accounts payable

   $ 455,367     $ 753,317  

Accrued compensation

     744,844       800,013  

Accrued expenses and other current liabilities

     1,497,054       1,826,042  

Income taxes payable

     624,784       692,303  

Customer deposits

     3,601,403       5,930,728  
  

 

 

   

 

 

 

Total current liabilities

     6,923,452       10,002,403  
  

 

 

   

 

 

 

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; 3,268,998 and 3,268,829 shares outstanding

     536,491       536,491  

Additional paid in capital

     11,254,519       11,140,687  

Retained earnings

     76,689,549       74,677,783  

Less treasury stock at cost, 2,095,909 and 2,096,078 shares, respectively

     (29,756,038     (29,758,438
  

 

 

   

 

 

 

Total stockholders’ equity

     58,724,521       56,596,523  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 65,647,973     $ 66,598,926  
  

 

 

   

 

 

 


NOBILITY HOMES, INC.

Condensed Consolidated Statements of Income

(Unaudited)

 

     Three Months Ended     Nine Months Ended  
     August 2,
2025
    August 3,
2024
    August 2,
2025
    August 3,
2024
 

Net sales

   $ 12,021,194     $ 13,803,340     $ 39,020,273     $ 40,099,316  

Cost of sales

     (8,173,008     (9,196,740     (26,569,886     (26,589,976
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     3,848,186       4,606,600       12,450,387       13,509,340  

Selling, general and administrative expenses

     (1,670,585     (2,032,973     (5,236,432     (5,976,683
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     2,177,601       2,573,627       7,213,955       7,532,657  
  

 

 

   

 

 

   

 

 

   

 

 

 

Other income (expense)

        

Interest income

     270,139       318,253       853,735       836,113  

Undistributed earnings in joint venture - Majestic 21

     25,624       24,914       72,893       67,623  

Proceeds received under escrow arrangement

     36,094       47,339       116,312       147,155  

(Decrease) increase in fair value of equity investment

     (16,316     (11,214     (115,336     90,329  

Gain on disposal of property, plant and equipment

     —        3,000       1,000       3,000  

Miscellaneous

     (25     (28,706     25,697       96,422  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other income

     315,516       353,586       954,301       1,240,642  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     2,493,117       2,927,213       8,168,256       8,773,299  

Income tax expense

     (667,846     (741,901     (2,070,243     (2,223,591
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 1,825,271     $ 2,185,312     $ 6,098,013     $ 6,549,708  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of shares outstanding:

        

Basic

     3,268,998       3,268,829       3,268,939       3,268,829  

Diluted

     3,274,456       3,277,856       3,276,061       3,278,742  

Net income per share:

        

Basic

   $ 0.56     $ 0.67     $ 1.87     $ 2.00  

Diluted

   $ 0.56     $ 0.67     $ 1.86     $ 2.00