-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E16AWg8YIWhxKj9v2TP/YCXJ+h0iimEbT/JG5Ot8d0gPyqOPMkcmZpB946jPqnyb XUfFybnINbNcidVXjb0New== 0000897069-05-000682.txt : 20050316 0000897069-05-000682.hdr.sgml : 20050316 20050316134650 ACCESSION NUMBER: 0000897069-05-000682 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050310 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050316 DATE AS OF CHANGE: 20050316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOBILITY HOMES INC CENTRAL INDEX KEY: 0000072205 STANDARD INDUSTRIAL CLASSIFICATION: MOBILE HOMES [2451] IRS NUMBER: 591166102 STATE OF INCORPORATION: FL FISCAL YEAR END: 1027 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06506 FILM NUMBER: 05684527 BUSINESS ADDRESS: STREET 1: 3741 S W 7TH ST CITY: OCALA STATE: FL ZIP: 34478 BUSINESS PHONE: 3527325157 MAIL ADDRESS: STREET 1: P O BOX 1659 CITY: OCALA STATE: FL ZIP: 34478-1659 8-K 1 dkm573.txt FORM 8-K DATED 03/10/2005 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 10, 2005 -------------- NOBILITY HOMES, INC. (Exact name of registrant as specified in its charter) Florida 000-06506 59-1166102 ------- --------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File No.) Identification No.) 3741 S W 7th Street Ocala, Florida 34478 (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code: (352) 732-5157 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02 Results of Operations and Financial Condition On March 10, 2005, Nobility Homes, Inc. issued a release regarding earnings for the first quarter of 2005. The text of the press release is attached as Exhibit 99 and is being furnished pursuant to Item 2.02 of Form 8-K (Results of Operations and Financial Condition). -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NOBILITY HOMES, INC. March 16, 2005 By: /s/ Lynn J. Cramer, Jr. ------------------------------------- Lynn J. Cramer, Jr., Treasurer and Principal Accounting Officer -3- EXHIBIT INDEX No. Description of Exhibit 99 Press Release -4- EX-99 2 dkm573a.txt EXHIBIT 99 - PRESS RELEASE [GRAPHIC OMITTED] NOBILITY HOMES INC. P.O. BOX 1659 OCALA, FLORIDA 34478 352-732-5157 www.nobilityhomes.com NOBILITY HOMES ANNOUNCES SALES AND EARNINGS FOR ITS FIRST QUARTER 2005 Ocala, FL...March 10, 2005 NOBILITY HOMES, INC. (NASDAQ-NMS SYMBOL NOBH) today announced sales and earnings results for its first quarter ended February 5, 2005. Sales for the first quarter of fiscal 2005 were up 13% to $11,511,134 as compared to $10,198,241 recorded in first quarter of 2004. Income from operations for fiscal year 2005 was up 42% to $1,418,563 versus $1,002,011 in the same period a year ago. Net income after taxes was up 37% to $1,072,780 as compared to $783,881 last year. Diluted earnings per share for the first quarter increased 37% to $0.26 per share compared to $0.19 per share last year. Nobility's financial position continued to improve during the first quarter of 2005 and remains very strong with cash and cash equivalents, short and long-term investments of $22,435,780 and no outstanding debt. Working capital is $14,964,690 and our ratio of current assets to current liabilities is 2.7:1. Stockholders' equity increased to $31,670,759 and the book value per share of common stock increased to $7.84. The Company purchased 5,000 shares of its common stock during the first quarter 2005 and is authorized by the Company's Board of Directors to purchase up to 100,000 additional shares of the Company's stock in the open market. The Board of Directors declared an annual cash dividend of $0.20 per common share for fiscal year 2004, an increase of 100% over the $.10 per share declared last fiscal year. The cash dividend was payable January 14, 2005 to stockholders of record as of January 3, 2005. Terry Trexler, President stated, "First quarter sales of fiscal 2005, historically our weakest quarter, were adversely impacted by tight retail credit standards, high, although improving unemployment and uncertain economic conditions present in the country. Although Nobility continues to out-perform the industry, in the near term we anticipate continued pressure on both sales and earnings resulting from these factors, plus volatile pricing in lumber, OSB, sheetrock, steel and oil related products and services. Overall, most construction materials have increased or fluctuated widely in price over the past year with little price stability in sight. Management is optimistic for the remainder of fiscal 2005, convinced that our specific geographic market is one of the best long-term growth areas in the country and because of the strong operating leverage inherent in the Company. With an improving economy, declining unemployment claims, and increasing but still low interest rates in 2005, management expects the demand for our homes to improve. Increased demand should also result from building replacement homes due to the hurricanes. The Company is well positioned to capitalize on the demand in the future by controlling the retail distribution, financing, and insuring of our homes and by being financially sound to take advantage of opportunities as they develop." Nobility Homes, Inc. has specialized for the past 37 years in the design and production of quality, affordable manufactured homes at its two plants located in central Florida. With nineteen Company owned retail sales centers, a finance company joint venture, and an insurance subsidiary, Nobility is the only vertically integrated manufactured home company headquartered in Florida. MANAGEMENT WILL HOLD A CONFERENCE CALL ON THURSDAY, MARCH 10, 2005, AT 4:30 PM EASTERN TIME. TO PARTICIPATE, PLEASE DIAL 800-946-0708. THE CONFIRMA- TION CODE FOR THE CALL IS 974834. YOU MAY ALSO ACCESS THE CALL AT www.nobilityhomes.com OR http://phx.corporate-ir.net/playerlink.zhtml?c=60939&s=wm&e=1032458 Certain statements in this report are forward-looking statements within the meaning of the federal securities laws, including our statement that working capital requirements will be met with internal sources. Although Nobility believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, there are risks and uncertainties that may cause actual results to differ materially from expectations. These risks and uncertainties include, but are not limited to, competitive pricing pressures at both the wholesale and retail levels, increasing material costs, continued excess retail inventory, increase in repossessions, changes in market demand, changes in interest rates, availability of financing for retail and wholesale purchases, consumer confidence, adverse weather conditions that reduce sales at retail centers, the risk of manufacturing plant shutdowns due to storms or other factors, and the impact of marketing and cost-management programs. NOBILITY HOMES, INC. CONSOLIDATED BALANCE SHEETS
February 5, November 6, 2005 2004 ----------------- ----------------- (Unaudited) Assets Current Assets: Cash and cash equivalents $ 11,958,971 $ 14,588,332 Short-term investments 815,113 777,042 Accounts receivable - trade 1,417,403 1,869,449 Inventories 8,403,725 6,908,557 Prepaid expenses and other current assets 806,712 397,179 Deferred income taxes 381,173 392,594 ------------ ----------- Total current assets 23,783,097 24,933,153 Property, plant and equipment, net 3,655,030 3,265,042 Long-term investments 9,661,696 8,342,382 Other investments 1,530,591 1,446,012 Other assets 2,011,382 1,988,882 ------------ ----------- Total assets $ 40,641,796 $ 39,975,471 ============ =========== Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,523,455 $ 1,494,163 Accrued compensation 815,319 1,031,819 Accrued expenses and other current liabilities 866,329 977,848 Income taxes payable 492,738 617,737 Customer deposits 5,120,566 4,327,647 ------------ ----------- Total current liabilities 8,818,407 8,449,214 Deferred income taxes 152,630 152,630 ------------ ----------- Total liabilities 8,971,037 8,601,844 ------------ ----------- Commitments and contingent liabilities Stockholders' equity: Preferred stock, $.10 par value, 500,000 shares authorized, none issued - - Common stock, $.10 par value, 10,000,000 shares authorized; 5,364,907 shares issued 536,491 536,491 Additional paid in capital 8,709,585 8,719,130 Retained earnings 29,997,025 29,732,071 Accumulated other comprehensive income 104,438 77,788 Less treasury stock at cost, 1,325,775 and 1,334,361 shares, respectively, in 2005 and 2004 (7,676,780) (7,691,853) ------------ ----------- Total stockholders' equity 31,670,759 31,373,627 ------------ ----------- Total liabilities and stockholders' equity $ 40,641,796 $ 39,975,471 ============ ===========
NOBILITY HOMES, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended ------------------ February 5, January 31, 2005 2004 ----------------- ----------------- Net sales $ 11,511,134 $ 10,198,241 Cost of goods sold (8,299,701) (7,611,701) ------------ ----------- Gross profit 3,211,433 2,586,540 Selling, general and administrative expenses (1,792,870) (1,584,529) ------------ ----------- Operating income 1,418,563 1,002,011 ------------ ----------- Other income: Interest income 128,118 88,461 Undistributed earnings in joint venture - Majestic 21 84,579 71,002 Miscellaneous income 1,520 29,407 ------------ ----------- 214,217 188,870 ------------ ----------- Income before provision for income taxes 1,632,780 1,190,881 Provision for income taxes (560,000) (407,000) ------------ ----------- Net income 1,072,780 783,881 Other comprehensive income, net of tax: Unrealized investment gain 26,650 19,076 ------------ ----------- Comprehensive income $ 1,099,430 $ 802,957 ============ =========== Average shares outstanding Basic 4,034,994 4,010,255 Diluted 4,147,145 4,063,875 Earnings per share Basic $ 0.27 $ 0.19 Diluted $ 0.26 $ 0.19 Cash dividends paid per common share $ 0.20 $ 0.10
-----END PRIVACY-ENHANCED MESSAGE-----