(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
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(Address of principal executive offices) |
(Zip Code) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ||||
Emerging growth company |
Title of Class |
Shares Outstanding on March 20 , 2023 | |
February 4, 2023 |
November 5, 2022 |
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(Unaudited) | ||||||||
Assets |
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Current assets: |
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Cash and cash equivalents |
$ | $ | ||||||
Certificates of deposit |
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Short-term investments |
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Accounts receivable - trade |
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Note receivable |
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Mortgage notes receivable |
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Inventories |
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Prepaid expenses and other current assets |
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Total current assets |
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Property, plant and equipment, net |
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Note receivable, less current portion |
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Mortgage notes receivable, less current portion |
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Other investments |
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Deferred income taxes |
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Cash surrender value of life insurance |
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Other assets |
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Total assets |
$ | $ | ||||||
Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
$ | $ | ||||||
Accrued compensation |
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Accrued expenses and other current liabilities |
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Income taxes payable |
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Customer deposits |
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Total current liabilities |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred stock, $. |
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Common stock, $. |
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Additional paid in capital |
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Retained earnings |
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Less treasury stock at cost, |
( |
) | ( |
) | ||||
Total stockholders’ equity |
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Total liabilities and stockholders’ equity |
$ | $ | ||||||
Three Months Ended | ||||||||
February 4, 2023 |
February 5, 2022 |
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Net sales |
$ | $ | ||||||
Cost of sales |
( |
) | ( |
) | ||||
Gross profit |
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Selling, general and administrative expenses |
( |
) | ( |
) | ||||
Operating income |
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Other income (loss): |
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Interest income |
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Undistributed earnings in joint venture - Majestic 21 |
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Proceeds received under escrow arrangement |
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Decrease in fair value of equity investment |
( |
) | ( |
) | ||||
Miscellaneous |
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Total other income |
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Income before provision for income taxes |
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Income tax expense |
( |
) | ( |
) | ||||
Net income |
$ | $ | ||||||
Weighted average number of shares outstanding: |
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Basic |
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Diluted |
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Net income per share: |
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Basic |
$ | $ | ||||||
Diluted |
$ | $ |
Common Stock Shares |
Common Stock |
Additional Paid-in-Capital |
Retained Earnings |
Treasury Stock |
Total | |||||||||||||||||||
Balance at November 5, 2022 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
Stock-based compensation |
— | — | ||||||||||||||||||||||
Net income |
— | — | — | — | ||||||||||||||||||||
Balance at February 4, 2023 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
Common Stock Shares |
Common Stock |
Additional Paid-in-Capital |
Retained Earnings |
Treasury Stock |
Total | |||||||||||||||||||
Balance at November 6, 2021 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
Stock-based compensation |
— | — | ||||||||||||||||||||||
Exercise of employee stock options |
— | ( |
) | — | — | |||||||||||||||||||
Treasury stock purchase |
( |
) | — | — | — | ( |
) | ( |
) | |||||||||||||||
Net income |
— | — | — | — | ||||||||||||||||||||
Balance at February 5, 2022 |
$ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
Three Months Ended | ||||||||
February 4, 2023 |
February 5, 2022 |
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Cash flows from operating activities: |
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Net income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash provide by operating activities: |
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Depreciation |
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Undistributed earnings in joint venture - Majestic 21 |
( |
) | ( |
) | ||||
Decrease in fair market value of equity investments |
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Stock-based compensation |
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Amortization of operating lease right of use assets |
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Decrease (increase) in: |
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Accounts receivable - trade |
( |
) | ||||||
Inventories |
( |
) | ||||||
Prepaid expenses and other current assets |
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Interest receivable |
( |
) | ||||||
(Decrease) increase in: |
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Accounts payable |
( |
) | ||||||
Accrued compensation |
( |
) | ||||||
Accrued expenses and other current liabilities |
( |
) | ||||||
Income taxes payable |
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Customer deposits |
( |
) | ( |
) | ||||
Net cash provided by operating activities |
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Cash flows from investing activities: |
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Purchase of property, plant and equipment |
( |
) | ( |
) | ||||
Purchase of certificates of deposit |
( |
) | — | |||||
Proceeds from certificates of deposit |
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Collections on interest receivable |
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Collections on mortgage notes receivable |
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Collections on equipment and other notes receivable |
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Issuance of mobile home park note receivable |
( |
) | ||||||
Increase in cash surrender value of life insurance |
( |
) | ( |
) | ||||
Net cash (used in) provided by investing activities |
( |
) | ||||||
Cash flows from financing activities: |
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Reduction of operating lease obligation |
( |
) | ||||||
Net cash (used in) financing activities |
( |
) | ||||||
Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of year |
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Cash and cash equivalents at end of quarter |
$ | $ | ||||||
Supplemental financing activity: |
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Noncash exercise of employee stock options |
$ | $ | ( |
) | ||||
February 4, |
November 5, |
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2023 |
2022 |
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(unaudited) |
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Raw materials |
$ | $ | ||||||
Work-in-process |
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Inventory consigned to affiliated entities |
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Finished homes - Nobility |
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Finished homes - Other |
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Pre-owned homes |
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Model home furniture |
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Inventories |
$ | $ | ||||||
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|
|
February 4, 2023 |
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(unaudited) |
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Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
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Equity securities in a public company |
$ | $ | $ | $ | ||||||||||||
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|
November 5, 2022 | ||||||||||||||||
Cost | Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
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Equity securities in a public company |
$ | $ | $ | $ | ||||||||||||
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• | 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. |
February 4, 2023 |
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(unaudited) |
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Level 1 |
Level 2 |
Level 3 |
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Equity securities in a public company |
$ | $ | $ | |||||||||
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|
|
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|
November 5, 2022 | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
Equity securities in a public company |
$ | $ | $ | |||||||||
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(unaudited) |
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Three Months Ended |
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February 4, |
February 5, |
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2023 |
2022 |
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Manufactured housing |
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Homes sold through Company owned sales centers |
$ | $ | ||||||
Homes sold to independent dealers and through manufactured home parks, net |
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|
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$ | $ | |||||||
Insurance agent commissions |
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Total net sales |
$ | $ | ||||||
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|
|
(unaudited) | ||||||||
Three Months Ended | ||||||||
February 4, | February 5, | |||||||
2023 | 2022 | |||||||
New homes sold through Company owned sales centers |
105 | 87 | ||||||
Pre-owned homes sold through Company owned sales centers |
2 | 6 | ||||||
Homes sold to independent dealers |
36 | 10 | ||||||
Total new factory built homes produced |
117 | 92 | ||||||
Average new manufactured home price - retail |
$ | 144,178 | $ | 107,281 | ||||
Average new manufactured home price - wholesale |
$ | 75,350 | $ | 63,781 | ||||
As a percent of net sales: |
||||||||
Gross profit from the Company owned retail sales centers |
23 | % | 18 | % | ||||
Gross profit from the manufacturing facilities -including intercompany sales |
26 | % | 13 | % |
31. | (a) | Certification 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) | Certification 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 | |||
104. | Cover Page Interactive Date File (formatted as inline XBRL and contained in Exhibit 101. |
NOBILITY HOMES, INC. | ||||||
DATE: March 20, 2023 |
By: |
/s/ Terry E. Trexler | ||||
Terry E. Trexler, Chairman, | ||||||
President and Chief Executive Officer | ||||||
DATE: March 20, 2023 |
By: |
/s/ Thomas W. Trexler | ||||
Thomas W. Trexler, Executive Vice President, | ||||||
and Chief Financial Officer | ||||||
DATE: March 20, 2023 |
By: |
/s/ Lynn J. Cramer, Jr. | ||||
Lynn J. Cramer, Jr., Treasurer | ||||||
and Principal Accounting Officer |
Exhibit 31(a)
Certification 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 Quarterly Report on Form 10-Q 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 in order 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; |
4. | The registrants 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 their 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
DATE: March 20, 2023 | By: | /s/ Terry E. Trexler | ||||
Terry E. Trexler, Chairman, | ||||||
President and Chief Executive Officer |
Exhibit 31(b)
Certification 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 Quarterly Report on Form 10-Q 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 in order 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; |
4. | The registrants 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 their 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
DATE: March 20, 2023 |
By: |
/s/ Thomas W. Trexler | ||||
Thomas W. Trexler, Executive Vice President, | ||||||
and Chief Financial Officer |
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:
1. | The Quarterly Report on Form 10-Q of the Company for the quarter ended February 4, 2023 (the Report) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
DATE: March 20, 2023 | By: | /s/ Terry E. Trexler | ||||
Terry E. Trexler, Chairman, | ||||||
President and Chief Executive Officer |
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:
1. | The Quarterly Report on Form 10-Q of the Company for the quarter ended February 4, 2023 (the Report) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
DATE: March 20, 2023 | By: | /s/ Thomas W. Trexler | ||||
Thomas W. Trexler, Executive Vice President, | ||||||
and Chief Financial Officer |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Feb. 04, 2023 |
Nov. 05, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 10 | $ 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 | $ 10 | $ 10 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 5,364,907 | 5,364,907 |
Common Stock, shares outstanding | 3,370,912 | 3,370,912 |
Treasury stock, shares | 1,993,995 | 1,993,995 |
Condensed Consolidated Statements of Income - USD ($) |
3 Months Ended | |
---|---|---|
Feb. 04, 2023 |
Feb. 05, 2022 |
|
Income Statement [Abstract] | ||
Net sales | $ 17,164,753 | $ 10,808,270 |
Cost of sales | (11,293,157) | (8,080,042) |
Gross profit | 5,871,596 | 2,728,228 |
Selling, general and administrative expenses | (2,035,477) | (1,416,543) |
Operating income | 3,836,119 | 1,311,685 |
Other income (loss): | ||
Interest income | 140,033 | 74,680 |
Undistributed earnings in joint venture - Majestic 21 | 22,826 | 12,557 |
Proceeds received under escrow arrangement | 0 | 118,045 |
Decrease in fair value of equity investment | (17,942) | (4,093) |
Miscellaneous | 7,772 | 13,556 |
Total other income | 152,689 | 214,745 |
Income before provision for income taxes | 3,988,808 | 1,526,430 |
Income tax expense | (931,841) | (369,396) |
Net income | $ 3,056,967 | $ 1,157,034 |
Net income per share: | ||
Basic | 3,370,912 | 3,532,803 |
Diluted | 3,371,418 | 3,544,584 |
Basic | $ 0.91 | $ 0.33 |
Diluted | $ 0.91 | $ 0.33 |
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock [Member] |
---|---|---|---|---|---|
Balance at Nov. 06, 2021 | $ 49,314,305 | $ 536,491 | $ 10,766,253 | $ 59,742,759 | $ (21,731,198) |
Balance, shares at Nov. 06, 2021 | 3,532,100 | ||||
Treasury stock purchase | (9,197) | (9,197) | |||
Treasury stock purchase, shares | (270) | ||||
Stock-based compensation | 35,353 | 33,218 | 2,135 | ||
Stock-based compensation, shares | 180 | ||||
Exercise of employee stock options | (17,452) | 17,452 | |||
Exercise of employee stock options, shares | 966 | ||||
Net income | 1,157,034 | 1,157,034 | |||
Balance at Feb. 05, 2022 | 50,497,495 | $ 536,491 | 10,782,019 | 60,899,793 | (21,720,808) |
Balance, shares at Feb. 05, 2022 | 3,532,976 | ||||
Balance at Nov. 05, 2022 | 47,923,533 | $ 536,491 | 10,849,687 | 63,441,812 | (26,904,457) |
Balance, shares at Nov. 05, 2022 | 3,370,912 | ||||
Stock-based compensation | 34,989 | 34,989 | 0 | ||
Stock-based compensation, shares | 0 | ||||
Net income | 3,056,967 | 3,056,967 | |||
Balance at Feb. 04, 2023 | $ 51,015,489 | $ 536,491 | $ 10,884,676 | $ 66,498,779 | $ (26,904,457) |
Balance, shares at Feb. 04, 2023 | 3,370,912 |
Basis of Presentation and Accounting Policies |
3 Months Ended |
---|---|
Feb. 04, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Accounting Policies | Note 1 Basis of Presentation and Accounting Policies The accompanying unaudited condensed financial statements for the three months ended February 4, 2023 and February 5, 2022 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The unaudited financial information included in this report includes all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods. The results of operations for the three months ended February 4, 2023 and February 5, 2022 are not necessarily indicative of the results of the full fiscal year. The condensed consolidated financial statements included in this report should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 5, 2022. |
Inventories |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 04, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Note 2 Inventories New home inventory is carried at a lower of cost or net realizable 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 the 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 net realizable value. Other pre-owned homes are acquired (Repossessions Inventory) as a convenience to the Company’s joint venture partner, 21st Mortgage Corporation. This inventory has been repossessed by 21st Mortgage Corporation or through mortgage foreclosure. The Company acquired this inventory at the amount of the uncollected balance of the financing at the time of the foreclosure/repossessions by 21st Mortgage Corporation. The Company records this inventory at a cost determined by the specific identification method. All of the refurbishment costs are paid by 21st Mortgage Corporation. This arrangement assists 21st Mortgage Corporation with liquidation of their repossessed inventory. The timing of these repurchases by the Company is unpredictable as it is based on the repossessions 21st Mortgage Corporation incurs in the portfolio. When the home is sold, the Company retains the cost of the home, an interest factor on the cost of the home and a sales commission, from the sales proceeds. Any additional proceeds are paid to 21st Mortgage. Any shortfall from the proceeds to cover these amounts is paid by 21st Mortgage to the Company. As the Company has no risk of loss on the sale, there is no valuation allowance necessary for repossessions inventory. Inventory held at consignment locations by affiliated entities is included in the Company’s inventory on the Company’s consolidated balance sheets. Consigned inventory was $126,953 and $318,590 as of February 4, 2023 and November 5, 2022, respectively. Pre-owned homes are also taken as trade-ins on new home sales (Trade-in Inventory). This inventory is recorded at estimated actual wholesale value, which is generally lower than market value, determined on the specific identification method, plus refurbishment costs incurred to date to bring the inventory to a more saleable state. The Trade-in Inventory amount is reduced where necessary on a unit specific basis by a valuation reserve, which management believes results in inventory being valued at net realizable value. Other inventory costs are determined on a first-in, first-out basis. A breakdown of the elements of inventory at February 4, 2023 and November 5, 2022 is as follows:
|
Short-term Investments |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Investments | Note 3 Short-term Investments The following is a summary of short-term investments (available for sale):
The fair values were estimated based on quoted market prices in active markets at each respective period end.
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Fair Value of Financial Instruments |
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Feb. 04, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Note 4 Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, accounts and notes 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 Accounting Standards Codification (ASC) No. 820 “Fair Value Measurements” (ASC 820). ASC 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 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 820 fair value hierarchy is defined as follows:
The following tables represent the Company’s financial assets and liabilities which are carried at fair value.
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Net Income per Share |
3 Months Ended |
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Feb. 04, 2023 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Note 5 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.
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Revenues by Products and Service |
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Feb. 04, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Products and Service | Note 6 Revenues by Products and Service The Company operates in one business segment, which is manufactured housing and ancillary services. Revenues by net sales from manufactured housing homes and insurance agent commissions are as follows:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Breakdown of Elements of Inventory | A breakdown of the elements of inventory at February 4, 2023 and November 5, 2022 is as follows:
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Short-term Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Short-term Investments | The following is a summary of short-term investments (available for sale):
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Fair Value of Financial Instruments (Tables) |
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Feb. 04, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Assets and Liabilities Measured at Fair Value | The following tables represent the Company’s financial assets and liabilities which are carried at fair value.
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Revenues by Products and Service (Tables) |
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Feb. 04, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues by Net Sales | Revenues by net sales from manufactured housing homes and insurance agent commissions are as follows:
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Inventories - Additional Information (Detail) - USD ($) |
Feb. 04, 2023 |
Nov. 05, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Inventory Consigned To Affiliated Entities | $ 126,953 | $ 318,590 |
Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($) |
Feb. 04, 2023 |
Nov. 05, 2022 |
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Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,628,321 | $ 2,199,372 |
Work-in-process | 134,762 | 135,513 |
Inventory consigned to affiliated entities | 126,953 | 318,590 |
Finished homes – Nobility | 8,994,169 | 9,583,095 |
Finished homes – Other | 11,441,369 | 10,432,998 |
Pre-owned homes | 794,133 | 682,254 |
Model home furniture | 199,354 | 185,671 |
Inventories | $ 23,319,061 | $ 23,537,493 |
Short-term Investments - Summary of Short-term Investments (Detail) - USD ($) |
Feb. 04, 2023 |
Nov. 05, 2022 |
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Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Amortized Cost | $ 167,930 | $ 167,930 |
Available-for-sale Securities, Gross Unrealized Gains | 403,199 | 421,141 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Estimated Fair Value | $ 571,129 | $ 589,071 |
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) |
Feb. 04, 2023 |
Nov. 05, 2022 |
---|---|---|
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 571,129 | $ 589,071 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | 571,129 | 589,071 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | 0 | 0 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 0 | $ 0 |
Revenues by Products and Service - Revenues by Net Sales (Detail) - USD ($) |
3 Months Ended | |
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Feb. 04, 2023 |
Feb. 05, 2022 |
|
Sales Information [Line Items] | ||
Total net sales | $ 17,164,753 | $ 10,808,270 |
Manufactured Housing [Member] | ||
Sales Information [Line Items] | ||
Total net sales | 17,089,145 | 10,741,282 |
Manufactured Housing [Member] | Homes sold through Company owned sales centers [Member] | ||
Sales Information [Line Items] | ||
Total net sales | 15,279,220 | 9,839,992 |
Manufactured Housing [Member] | Homes sold to independent dealers and through manufactured home parks, net [Member] | ||
Sales Information [Line Items] | ||
Total net sales | 1,809,925 | 901,290 |
Insurance Agent Commissions [Member] | ||
Sales Information [Line Items] | ||
Total net sales | $ 75,608 | $ 66,988 |
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