Nobility Homes, Inc. Announces Sales and Earnings for Its Fiscal Year 2009 Press Release

October 31, November 1, 2009 2008 ---- ---- Assets Current assets: Cash and cash equivalents $3,995,167 $8,649,724 Short-term investments 253,605 168,210 Accounts receivable 963,032 654,529 Inventories 15,679,969 12,051,361 Prepaid income taxes - 438,398 Income tax receivable 976,130 - Prepaid expenses and other current assets 362,161 433,166 Deferred income taxes 279,818 298,408 ------- ------- Total current assets 22,509,882 22,693,796 ---------- ---------- Property, plant and equipment, net 4,138,336 4,342,401 Long-term investments 5,854,719 8,140,226 Other investments 6,599,846 7,222,276 Deferred income taxes 572,099 334,424 Other assets 2,397,793 2,397,939 --------- --------- Total assets $42,072,675 $45,131,062 =========== =========== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $91,636 $186,477 Accrued compensation 62,610 201,155 Accrued expenses and other current liabilities 240,539 355,218 Customer deposits 410,578 717,951 ------- ------- Total current liabilities 805,363 1,460,801 ------- --------- Uncertain tax liabilities - 275,000 --- ------- Total liabilities 805,363 1,735,801 ------- --------- 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 10,331,168 10,178,398 Retained earnings 39,897,911 41,968,423 Accumulated other comprehensive income 53,435 175 Less treasury stock at cost, 1,308,763 and 1,276,373 shares, respectively, in 2009 and 2008 (9,551,693) (9,288,226) ---------- ---------- Total stockholders' equity 41,267,312 43,395,261 ---------- ---------- Total liabilities and stockholders' equity $42,072,675 $45,131,062 =========== ===========

NOBILITY HOMES, INC. Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) Three Months Ended Twelve Months Ended ------------------ ------------------- October 31, November 1, October 31, November 1, 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $2,836,483 $5,799,686 $11,869,333 $30,065,022 Cost of goods sold (2,392,777) (4,216,654) (9,514,452) (21,845,686) ---------- ---------- ---------- ----------- Gross profit 443,706 1,583,032 2,354,881 8,219,336 Selling, general and administrative expenses (971,263) (1,454,184) (4,585,522) (6,604,195) Operating income (loss) (527,557) 128,848 (2,230,641) 1,615,141 -------- ------- ---------- --------- Other income (expense): Interest income 112,071 156,841 391,289 546,764 Undistributed earnings in joint venture - Majestic 21 46,742 54,963 183,901 283,693 Earnings from finance revenue sharing agreement - 161,600 157,700 697,900 Undistributed losses from investments in retirement community limited partnership (409,488) (300,632) (682,831) (468,828) Miscellaneous (9,056) 39,372 22,150 59,777 ------ ------ ------ ------ Total other income (expense) (259,731) 112,144 72,209 1,119,306 -------- ------- ------ --------- Income (loss) Before income tax benefit (expense) (787,288) 240,992 (2,158,432) 2,734,447 Income tax benefit (expense) 343,171 (25,120) 1,106,589 (912,291) ------- ------- --------- -------- Net income (loss) (444,117) 215,872 (1,051,843) 1,822,156 -------- ------- ---------- --------- Other Comprehensive income (loss), net of tax: Unrealized investment gain (loss) 910 (137,435) 53,261 (234,549) --- -------- ------ -------- Comprehensive income (loss) $(443,207) $78,437 $(998,582) $1,587,607 ========= ======= ========= ========== Weighed average number of shares outstanding: Basic 4,056,144 4,089,859 4,064,208 4,088,121 Diluted 4,056,144 4,092,655 4,064,208 4,091,645 Earnings (loss) per share: Basic $(0.11) $0.05 $(0.26) $0.45 Diluted $(0.11) $0.05 $(0.26) $0.45 ------ ----- ------ ----- Cash dividends paid per common share $- $- $0.25 $0.50

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