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Nobility Announces Sales and Earnings 4th Quarter 2008
Sat 12/20/08 01:00:18 am
Press Release

OCALA, Fla., Dec. 18 -- Today Nobility Homes, Inc. (Nasdaq: NOBH) announced sales and earnings results for its fiscal year ended November 1, 2008. Sales for fiscal year 2008 were $30,065,022 as compared to $40,622,897 recorded in fiscal year 2007. Income from operations for fiscal year 2008 was $1,615,141 versus $4,323,956 in the same period a year ago. Net income after taxes was $1,822,156 as compared to $4,081,660 for the same period last year. The net income after taxes of $1,822,156 for fiscal year 2008 was after deducting $468,828 in non-cash losses for our investment in two retirement community limited partnerships. Diluted earnings per share for fiscal year 2008 were $.45 per share compared to $1.00 per share last year.

For the fourth quarter of fiscal 2008, sales were $5,799,686 as compared to sales of $10,756,636 in the fourth quarter of last fiscal year. Income from operations for the fourth quarter of 2008 was $128,848 versus $1,267,012 in the same period last year. Net income after taxes was $215,872 versus last year's results of $1,126,387. The net income after taxes of $215,872 for fourth quarter of 2008 was after deducting $300,632 in non-cash losses for our investment in two retirement community limited partnerships. Diluted earnings per share for the fourth quarter were $0.05 per share versus diluted earnings of $0.28 per share last year.

Nobility's financial position during fiscal year 2008 remains very strong with cash and cash equivalents, short and long-term investments of $16,958,160 and no outstanding debt. Working capital is $21,232,995 and our ratio of current assets to current liabilities is 15.2:1. Stockholders' equity is $43,395,261 and the book value per share of common stock increased to $10.61. The return on average stockholders' equity was 4% and the return on average assets was 4%. The Company repurchased in the open market 3,855 shares of its common stock during fiscal year 2008. The Company's Board of Directors has authorized the purchase of up to 200,000 shares of the Company's stock in the open market.

The Board of Directors declared an annual cash dividend of $.25 per common share for fiscal year 2008, as compared to the $.50 per share declared last fiscal year. The cash dividend is payable January 12, 2009 to stockholders of record as of January 2, 2009.

Terry Trexler, President, stated, "Sales and operations for fiscal year 2008 were adversely impacted by the reduced manufactured housing shipments in Florida plus the overall decline in Florida and the nation's housing market. Industry shipments in Florida for the period of November 2007 through October 2008 were down approximately 30% from the same period last year. Although the current overall housing market has continued to decline this year, the long- term demographic trends still favor strong growth in the Florida market area we serve. Management remains 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, we expect to continue out- performing the industry. With a better economy, improved sales in the existing home market, lower unemployment, continued low interest rates, the continued tight credit markets and the absence of aggressive mortgage financing of site-built homes, management expects the demand for our homes to improve. Management understands that during these challenging conditions within our industry and our country, the Company's strong financial condition is vital for future growth and success. Fiscal year 2008 is Nobility's 41st year of operating in our market area. We have been increasing the level of consumer awareness and confidence in Nobility and Prestige, our retail organization, with the introduction and promotion of more special edition homes and by using television commercials in our various marketing areas within Florida. The Company has also invested as a limited partner in two new Florida retirement manufactured home communities in fiscal year 2008. Although these investments will report non-cash losses in the initial fill-up stage, management believes that the new attractive and affordable manufactured home communities for senior citizens will be a significant growth area for Florida in the future."

Nobility Homes, Inc. has specialized for 41 years in the design and production of quality, affordable manufactured homes at its two plants located in central Florida. With seventeen Company retail sales centers, a finance company joint venture, an insurance subsidiary, and an investment in two new affordable retirement manufactured home communities, Nobility is the only vertically integrated manufactured home company headquartered in Florida.


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 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 or other attack and any armed conflict involving the United States and the impact of inflation.

                               NOBILITY HOMES, INC.
                           CONSOLIDATED BALANCE SHEETS

                                               November 1,        November 3,
                                                  2008               2007

    Current assets:
      Cash and cash equivalents                 $8,649,724        $13,696,990
      Short-term investments                       168,210            544,271
      Accounts receivable                          654,529            846,868
      Inventories                               12,051,361         12,696,388
      Prepaid income taxes                         438,398             13,232
      Prepaid expenses and other current
       assets                                      433,166            468,739
      Deferred income taxes                        335,184            404,776
           Total current assets                 22,730,572         28,671,264

    Property, plant and equipment, net           4,342,401          3,867,279
    Long-term investments                        8,140,226         10,666,321
    Other investments                            7,222,276          1,917,661
    Deferred income taxes                          396,586             49,364
    Other assets                                 2,397,939          2,280,010
           Total assets                        $45,230,000        $47,451,899

    Liabilities and Stockholders' Equity
    Current liabilities:
      Accounts payable                            $186,477           $642,484
      Accrued compensation                         201,155            544,970
      Accrued expenses and other current
       liabilities                                 355,218            738,950
      Income taxes payable                               -            134,500
      Deferred income taxes                         36,776                  -
      Customer deposits                            717,951          1,466,037
           Total current liabilities             1,497,577          3,526,941

    Deferred income taxes                           62,162                  -
    Uncertain tax liabilities                      275,000                  -
           Total liabilities                     1,834,739          3,526,941

    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             10,178,398          9,999,799
         Retained earnings                      41,968,423         42,389,839
         Accumulated other comprehensive
          income                                       175            234,724
         Less treasury stock at cost,
          1,276,373 and 1,277,763 shares,
          respectively, in 2008 and 2007        (9,288,226)        (9,235,895)
           Total stockholders' equity           43,395,261         43,924,958
           Total liabilities and
            stockholders' equity               $45,230,000        $47,451,899

                               NOBILITY HOMES, INC.

                              Three Months Ended       Twelve Months Ended
                           November 1,  November 3,  November 1,  November 3,
                              2008         2007         2008         2007

    Net sales               $5,799,686  $10,756,636  $30,065,022  $40,622,897

    Cost of goods sold      (4,216,654)  (7,599,307) (21,845,686) (28,838,274)

      Gross profit           1,583,032    3,157,329    8,219,336   11,784,623

    Selling, general and
     expenses               (1,454,184)  (1,890,317)  (6,604,195)  (7,460,667)

        Operating income       128,848    1,267,012    1,615,141    4,323,956

    Other income:
      Interest income          156,841      230,377      546,764      814,683
      Undistributed earnings
       in joint venture -
       Majestic 21              54,963       53,532      283,693      282,680
      Earnings from finance
       revenue sharing
       agreement               161,600      155,500      697,900      579,700
      Undistributed gains
       (losses) from
       investments in
       retirement community
       limited partnerships   (300,632)           -     (468,828)           -
      Miscellaneous             39,372       38,436       59,777      145,498
        Total other income     112,144      477,845    1,119,306    1,822,561

    Income before provision
     for income taxes          240,992    1,744,857    2,734,447    6,146,517

    Provision for income
     taxes                     (25,120)    (618,470)    (912,291)  (2,064,857)

        Net income             215,872    1,126,387    1,822,156    4,081,660

    Other comprehensive
     income (loss), net of
      Unrealized investment
       gain (loss)            (137,435)      41,581     (234,549)      64,905

     Comprehensive income      $78,437   $1,167,968   $1,587,607   $4,146,565

    Weighed average number
     of shares outstanding
      Basic                  4,089,859    4,085,495    4,088,121    4,084,691
      Diluted                4,092,655    4,093,256    4,091,645    4,094,001

    Earnings per share
      Basic                      $0.05        $0.28        $0.45        $1.00
      Diluted                    $0.05        $0.28        $0.45        $1.00

    Cash dividends paid per
     common share                   $-           $-        $0.50        $0.50

SOURCE Nobility Homes, Inc.


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