Ocala, Florida based Nobility Homes, Inc. (OTCQX: NOBH) announced key results and financial highlights for their 3rd fiscal quarter, which ended on July 30, 2016.
“The demand for affordable manufactured housing in Florida and the U.S. is improving,” said Terry Trexler, president of Nobility, per MarketWired. “According to the Florida Manufactured Housing Association, shipments in Florida for the period from November 2015 through July 2016 were up approximately 22% from the same period last year.”
There was no conference call, but some key data from their report is as follows.
3rd quarter sales were up 39% Year over Year (YoY) to $9,779,621 as compared to $7,059,263 recorded in third quarter 2015. Income from operations was up 58% to $1,240,492 versus $787,272 last year.
Net income after taxes was $894,271 as compared to $746,770 last year.
Diluted earnings per share were $0.22 per share compared to $0.18 per share last year.
For the first nine months of fiscal 2016, sales were up 31% to $25,269,511 as compared to $19,342,181 for the first nine months of 2015.
Income from operations was up 69% to $3,170,102 versus $1,872,811 last year. Net income after taxes was $5,244,553 compared to $1,907,111 last year. Diluted earnings per share were $1.30 per share compared to $0.47 per share last year.
Nobility states that their financial position for the first nine months of 2016 remains very strong with cash and cash equivalents and short-term investments of $22,730,960 and no outstanding debt.
Working capital is $31,353,487 and the ratio of current assets to current liabilities is 9.7:1. Stockholders’ equity is $44,154,178 and the book value per share of common stock outstanding increased to $10.98.
“Constrained consumer credit and the lack of lenders in the industry, partly as a result of an increase in government regulations,” said Trexler, “have limited many affordable manufactured housing buyers from purchasing homes.”
“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,” Nobility’s president said. “Management remains convinced that our specific geographic market is one of the best long-term growth areas in the country.”
Mindful of the deep recession that the industry is steadily recovering from, Trexler explained their philosophy of cautious optimism.
“We understand that during this uncertain economic environment, maintaining our strong financial position is vital for future growth and success. Because of the recent years of very challenging business conditions in our market area, management will continue to evaluate all expenses and react in a manner consistent with maintaining our strong financial position, while exploring opportunities to expand our distribution and manufacturing operations,” Nobility’s president stated. ##
To downloads Nobility’s 3rd quarter of 2016 report, click here.
To download their annual report, click here.
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Submitted by RC Williams to the Daily Business News, MHProNews.