Florida | ||
(State or other jurisdiction of incorporation or organization) | 59-1166102 (I.R.S. Employer Identification No.) | |
3741 S.W. 7th Street Ocala, Florida | ||
(Address of principal executive offices) | 34474 (Zip Code) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
Title of Class | March 22 , 2022 | |
Common Stock |
Page Number | ||||||
PART I. | Financial Information | |||||
Item 1. | Financial Statements (Unaudited) | |||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
Item 2. | ||||||
Item 4. | 14 | |||||
Other Information | ||||||
Item 2. | ||||||
Item 6. | ||||||
Signatures | 16 |
July 31, 2021 | October 31, 2020 | February 5, 2022 | November 6, 2021 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 33,720,078 | $ | 30,305,902 | $ | 38,932,257 | $ | 36,126,059 | ||||||||
Certificates of deposit | 2,090,910 | 4,602,307 | 0 | 2,093,015 | ||||||||||||
Short-term investments | 562,270 | 358,960 | 617,835 | 621,928 | ||||||||||||
Accounts receivable—trade | 1,134,675 | 790,046 | ||||||||||||||
Accounts receivable - trade | 493,504 | 680,228 | ||||||||||||||
Note receivable | 41,636 | 35,997 | 23,905 | 32,825 | ||||||||||||
Mortgage notes receivable | 22,217 | 20,162 | 23,291 | 22,589 | ||||||||||||
Income taxes receivable | 81,262 | 105,676 | ||||||||||||||
Inventories | 9,428,923 | 9,294,677 | 10,902,578 | 10,394,288 | ||||||||||||
Pre-owned homes, net | 678,303 | 441,937 | 982,496 | 542,081 | ||||||||||||
Prepaid expenses and other current assets | 1,370,339 | 1,014,849 | 1,618,570 | 1,821,267 | ||||||||||||
Total current assets | 49,130,613 | 46,970,513 | 53,594,436 | 52,334,280 | ||||||||||||
Property, plant and equipment, net | 6,916,778 | 5,142,714 | 6,923,336 | 6,847,780 | ||||||||||||
Pre-owned homes, net | 716,582 | 1,077,240 | 0 | 755,394 | ||||||||||||
Note receivable, less current portion | 44,595 | 6,573 | 33,372 | 38,895 | ||||||||||||
Mortgage notes receivable, less current portion | 223,762 | 227,509 | 221,130 | 222,459 | ||||||||||||
Mobile home park note receivable | 72,731 | — | 136,509 | 72,731 | ||||||||||||
Other investments | 1,775,323 | 1,729,364 | 1,800,993 | 1,788,436 | ||||||||||||
Deferred income taxes | 0 | 3,598 | ||||||||||||||
Operating lease right of use assets | 684,142 | 715,368 | 0 | 1,597 | ||||||||||||
Cash surrender value of life insurance | 3,929,552 | 3,795,902 | 4,009,698 | 3,966,939 | ||||||||||||
Other assets | 156,287 | 156,287 | 156,287 | 156,287 | ||||||||||||
Total assets | $ | 63,650,365 | $ | 59,825,068 | $ | 66,875,761 | $ | 66,184,798 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 818,230 | $ | 928,095 | $ | 998,869 | $ | 939,964 | ||||||||
Accrued compensation | 441,760 | 670,520 | 592,998 | 555,222 | ||||||||||||
Accrued expenses and other current liabilities | 1,427,862 | 1,383,833 | 1,435,056 | 1,513,967 | ||||||||||||
Income taxes payable | 458,479 | 89,083 | ||||||||||||||
Operating lease obligation | 33,039 | 24,192 | 0 | 1,597 | ||||||||||||
Customer deposits | 12,350,225 | 5,098,633 | 12,793,296 | 13,671,092 | ||||||||||||
Total current liabilities | 15,071,116 | 8,105,273 | 16,278,698 | 16,770,925 | ||||||||||||
Deferred income taxes | 86,413 | — | 99,568 | 99,568 | ||||||||||||
Operating lease obligation, less current portion | 752,300 | 778,519 | ||||||||||||||
Total liabilities | 15,909,829 | 8,883,792 | 16,378,266 | 16,870,493 | ||||||||||||
Commitments and contingencies | 0 | 0 | 0 | 0 | ||||||||||||
Stockholders’ equity: | 0 | 0 | ||||||||||||||
Preferred stock, $.10 par value, 500,000 shares authorized; NaN issued and outstanding | 0— | 0— | 0— | 0— | ||||||||||||
Common stock, $.10 par value, 10,000,000 shares authorized; 5,364,907 shares issued; 3,532,100 and 3,631,196 outstanding, respectively | 536,491 | 536,491 | ||||||||||||||
Common stock, $.10 par value, 10,000,000 shares authorized; 5,364,907 shares issued; 3,532,976 and 3,532,100 outstanding, respectively | 536,491 | 536,491 | ||||||||||||||
Additional paid in capital | 10,749,843 | 10,694,554 | 10,782,019 | 10,766,253 | ||||||||||||
Retained earnings | 58,185,400 | 57,976,051 | 60,899,793 | 59,742,759 | ||||||||||||
Less treasury stock at cost, 1,832,807 shares in 2021 and 1,733,711 shares in 2020 | (21,731,198 | ) | (18,265,820 | ) | ||||||||||||
Less treasury stock at cost, 1,831,931 shares in 2022 and 1,832,807 shares in 2021 | (21,720,808 | ) | (21,731,198 | ) | ||||||||||||
Total stockholders’ equity | 47,740,536 | 50,941,276 | 50,497,495 | 49,314,305 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 63,650,365 | $ | 59,825,068 | $ | 66,875,761 | $ | 66,184,798 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
July 31, | August 1, | July 31, | August 1, | Three Months Ended | ||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | February 5, 2022 | January 30, 2021 | |||||||||||||||||||
Net sales | $ | 11,778,120 | $ | 8,800,410 | $ | 35,592,531 | $ | 28,446,764 | $ | 10,808,270 | $ | 9,071,511 | ||||||||||||
Cost of sales | (9,265,376 | ) | (6,361,500 | ) | (26,969,655 | ) | (19,980,510 | ) | (8,080,042 | ) | (6,574,064 | ) | ||||||||||||
Gross profit | 2,512,744 | 2,438,910 | 8,622,876 | 8,466,254 | 2,728,228 | 2,497,447 | ||||||||||||||||||
Selling, general and administrative expenses | (1,320,456 | ) | (1,107,850 | ) | (4,144,350 | ) | (3,586,622 | ) | (1,416,543 | ) | (1,273,381 | ) | ||||||||||||
Operating income | 1,192,288 | 1,331,060 | 4,478,526 | 4,879,632 | 1,311,685 | 1,224,066 | ||||||||||||||||||
Other income (loss): | ||||||||||||||||||||||||
Interest income | 62,491 | 53,209 | 145,621 | 239,365 | 74,680 | 30,656 | ||||||||||||||||||
Undistributed earnings in joint venture - Majestic 21 | 20,202 | 20,855 | 45,959 | 61,125 | 12,557 | 13,708 | ||||||||||||||||||
Proceeds received under escrow arrangement | 75,156 | 64,053 | 121,024 | 336,447 | 118,045 | 45,868 | ||||||||||||||||||
(Decrease) increase market value of equity investment | (449 | ) | 21,475 | 203,310 | (159,051 | ) | ||||||||||||||||||
Gain on sale of assets | — | 32,041 | — | 32,041 | ||||||||||||||||||||
(Decrease) increase in fair value of equity investment | (4,093 | ) | 79,956 | |||||||||||||||||||||
Miscellaneous | 48,169 | 12,910 | 73,434 | 32,504 | 13,556 | 7,320 | ||||||||||||||||||
Total other income | 205,569 | 204,543 | 589,348 | 542,431 | 214,745 | 177,508 | ||||||||||||||||||
Income before provision for income taxes | 1,397,857 | 1,535,603 | 5,067,874 | 5,422,063 | 1,526,430 | 1,401,574 | ||||||||||||||||||
Income tax expense | (347,111 | ) | (375,465 | ) | (1,226,425 | ) | (1,311,780 | ) | (369,396 | ) | (335,809 | ) | ||||||||||||
Net income | $ | 1,050,746 | $ | 1,160,138 | $ | 3,841,449 | $ | 4,110,283 | $ | 1,157,034 | $ | 1,065,765 | ||||||||||||
Weighted average number of shares outstanding: | ||||||||||||||||||||||||
Basic | 3,599,133 | 3,631,089 | 3,621,084 | 3,641,048 | 3,532,803 | 3,631,924 | ||||||||||||||||||
Diluted | 3,613,187 | 3,632,420 | 3,630,216 | 3,642,397 | 3,544,467 | 3,633,493 | ||||||||||||||||||
Net income per share: | ||||||||||||||||||||||||
Basic | $ | 0.29 | $ | 0.32 | $ | 1.06 | $ | 1.13 | $ | 0.33 | $ | 0.29 | ||||||||||||
Diluted | $ | 0.29 | $ | 0.32 | $ | 1.06 | $ | 1.13 | $ | 0.33 | $ | 0.29 |
Accumulated | ||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||
Common | Common | Additional | Retained | Comprehensive | Treasury | |||||||||||||||||||||||
Stock Shares | Stock | Paid-in-Capital | Earnings | Income | Stock | Total | ||||||||||||||||||||||
Balance at October 31, 2020 | 3,631,196 | $ | 536,491 | $ | 10,694,554 | $ | 57,976,051 | $ | — | $ | (18,265,820 | ) | $ | 50,941,276 | ||||||||||||||
Stock-based compensation | — | — | 20,521 | — | — | — | 20,521 | |||||||||||||||||||||
Exercise of employee stock | ||||||||||||||||||||||||||||
options | 1,250 | — | 1,950 | — | — | 13,175 | 15,125 | |||||||||||||||||||||
Net income | — | — | — | 1,065,765 | — | — | 1,065,765 | |||||||||||||||||||||
Balance at January 30, 2021 | 3,632,446 | 536,491 | 10,717,025 | 59,041,816 | — | (18,252,645 | ) | 52,042,687 | ||||||||||||||||||||
Cash dividend | — | — | — | (3,632,100 | ) | — | — | (3,632,100 | ) | |||||||||||||||||||
Purchase of treasury stock | (346 | ) | — | — | — | — | (10,553 | ) | (10,553 | ) | ||||||||||||||||||
Stock-based compensation | — | — | 16,409 | — | — | — | 16,409 | |||||||||||||||||||||
Net income | — | — | — | 1,724,938 | — | — | 1,724,938 | |||||||||||||||||||||
Balance at May 1, 2021 | 3,632,100 | 536,491 | 10,733,434 | 57,134,654 | — | (18,263,198 | ) | 50,141,381 | ||||||||||||||||||||
Purchase of treasury stock | (100,000 | ) | — | — | — | — | (3,468,000 | ) | (3,468,000 | ) | ||||||||||||||||||
Stock-based compensation | — | — | 16,409 | — | — | — | 16,409 | |||||||||||||||||||||
Net income | — | — | — | 1,050,746 | — | — | 1,050,746 | |||||||||||||||||||||
Balance at July 31, 2021 | 3,532,100 | $ | 536,491 | $ | 10,749,843 | $ | 58,185,400 | $ | — | $ | (21,731,198 | ) | $ | 47,740,536 | ||||||||||||||
Balance at November 2, 2019 | 3,664,070 | $ | 536,491 | $ | 10,687,662 | $ | 55,298,750 | $ | 389,164 | $ | (17,445,752 | ) | $ | 49,466,315 | ||||||||||||||
Adoption of ASU 2016-01 | — | — | — | 389,164 | (389,164 | ) | — | — | ||||||||||||||||||||
Adoption of ASU 2016-02 | — | — | — | (64,591 | ) | — | — | (64,591 | ) | |||||||||||||||||||
Balance at November 2, 2019 | — | — | — | — | — | — | — | |||||||||||||||||||||
as adjusted | 3,664,070 | 536,491 | 10,687,662 | 55,623,323 | — | (17,445,752 | ) | 49,401,724 | ||||||||||||||||||||
Purchase of treasury stock | (14,400 | ) | — | — | — | — | (345,600 | ) | (345,600 | ) | ||||||||||||||||||
Stock-based compensation | — | — | 906 | — | — | — | 906 | |||||||||||||||||||||
Net income | — | — | — | 1,400,141 | — | — | 1,400,141 | |||||||||||||||||||||
Balance at February 1, 2020 | 3,649,670 | 536,491 | 10,688,568 | 57,023,464 | — | (17,791,352 | ) | 50,457,171 | ||||||||||||||||||||
Cash dividend | — | — | — | (3,630,970 | ) | — | — | (3,630,970 | ) | |||||||||||||||||||
Purchase of treasury stock | (18,700 | ) | — | — | — | — | (476,850 | ) | (476,850 | ) | ||||||||||||||||||
Stock-based compensation | — | — | 906 | — | — | — | 906 | |||||||||||||||||||||
Net income | — | — | — | 1,550,004 | — | — | 1,550,004 | |||||||||||||||||||||
Balance at May 4, 2020 | 3,630,970 | 536,491 | 10,689,474 | 54,942,498 | — | (18,268,202 | ) | 47,900,261 | ||||||||||||||||||||
Stock-based compensation | 226 | — | 4,174 | — | — | 2,382 | 6,556 | |||||||||||||||||||||
Net income | — | — | — | 1,160,138 | — | — | 1,160,138 | |||||||||||||||||||||
Balance at August 1, 2020 | 3,631,196 | $ | 536,491 | $ | 10,693,648 | $ | 56,102,636 | $ | — | $ | (18,265,820 | ) | $ | 49,066,955 | ||||||||||||||
Common Stock Shares | Common Stock | Additional Paid-in-Capital | Retained Earnings | Treasury Stock | Total | |||||||||||||||||||
Balance at November 6, 2021 | 3,532,100 | $ | 536,491 | $ | 10,766,253 | $ | 59,742,759 | $ | (21,731,198 | ) | $ | 49,314,305 | ||||||||||||
Stock-based compensation | 180 | — | 33,218 | — | 2,135 | 35,353 | ||||||||||||||||||
Exercise of employee stock options | 966 | — | (17,452 | ) | — | 17,452 | — | |||||||||||||||||
Treasury stock purchase | (270 | ) | — | — | — | (9,197 | ) | (9,197 | ) | |||||||||||||||
Net income | — | — | — | 1,157,034 | — | 1,157,034 | ||||||||||||||||||
Balance at February 5, 2022 | 3,532,976 | $ | 536,491 | $ | 10,782,019 | $ | 60,899,793 | $ | (21,720,808 | ) | $ | 50,497,495 | ||||||||||||
Common Stock Shares | Common Stock | Additional Paid-in-Capital | Retained Earnings | Treasury Stock | Total | |||||||||||||||||||
Balance at October 31, 2020 | 3,631,196 | $ | 536,491 | $ | 10,694,554 | $ | 57,976,051 | $ | (18,265,820 | ) | $ | 50,941,276 | ||||||||||||
Stock-based compensation | — | — | 20,521 | — | — | 20,521 | ||||||||||||||||||
Exercise of employee stock options | 1,250 | — | 1,950 | — | 13,175 | 15,125 | ||||||||||||||||||
Net income | — | — | — | 1,065,765 | — | 1,065,765 | ||||||||||||||||||
Balance at January 30, 2021 | 3,632,446 | $ | 536,491 | $ | 10,717,025 | $ | 59,041,816 | $ | (18,252,645 | ) | $ | 52,042,687 | ||||||||||||
Nine Months Ended | Three Months Ended | |||||||||||||||
July 31, 2021 | August 1, 2020 | February 5, 2022 | January 30, 2021 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 3,841,449 | $ | 4,110,283 | $ | 1,157,034 | $ | 1,065,765 | ||||||||
Adjustments to reconcile net income to net cash provide by operating activities: | ||||||||||||||||
Depreciation | 142,224 | 118,179 | 43,227 | 56,943 | ||||||||||||
Deferred income taxes | 90,011 | 60,055 | ||||||||||||||
Undistributed earnings in joint venture - Majestic 21 | (45,959 | ) | (61,125 | ) | (12,557 | ) | (13,708 | ) | ||||||||
Gain on disposal of property, plant and equipment | — | (32,041 | ) | |||||||||||||
(Increase) decrease in fair market value of equity investments | (203,310 | ) | 159,051 | |||||||||||||
Decrease (Increase) in fair market value of equity investments | 4,093 | (79,956 | ) | |||||||||||||
Stock-based compensation | 53,340 | 8,368 | 35,353 | 20,521 | ||||||||||||
Amortization of operating lease right of use assets | 31,226 | 26,862 | 1,597 | 10,331 | ||||||||||||
Decrease (increase) in: | ||||||||||||||||
Accounts receivable - trade | (344,629 | ) | 638,480 | 186,724 | (267,040 | ) | ||||||||||
Inventories | (134,246 | ) | (20,842 | ) | (508,290 | ) | (1,309,716 | ) | ||||||||
Pre-owned homes | 124,292 | (385,597 | ) | 314,979 | (216,973 | ) | ||||||||||
Prepaid expenses and other current assets | (355,490 | ) | 155,518 | 202,697 | (538,208 | ) | ||||||||||
Interest receivable | (16,223 | ) | (130,097 | ) | — | (8,444 | ) | |||||||||
Income tax receivables | 24,414 | — | — | 105,676 | ||||||||||||
(Decrease) increase in: | ||||||||||||||||
Accounts payable | (109,865 | ) | (457,884 | ) | 58,905 | 172,260 | ||||||||||
Accrued compensation | (228,760 | ) | (296,735 | ) | 37,776 | (223,775 | ) | |||||||||
Accrued expenses and other current liabilities | 44,028 | (883,146 | ) | (88,108 | ) | (270,148 | ) | |||||||||
Income taxes payable | — | (2,016,132 | ) | 369,396 | 230,133 | |||||||||||
Customer deposits | 7,251,592 | 69,067 | (877,796 | ) | 2,701,182 | |||||||||||
Net cash provided by operating activities | 10,164,094 | 1,062,264 | 925,030 | 1,434,843 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Purchase of property, plant and equipment | (1,916,288 | ) | (270,365 | ) | (118,783 | ) | (278,070 | ) | ||||||||
Purchase of certificates of deposit | — | (20,000 | ) | |||||||||||||
Proceeds from certificates of deposit | 2,496,000 | 2,024,000 | 2,087,936 | 1,500,000 | ||||||||||||
Proceeds from disposal of property, plant and equipment | — | 33,139 | ||||||||||||||
Collections on interest receivable | 31,620 | 87,358 | 5,079 | 28,640 | ||||||||||||
Collections on mortgage notes receivable | 1,692 | 1,596 | 627 | 609 | ||||||||||||
(Issuance of) collections o n equipment note receivable | (43,661 | ) | 66,218 | |||||||||||||
Collections on equipment and other notes receivable | 14,443 | 6,738 | ||||||||||||||
Issuance of mobile home park note receivable | (72,731 | ) | — | (63,778 | ) | — | ||||||||||
Increase in cash surrender value of life insurance | (133,650 | ) | (144,000 | ) | (42,759 | ) | (44,550 | ) | ||||||||
Net cash provided by investing activities | 362,982 | 1,777,946 | 1,882,765 | 1,213,367 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Payment of cash dividend | (3,632,100 | ) | (3,630,970 | ) | ||||||||||||
Proceeds from exercise of employee stock option | 15,125 | — | — | 15,125 | ||||||||||||
Purchase of treasury stock | (3,478,553 | ) | (822,450 | ) | ||||||||||||
Reduction of operating lease obligation | (17,372 | ) | (9,507 | ) | (1,597 | ) | (5,714 | ) | ||||||||
Net cash used in financing activities | (7,112,900 | ) | (4,462,927 | ) | ||||||||||||
Net cash (used in) provided by financing activities | (1,597 | ) | 9,411 | |||||||||||||
Increase (decrease) in cash and cash equivalents | 3,414,176 | (1,622,717 | ) | |||||||||||||
Increase in cash and cash equivalents | 2,806,198 | 2,657,621 | ||||||||||||||
Cash and cash equivalents at beginning of year | 30,305,902 | 22,533,965 | 36,126,059 | 30,305,902 | ||||||||||||
Cash and cash equivalents at end of period | $ | 33,720,078 | $ | 20,911,248 | ||||||||||||
Cash and cash equivalents at end of quarter | $ | 38,932,257 | $ | 32,963,523 | ||||||||||||
Supplemental disclosure of cash flows information: | ||||||||||||||||
Income taxes paid | $ | 1,112,000 | $ | 3,368,000 | ||||||||||||
Supplemental financing activity: | ||||||||||||||||
Noncash exercise of employee stock options | $ | (9,197 | ) | $ | — | |||||||||||
Note 1 | Basis of Presentation and Accounting Policies |
Note 2 | Inventories |
February 5, | November 6, | |||||||||||||||
July 31, 2021 | October 31, 2020 | 2022 | 2021 | |||||||||||||
Raw materials | $ | 1,854,317 | $ | 1,203,282 | $ | 2,087,472 | $ | 2,225,532 | ||||||||
Work-in-process | 136,723 | 107,651 | 131,317 | 97,021 | ||||||||||||
Inventory consigned to affiliated entities | 382,279 | 1,277,681 | 718,439 | 794,766 | ||||||||||||
Finished homes | 6,910,596 | 6,543,861 | 7,837,409 | 7,140,880 | ||||||||||||
Model home furniture | 145,008 | 162,202 | 127,941 | 136,089 | ||||||||||||
Inventories | $ | 9,428,923 | $ | 9,294,677 | $ | 10,902,578 | $ | 10,394,288 | ||||||||
Pre-owned homes | $ | 1,510,484 | $ | 1,686,373 | $ | 982,496 | $ | 1,297,475 | ||||||||
Inventory impairment reserve | (115,599 | ) | (167,196 | ) | ||||||||||||
1,394,885 | 1,519,177 | |||||||||||||||
Less homes expected to sell in 12 months | (678,303 | ) | (441,937 | ) | (982,496 | ) | (542,081 | ) | ||||||||
Pre-owned homes, long-term | $ | 716,582 | $ | 1,077,240 | $ | 0 | $ | 755,394 | ||||||||
Note 3 | Short-term Investments |
July 31, 2021 | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
Equity securities in a public company | $ | 167,930 | $ | 394,340 | $ | 0 | $ | 562,270 | ||||||||
February 5, 2022 | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
Equity securities in a public company | $ | 167,930 | $ | 449,905 | $ | 0 | $ | 617,835 | ||||||||
October 31, 2020 | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
Equity securities in a public company | $ | 167,930 | $ | 191,030 | $ | 0 | $ | 358,960 | ||||||||
November 6, 2021 | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||
Equity securities in a public company | $ | 167,930 | $ | 453,998 | $ | 0 | $ | 621,928 | ||||||||
Note 4 | Fair Value of Financial Instruments |
July 31, 2021 | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
Equity securities in a public company | $ | 562,270 | $ | 0— | $ | 0— | ||||||
February 5, 2022 | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
Equity securities in a public company | $ | 617,835 | $ | 0 | $ | 0 | ||||||
October 31, 2020 | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
Equity securities in a public company | $ | 358,960 | $ | — | $ | — | ||||||
November 6, 2021 | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
Equity securities in a public company | $ | 621,928 | $ | 0 | $ | 0 | ||||||
Note 5 | Net Income per Share |
Note 6 | Revenues by Products and Service |
Three Months Ended | Nine Months Ended | |||||||||||||||
July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||
Manufactured housing | ||||||||||||||||
Homes sold through Company owned sales centers | $ | 10,128,706 | $ | 6,252,906 | $ | 30,033,265 | $ | 20,874,755 | ||||||||
Homes sold to independent dealers | 833,904 | 1,998,720 | 3,661,753 | 6,260,268 | ||||||||||||
Homes sold through manufactured home parks | 458,955 | 380,875 | 1,108,600 | 845,634 | ||||||||||||
$ 11,421,565 | $ 8,632,501 | $ 34,803,618 | $ 27,980,657 | |||||||||||||
Pre-owned homes | 288,261 | 95,011 | 572,005 | 253,689 | ||||||||||||
Insurance agent commissions | 68,294 | 72,898 | 216,908 | 212,418 | ||||||||||||
Total net sales | $ | 11,778,120 | $ | 8,800,410 | $ | 35,592,531 | $ | 28,446,764 | ||||||||
Three Months Ended | ||||||||
February 5, | January 30, | |||||||
2022 | 2021 | |||||||
Manufactured housing | ||||||||
Homes sold through Company owned sales centers | $ | 9,179,988 | $ | 7,543,182 | ||||
Homes sold to independent dealers | 580,712 | 1,203,736 | ||||||
Homes sold through manufactured home parks | 474,960 | 218,435 | ||||||
$ | 10,235,660 | $ | 8,965,353 | |||||
Pre-owned homes | 505,622 | 40,187 | ||||||
Insurance agent commissions | 66,988 | 65,971 | ||||||
Total net sales | $ | 10,808,270 | $ | 9,071,511 | ||||
Operating Lease | ||||
Undiscounted future minimum lease payments: | ||||
2021 (3 months remaining) | $ | 16,106 | ||
2022 | 68,401 | |||
2023 | 74,322 | |||
2024 | 80,955 | |||
2025 | 88,388 | |||
Thereafter | 458,175 | |||
Total | 786,347 | |||
Amount representing imputed interest | (1,008 | ) | ||
Total operating lease liability | 785,339 | |||
Current portion of operating lease liability | (33,039 | ) | ||
Operating lease liability, non-current | $ | 752,300 | ||
Three Months Ended | Nine Months Ended | |||||||||||||||
July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | |||||||||||||
New homes sold through Company owned sales centers | 104 | 70 | 318 | 232 | ||||||||||||
Pre-owned homes sold through Company owned sales centers | 6 | 3 | 12 | 7 | ||||||||||||
Homes sold to independent dealers | 26 | 51 | 115 | 159 | ||||||||||||
Total new factory built homes produced | 120 | 127 | 448 | 393 | ||||||||||||
Average new manufactured home price—retail | $ | 94,385 | $ | 91,017 | $ | 91,488 | $ | 91,644 | ||||||||
Average new manufactured home price—wholesale | $ | 51,919 | $ | 44,308 | $ | 48,720 | $ | 43,913 | ||||||||
As a percent of net sales: | ||||||||||||||||
Gross profit from the Company owned retail | ||||||||||||||||
sales centers | 17 | % | 19 | % | 17 | % | 19 | % | ||||||||
Gross profit from the manufacturing facilities - | ||||||||||||||||
including intercompany sales | 11 | % | 20 | % | 14 | % | 22 | % |
Three Months Ended | ||||||||
February 5, | January 30, | |||||||
2022 | 2021 | |||||||
New homes sold through Company owned sales centers | 87 | 82 | ||||||
Pre-owned homes sold through Company owned sales centers | 6 | 1 | ||||||
Homes sold to independent dealers | 10 | 40 | ||||||
Total new factory built homes produced | 92 | 150 | ||||||
Average new manufactured home price - retail | $ | 107,281 | $ | 88,250 | ||||
Average new manufactured home price - wholesale | $ | 63,781 | $ | 47,515 | ||||
As a percent of net sales: | ||||||||
Gross profit from the Company owned retail sales centers | 18 | % | 18 | % | ||||
Gross profit from the manufacturing facilities - including intercompany sales | 13 | % | 15 | % |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs* | Maximum number of shares that may yet be purchased under the plans or programs* | ||||||
May 2 – May 29, 2021 | 0 | 0 | 0 | 199,654 | ||||||
May 30 – Jun 26, 2021 | 0 | 0 | 0 | 199,654 | ||||||
Jun 27 – Jul 31, 2021 | 100,000 | $34.68 | 100,000 | 99,654 |
31. (a) |
(b) | Written Statement of Chief Financial Officer Pursuant to 18 U.S.C. §1350 | |
101. | Interactive data filing formatted in IXBRL | |
104. | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101 |
NOBILITY HOMES, INC. | ||||||
DATE: | By: | /s/ Terry E. Trexler | ||||
Terry E. Trexler, Chairman, | ||||||
President and Chief Executive Officer |
DATE: | By: | /s/ Thomas W. Trexler | |||||||
Thomas W. Trexler, Executive Vice President, and Chief Financial Officer |
and Chief Financial Officer | ||||||
DATE: March 22, 2022 | By: | /s/ Lynn J. Cramer, Jr. | ||||
Lynn J. Cramer, Jr., Treasurer | ||||||
and Principal Accounting Officer |