Nobility Homes (NOBH) 10-Q 16 Jun 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	2-May-15	Jun. 16, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	2-May-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Trading Symbol	NOBH
Entity Registrant Name	NOBILITY HOMES INC
Entity Central Index Key	72205
Current Fiscal Year End Date	10
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,044,569

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	2-May-15	Nov. 01, 2014
Current assets:
Cash and cash equivalents	$14,376,563	$14,116,412
Short-term investments	467,400	496,444
Accounts receivable - trade	2,480,662	2,141,468
Mortgage notes receivable, current	8,600	7,126
Income tax receivable	463	5,964
Inventories	6,075,256	5,516,540
Pre-owned homes, current	1,985,149	2,839,203
Prepaid expenses and other current assets	943,977	286,990
Deferred income taxes	560,445	508,633
Total current assets	26,898,515	25,918,780
Property, plant and equipment, net	3,931,056	3,957,071
Pre-owned homes	2,879,577	1,711,000
Mortgage notes receivable, long term	179,248	180,800
Other investments	2,763,128	2,751,663
Deferred income taxes	1,435,555	1,487,367
Other assets	2,984,424	2,921,424
Total assets	41,071,503	38,928,105
Current liabilities:
Accounts payable	1,099,119	502,259
Accrued compensation	277,842	320,502
Accrued expenses and other current liabilities	790,651	526,296
Customer deposits	1,331,191	1,029,088
Total current liabilities	3,498,803	2,378,145
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	10,648,579	10,643,866
Retained earnings	35,738,023	34,577,682
Accumulated other comprehensive income	252,546	281,590
Less treasury stock at cost, 1,310,538 shares in 2015 and 1,301,038 shares in 2014	-9,602,939	-9,489,669
Total stockholders' equity	37,572,700	36,549,960
Total liabilities and stockholders' equity	$41,071,503	$38,928,105

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	2-May-15	Nov. 01, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$0.10	$0.10
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.10	$0.10
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	5,364,907	5,364,907
Treasury stock, shares	1,310,538	1,301,038

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	2-May-15	3-May-14	2-May-15	3-May-14
Income Statement [Abstract]
Net sales	$6,706,118	$5,431,026	$12,282,918	$9,622,455
Cost of goods sold	-5,167,950	-4,326,728	-9,571,981	-7,772,627
Gross profit	1,538,168	1,104,298	2,710,937	1,849,828
Selling, general and administrative expenses	-877,449	-798,670	-1,625,398	-1,460,014
Operating income	660,719	305,628	1,085,539	389,814
Other income (loss):
Interest income	16,852	18,182	29,972	28,014
Undistributed earnings in joint venture - Majestic 21	35,237	39,477	68,815	71,808
Losses from investments in retirement community limited partnerships	-51,657	-95,286	-57,350	-134,687
Miscellaneous	23,696	16,899	38,866	33,353
Total other income (loss)	24,128	-20,728	80,303	-1,512
Income before provision for income taxes	684,847	284,900	1,165,842	388,302
Income tax expense	-4,294		-5,501
Net income	680,553	284,900	1,160,341	388,302
Other comprehensive income (loss)
Unrealized investment gain (loss)	41,941	-13,120	-29,044	4,823
Comprehensive income	$722,494	$271,780	$1,131,297	$393,125
Weighed average number of shares outstanding:
Basic	4,061,853	4,058,115	4,062,883	4,058,054
Diluted	4,062,423	4,060,907	4,063,314	4,059,982
Net income per share:
Basic	$0.17	$0.07	$0.29	$0.10
Diluted	$0.17	$0.07	$0.29	$0.10

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	2-May-15	3-May-14
Cash flows from operating activities:
Net income	$1,160,341	$388,302
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	47,004	53,826
Undistributed earnings in joint venture - Majestic 21	-68,815	-71,808
Losses from investments in retirement community limited partnerships	57,350	134,687
Stock-based compensation	7,143	4,046
Other		12,500
Decrease (increase) in:
Accounts receivable	-339,194	1,845,576
Inventories	-558,716	-951,156
Pre-owned homes	-314,523	953,265
Income tax receivable	5,501	-10,000
Prepaid expenses and other current assets	-656,987	-152,970
(Decrease) increase in:
Accounts payable	596,860	-269,603
Accrued compensation	-42,660	68,782
Accrued expenses and other current liabilities	264,355	-165,819
Customer deposits	302,103	149,899
Net cash provided by operating activities	459,762	1,989,527
Cash flows from investing activities:
Purchase of property, plant and equipment	-20,989	-131,319
Collections on mortgage notes receivable	78	136
Increase in cash surrender value of life insurance	-63,000	-58,471
Net cash used in investing activities	-83,911	-189,654
Cash flows from financing activities:
Proceeds from exercise of employee stock options	15,820	7,910
Purchase of treasury stock	-131,520
Net cash (used in) provided by financing activities	-115,700	7,910
Increase in cash and cash equivalents	260,151	1,799,873
Cash and cash equivalents at beginning of year	14,116,412	10,468,453
Cash and cash equivalents at end of quarter	14,376,563	12,268,236
Supplemental disclosure of cash flows information:
Income taxes paid		$10,000

Basis_of_Presentation_and_Acco

Basis of Presentation and Accounting Policies	6 Months Ended
	2-May-15
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 consolidated financial statements for the three and six months ended May 2, 2015 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 and six months ended May 2, 2015 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 1, 2014.
	In May 2014, the FASB issued ASU 2014-09 (Revenue from Contracts with Customers (Topic 606)), which requires an entity to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance addresses, in particular, contracts with more than one performance obligation, as well as the accounting for some costs to obtain or fulfill a contract with a customer; and provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. With respect to public entities, this update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption is not permitted. We believe that our implementation of this guidance will have no material impact on our consolidated financial statements.
	Reclassifications – Certain amounts in the fiscal year 2014 consolidated financial statements have been reclassified to conform to the fiscal year 2015 presentation. Such reclassifications had no effect on net income or equity.

Inventories

Inventories	6 Months Ended
	2-May-15
Inventory Disclosure [Abstract]
Inventories	Note 2	Inventories
	New home inventory is carried at the lower of cost or market 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 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 market value.
	Pre-owned inventory is valued at the lower of the Company’s cost to acquire the inventory plus refurbishment costs incurred to date to bring the inventory to a more saleable state, or market value.
	Other inventory costs are determined on a first-in, first-out basis.
	Inventories were as follows:
			May 2,			November 1,
			2015			2014
	Raw materials		$	696,345		$	622,831
	Work-in-process			117,675			114,368
	Finished homes			5,193,464			4,722,923
	Model home furniture and others			67,772			56,418
	Inventories, net		$	6,075,256		$	5,516,540
	Pre-owned homes		$	6,417,220		$	6,322,483
	Inventory impairment reserve			(1,552,494	)		(1,772,280	)
				4,864,726			4,550,203
	Less homes expected to sell in 12 months			(1,985,149	)		(2,839,203	)
	Pre-owned homes, long-term		$	2,879,577		$	1,711,000

Shortterm_Investments

Short-term Investments	6 Months Ended
	2-May-15
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):
			May 2, 2015
			Amortized		Gross		Gross		Estimated
			Cost		Unrealized		Unrealized		Fair Value
					Gains		Losses
	Equity securities in a public company		$	167,930	$	299,470	$	—	$	467,400
			November 1, 2014
			Amortized		Gross		Gross		Estimated
			Cost		Unrealized		Unrealized		Fair Value
					Gains		Losses
	Equity securities in a public company		$	167,930	$	328,514	$	—	$	496,444
	The fair values were estimated based on quoted market prices in active markets at each respective period end.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	6 Months Ended
	2-May-15
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 receivables, accounts payable and accrued expenses approximates fair value because of the short maturity of those instruments. Short-term investments (available for sale) are carried at fair value.
	FASB ASC No. 820 “Fair Value Measurements” 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 No. 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 No. 820 fair value hierarchy is defined as follows:
		•		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.
	The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis at May 2, 2015 and November 1, 2014.
			May 2, 2015
			Level 1		Level 2		Level 3
	Short-term investments
	Equity securities in a public company		$	467,400	$	—	$	—
			November 1, 2014
			Level 1		Level 2		Level 3
	Short-term investments
	Equity securities in a public company		$	496,444	$	—	$	—

Investments_in_Retirement_Comm

Investments in Retirement Community Limited Partnerships (Walden Woods and Cypress Creek [Member])	6 Months Ended
	2-May-15
Walden Woods and Cypress Creek [Member]
Investments in Retirement Community Limited Partnerships	Note 5	Investments in Retirement Community Limited Partnerships
	The Company’s investment in retirement community limited partnerships includes a 31.3% interest in Walden Woods South LLC (“Walden Woods”) and a 48.5% interest in CRF III, Ltd. (“Cypress Creek”). The Cypress Creek investment is $89,053 and $146,403 at May 2, 2015 and November 1, 2014, respectively. The Walden Woods investment is zero at both May 2, 2015 and November 1, 2014.
	The following is summarized financial information of Walden Woods and Cypress Creek*:
			March 31,			September 30,
			2015			2014
	Total Assets		$	13,414,698		$	13,477,599
	Total Liabilities		$	16,630,386		$	16,271,729
	Total Equity		$	(3,215,688	)	$	(2,794,130	)
	*	Due to Walden Woods and Cypress Creek having a calendar year-end, the summarized financial information provided is from their most recent quarter prior to the period covered by this report.

Warranty_Costs

Warranty Costs	6 Months Ended
	2-May-15
Guarantees [Abstract]
Warranty Costs	Note 6	Warranty Costs
	The Company provides for a limited warranty as the manufactured homes are sold. Amounts related to these warranties are as follows:
			Three Months Ended						Six Months Ended
			May 2,			May 3,			May 2,			May 3,
			2015			2014			2015			2014
	Beginning accrued warranty expense		$	75,000		$	75,000		$	75,000		$	75,000
	Less: reduction for payments			(50,078	)		(54,145	)		(90,966	)		(97,150	)
	Plus: additions to accrual			50,078			54,145			90,966			97,150
	Ending accrued warranty expense		$	75,000		$	75,000		$	75,000		$	75,000
	The Company’s limited warranty covers substantial defects in material or workmanship in specified components of the home including structural elements, plumbing systems, electrical systems, and heating and cooling systems which are supplied by the Company that may occur under normal use and service during a period of twelve (12) months from the date of delivery to the original homeowner, and applies to the original homeowner or any subsequent homeowner to whom this product is transferred during the duration of this twelve (12) month period.
	The Company tracks the warranty claims per home. Based on the history of the warranty claims, the Company has determined that a majority of warranty claims usually occur within the first three months after the home is sold. The Company determines its warranty accrual using the last three months of home sales.

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	2-May-15
Earnings Per Share [Abstract]
Earnings Per Share	Note 7	Earnings Per Share
	Basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding. Diluted net income per share is computed similarly to basic net income per share except that the denominator is increased to include the number of additional shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. For the six months ended May 2, 2015 and May 3, 2014, options to purchase 2,500 and 3,000 shares of common stock, respectively, have been excluded from the computation of potentially dilutive securities as the effect on earnings per share is antidilutive.

Revenues_by_Products_and_Servi

Revenues by Products and Service	6 Months Ended
	2-May-15
Segment Reporting [Abstract]
Revenues by Products and Service	Note 8	Revenues by Products and Service
	Revenues by net sales from manufactured housing, insurance agent commissions and construction lending operations are as follows:
			Three Months Ended				Six Months Ended
			May 2,		May 3,		May 2,		May 3,
			2015		2014		2015		2014
	Manufactured housing		$	6,135,855	$	4,381,223	$	11,328,023	$	7,684,429
	Pre-owned homes-FRSA			256,692		746,965		474,832		1,437,303
	Trade-in and other pre-owned homes			252,555		237,098		367,301		387,772
	Insurance agent commissions			57,341		62,076		104,811		106,201
	Construction lending operations			3,675		3,664		7,951		6,750
	Total net sales		$	6,706,118	$	5,431,026	$	12,282,918	$	9,622,455

Commitments_and_Contingent_Lia

Commitments and Contingent Liabilities	6 Months Ended
	2-May-15
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Note 9	Commitments and Contingent Liabilities
	Majestic 21 – The Company is a 50% guarantor on a $5 million note payable entered into by Majestic 21, a joint venture in which the Company owns a 50% interest. This guarantee was a requirement of the bank that provided a $5 million loan to Majestic 21. The $5 million guarantee of Majestic 21’s debt is for the life of the note which matures on the earlier of May 31, 2019 or when the principal balance is less than $750,000. The amount of the guarantee declines with the amortization and repayment of the loan. As collateral for the loan, 21st Mortgage Corporation (our joint venture partner) has granted the lender a security interest in a pool of loans encumbering homes sold by Prestige Homes Centers, Inc. If the pool of loans securing this note should decrease in value so that the notes outstanding principal balance is in excess of 80% of the principal balance of the pool of loans, then Majestic 21 would have to pay down the note’s principal balance to an amount that is no more than 80% of the principal balance of the pool of loans. The Company and 21st Mortgage Corporation are obligated jointly to contribute the amount necessary to bring the loan balance back down to 80% of the collateral provided. We do not anticipate any required contributions as the pool of loans securing the note have historically been in excess of 100% of the collateral value. As of May 2, 2015, the outstanding principal balance of the note was $1,483,535 and the amount of collateral held by our joint venture partner for the Majestic 21 note payable was $2,260,998. Based upon management’s analysis, the fair value of the guarantee is not material and as a result, no liability for the guarantee has been recorded in the accompanying balance sheets of the Company.

Basis_of_Presentation_and_Acco1

Basis of Presentation and Accounting Policies (Policies)	6 Months Ended
	2-May-15
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue from Contracts with Customers	In May 2014, the FASB issued ASU 2014-09 (Revenue from Contracts with Customers (Topic 606)), which requires an entity to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance addresses, in particular, contracts with more than one performance obligation, as well as the accounting for some costs to obtain or fulfill a contract with a customer; and provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. With respect to public entities, this update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption is not permitted. We believe that our implementation of this guidance will have no material impact on our consolidated financial statements.
Reclassifications	Reclassifications – Certain amounts in the fiscal year 2014 consolidated financial statements have been reclassified to conform to the fiscal year 2015 presentation. Such reclassifications had no effect on net income or equity.
Fair Value Measurements	FASB ASC No. 820 “Fair Value Measurements” 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 No. 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 No. 820 fair value hierarchy is defined as follows:
		•	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.

Inventories_Tables

Inventories (Tables)	6 Months Ended
	2-May-15
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories were as follows:
		May 2,			November 1,
		2015			2014
	Raw materials	$	696,345		$	622,831
	Work-in-process		117,675			114,368
	Finished homes		5,193,464			4,722,923
	Model home furniture and others		67,772			56,418
	Inventories, net	$	6,075,256		$	5,516,540
	Pre-owned homes	$	6,417,220		$	6,322,483
	Inventory impairment reserve		(1,552,494	)		(1,772,280	)
			4,864,726			4,550,203
	Less homes expected to sell in 12 months		(1,985,149	)		(2,839,203	)
	Pre-owned homes, long-term	$	2,879,577		$	1,711,000

Shortterm_Investments_Tables

Short-term Investments (Tables)	6 Months Ended
	2-May-15
Investments, Debt and Equity Securities [Abstract]
Summary of Short-term Investments	The following is a summary of short-term investments (available for sale):
		May 2, 2015
		Amortized		Gross		Gross		Estimated
		Cost		Unrealized		Unrealized		Fair Value
				Gains		Losses
	Equity securities in a public company	$	167,930	$	299,470	$	—	$	467,400
		November 1, 2014
		Amortized		Gross		Gross		Estimated
		Cost		Unrealized		Unrealized		Fair Value
				Gains		Losses
	Equity securities in a public company	$	167,930	$	328,514	$	—	$	496,444

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	6 Months Ended
	2-May-15
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value	The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis at May 2, 2015 and November 1, 2014.
		May 2, 2015
		Level 1		Level 2		Level 3
	Short-term investments
	Equity securities in a public company	$	467,400	$	—	$	—
		November 1, 2014
		Level 1		Level 2		Level 3
	Short-term investments
	Equity securities in a public company	$	496,444	$	—	$	—

Investments_in_Retirement_Comm1

Investments in Retirement Community Limited Partnerships (Tables) (Walden Woods and Cypress Creek [Member])	6 Months Ended
	2-May-15
Walden Woods and Cypress Creek [Member]
Summarized Financial Information	The following is summarized financial information of Walden Woods and Cypress Creek*:
			March 31,			September 30,
			2015			2014
	Total Assets		$	13,414,698		$	13,477,599
	Total Liabilities		$	16,630,386		$	16,271,729
	Total Equity		$	(3,215,688	)	$	(2,794,130	)
	*	Due to Walden Woods and Cypress Creek having a calendar year-end, the summarized financial information provided is from their most recent quarter prior to the period covered by this report.

Warranty_Costs_Tables

Warranty Costs (Tables)	6 Months Ended
	2-May-15
Guarantees [Abstract]
Summary of Amounts Related to Limited Warranty	The Company provides for a limited warranty as the manufactured homes are sold. Amounts related to these warranties are as follows:
		Three Months Ended						Six Months Ended
		May 2,			May 3,			May 2,			May 3,
		2015			2014			2015			2014
	Beginning accrued warranty expense	$	75,000		$	75,000		$	75,000		$	75,000
	Less: reduction for payments		(50,078	)		(54,145	)		(90,966	)		(97,150	)
	Plus: additions to accrual		50,078			54,145			90,966			97,150
	Ending accrued warranty expense	$	75,000		$	75,000		$	75,000		$	75,000

Revenues_by_Products_and_Servi1

Revenues by Products and Service (Tables)	6 Months Ended
	2-May-15
Segment Reporting [Abstract]
Revenues by Net Sales	Revenues by net sales from manufactured housing, insurance agent commissions and construction lending operations are as follows:
		Three Months Ended				Six Months Ended
		May 2,		May 3,		May 2,		May 3,
		2015		2014		2015		2014
	Manufactured housing	$	6,135,855	$	4,381,223	$	11,328,023	$	7,684,429
	Pre-owned homes-FRSA		256,692		746,965		474,832		1,437,303
	Trade-in and other pre-owned homes		252,555		237,098		367,301		387,772
	Insurance agent commissions		57,341		62,076		104,811		106,201
	Construction lending operations		3,675		3,664		7,951		6,750
	Total net sales	$	6,706,118	$	5,431,026	$	12,282,918	$	9,622,455

Inventories_Summary_of_Invento

Inventories - Summary of Inventories (Detail) (USD $)	2-May-15	Nov. 01, 2014
Inventory Disclosure [Abstract]
Raw materials	$696,345	$622,831
Work-in-process	117,675	114,368
Finished homes	5,193,464	4,722,923
Model home furniture and others	67,772	56,418
Inventories, net	6,075,256	5,516,540
Pre-owned homes	6,417,220	6,322,483
Inventory impairment reserve	-1,552,494	-1,772,280
Pre-owned homes, net	4,864,726	4,550,203
Pre-owned homes, net	4,864,726	4,550,203
Less homes expected to sell in 12 months	-1,985,149	-2,839,203
Pre-owned homes, long-term	$2,879,577	$1,711,000

Shortterm_Investments_Summary_

Short-term Investments - Summary of Short-term Investments (Detail) (USD $)	2-May-15	Nov. 01, 2014
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities, Amortized Cost	$167,930	$167,930
Available-for-sale Securities, Gross Unrealized Gains	299,470	328,514
Available-for-sale Securities, Gross Unrealized Losses	0	0
Available-for-sale Securities, Estimated Fair Value	$467,400	$496,444

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value (Detail) (USD $)	2-May-15	Nov. 01, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities in a public company	$467,400	$496,444
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities in a public company	$467,400	$496,444

Investments_in_Retirement_Comm2

Investments in Retirement Community Limited Partnerships - Additional Information (Detail) (USD $)	2-May-15	Nov. 01, 2014
Walden Woods [Member]
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Percentage of ownership interest	31.30%
Amount invested in retirement community	$0	$0
CRF III, Ltd [Member]
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Percentage of ownership interest	48.50%
Amount invested in retirement community	$89,053	$146,403

Investments_in_Retirement_Comm3

Investments in Retirement Community Limited Partnerships - Summarized Financial Information (Detail) (Walden Woods and Cypress Creek [Member], USD $)	Mar. 31, 2015	Sep. 30, 2014
Walden Woods and Cypress Creek [Member]
Schedule of Equity Method Investments [Line Items]
Total Assets	$13,414,698	$13,477,599
Total Liabilities	16,630,386	16,271,729
Total Equity	($3,215,688)	($2,794,130)

Warranty_Costs_Summary_of_Amou

Warranty Costs - Summary of Amounts Related to Limited Warranty (Detail) (USD $)	3 Months Ended		6 Months Ended
	2-May-15	3-May-14	2-May-15	3-May-14
Product Warranties Disclosures [Abstract]
Beginning accrued warranty expense	$75,000	$75,000	$75,000	$75,000
Less: reduction for payments	-50,078	-54,145	-90,966	-97,150
Plus: additions to accrual	50,078	54,145	90,966	97,150
Ending accrued warranty expense	$75,000	$75,000	$75,000	$75,000

Warranty_Costs_Additional_Info

Warranty Costs - Additional Information (Detail)	6 Months Ended
	2-May-15
Product Warranties Disclosures [Abstract]
Warranty period of homes	12 months

Earnings_Per_Share_Additional_

Earnings Per Share - Additional Information (Detail)	6 Months Ended
	2-May-15	3-May-14
Earnings Per Share [Abstract]
Options to purchase shares of common stock excluded from computation of potentially dilutive securities	2,500	3,000

Revenues_by_Products_and_Servi2

Revenues by Products and Service - Revenues by Net Sales (Detail) (USD $)	3 Months Ended		6 Months Ended
	2-May-15	3-May-14	2-May-15	3-May-14
Revenue from External Customer [Line Items]
Total net sales	$6,706,118	$5,431,026	$12,282,918	$9,622,455
Manufactured Housing [Member]
Revenue from External Customer [Line Items]
Total net sales	6,135,855	4,381,223	11,328,023	7,684,429
Pre-Owned Homes-FRSA [Member]
Revenue from External Customer [Line Items]
Total net sales	256,692	746,965	474,832	1,437,303
Trade-in and Other Pre-Owned Homes [Member]
Revenue from External Customer [Line Items]
Total net sales	252,555	237,098	367,301	387,772
Insurance Agent Commissions [Member]
Revenue from External Customer [Line Items]
Total net sales	57,341	62,076	104,811	106,201
Construction Lending Operations [Member]
Revenue from External Customer [Line Items]
Total net sales	$3,675	$3,664	$7,951	$6,750

Commitments_and_Contingent_Lia1

Commitments and Contingent Liabilities - Additional Information (Detail) (USD $)	6 Months Ended
	2-May-15
Commitments And Contingencies [Line Items]
Percentage of joint venture loan guaranteed by company	50.00%
Guarantee obligations note payable principal amount	$5,000,000
Guarantee obligations maximum limit of note payable principal amount for maturity	750,000
Guarantee obligations principal balance of pool of loans percentage	80.00%
Percentage of collateral value for pool of loan securing note	100.00%
Guarantee obligations outstanding note payable principal amount	1,483,535
Collateral value for pool of loan securing note payable by joint venture	$2,260,998
Majestic 21 [Member]
Commitments And Contingencies [Line Items]
Percentage of ownership interest	50.00%