Nobility Homes (NOBH) 10-Q 15 Sep 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Aug. 01, 2015	Sep. 15, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 1, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	NOBH
Entity Registrant Name	NOBILITY HOMES INC
Entity Central Index Key	72,205
Current Fiscal Year End Date	--11-01
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,031,569

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Aug. 01, 2015	Nov. 01, 2014
Current assets:
Cash and cash equivalents	$ 14,625,225	$ 14,116,412
Short-term investments	495,435	496,444
Accounts receivable - trade	2,975,946	2,141,468
Mortgage notes receivable, current	8,247	7,126
Income tax receivable	335	5,964
Inventories	6,206,930	5,516,540
Pre-owned homes, current	1,669,436	2,839,203
Prepaid expenses and other current assets	979,137	286,990
Deferred income taxes	576,193	508,633
Total current assets	27,536,884	25,918,780
Property, plant and equipment, net	3,928,940	3,957,071
Pre-owned homes	2,849,020	1,711,000
Mortgage notes receivable, long term	179,248	180,800
Other investments	2,211,287	2,751,663
Deferred income taxes	1,419,807	1,487,367
Cash surrender value of life insurance	2,859,637	2,765,137
Other assets	156,287	156,287
Total assets	41,141,110	38,928,105
Current liabilities:
Accounts payable	590,344	502,259
Accrued compensation	269,361	320,502
Accrued expenses and other current liabilities	763,998	526,296
Customer deposits	1,265,164	1,029,088
Total current liabilities	$ 2,888,867	$ 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	10,649,651	10,643,866
Retained earnings	36,484,793	34,577,682
Accumulated other comprehensive income	280,581	281,590
Less treasury stock at cost, 1,320,338 shares in 2015 and 1,303,363 shares in 2014	(9,699,273)	(9,489,669)
Total stockholders' equity	38,252,243	36,549,960
Total liabilities and stockholders' equity	$ 41,141,110	$ 38,928,105

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 01, 2015	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	1,320,338	1,303,363

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Income Statement [Abstract]
Net sales	$ 7,059,263	$ 5,346,639	$ 19,342,181	$ 14,969,094
Cost of goods sold	(5,495,061)	(4,286,471)	(15,067,042)	(12,059,098)
Gross profit	1,564,202	1,060,168	4,275,139	2,909,996
Selling, general and administrative expenses	(776,930)	(771,042)	(2,402,328)	(2,231,056)
Operating income	787,272	289,126	1,872,811	678,940
Other income (loss):
Interest income	10,437	11,099	40,409	39,113
Undistributed earnings in joint venture - Majestic 21	37,212	34,105	106,027	105,913
Losses from investments in retirement community limited partnerships	(89,053)	(96,668)	(146,403)	(231,355)
Miscellaneous	1,030	15,464	39,896	48,817
Total other income (loss)	(40,374)	(36,000)	39,929	(37,512)
Income before provision for income taxes	746,898	253,126	1,912,740	641,428
Income tax expense	(128)	(858)	(5,629)	(858)
Net income	746,770	252,268	1,907,111	640,570
Other comprehensive income (loss)
Unrealized investment gain (loss)	28,035	21,306	(1,009)	26,129
Comprehensive income	$ 774,805	$ 273,574	$ 1,906,102	$ 666,699
Weighed average number of shares outstanding:
Basic	4,048,554	4,059,922	4,058,106	4,058,677
Diluted	4,048,994	4,062,024	4,058,540	4,060,244
Net income per share:
Basic	$ 0.18	$ 0.06	$ 0.47	$ 0.16
Diluted	$ 0.18	$ 0.06	$ 0.47	$ 0.16

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Aug. 01, 2015	Aug. 02, 2014
Cash flows from operating activities:
Net income	$ 1,907,111	$ 640,570
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	70,506	80,739
Undistributed earnings in joint venture - Majestic 21	(106,027)	(105,913)
Losses from investments in retirement community limited partnerships	146,403	231,355
Stock-based compensation	8,215	6,068
Other		12,500
Decrease (increase) in:
Accounts receivable	(834,478)	1,312,469
Inventories	(690,390)	(1,073,040)
Pre-owned homes	31,747	1,375,681
Income tax receivable	5,629	(9,142)
Prepaid expenses and other current assets	(692,147)	(114,900)
(Decrease) increase in:
Accounts payable	88,085	(364,237)
Accrued compensation	(51,141)	18,291
Accrued expenses and other current liabilities	237,702	(94,277)
Customer deposits	236,076	470,671
Net cash provided by operating activities	357,291	2,386,835
Cash flows from investing activities:
Purchase of property, plant and equipment	(42,375)	(336,846)
Distributions from joint venture - Majestic 21	500,000
Collections on mortgage notes receivable	431	184
Increase in cash surrender value of life insurance	(94,500)	(87,705)
Net cash provided by (used in) investing activities	363,556	(424,367)
Cash flows from financing activities:
Proceeds from exercise of employee stock options	15,820	28,081
Purchase of treasury stock	(227,854)
Net cash (used in) provided by financing activities	(212,034)	28,081
Increase in cash and cash equivalents	508,813	1,990,549
Cash and cash equivalents at beginning of year	14,116,412	10,468,453
Cash and cash equivalents at end of quarter	$ 14,625,225	12,459,002
Supplemental disclosure of cash flows information:
Income taxes paid		$ 10,000

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	9 Months Ended
	Aug. 01, 2015
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 nine months ended August 1, 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 nine months ended August 1, 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 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, 2017 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	9 Months Ended
	Aug. 01, 2015
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: August 1, November 1, Raw materials $ 667,869 $ 622,831 Work-in-process 101,684 114,368 Finished homes 5,374,582 4,722,923 Model home furniture and others 62,795 56,418 Inventories, net $ 6,206,930 $ 5,516,540 Pre-owned homes $ 5,966,842 $ 6,322,483 Inventory impairment reserve (1,448,386 ) (1,772,280 ) 4,518,456 4,550,203 Less homes expected to sell in 12 months (1,669,436 ) (2,839,203 ) Pre-owned homes, long-term $ 2,849,020 $ 1,711,000

Short-term Investments

Short-term Investments	9 Months Ended
	Aug. 01, 2015
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): August 1, 2015 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 327,505 $ — $ 495,435 November 1, 2014 Amortized Gross Gross Estimated 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 Instrum

Fair Value of Financial Instruments	9 Months Ended
	Aug. 01, 2015
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 August 1, 2015 and November 1, 2014. August 1, 2015 Level 1 Level 2 Level 3 Short-term investments Equity securities in a public company $ 495,435 $ — $ — November 1, 2014 Level 1 Level 2 Level 3 Short-term investments Equity securities in a public company $ 496,444 $ — $ —

Investments in Retirement Commu

Investments in Retirement Community Limited Partnerships	9 Months Ended
	Aug. 01, 2015
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 zero and $146,403 at August 1, 2015 and November 1, 2014, respectively. The Walden Woods investment is zero at both August 1, 2015 and November 1, 2014. The following is summarized financial information of Walden Woods and Cypress Creek*: June 30, September 30, Total Assets $ 13,558,921 $ 13,477,599 Total Liabilities $ 17,130,718 $ 16,271,729 Total Equity $ (3,571,797 ) $ (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	9 Months Ended
	Aug. 01, 2015
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 Nine Months Ended August 1, August 2, August 1, August 2, Beginning accrued warranty expense $ 75,000 $ 75,000 $ 75,000 $ 75,000 Less: reduction for payments (82,079 ) (51,239 ) (173,045 ) (148,389 ) Plus: additions to accrual 82,079 51,239 173,045 148,389 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	9 Months Ended
	Aug. 01, 2015
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 three and nine months ended August 1, 2015 options to purchase 2,500 shares of common stock, have been excluded from the computation of potentially dilutive securities as the effect on earnings per share is antidilutive.

Revenues by Products and Servic

Revenues by Products and Service	9 Months Ended
	Aug. 01, 2015
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 Nine Months Ended August 1, August 2, August 1, August 2, Manufactured housing $ 6,569,133 $ 4,444,142 $ 17,897,155 $ 12,128,570 Pre-owned homes-FRSA 396,295 676,747 871,127 2,114,050 Trade-in and other pre-owned homes 38,251 181,856 405,552 569,628 Insurance agent commissions 52,516 40,449 157,327 146,650 Construction lending operations 3,068 3,445 11,020 10,196 Total net sales $ 7,059,263 $ 5,346,639 $ 19,342,181 $ 14,969,094

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Aug. 01, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Note 9 Commitments and Contingent Liabilities Majestic 21 st st

Basis of Presentation and Acc15

Basis of Presentation and Accounting Policies (Policies)	9 Months Ended
	Aug. 01, 2015
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, 2017 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)	9 Months Ended
	Aug. 01, 2015
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories were as follows: August 1, November 1, Raw materials $ 667,869 $ 622,831 Work-in-process 101,684 114,368 Finished homes 5,374,582 4,722,923 Model home furniture and others 62,795 56,418 Inventories, net $ 6,206,930 $ 5,516,540 Pre-owned homes $ 5,966,842 $ 6,322,483 Inventory impairment reserve (1,448,386 ) (1,772,280 ) 4,518,456 4,550,203 Less homes expected to sell in 12 months (1,669,436 ) (2,839,203 ) Pre-owned homes, long-term $ 2,849,020 $ 1,711,000

Short-term Investments (Tables)

Short-term Investments (Tables)	9 Months Ended
	Aug. 01, 2015
Investments, Debt and Equity Securities [Abstract]
Summary of Short-term Investments	The following is a summary of short-term investments (available for sale): August 1, 2015 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 327,505 $ — $ 495,435 November 1, 2014 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 328,514 $ — $ 496,444

Fair Value of Financial Instr18

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Aug. 01, 2015
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 August 1, 2015 and November 1, 2014. August 1, 2015 Level 1 Level 2 Level 3 Short-term investments Equity securities in a public company $ 495,435 $ — $ — November 1, 2014 Level 1 Level 2 Level 3 Short-term investments Equity securities in a public company $ 496,444 $ — $ —

Investments in Retirement Com19

Investments in Retirement Community Limited Partnerships (Tables)	9 Months Ended
	Aug. 01, 2015
Walden Woods and Cypress Creek [Member]
Summarized Financial Information	The following is summarized financial information of Walden Woods and Cypress Creek*: June 30, September 30, Total Assets $ 13,558,921 $ 13,477,599 Total Liabilities $ 17,130,718 $ 16,271,729 Total Equity $ (3,571,797 ) $ (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)	9 Months Ended
	Aug. 01, 2015
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 Nine Months Ended August 1, August 2, August 1, August 2, Beginning accrued warranty expense $ 75,000 $ 75,000 $ 75,000 $ 75,000 Less: reduction for payments (82,079 ) (51,239 ) (173,045 ) (148,389 ) Plus: additions to accrual 82,079 51,239 173,045 148,389 Ending accrued warranty expense $ 75,000 $ 75,000 $ 75,000 $ 75,000

Revenues by Products and Serv21

Revenues by Products and Service (Tables)	9 Months Ended
	Aug. 01, 2015
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 Nine Months Ended August 1, August 2, August 1, August 2, Manufactured housing $ 6,569,133 $ 4,444,142 $ 17,897,155 $ 12,128,570 Pre-owned homes-FRSA 396,295 676,747 871,127 2,114,050 Trade-in and other pre-owned homes 38,251 181,856 405,552 569,628 Insurance agent commissions 52,516 40,449 157,327 146,650 Construction lending operations 3,068 3,445 11,020 10,196 Total net sales $ 7,059,263 $ 5,346,639 $ 19,342,181 $ 14,969,094

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($)	Aug. 01, 2015	Nov. 01, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 667,869	$ 622,831
Work-in-process	101,684	114,368
Finished homes	5,374,582	4,722,923
Model home furniture and others	62,795	56,418
Inventories, net	6,206,930	5,516,540
Pre-owned homes	5,966,842	6,322,483
Inventory impairment reserve	(1,448,386)	(1,772,280)
Pre-owned homes, net	4,518,456	4,550,203
Pre-owned homes, net	4,518,456	4,550,203
Less homes expected to sell in 12 months	(1,669,436)	(2,839,203)
Pre-owned homes, long-term	$ 2,849,020	$ 1,711,000

Short-term Investments - Summar

Short-term Investments - Summary of Short-term Investments (Detail) - USD ($)	Aug. 01, 2015	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	327,505	328,514
Available-for-sale Securities, Gross Unrealized Losses	0	0
Available-for-sale Securities, Estimated Fair Value	$ 495,435	$ 496,444

Fair Value of Financial Instr24

Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($)	Aug. 01, 2015	Nov. 01, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities in a public company	$ 495,435	$ 496,444
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities in a public company	$ 495,435	$ 496,444

Investments in Retirement Com25

Investments in Retirement Community Limited Partnerships - Additional Information (Detail) - USD ($)	Aug. 01, 2015	Nov. 01, 2014
Walden Woods [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	31.30%
Amount invested in retirement community	$ 0	$ 0
CRF III, Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest	48.50%
Amount invested in retirement community	$ 0	$ 146,403

Investments in Retirement Com26

Investments in Retirement Community Limited Partnerships - Summarized Financial Information (Detail) - Walden Woods and Cypress Creek [Member] - USD ($)	Jun. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Total Assets	$ 13,558,921	$ 13,477,599
Total Liabilities	17,130,718	16,271,729
Total Equity	$ (3,571,797)	$ (2,794,130)

Warranty Costs - Summary of Amo

Warranty Costs - Summary of Amounts Related to Limited Warranty (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Product Warranties Disclosures [Abstract]
Beginning accrued warranty expense	$ 75,000	$ 75,000	$ 75,000	$ 75,000
Less: reduction for payments	(82,079)	(51,239)	(173,045)	(148,389)
Plus: additions to accrual	82,079	51,239	173,045	148,389
Ending accrued warranty expense	$ 75,000	$ 75,000	$ 75,000	$ 75,000

Warranty Costs - Additional Inf

Warranty Costs - Additional Information (Detail)	9 Months Ended
	Aug. 01, 2015
Product Warranties Disclosures [Abstract]
Warranty period of homes	12 months

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - Aug. 01, 2015 - shares	Total	Total
Earnings Per Share [Abstract]
Options to purchase shares of common stock excluded from computation of potentially dilutive securities	2,500	2,500

Revenues by Products and Serv30

Revenues by Products and Service - Revenues by Net Sales (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 01, 2015	Aug. 02, 2014	Aug. 01, 2015	Aug. 02, 2014
Revenue from External Customer [Line Items]
Total net sales	$ 7,059,263	$ 5,346,639	$ 19,342,181	$ 14,969,094
Manufactured Housing [Member]
Revenue from External Customer [Line Items]
Total net sales	6,569,133	4,444,142	17,897,155	12,128,570
Pre-Owned Homes-FRSA [Member]
Revenue from External Customer [Line Items]
Total net sales	396,295	676,747	871,127	2,114,050
Trade-in and Other Pre-Owned Homes [Member]
Revenue from External Customer [Line Items]
Total net sales	38,251	181,856	405,552	569,628
Insurance Agent Commissions [Member]
Revenue from External Customer [Line Items]
Total net sales	52,516	40,449	157,327	146,650
Construction Lending Operations [Member]
Revenue from External Customer [Line Items]
Total net sales	$ 3,068	$ 3,445	$ 11,020	$ 10,196

Commitments and Contingent Li31

Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($)	Jun. 09, 2015	Aug. 01, 2015
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		$ 1,388,842
Collateral value for pool of loan securing note payable by joint venture		2,202,089
Distributions from joint venture - Majestic 21	$ 500,000	$ 500,000
Majestic 21 [Member]
Commitments And Contingencies [Line Items]
Percentage of ownership interest		50.00%