Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jan. 30, 2016 | Mar. 14, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jan. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | NOBH | |
Entity Registrant Name | NOBILITY HOMES INC | |
Entity Central Index Key | 72,205 | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 4,023,294 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jan. 30, 2016 | Oct. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 16,769,727 | $ 16,769,292 |
Short-term investments | 392,939 | 462,578 |
Accounts receivable - trade | 2,300,412 | 2,937,922 |
Mortgage notes receivable, current | 10,674 | 9,851 |
Income tax receivable | 10,335 | 335 |
Inventories | 6,488,324 | 6,019,705 |
Pre-owned homes, current | 1,223,496 | 1,366,974 |
Prepaid expenses and other current assets | 767,840 | 826,180 |
Deferred income taxes | 702,014 | 655,193 |
Total current assets | 28,665,761 | 29,048,030 |
Property, plant and equipment, net | 4,684,545 | 3,964,878 |
Pre-owned homes | 2,898,152 | 2,724,190 |
Mortgage notes receivable, long term | 176,821 | 177,644 |
Other investments | 2,277,137 | 2,243,729 |
Deferred income taxes | 811,245 | 1,210,630 |
Cash surrender value of life insurance | 2,957,468 | 2,915,469 |
Other assets | 156,287 | 156,287 |
Total assets | 42,627,416 | 42,440,857 |
Current liabilities: | ||
Accounts payable | 533,609 | 704,467 |
Accrued compensation | 310,222 | 390,573 |
Accrued expenses and other current liabilities | 765,905 | 926,204 |
Customer deposits | 1,415,030 | 1,323,861 |
Total current liabilities | $ 3,024,766 | $ 3,345,105 |
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 | 10,659,025 | 10,650,723 |
Retained earnings | 38,171,478 | 37,493,077 |
Accumulated other comprehensive income | 178,085 | 247,724 |
Less treasury stock at cost, 1,341,613 shares in 2016 and 1,3333,338 shares in 2015 | (9,942,429) | (9,832,263) |
Total stockholders' equity | 39,602,650 | 39,095,752 |
Total liabilities and stockholders' equity | $ 42,627,416 | $ 42,440,857 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 30, 2016 | Oct. 31, 2015 |
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 | 1,341,613 | 1,333,338 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 7,374,050 | $ 5,576,800 |
Cost of goods sold | (5,617,615) | (4,404,031) |
Gross profit | 1,756,435 | 1,172,769 |
Selling, general and administrative expenses | (780,694) | (747,949) |
Operating income | 975,741 | 424,820 |
Other income (loss): | ||
Interest income | 12,047 | 13,120 |
Undistributed earnings in joint venture - Majestic 21 | 33,408 | 33,578 |
Losses from investments in retirement community limited partnerships | (5,693) | |
Miscellaneous | 9,769 | 15,170 |
Total other income | 55,224 | 56,175 |
Income before provision for income taxes | 1,030,965 | 480,995 |
Income tax expense | (352,564) | (1,207) |
Net income | 678,401 | 479,788 |
Other comprehensive loss | ||
Unrealized investment loss | (69,639) | (70,985) |
Comprehensive income | $ 608,762 | $ 408,803 |
Weighed average number of shares outstanding: | ||
Basic | 4,025,316 | 4,063,913 |
Diluted | 4,025,952 | 4,064,254 |
Net income per share: | ||
Basic | $ 0.17 | $ 0.12 |
Diluted | $ 0.17 | $ 0.12 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 678,401 | $ 479,788 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 30,333 | 23,502 |
Deferred income taxes | 352,564 | |
Undistributed earnings in joint venture - Majestic 21 | (33,408) | (33,578) |
Losses from investments in retirement community limited partnerships | 5,693 | |
Inventory impairment | 26,583 | |
Stock-based compensation | 152 | 1,071 |
Decrease (increase) in: | ||
Accounts receivable | 637,510 | 880,594 |
Inventories | (468,619) | (88,155) |
Pre-owned homes | (57,067) | (127,327) |
Income tax receivable | (10,000) | 1,207 |
Prepaid expenses and other current assets | 58,340 | (387,805) |
(Decrease) increase in: | ||
Accounts payable | (170,858) | (97,180) |
Accrued compensation | (80,351) | (12,659) |
Accrued expenses and other current liabilities | (160,299) | 117,839 |
Customer deposits | 91,169 | (71,626) |
Net cash provided by operating activities | 894,450 | 691,364 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (750,000) | (20,989) |
Collections on mortgage notes receivable | 63 | |
Increase in cash surrender value of life insurance | (41,999) | (31,500) |
Net cash used in investing activities | (791,999) | (52,426) |
Cash flows from financing activities: | ||
Proceeds from exercise of employee stock options | 30,370 | 15,820 |
Purchase of treasury stock | (132,386) | (40,320) |
Net cash used in financing activities | (102,016) | (24,500) |
Increase in cash and cash equivalents | 435 | 614,438 |
Cash and cash equivalents at beginning of year | 16,769,292 | 14,116,412 |
Cash and cash equivalents at end of quarter | 16,769,727 | $ 14,730,850 |
Supplemental disclosure of cash flows information: | ||
Income taxes paid | $ 10,000 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Jan. 30, 2016 | |
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 months ended January 30, 2016 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 months ended January 30, 2016 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. |
Inventories
Inventories | 3 Months Ended |
Jan. 30, 2016 | |
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 is 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. A breakdown of the elements of inventory is as follows: January 30, October 31, Raw materials $ 782,202 $ 721,751 Work-in-process 106,757 113,891 Finished homes 5,524,281 5,114,568 Model home furniture and others 75,084 69,495 Inventories, net $ 6,488,324 $ 6,019,705 Pre-owned homes $ 5,515,291 $ 5,516,272 Inventory impairment reserve (1,393,643 ) (1,425,108 ) 4,121,648 4,091,164 Less homes expected to sell in 12 months (1,223,496 ) (1,366,974 ) Pre-owned homes, long-term $ 2,898,152 $ 2,724,190 |
Short-term Investments
Short-term Investments | 3 Months Ended |
Jan. 30, 2016 | |
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): January 30, 2016 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 225,009 $ — $ 392,939 October 31, 2015 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 294,648 $ — $ 462,578 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 | 3 Months Ended |
Jan. 30, 2016 | |
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. January 30, 2016 Level 1 Level 2 Level 3 Equity securities in a public company $ 392,939 $ — $ — October 31, 2015 Level 1 Level 2 Level 3 Equity securities in a public company $ 462,578 $ — $ — |
Investments in Retirement Commu
Investments in Retirement Community Limited Partnerships | 3 Months Ended |
Jan. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
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 and Walden Woods investment are each zero at January 30, 2016 and October 31, 2015, respectively. The following is summarized financial information of Walden Woods and Cypress Creek*: December 31, September 30, Total Assets $ 13,545,756 $ 13,273,488 Total Liabilities $ 17,496,904 $ 17,101,517 Total Equity $ (3,951,148 ) $ (3,828,029 ) * 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 | 3 Months Ended |
Jan. 30, 2016 | |
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 January 30, January 31, Beginning accrued warranty expense $ 100,000 $ 75,000 Less: reduction for payments (143,468 ) (40,888 ) Plus: additions to accrual 143,468 40,888 Ending accrued warranty expense $ 100,000 $ 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 | 3 Months Ended |
Jan. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 7 Earnings Per Share These financial statements include “basic” and “diluted” net income per share information for all periods presented. The basic net income per share is calculated by dividing net income by the weighted-average number of shares outstanding. The diluted net income per share is calculated by dividing net income by the weighted-average number of shares outstanding, adjusted for dilutive common shares. |
Revenues by Products and Servic
Revenues by Products and Service | 3 Months Ended |
Jan. 30, 2016 | |
Segment Reporting [Abstract] | |
Revenues by Products and Service | Note 8 Revenues by Products and Service Revenues by net sales from manufactured housing, pre-owned homes and insurance agent commissions are as follows: Three Months Ended January 30, January 31, Manufactured housing $ 7,215,341 $ 5,196,445 Pre-owned homes 107,316 332,886 Insurance agent commissions 51,393 47,469 Total net sales $ 7,374,050 $ 5,576,800 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Jan. 30, 2016 | |
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) | 3 Months Ended |
Jan. 30, 2016 | |
Fair Value Disclosures [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. |
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) | 3 Months Ended |
Jan. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Summary of Breakdown of Elements of Inventory | A breakdown of the elements of inventory is as follows: January 30, October 31, Raw materials $ 782,202 $ 721,751 Work-in-process 106,757 113,891 Finished homes 5,524,281 5,114,568 Model home furniture and others 75,084 69,495 Inventories, net $ 6,488,324 $ 6,019,705 Pre-owned homes $ 5,515,291 $ 5,516,272 Inventory impairment reserve (1,393,643 ) (1,425,108 ) 4,121,648 4,091,164 Less homes expected to sell in 12 months (1,223,496 ) (1,366,974 ) Pre-owned homes, long-term $ 2,898,152 $ 2,724,190 |
Short-term Investments (Tables)
Short-term Investments (Tables) | 3 Months Ended |
Jan. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Short-term Investments | The following is a summary of short-term investments (available for sale): January 30, 2016 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 225,009 $ — $ 392,939 October 31, 2015 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 294,648 $ — $ 462,578 |
Fair Value of Financial Instr18
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Jan. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of 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. January 30, 2016 Level 1 Level 2 Level 3 Equity securities in a public company $ 392,939 $ — $ — October 31, 2015 Level 1 Level 2 Level 3 Equity securities in a public company $ 462,578 $ — $ — |
Investments in Retirement Com19
Investments in Retirement Community Limited Partnerships (Tables) | 3 Months Ended |
Jan. 30, 2016 | |
Walden Woods and Cypress Creek [Member] | |
Summarized Financial Information | The following is summarized financial information of Walden Woods and Cypress Creek*: December 31, September 30, Total Assets $ 13,545,756 $ 13,273,488 Total Liabilities $ 17,496,904 $ 17,101,517 Total Equity $ (3,951,148 ) $ (3,828,029 ) * 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) | 3 Months Ended |
Jan. 30, 2016 | |
Guarantees [Abstract] | |
Summary of Amounts Related to Limited Warranty | Amounts related to these warranties are as follows: Three Months Ended January 30, January 31, Beginning accrued warranty expense $ 100,000 $ 75,000 Less: reduction for payments (143,468 ) (40,888 ) Plus: additions to accrual 143,468 40,888 Ending accrued warranty expense $ 100,000 $ 75,000 |
Revenues by Products and Serv21
Revenues by Products and Service (Tables) | 3 Months Ended |
Jan. 30, 2016 | |
Segment Reporting [Abstract] | |
Revenues by Net Sales | Revenues by net sales from manufactured housing, pre-owned homes and insurance agent commissions are as follows: Three Months Ended January 30, January 31, Manufactured housing $ 7,215,341 $ 5,196,445 Pre-owned homes 107,316 332,886 Insurance agent commissions 51,393 47,469 Total net sales $ 7,374,050 $ 5,576,800 |
Inventories - Summary of Breakd
Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($) | Jan. 30, 2016 | Oct. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 782,202 | $ 721,751 |
Work-in-process | 106,757 | 113,891 |
Finished homes | 5,524,281 | 5,114,568 |
Model home furniture and others | 75,084 | 69,495 |
Inventories, net | 6,488,324 | 6,019,705 |
Pre-owned homes | 5,515,291 | 5,516,272 |
Inventory impairment reserve | (1,393,643) | (1,425,108) |
Pre-owned homes, net | 4,121,648 | 4,091,164 |
Pre-owned homes, net | 4,121,648 | 4,091,164 |
Less homes expected to sell in 12 months | (1,223,496) | (1,366,974) |
Pre-owned homes, long-term | $ 2,898,152 | $ 2,724,190 |
Short-term Investments - Summar
Short-term Investments - Summary of Short-term Investments (Detail) - USD ($) | Jan. 30, 2016 | Oct. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Amortized Cost | $ 167,930 | $ 167,930 |
Available-for-sale Securities, Gross Unrealized Gains | 225,009 | 294,648 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Estimated Fair Value | $ 392,939 | $ 462,578 |
Fair Values of Financial Invest
Fair Values of Financial Investments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) | Jan. 30, 2016 | Oct. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 392,939 | $ 462,578 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 392,939 | $ 462,578 |
Investments in Retirement Com25
Investments in Retirement Community Limited Partnerships - Additional Information (Detail) - USD ($) | Jan. 30, 2016 | Oct. 31, 2015 |
Walden Woods South LLC [Member] | ||
Investments [Line Items] | ||
Percentage of ownership interest | 31.30% | |
Amount invested in retirement community | $ 0 | $ 0 |
CRF III, Ltd [Member] | ||
Investments [Line Items] | ||
Percentage of ownership interest | 48.50% | |
Amount invested in retirement community | $ 0 | $ 0 |
Investments in Retirement Com26
Investments in Retirement Community Limited Partnerships - Summarized Financial Information (Detail) - Walden Woods and Cypress Creek [Member] - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | $ 13,545,756 | $ 13,273,488 |
Total Liabilities | 17,496,904 | 17,101,517 |
Total Equity | $ (3,951,148) | $ (3,828,029) |
Warranty Costs - Summary of Amo
Warranty Costs - Summary of Amounts Related to Limited Warranty (Detail) - USD ($) | 3 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Accounting Policies [Abstract] | ||
Beginning accrued warranty expense | $ 100,000 | $ 75,000 |
Less: reduction for payments | (143,468) | (40,888) |
Plus: additions to accrual | 143,468 | 40,888 |
Ending accrued warranty expense | $ 100,000 | $ 75,000 |
Warranty Costs - Additional Inf
Warranty Costs - Additional Information (Detail) | 3 Months Ended |
Jan. 30, 2016 | |
Accounting Policies [Abstract] | |
Warranty period of homes | 12 months |
Revenues by Products and Serv29
Revenues by Products and Services - Revenues by Net Sales (Detail) - USD ($) | 3 Months Ended | |
Jan. 30, 2016 | Jan. 31, 2015 | |
Sales Information [Line Items] | ||
Total net sales | $ 7,374,050 | $ 5,576,800 |
Manufactured Housing [Member] | ||
Sales Information [Line Items] | ||
Total net sales | 7,215,341 | 5,196,445 |
Pre-Owned Homes [Member] | ||
Sales Information [Line Items] | ||
Total net sales | 107,316 | 332,886 |
Insurance Agent Commissions [Member] | ||
Sales Information [Line Items] | ||
Total net sales | $ 51,393 | $ 47,469 |
Commitments and Contingent Li30
Commitments and Contingent Liabilities - Additional Information (Detail) | 3 Months Ended |
Jan. 30, 2016USD ($) | |
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 | $ 1,199,454 |
Collateral value for pool of loan securing note payable by joint venture | $ 2,120,119 |
Majestic 21 [Member] | |
Commitments And Contingencies [Line Items] | |
Percentage of ownership interest | 50.00% |