Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Apr. 30, 2016 | Jun. 14, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 | 4,023,707 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2016 | Oct. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 20,178,789 | $ 16,769,292 |
Short-term investments | 435,327 | 462,578 |
Accounts receivable - trade | 2,411,196 | 2,937,922 |
Note receivable | 500,000 | |
Mortgage notes receivable | 9,464 | 9,851 |
Income tax receivable | 335 | |
Inventories | 6,839,285 | 6,019,705 |
Pre-owned homes | 1,146,105 | 1,366,974 |
Prepaid expenses and other current assets | 1,039,387 | 826,180 |
Deferred income taxes | 490,376 | 655,193 |
Total current assets | 33,049,929 | 29,048,030 |
Property, plant and equipment, net | 4,654,212 | 3,964,878 |
Pre-owned homes | 2,734,203 | 2,724,190 |
Interest receivable | 7,596 | |
Note receivable, less current portion | 2,530,000 | |
Mortgage notes receivable, long term | 175,985 | 177,644 |
Other investments | 1,312,834 | 2,243,729 |
Deferred income taxes | 1,210,630 | |
Cash surrender value of life insurance | 3,005,468 | 2,915,469 |
Other assets | 156,287 | 156,287 |
Total assets | 47,626,514 | 42,440,857 |
Current liabilities: | ||
Accounts payable | 624,645 | 704,467 |
Accrued compensation | 385,489 | 390,573 |
Accrued expenses and other current liabilities | 938,612 | 926,204 |
Income taxes payable | 414,284 | |
Customer deposits | 1,260,231 | 1,323,861 |
Total current liabilities | 3,623,261 | 3,345,105 |
Deferred income taxes | 680,874 | |
Total liabilities | $ 4,304,135 | $ 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 | 10,661,425 | 10,650,723 |
Retained earnings | 41,843,359 | 37,493,077 |
Accumulated other comprehensive income | 220,473 | 247,724 |
Less treasury stock at cost, 1,341,200 shares in 2016 and 1,333,338 shares in 2015 | (9,939,369) | (9,832,263) |
Total stockholders' equity | 43,322,379 | 39,095,752 |
Total liabilities and stockholders' equity | $ 47,626,514 | $ 42,440,857 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 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 | 1,341,200 | 1,333,338 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2016 | May 02, 2015 | Apr. 30, 2016 | May 02, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 8,115,840 | $ 6,706,118 | $ 15,489,890 | $ 12,282,918 |
Cost of goods sold | (6,150,272) | (5,167,950) | (11,767,887) | (9,571,981) |
Gross profit | 1,965,568 | 1,538,168 | 3,722,003 | 2,710,937 |
Selling, general and administrative expenses | (1,011,699) | (877,449) | (1,792,393) | (1,625,398) |
Operating income | 953,869 | 660,719 | 1,929,610 | 1,085,539 |
Other income (loss): | ||||
Interest income | 22,044 | 16,852 | 34,091 | 29,972 |
Undistributed earnings in joint venture - Majestic 21 | 35,702 | 35,237 | 69,110 | 68,815 |
Proceeds received under escrow arrangement | 788,566 | 788,566 | ||
Losses from investments in retirement community limited partnerships | (51,657) | (57,350) | ||
Gain on sale of investment in retirement community | 3,990,000 | 3,990,000 | ||
Miscellaneous | 10,076 | 23,696 | 19,845 | 38,866 |
Total other income (loss) | 4,846,388 | 24,128 | 4,901,612 | 80,303 |
Income before provision for income taxes | 5,800,257 | 684,847 | 6,831,222 | 1,165,842 |
Income tax expense | (2,128,376) | (4,294) | (2,480,940) | (5,501) |
Net income | 3,671,881 | 680,553 | 4,350,282 | 1,160,341 |
Other comprehensive income (loss) | ||||
Unrealized investment gain (loss) | 42,388 | 41,941 | (27,251) | (29,044) |
Comprehensive income | $ 3,714,269 | $ 722,494 | $ 4,323,031 | $ 1,131,297 |
Weighed average number of shares outstanding: | ||||
Basic | 4,023,439 | 4,061,853 | 4,024,378 | 4,062,883 |
Diluted | 4,024,181 | 4,062,423 | 4,025,069 | 4,063,314 |
Net income per share: | ||||
Basic | $ 0.91 | $ 0.17 | $ 1.08 | $ 0.29 |
Diluted | $ 0.91 | $ 0.17 | $ 1.08 | $ 0.29 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Apr. 30, 2016 | May 02, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 4,350,282 | $ 1,160,341 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 60,666 | 47,004 |
Deferred income taxes | 2,056,321 | |
Undistributed earnings in joint venture - Majestic 21 | (69,110) | (68,815) |
Losses from investments in retirement community limited partnerships | 57,350 | |
Gain on sale of investment in retirement community | (3,990,000) | |
Inventory impairment | 86,583 | |
Stock-based compensation | 611 | 7,143 |
Decrease (increase) in: | ||
Accounts receivable | 526,726 | (339,194) |
Inventories | (819,580) | (558,716) |
Pre-owned homes | 124,273 | (314,523) |
Income tax receivable | 335 | 5,501 |
Prepaid expenses and other current assets | (213,206) | (656,987) |
Interest receivable | (7,596) | |
(Decrease) increase in: | ||
Accounts payable | (79,823) | 596,860 |
Accrued compensation | (5,084) | (42,660) |
Accrued expenses and other current liabilities | 12,409 | 264,355 |
Income taxes payable | 414,284 | |
Customer deposits | (63,630) | 302,103 |
Net cash provided by operating activities | 2,384,461 | 459,762 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (750,000) | (20,989) |
Distribution from joint venture - Majestic 21 | 1,000,005 | |
Proceeds from sale of investment in retirement community, net | 960,000 | |
Collections on mortgage notes receivable | 2,045 | 78 |
Increase in cash surrender value of life insurance | (89,999) | (63,000) |
Net cash provided by (used in) investing activities | 1,122,051 | (83,911) |
Cash flows from financing activities: | ||
Proceeds from exercise of employee stock options | 30,370 | 15,820 |
Proceeds from sale of treasury stock | 5,001 | |
Purchase of treasury stock | (132,386) | (131,520) |
Net cash used in financing activities | (97,015) | (115,700) |
Increase in cash and cash equivalents | 3,409,497 | 260,151 |
Cash and cash equivalents at beginning of year | 16,769,292 | 14,116,412 |
Cash and cash equivalents at end of quarter | 20,178,789 | $ 14,376,563 |
Supplemental disclosure of cash flows information: | ||
Income taxes paid | 10,000 | |
Note receivable acquired from sale of investment in retirement community | $ 3,030,000 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 6 Months Ended |
Apr. 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 and six months ended April 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 and six months ended April 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 | 6 Months Ended |
Apr. 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 and 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. This amount is reduced by a valuation reserve which management believes results in inventory being valued at market. Other inventory costs are determined on a first-in, first-out basis. A breakdown of the elements of inventory is as follows: April 30, October 31, Raw materials $ 719,080 $ 721,751 Work-in-process 116,463 113,891 Finished homes 5,912,154 5,114,568 Model home furniture and others 91,588 69,495 Inventories, net $ 6,839,285 $ 6,019,705 Pre-owned homes $ 5,109,921 $ 5,516,272 Inventory impairment reserve (1,229,613 ) (1,425,108 ) 3,880,308 4,091,164 Less homes expected to sell in 12 months (1,146,105 ) (1,366,974 ) Pre-owned homes, long-term $ 2,734,203 $ 2,724,190 |
Short-term Investments
Short-term Investments | 6 Months Ended |
Apr. 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): April 30, 2016 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 267,397 $ — $ 435,327 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 | 6 Months Ended |
Apr. 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. April 30, 2016 Level 1 Level 2 Level 3 Equity securities in a public company $ 435,327 $ — $ — October 31, 2015 Level 1 Level 2 Level 3 Equity securities in a public company $ 462,578 $ — $ — |
Investment in Retirement Commun
Investment in Retirement Community Limited Partnerships | 6 Months Ended |
Apr. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Retirement Community Limited Partnerships | Note 5 Investment in Retirement Community Limited Partnerships The Company has a 31.3% limited partnership interest in Walden Woods South LLC (“Walden Woods”), which is a retirement community. The carrying value of the Walden Woods investment is zero at April 30, 2016 and October 31, 2015, respectively. The following is summarized financial information of Walden Woods*: March 31, September 30, Total Assets $ 3,773,201 $ 3,638,114 Total Liabilities $ 5,866,992 $ 5,444,435 Total Equity $ (2,093,791 ) $ (1,806,321 ) *Due to Walden Woods having a calendar year-end, the summarized financial information provided is from their most recent quarter prior to the period covered by this report. On March 31, 2016, the Company sold its 48.5% limited partnership interest in CRF III, Ltd. (“Cypress Creek”) for $3,990,000. Cypress Creek is a retirement community. The Company received $960,000 cash, net of $40,000 costs paid, and a note receivable for $3,030,000, which is payable to the Company in $500,000 installments each July 1 st st |
Warranty Costs
Warranty Costs | 6 Months Ended |
Apr. 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 Six Months Ended April 30, May 2, April 30, May 2, Beginning accrued warranty expense $ 100,000 $ 75,000 $ 100,000 $ 75,000 Less: reduction for payments (156,905 ) (50,078 ) (300,373 ) (90,966 ) Plus: additions to accrual 156,905 50,078 300,373 90,966 Ending accrued warranty expense $ 100,000 $ 75,000 $ 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 | 6 Months Ended |
Apr. 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 | 6 Months Ended |
Apr. 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 Six Months Ended April 30, May 2, April 30, May 2, Manufactured housing $ 7,634,460 $ 6,135,855 $ 14,849,800 $ 11,328,023 Pre-owned homes 416,343 509,247 523,659 842,133 Insurance agent commissions 65,037 61,016 116,431 112,762 Total net sales $ 8,115,840 $ 6,706,118 $ 15,489,890 $ 12,282,918 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Apr. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Note 9 Commitments and Contingent Liabilities Majestic 21 st st |
Proceeds Received Under Escrow
Proceeds Received Under Escrow Arrangement | 6 Months Ended |
Apr. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Proceeds Received Under Escrow Arrangement | Note 10 Proceeds Received Under Escrow Arrangement In April 2016, the Company received $788,566 under an escrow arrangement related to a Finance Revenue Sharing Agreement between 21 st st |
Basis of Presentation and Acc16
Basis of Presentation and Accounting Policies (Policies) | 6 Months Ended |
Apr. 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) | 6 Months Ended |
Apr. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Summary of Breakdown of Elements of Inventory | A breakdown of the elements of inventory is as follows: April 30, October 31, Raw materials $ 719,080 $ 721,751 Work-in-process 116,463 113,891 Finished homes 5,912,154 5,114,568 Model home furniture and others 91,588 69,495 Inventories, net $ 6,839,285 $ 6,019,705 Pre-owned homes $ 5,109,921 $ 5,516,272 Inventory impairment reserve (1,229,613 ) (1,425,108 ) 3,880,308 4,091,164 Less homes expected to sell in 12 months (1,146,105 ) (1,366,974 ) Pre-owned homes, long-term $ 2,734,203 $ 2,724,190 |
Short-term Investments (Tables)
Short-term Investments (Tables) | 6 Months Ended |
Apr. 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): April 30, 2016 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 267,397 $ — $ 435,327 October 31, 2015 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 294,648 $ — $ 462,578 |
Fair Value of Financial Instr19
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Apr. 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. April 30, 2016 Level 1 Level 2 Level 3 Equity securities in a public company $ 435,327 $ — $ — October 31, 2015 Level 1 Level 2 Level 3 Equity securities in a public company $ 462,578 $ — $ — |
Investment in Retirement Comm20
Investment in Retirement Community Limited Partnerships (Tables) | 6 Months Ended |
Apr. 30, 2016 | |
Walden Woods and Cypress Creek [Member] | |
Summarized Financial Information | The following is summarized financial information of Walden Woods*: March 31, September 30, Total Assets $ 3,773,201 $ 3,638,114 Total Liabilities $ 5,866,992 $ 5,444,435 Total Equity $ (2,093,791 ) $ (1,806,321 ) *Due to Walden Woods 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 |
Apr. 30, 2016 | |
Guarantees [Abstract] | |
Summary of Amounts Related to Limited Warranty | Amounts related to these warranties are as follows: Three Months Ended Six Months Ended April 30, May 2, April 30, May 2, Beginning accrued warranty expense $ 100,000 $ 75,000 $ 100,000 $ 75,000 Less: reduction for payments (156,905 ) (50,078 ) (300,373 ) (90,966 ) Plus: additions to accrual 156,905 50,078 300,373 90,966 Ending accrued warranty expense $ 100,000 $ 75,000 $ 100,000 $ 75,000 |
Revenues by Products and Serv22
Revenues by Products and Service (Tables) | 6 Months Ended |
Apr. 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 Six Months Ended April 30, May 2, April 30, May 2, Manufactured housing $ 7,634,460 $ 6,135,855 $ 14,849,800 $ 11,328,023 Pre-owned homes 416,343 509,247 523,659 842,133 Insurance agent commissions 65,037 61,016 116,431 112,762 Total net sales $ 8,115,840 $ 6,706,118 $ 15,489,890 $ 12,282,918 |
Inventories - Summary of Breakd
Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($) | Apr. 30, 2016 | Oct. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 719,080 | $ 721,751 |
Work-in-process | 116,463 | 113,891 |
Finished homes | 5,912,154 | 5,114,568 |
Model home furniture and others | 91,588 | 69,495 |
Inventories, net | 6,839,285 | 6,019,705 |
Pre-owned homes | 5,109,921 | 5,516,272 |
Inventory impairment reserve | (1,229,613) | (1,425,108) |
Pre-owned homes, net | 3,880,308 | 4,091,164 |
Pre-owned homes, net | 3,880,308 | 4,091,164 |
Less homes expected to sell in 12 months | (1,146,105) | (1,366,974) |
Pre-owned homes, long-term | $ 2,734,203 | $ 2,724,190 |
Short-term Investments - Summar
Short-term Investments - Summary of Short-term Investments (Detail) - USD ($) | Apr. 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 | 267,397 | 294,648 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Estimated Fair Value | $ 435,327 | $ 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 ($) | Apr. 30, 2016 | Oct. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 435,327 | $ 462,578 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 435,327 | $ 462,578 |
Investment in Retirement Comm26
Investment in Retirement Community Limited Partnerships - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Apr. 30, 2016 | May 02, 2015 | Apr. 30, 2016 | May 02, 2015 | Oct. 31, 2015 |
Investments [Line Items] | ||||||
Gain (Loss) on sale of interest in partnership unit | $ (51,657) | $ (57,350) | ||||
Walden Woods South LLC [Member] | ||||||
Investments [Line Items] | ||||||
Percentage of limited partnership ownership interest | 31.30% | 31.30% | ||||
Amount invested in retirement community | $ 0 | $ 0 | $ 0 | |||
CRF III, Ltd [Member] | ||||||
Investments [Line Items] | ||||||
Percentage of limited partnership ownership interest | 48.50% | |||||
Proceeds from sale of interest in partnership unit | $ 3,990,000 | |||||
Basis spread on variable rate | 3.00% | |||||
Proceeds from sale in installments | 500,000 | |||||
Gain (Loss) on sale of interest in partnership unit | $ 3,990,000 | $ 3,990,000 | ||||
Sale proceeds in partnership unit description | The Company received $1,000,000 in cash and a note receivable for $3,030,000, which is payable to the Company in $500,000 installments each July 1st and January 1st, plus interest at 3.0%. | |||||
Costs on sale of partnership interest | $ 40,000 | |||||
CRF III, Ltd [Member] | Note Receivable [Member] | ||||||
Investments [Line Items] | ||||||
Proceeds from sale of interest in partnership unit | 3,030,000 | |||||
CRF III, Ltd [Member] | Cash [Member] | ||||||
Investments [Line Items] | ||||||
Proceeds from sale of interest in partnership unit | $ 960,000 |
Investment in Retirement Comm27
Investment in Retirement Community Limited Partnerships - Summarized Financial Information (Detail) - Walden Woods and Cypress Creek [Member] - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Total Assets | $ 3,773,201 | $ 3,638,114 |
Total Liabilities | 5,866,992 | 5,444,435 |
Total Equity | $ (2,093,791) | $ (1,806,321) |
Warranty Costs - Summary of Amo
Warranty Costs - Summary of Amounts Related to Limited Warranty (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2016 | May 02, 2015 | Apr. 30, 2016 | May 02, 2015 | |
Accounting Policies [Abstract] | ||||
Beginning accrued warranty expense | $ 100,000 | $ 75,000 | $ 100,000 | $ 75,000 |
Less: reduction for payments | (156,905) | (50,078) | (300,373) | (90,966) |
Plus: additions to accrual | 156,905 | 50,078 | 300,373 | 90,966 |
Ending accrued warranty expense | $ 100,000 | $ 75,000 | $ 100,000 | $ 75,000 |
Warranty Costs - Additional Inf
Warranty Costs - Additional Information (Detail) | 6 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Warranty period of homes | 12 months |
Revenues by Products and Serv30
Revenues by Products and Services - Revenues by Net Sales (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2016 | May 02, 2015 | Apr. 30, 2016 | May 02, 2015 | |
Sales Information [Line Items] | ||||
Total net sales | $ 8,115,840 | $ 6,706,118 | $ 15,489,890 | $ 12,282,918 |
Manufactured Housing [Member] | ||||
Sales Information [Line Items] | ||||
Total net sales | 7,634,460 | 6,135,855 | 14,849,800 | 11,328,023 |
Pre-Owned Homes [Member] | ||||
Sales Information [Line Items] | ||||
Total net sales | 416,343 | 509,247 | 523,659 | 842,133 |
Insurance Agent Commissions [Member] | ||||
Sales Information [Line Items] | ||||
Total net sales | $ 65,037 | $ 61,016 | $ 116,431 | $ 112,762 |
Commitments and Contingent Li31
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | Apr. 28, 2016 | Apr. 30, 2016 |
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% | |
Distribution from joint venture | $ 1,000,005 | |
Guarantee obligations outstanding note payable principal amount | 1,104,760 | |
Collateral value for pool of loan securing note payable by joint venture | $ 1,996,176 | |
Majestic 21 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Percentage of ownership interest | 50.00% | |
Distribution from joint venture | $ 1,000,005 |
Proceeds Received Under Escro32
Proceeds Received Under Escrow Arrangement - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Apr. 30, 2016 | Apr. 30, 2016 | Apr. 30, 2016 | |
Related Party Transaction [Line Items] | |||
Proceeds received under escrow arrangement | $ 788,566 | $ 788,566 | |
Majestic 21 [Member] | |||
Related Party Transaction [Line Items] | |||
Proceeds received under escrow arrangement | $ 788,566 |