Nobility Homes (NOBH) 8-K Nobility Homes, Inc. Announces Increased Sales and Earnings for Its Second Quarter 2017

Exhibit 99.1

NOBILITY HOMES, INC. ANNOUNCES INCREASED SALES AND EARNINGS FOR ITS SECOND QUARTER 2017

Ocala, FL…June 15, 2017—Today Nobility Homes, Inc. (OTCQX: NOBH) announced increased sales and earnings results for its second quarter ended May 6, 2017. Sales for second quarter 2017 were up 24% to $10,046,071 as compared to $8,115,840 recorded in second quarter 2016. Income from operations was up 34% to $1,276,598 versus $953,869 last year. Net income after taxes was $1,107,509 as compared to $3,671,881 last year. In the second quarter of 2016 the Company sold its limited partnership interest in CRF III, Ltd. (“Cypress Creek”), a retirement community which resulted in a gain of $3,990,000 and also received revenue of $788,566 under an escrow arrangement related to the Finance Revenue Sharing Agreement between 21^st Mortgage Corporation, Prestige Home Centers, Inc. and Majestic Homes Inc. In the second quarter of 2017 we received revenue of $225,956 related to the Finance Revenue Sharing Agreement. Diluted earnings per share were $0.28 per share compared to $0.91 per share last year.

For the first six months of fiscal 2017, sales were up 20% to $18,619,471 as compared to $15,489,890 for the first six months of 2016. Income from operations was up 21% to $2,333,075 versus $1,929,610 last year. Net income after taxes was $1,810,832 compared to $4,350,282 last year. Diluted earnings per share were $0.45 per share compared to $1.08 per share last year.

Nobility’s financial position for the first six months of 2017 remains very strong with cash and cash equivalents and short term investments of $26,246,273 and no outstanding debt. Working capital is $34,537,149 and our ratio of current assets to current liabilities is 8.0:1. Stockholders’ equity is $46,018,873 and the book value per share of common stock outstanding increased to $11.49.

Terry Trexler, President, stated, “The demand for affordable manufactured housing in Florida and the U.S. continues to improve. According to the Florida Manufactured Housing Association, shipments in Florida for the period from February through April 2017 were up approximately 6% from the same period last year. Our sales and earnings continue to be affected by the lack of available retail and wholesale financing. Constrained consumer credit and the lack of lenders in the industry, partly as a result of an increase in government regulations, have limited many manufactured housing buyers from purchasing affordable manufactured homes.

We believe maintaining our strong financial position is vital for future growth and success. Because of the recent years of very challenging business conditions in our market area, management continues to evaluate all expenses and react in a manner consistent with maintaining our strong financial position, while exploring opportunities to expand our distribution and manufacturing operations.

Our many years of experience in the Florida market, combined with home buyers’ increased need for more affordable housing, should serve the Company well in the coming years. Management remains convinced that our specific geographic market is one of the best long-term growth areas in the country”.

On June 5, 2017 the Company celebrated its 50^th anniversary in business specializing in the design and production of quality, affordable manufactured homes. With multiple retail sales centers, an insurance agency subsidiary, and an investment in a retirement manufactured home community, we are the only vertically integrated manufactured home company headquartered in Florida.

MANAGEMENT WILL NOT HOLD A CONFERENCE CALL. IF YOU HAVE ANY QUESTIONS, PLEASE CALL TERRY OR TOM TREXLER @800-476-6624 EXT 221 ORTERRY@NOBILITYHOMES.COM ORTOM@NOBILITYHOMES.COM

Certain statements in this report are forward-looking statements within the meaning of the federal securities laws. Although Nobility believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, there are risks and uncertainties that may cause actual results to differ materially from expectations. These risks and uncertainties include, but are not limited to, competitive pricing pressures at both the wholesale and retail levels, increasing material costs, uncertain economic conditions, changes in market demand, changes in interest rates, availability of financing for retail and wholesale purchasers, consumer confidence, adverse weather conditions that reduce sales at retail centers, the risk of manufacturing plant shutdowns due to storms or other factors, the impact of marketing and cost-management programs, reliance on the Florida economy, possible labor shortages, possible materials shortages, increasing labor cost, cyclical nature of the manufactured housing industry, impact of fuel costs, catastrophic events impacting insurance costs, availability of insurance coverage for various risks to Nobility, market demographics, management’s ability to attract and retain executive officers and key personnel, increased global tensions, market disruptions resulting from terrorist or other attack and any armed conflict involving the United States and the impact of inflation.

NOBILITY HOMES, INC.

Consolidated Balance Sheets

	May 6, 2017			November 5, 2016
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	25,636,624		$	24,562,638
Short-term investments		609,649			481,025
Accounts receivable - trade		2,733,027			2,641,763
Note receivable		—			500,000
Mortgage notes receivable		12,822			9,717
Inventories		7,854,513			6,969,081
Pre-owned homes, net		1,421,517			1,295,694
Property held for sale		213,437			213,437
Prepaid expenses and other current assets		520,410			638,939
Deferred income taxes		493,559			556,773
Total current assets		39,495,558			37,869,067
Property, plant and equipment, net		4,170,090			4,063,711
Pre-owned homes, net		1,119,948			1,733,610
Interest receivable		78,413			48,376
Note receivable, less current portion		1,530,000			2,030,000
Mortgage notes receivable, less current portion		242,117			174,270
Other investments		1,424,217			1,367,496
Property held for sale		386,018			386,018
Cash surrender value of life insurance		3,205,917			3,085,916
Other assets		156,287			156,287
Total assets	$	51,808,565		$	50,914,751
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	809,675		$	835,279
Accrued compensation		606,669			682,815
Accrued expenses and other current liabilities		1,039,300			1,123,698
Income taxes payable		821,546			759,128
Customer deposits		1,681,219			1,706,795
Total current liabilities		4,958,409			5,107,715
Deferred income taxes		831,283			1,140,529
Total liabilities		5,789,692			6,248,244
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		10,668,349			10,663,348
Retained earnings		44,668,377			43,458,271
Accumulated other comprehensive income		394,795			266,171
Less treasury stock at cost, 1,360,067 shares in 2017 and 1,361,300 shares in 2016		(10,249,139	)		(10,257,774	)
Total stockholders’ equity		46,018,873			44,666,507
Total liabilities and stockholders’ equity	$	51,808,565		$	50,914,751

NOBILITY HOMES, INC.

Consolidated Statements of Comprehensive Income

Unaudited

	Three Months Ended						Six Months Ended
	May 6,			April 30,			May 6,			April 30,
	2017			2016			2017			2016
Net sales	$	10,046,071		$	8,115,840		$	18,619,471		$	15,489,890
Cost of goods sold		(7,647,187	)		(6,150,272	)		(14,196,523	)		(11,767,887	)
Gross profit		2,398,884			1,965,568			4,422,948			3,722,003
Selling, general and administrative expenses		(1,122,286	)		(1,011,699	)		(2,089,873	)		(1,792,393	)
Operating income		1,276,598			953,869			2,333,075			1,929,610
Other income
Interest income		31,357			22,044			71,804			34,091
Undistributed earnings in joint venture - Majestic 21		28,123			35,702			56,721			69,110
Proceeds received under escrow arrangement		225,956			788,566			225,956			788,566
Gain on sale of investment in retirement community		—			3,990,000			—			3,990,000
Miscellaneous		9,891			10,076			14,662			19,845
Total other income		295,327			4,846,388			369,143			4,901,612
Income before provision for income taxes		1,571,925			5,800,257			2,702,218			6,831,222
Income tax expense		(464,416	)		(2,128,376	)		(891,386	)		(2,480,940	)
Net income		1,107,509			3,671,881			1,810,832			4,350,282
Other comprehensive income (loss)
Unrealized investment gain (loss)		13,457			42,388			128,624			(27,251	)
Comprehensive income	$	1,120,966		$	3,714,269		$	1,939,456		$	4,323,031
Weighted average number of shares outstanding:
Basic		4,004,840			4,023,439			4,004,539			4,024,378
Diluted		4,006,047			4,024,181			4,005,793			4,025,069
Net income per share:
Basic	$	0.28		$	0.91		$	0.45		$	1.08
Diluted	$	0.28		$	0.91		$	0.45		$	1.08