Nobility Homes (NOBH) 10-Q 16 Jun 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	May 06, 2017	Jun. 16, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 6, 2017
Document Fiscal Year Focus	2,017
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	--11-04
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,004,840

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	May 06, 2017	Nov. 05, 2016
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
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

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 06, 2017	Nov. 05, 2016
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	1,360,067	1,361,300

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	May 06, 2017	Apr. 30, 2016	May 06, 2017	Apr. 30, 2016
Income Statement [Abstract]
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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	May 06, 2017	Apr. 30, 2016
Cash flows from operating activities:
Net income	$ 1,810,832	$ 4,350,282
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	48,774	60,666
Deferred income taxes	(246,032)	2,056,321
Undistributed earnings in joint venture - Majestic 21	(56,721)	(69,110)
Gain on sale of investment in retirement community		(3,990,000)
Inventory impairment	173,000	86,583
Stock-based compensation	6,336	611
Decrease (increase) in:
Accounts receivable	(91,264)	526,726
Inventories	(885,432)	(819,580)
Pre-owned homes	314,839	124,273
Income tax receivable		335
Prepaid expenses and other current assets	118,529	(213,206)
Interest receivable	(30,037)	(7,596)
(Decrease) increase in:
Accounts payable	(25,604)	(79,823)
Accrued compensation	(76,146)	(5,084)
Accrued expenses and other current liabilities	(84,398)	12,409
Income taxes payable	62,418	414,284
Customer deposits	(25,576)	(63,630)
Net cash provided by operating activities	1,013,974	2,384,461
Cash flows from investing activities:
Purchase of property, plant and equipment	(155,609)	(750,000)
Collections on note receivable	1,000,000
Distrbution from joint venture - Majestic 21		1,000,005
Proceeds from sale of investment in retirement community, net		960,000
Collections on mortgage notes receivable	354	2,045
Issuance of mortgage note receivable	(70,850)
Increase in cash surrender value of life insurance	(120,001)	(89,999)
Net cash provided by investing activities	653,438	1,122,051
Cash flows from financing activities:
Payment of cash dividend	(600,726)
Proceeds from exercise of employee stock options	7,300	30,370
Proceeds from sale of treasury stock		5,001
Purchase of treasury stock		(132,386)
Net cash used in financing activities	(593,426)	(97,015)
Increase in cash and cash equivalents	1,073,986	3,409,497
Cash and cash equivalents at beginning of year	24,562,638	16,769,292
Cash and cash equivalents at end of quarter	25,636,624	20,178,789
Supplemental disclosure of cash flow information:
Income taxes paid	$ 1,075,000	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
	May 06, 2017
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 as of and for the three and six months ended May 6, 2017 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. The unaudited financial information included in this report includes all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods. The results of operations for the three and six months ended May 6, 2017 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 audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K Recently Issued Accounting Pronouncements – No. 2016-02, 2016-02). 2016-02 2016-02 right-of-use In November 2015, the FASB issued ASU No. 2015-17 2015-17). 2015-17 2015-17 In July 2015, the FASB issued ASU No. 2015-11, last-in, first-out first-in, first-out In May 2014, the FASB issued ASU No. 2014-09, No. 2015-14 2014-09

Inventories

Inventories	6 Months Ended
	May 06, 2017
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. 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 fair market value. The Company acquired certain repossessed pre-owned st Other pre-owned st st st st st st Pre-owned trade-ins (Trade-in Trade-in Other inventory costs are determined on a first-in, first-out A breakdown of the elements of inventory is as follows: May 6, November 5, 2017 2016 Raw materials $ 698,346 $ 717,525 Work-in-process 100,171 120,693 Finished homes 6,932,168 6,025,268 Model home furniture and others 123,828 105,595 Inventories $ 7,854,513 $ 6,969,081 Pre-owned $ 3,502,746 $ 4,014,119 Inventory impairment reserve (961,281 ) (984,815 ) 2,541,465 3,029,304 Less homes expected to sell in 12 months (1,421,517 ) (1,295,694 ) Pre-owned $ 1,119,948 $ 1,733,610

Short-term Investments

Short-term Investments	6 Months Ended
	May 06, 2017
Investments, Debt and Equity Securities [Abstract]
Short-term Investments	Note 3 Short-term Investments The following is a summary of short-term investments (available for sale): May 6, 2017 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 441,719 $ — $ 609,649 November 5, 2016 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 313,095 $ — $ 481,025 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
	May 06, 2017
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 and notes receivable, accounts payable and accrued expenses approximates fair value because of the short maturity of those instruments. The Company accounts for the fair value of financial investments in accordance with FASB Accounting Standards Codification (ASC) No. 820 “Fair Value Measurements” (ASC 820). ASC 820 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 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 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 represent the Company’s financial assets and liabilities which are carried at fair value. May 6, 2017 Level 1 Level 2 Level 3 Equity securities in a public company $ 609,649 $ — $ — November 5, 2016 Level 1 Level 2 Level 3 Equity securities in a public company $ 481,025 $ — $ —

Investment in Retirement Commun

Investment in Retirement Community Limited Partnership	6 Months Ended
	May 06, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Retirement Community Limited Partnership	Note 5 Investment in Retirement Community Limited Partnership The Company has a 31.3% limited partnership interest in Walden Woods South LLC (“Walden Woods”), which owns and operates a retirement community. The Company’s investment in Walden Woods is fully impaired at May 6, 2017 and November 5, 2016. The following is summarized financial information of Walden Woods*: March 31, September 30, 2017 2016 Total Assets $ 3,304,060 $ 3,747,081 Total Liabilities $ 5,660,780 $ 5,902,402 Total Deficit $ (2,356,720 ) $ (2,155,321 ) *Due to Walden Woods having a calendar year-end,

Warranty Costs

Warranty Costs	6 Months Ended
	May 06, 2017
Guarantees [Abstract]
Warranty Costs	Note 6 Warranty Costs The Company provides for a limited warranty as the manufactured homes are sold. Amounts related to these warranties are as follows: Three Months Ended Six Months Ended May 6, April 30, May 6, April 30, 2017 2016 2017 2016 Beginning accrued warranty expense $ 125,000 $ 100,000 $ 125,000 $ 100,000 Less: reduction for payments (122,285 ) (156,905 ) (211,131 ) (300,373 ) Plus: additions to accrual 122,285 156,905 211,131 300,373 Ending accrued warranty expense $ 125,000 $ 100,000 $ 125,000 $ 100,000 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. Accrued warranty costs are included in accrued expenses in the accompanying consolidated balance sheets.

Net Income per Share

Net Income per Share	6 Months Ended
	May 06, 2017
Earnings Per Share [Abstract]
Net Income per Share	Note 7 Net Income 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
	May 06, 2017
Segment Reporting [Abstract]
Revenues by Products and Service	Note 8 Revenues by Products and Service Revenues by net sales from manufactured housing, pre-owned Three Months Ended Six Months Ended May 6, April 30, May 6, April 30, 2017 2016 2017 2016 Manufactured housing $ 9,763,293 $ 7,634,460 $ 17,783,910 $ 14,849,800 Pre-owned 209,095 416,343 694,359 523,659 Insurance agent commissions 73,683 65,037 141,202 116,431 Total net sales $ 10,046,071 $ 8,115,840 $ 18,619,471 $ 15,489,890

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	May 06, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Note 9 Commitments and Contingent Liabilities Majestic 21 – On May 20, 2009, the Company became a 50% guarantor on a $5 million note payable entered into by Majestic 21, a joint venture in which the Company owns a 50% interest. This guarantee was a requirement of the bank that provided the $5 million loan to Majestic 21. The $5 million guarantee of Majestic 21’s debt is for the life of the note which matures on the earlier of May 31, 2019 or when the principal balance is less than $750,000. The amount of the guarantee declines with the amortization and repayment of the loan. As collateral for the loan, 21 st st

Cash Dividend

Cash Dividend	6 Months Ended
	May 06, 2017
Text Block [Abstract]
Cash Dividend	Note 10 Cash Dividend On March 10, 2017 the Board of Directors declared a one-time cash dividend of $.15 per common share to stockholders of record as of March 27, 2017. The cash dividend was paid from our cash reserves on April 17, 2017 in the amount of $600,726.

Basis of Presentation and Acc16

Basis of Presentation and Accounting Policies (Policies)	6 Months Ended
	May 06, 2017
Fair Value Disclosures [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements – No. 2016-02, 2016-02). 2016-02 2016-02 right-of-use In November 2015, the FASB issued ASU No. 2015-17 2015-17). 2015-17 2015-17 In July 2015, the FASB issued ASU No. 2015-11, last-in, first-out first-in, first-out In May 2014, the FASB issued ASU No. 2014-09, No. 2015-14 2014-09
Fair Value Measurements	The Company accounts for the fair value of financial investments in accordance with FASB Accounting Standards Codification (ASC) No. 820 “Fair Value Measurements” (ASC 820). ASC 820 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 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 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
	May 06, 2017
Inventory Disclosure [Abstract]
Summary of Breakdown of Elements of Inventory	A breakdown of the elements of inventory is as follows: May 6, November 5, 2017 2016 Raw materials $ 698,346 $ 717,525 Work-in-process 100,171 120,693 Finished homes 6,932,168 6,025,268 Model home furniture and others 123,828 105,595 Inventories $ 7,854,513 $ 6,969,081 Pre-owned $ 3,502,746 $ 4,014,119 Inventory impairment reserve (961,281 ) (984,815 ) 2,541,465 3,029,304 Less homes expected to sell in 12 months (1,421,517 ) (1,295,694 ) Pre-owned $ 1,119,948 $ 1,733,610

Short-term Investments (Tables)

Short-term Investments (Tables)	6 Months Ended
	May 06, 2017
Investments, Debt and Equity Securities [Abstract]
Summary of Short-term Investments	The following is a summary of short-term investments (available for sale): May 6, 2017 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 441,719 $ — $ 609,649 November 5, 2016 Amortized Gross Gross Estimated Equity securities in a public company $ 167,930 $ 313,095 $ — $ 481,025

Fair Value of Financial Instr19

Fair Value of Financial Instruments (Tables)	6 Months Ended
	May 06, 2017
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value	The following tables represent the Company’s financial assets and liabilities which are carried at fair value. May 6, 2017 Level 1 Level 2 Level 3 Equity securities in a public company $ 609,649 $ — $ — November 5, 2016 Level 1 Level 2 Level 3 Equity securities in a public company $ 481,025 $ — $ —

Investment in Retirement Comm20

Investment in Retirement Community Limited Partnership (Tables)	6 Months Ended
	May 06, 2017
Walden Woods South LLC [Member]
Summarized Financial Information	The following is summarized financial information of Walden Woods*: March 31, September 30, 2017 2016 Total Assets $ 3,304,060 $ 3,747,081 Total Liabilities $ 5,660,780 $ 5,902,402 Total Deficit $ (2,356,720 ) $ (2,155,321 ) *Due to Walden Woods having a calendar year-end,

Warranty Costs (Tables)

Warranty Costs (Tables)	6 Months Ended
	May 06, 2017
Guarantees [Abstract]
Summary of Amounts Related to Limited Warranty	Amounts related to these warranties are as follows: Three Months Ended Six Months Ended May 6, April 30, May 6, April 30, 2017 2016 2017 2016 Beginning accrued warranty expense $ 125,000 $ 100,000 $ 125,000 $ 100,000 Less: reduction for payments (122,285 ) (156,905 ) (211,131 ) (300,373 ) Plus: additions to accrual 122,285 156,905 211,131 300,373 Ending accrued warranty expense $ 125,000 $ 100,000 $ 125,000 $ 100,000

Revenues by Products and Serv22

Revenues by Products and Service (Tables)	6 Months Ended
	May 06, 2017
Segment Reporting [Abstract]
Revenues by Net Sales	Revenues by net sales from manufactured housing, pre-owned Three Months Ended Six Months Ended May 6, April 30, May 6, April 30, 2017 2016 2017 2016 Manufactured housing $ 9,763,293 $ 7,634,460 $ 17,783,910 $ 14,849,800 Pre-owned 209,095 416,343 694,359 523,659 Insurance agent commissions 73,683 65,037 141,202 116,431 Total net sales $ 10,046,071 $ 8,115,840 $ 18,619,471 $ 15,489,890

Inventories - Summary of Breakd

Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($)	May 06, 2017	Nov. 05, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 698,346	$ 717,525
Work-in-process	100,171	120,693
Finished homes	6,932,168	6,025,268
Model home furniture and others	123,828	105,595
Inventories	7,854,513	6,969,081
Pre-owned homes	3,502,746	4,014,119
Inventory impairment reserve	(961,281)	(984,815)
Pre-owned homes, net	2,541,465	3,029,304
Pre-owned homes, net	2,541,465	3,029,304
Less homes expected to sell in 12 months	(1,421,517)	(1,295,694)
Pre-owned homes, long-term	$ 1,119,948	$ 1,733,610

Short-term Investments - Summar

Short-term Investments - Summary of Short-term Investments (Detail) - USD ($)	May 06, 2017	Nov. 05, 2016
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities, Amortized Cost	$ 167,930	$ 167,930
Available-for-sale Securities, Gross Unrealized Gains	441,719	313,095
Available-for-sale Securities, Gross Unrealized Losses	0	0
Available-for-sale Securities, Estimated Fair Value	$ 609,649	$ 481,025

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 ($)	May 06, 2017	Nov. 05, 2016
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Equity securities in a public company	$ 609,649	$ 481,025
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Equity securities in a public company	$ 609,649	$ 481,025

Investment in Retirement Comm26

Investment in Retirement Community Limited Partnerships - Additional Information (Detail)	May 06, 2017
Walden Woods South LLC [Member]
Investments [Line Items]
Percentage of limited partnership ownership interest	31.30%

Investment in Retirement Comm27

Investment in Retirement Community Limited Partnership - Summarized Financial Information of Walden Woods (Detail) - Walden Woods South LLC [Member] - USD ($)	Mar. 31, 2017	Sep. 30, 2016
Schedule of Equity Method Investments [Line Items]
Total Assets	$ 3,304,060	$ 3,747,081
Total Liabilities	5,660,780	5,902,402
Total Deficit	$ (2,356,720)	$ (2,155,321)

Warranty Costs - Summary of Amo

Warranty Costs - Summary of Amounts Related to Limited Warranty (Detail) - USD ($)	3 Months Ended		6 Months Ended
	May 06, 2017	Apr. 30, 2016	May 06, 2017	Apr. 30, 2016
Accounting Policies [Abstract]
Beginning accrued warranty expense	$ 125,000	$ 100,000	$ 125,000	$ 100,000
Less: reduction for payments	(122,285)	(156,905)	(211,131)	(300,373)
Plus: additions to accrual	122,285	156,905	211,131	300,373
Ending accrued warranty expense	$ 125,000	$ 100,000	$ 125,000	$ 100,000

Warranty Costs - Additional Inf

Warranty Costs - Additional Information (Detail)	6 Months Ended
	May 06, 2017
Accounting Policies [Abstract]
Warranty period of homes	12 months

Revenues by Products and Serv30

Revenues by Products and Service - Revenues by Net Sales (Detail) - USD ($)	3 Months Ended		6 Months Ended
	May 06, 2017	Apr. 30, 2016	May 06, 2017	Apr. 30, 2016
Sales Information [Line Items]
Total net sales	$ 10,046,071	$ 8,115,840	$ 18,619,471	$ 15,489,890
Manufactured Housing [Member]
Sales Information [Line Items]
Total net sales	9,763,293	7,634,460	17,783,910	14,849,800
Pre-Owned Homes [Member]
Sales Information [Line Items]
Total net sales	209,095	416,343	694,359	523,659
Insurance Agent Commissions [Member]
Sales Information [Line Items]
Total net sales	$ 73,683	$ 65,037	$ 141,202	$ 116,431

Commitments and Contingent Li31

Commitments and Contingent Liabilities - Additional Information (Detail)	6 Months Ended
	May 06, 2017USD ($)
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	$ 725,985
Collateral value for pool of loan securing note payable by joint venture	$ 1,657,167
Majestic 21 [Member]
Commitments And Contingencies [Line Items]
Percentage of ownership interest	50.00%

Cash Dividend - Additional Info

Cash Dividend - Additional Information (Detail) - USD ($)	Mar. 10, 2017	May 06, 2017
Dividends [Abstract]
Dividend declaration date	Mar. 10, 2017
Dividend declared	$ 0.15
Payment of dividend	$ 600,726	$ 600,726
Dividend payable date	Apr. 17, 2017
Dividend record date	Mar. 27, 2017