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

Exhibit 99.1

	Controlling Our Future through Vertical Integration

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

Ocala, FL… September 14, 2017—Today Nobility Homes, Inc. (OTCQX: NOBH) announced sales and earnings results for its third quarter ended August 5, 2017. Sales for third quarter 2017 were $8,906,385 as compared to $9,779,621 recorded in third quarter 2016. Sales declined due to a significant amount of rain during the quarter which delayed the completion of construction, ultimately delaying fundings at Prestige. Additionally, the increase in business, industry wide, has placed pressure on the limited capacity ofsub-contractors necessary for the site-work portion of the construction of our homes. Our retail sold homes under construction in the field increased 123% over the third quarter last year. Income from operations was $934,864 versus $1,240,492 last year. Net income after taxes was $669,883 as compared to $894,271 last year. In the third quarter of 2017 we received payment under an escrow arrangement related to the finance revenue sharing agreement between 21^st Mortgage Corporation and the Company of $72,867. Diluted earnings per share were $0.17 compared to $0.22 per share last year.

For the first nine months of fiscal 2017, sales were up 9% to $27,525,855 as compared to $25,269,511 for the first nine months of 2016. Income from operations was up 3% to $3,267,938 versus $3,170,102 last year. Net income after taxes was $2,480,715 compared to $5,244,553 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. Diluted earnings per share were $0.62 per share compared to $1.30 per share last year.

Nobility’s financial position for the first nine months of 2017 remains very strong with cash and cash equivalents and short term investments of $26,237,802 and no outstanding debt. Working capital is $35,238,837 and our ratio of current assets to current liabilities is 8.9:1. Stockholders’ equity is $46,588,232 and the book value per share of common stock outstanding increased to $11.65.

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 November 2016 through July 2017 were up approximately 7% 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.

Our manufacturing facility was not damaged by Hurricane Irma. In fact, none of our model homes displayed at our Prestige Model Centers suffered any damage; not even the ones in Punta Gorda, near where the storm made landfall on the Florida peninsula. This is another testament to the strength of today’s manufactured homes.

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

	August 5, 2017			November 5, 2016
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	25,607,071		$	24,562,638
Short-term investments		630,731			481,025
Accounts receivable - trade		2,602,610			2,641,763
Note receivable		500,000			500,000
Mortgage notes receivable		12,874			9,717
Inventories		7,917,057			6,969,081
Pre-owned homes, net		1,134,211			1,295,694
Property held for sale		213,437			213,437
Prepaid expenses and other current assets		577,976			638,939
Deferred income taxes		491,270			556,773
Total current assets		39,687,237			37,869,067
Property, plant and equipment, net		4,256,803			4,063,711
Pre-owned homes, net		1,305,408			1,733,610
Interest receivable		89,857			48,376
Note receivable, less current portion		1,030,000			2,030,000
Mortgage notes receivable, less current portion		241,218			174,270
Other investments		1,448,254			1,367,496
Property held for sale		386,018			386,018
Cash surrender value of life insurance		3,265,916			3,085,916
Other assets		156,287			156,287
Total assets	$	51,866,998		$	50,914,751
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	668,817		$	835,279
Accrued compensation		469,956			682,815
Accrued expenses and other current liabilities		1,002,843			1,123,698
Income taxes payable		402,351			759,128
Customer deposits		1,904,433			1,706,795
Total current liabilities		4,448,400			5,107,715
Deferred income taxes		830,366			1,140,529
Total liabilities		5,278,766			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		10,668,790			10,663,348
Retained earnings		45,338,260			43,458,271
Accumulated other comprehensive income		415,877			266,171
Less treasury stock at cost, 1,367,338 shares in 2017 and 1,361,300 shares in 2016		(10,371,186	)		(10,257,774	)
Total stockholders’ equity		46,588,232			44,666,507
Total liabilities and stockholders’ equity	$	51,866,998		$	50,914,751

NOBILITY HOMES, INC.

Consolidated Statements of Income and Comprehensive Income

Unaudited

	Three Months Ended						Nine Months Ended
	Aug 5, 2017			July 30, 2016			Aug 5, 2017			July 30, 2016
Net sales	$	8,906,385		$	9,779,621		$	27,525,855		$	25,269,511
Cost of goods sold		(6,942,792	)		(7,599,070	)		(21,139,315	)		(19,366,957	)
Gross profit		1,963,593			2,180,551			6,386,540			5,902,554
Selling, general and administrative expenses		(1,028,729	)		(940,059	)		(3,118,602	)		(2,732,452	)
Operating income		934,864			1,240,492			3,267,938			3,170,102
Other income
Interest income		33,543			43,155			105,347			77,246
Undistributed earnings in joint venture - Majestic 21		24,037			28,429			80,758			97,539
Proceeds received under escrow arrangement		72,867			—			298,824			788,566
Gain on sale of investment in retirement community		—			—			—			3,990,000
Miscellaneous		18,749			5,559			33,411			25,404
Total other income		149,196			77,143			518,340			4,978,755
Income before provision for income taxes		1,084,060			1,317,635			3,786,278			8,148,857
Income tax expense		(414,177	)		(423,364	)		(1,305,563	)		(2,904,304	)
Net income		669,883			894,271			2,480,715			5,244,553
Other comprehensive income (loss)
Unrealized investment gain (loss)		21,081			(13,176	)		149,706			(40,427	)
Comprehensive income	$	690,964		$	881,095		$	2,630,421		$	5,204,126
Weighted average number of shares outstanding:
Basic		4,003,096			4,022,311			4,004,058			4,023,689
Diluted		4,004,387			4,023,714			4,005,325			4,024,739
Net income per share:
Basic	$	0.17		$	0.22		$	0.62		$	1.30
Diluted	$	0.17		$	0.22		$	0.62		$	1.30