Cover Page
Cover Page - shares | 3 Months Ended | |
Jan. 30, 2021 | Mar. 16, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jan. 30, 2021 | |
Entity Registrant Name | NOBILITY HOMES INC | |
Entity Central Index Key | 0000072205 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | NOBH | |
Current Fiscal Year End Date | --10-30 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,632,100 | |
Entity File Number | 000-06506 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 3741 S.W. 7th Street | |
Entity Address, City or Town | Ocala | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 34474 | |
City Area Code | 352 | |
Local Phone Number | 732-5157 | |
Title of 12(b) Security | Common Stock | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jan. 30, 2021 | Oct. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 32,963,523 | $ 30,305,902 |
Certificates of Deposit | 3,082,111 | 4,602,307 |
Short-term investments | 438,916 | 358,960 |
Accounts receivable-trade | 1,057,086 | 790,046 |
Note receivable | 29,259 | 35,997 |
Mortgage notes receivable | 20,776 | 20,162 |
Income taxes receivable | 105,676 | |
Inventories | 10,604,393 | 9,294,677 |
Pre-owned homes, net | 389,679 | 441,937 |
Prepaid expenses and other current assets | 1,553,057 | 1,014,849 |
Total current assets | 50,138,800 | 46,970,513 |
Property, plant and equipment, net | 5,363,841 | 5,142,714 |
Pre-owned homes, net | 1,346,471 | 1,077,240 |
Note receivable, less current portion | 6,573 | 6,573 |
Mortgage notes receivable, less current portion | 226,286 | 227,509 |
Other investments | 1,743,072 | 1,729,364 |
Deferred income taxes | 3,598 | 3,598 |
Operating lease right of use assets | 705,037 | 715,368 |
Cash surrender value of life insurance | 3,840,452 | 3,795,902 |
Other assets | 156,287 | 156,287 |
Total assets | 63,530,417 | 59,825,068 |
Current liabilities: | ||
Accounts payable | 1,100,355 | 928,095 |
Accrued compensation | 446,745 | 670,520 |
Accrued expenses and other current liabilities | 1,113,685 | 1,383,833 |
Income taxes payable | 230,133 | |
Operating lease obligation | 27,128 | 24,192 |
Customer deposits | 7,799,815 | 5,098,633 |
Total current liabilities | 10,717,861 | 8,105,273 |
Operating lease obligation, less current portion | 769,869 | 778,519 |
Total liabilities | 11,487,730 | 8,883,792 |
Commitments and contingencies | ||
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; 3,632,446 and 3,631,196 outstanding, respectively | 536,491 | 536,491 |
Additional paid in capital | 10,717,025 | 10,694,554 |
Retained earnings | 59,041,816 | 57,976,051 |
Less treasury stock at cost, 1,732,461 shares in 2021 and 1,733,711 shares in 2020 | (18,252,645) | (18,265,820) |
Total stockholders' equity | 52,042,687 | 50,941,276 |
Total liabilities and stockholders' equity | $ 63,530,417 | $ 59,825,068 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 30, 2021 | Oct. 31, 2020 |
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 |
Common Stock, shares outstanding | 3,632,446 | 3,631,196 |
Treasury stock, shares | 1,732,461 | 1,733,711 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) | 3 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 9,071,511 | $ 9,443,852 |
Cost of sales | (6,574,064) | (6,554,003) |
Gross profit | 2,497,447 | 2,889,849 |
Selling, general and administrative expenses | (1,273,381) | (1,256,144) |
Operating income | 1,224,066 | 1,633,705 |
Other income : | ||
Interest income | 30,656 | 101,883 |
Undistributed earnings in joint venture - Majestic 21 | 13,708 | 19,872 |
Proceeds received under escrow arrangement | 45,868 | 83,109 |
Increase in fair value of equity investment | 79,956 | |
Miscellaneous | 7,320 | 7,152 |
Total other income | 177,508 | 212,016 |
Income before provision for income taxes | 1,401,574 | 1,845,721 |
Income tax expense | (335,809) | (445,580) |
Net income | $ 1,065,765 | $ 1,400,141 |
Weighted average number of shares outstanding: | ||
Basic | 3,631,924 | 3,659,241 |
Diluted | 3,633,493 | 3,660,638 |
Net income per share: | ||
Basic | $ 0.29 | $ 0.38 |
Diluted | $ 0.29 | $ 0.38 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Previously reported [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Common Stock [Member]Previously reported [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Previously reported [Member] | Retained Earnings [Member] | Retained Earnings [Member]Previously reported [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income [Member]Previously reported [Member] | Accumulated Other Comprehensive Income [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member] | Treasury Stock [Member]Previously reported [Member] |
Balance at Nov. 02, 2019 | $ 49,466,315 | $ 536,491 | $ 10,687,662 | $ 55,298,750 | $ 389,164 | $ (17,445,752) | ||||||||
Balance (Adjustments for New Accounting Pronouncement [Member]) at Nov. 02, 2019 | $ 536,491 | |||||||||||||
Balance, shares at Nov. 02, 2019 | 3,664,070 | |||||||||||||
Adoption of ASU 2016 (Adoption of ASU 2016-01 [Member]) at Feb. 01, 2020 | $ 389,164 | $ (389,164) | ||||||||||||
Adoption of ASU 2016 (Adoption of ASU 2016-02 [Member]) at Feb. 01, 2020 | $ (64,591) | $ (64,591) | ||||||||||||
Purchase of treasury stock | $ (345,600) | $ (345,600) | ||||||||||||
Purchase of treasury stock, shares | (14,400) | |||||||||||||
Stock-based compensation | 906 | $ 906 | ||||||||||||
Net income | 1,400,141 | $ 1,400,141 | ||||||||||||
Balance at Feb. 01, 2020 | 50,457,171 | $ 536,491 | 10,688,568 | 57,023,464 | (17,791,352) | |||||||||
Balance (Adjustments for New Accounting Pronouncement [Member]) at Feb. 01, 2020 | 49,401,724 | 10,687,662 | 55,623,323 | (17,445,752) | ||||||||||
Balance, shares at Feb. 01, 2020 | 3,649,670 | |||||||||||||
Balance, shares (Adjustments for New Accounting Pronouncement [Member]) at Feb. 01, 2020 | 3,664,070 | |||||||||||||
Balance at Oct. 31, 2020 | 50,941,276 | $ 536,491 | 10,694,554 | 57,976,051 | (18,265,820) | |||||||||
Balance, shares at Oct. 31, 2020 | 3,631,196 | |||||||||||||
Stock-based compensation | 20,521 | 20,521 | ||||||||||||
Exercise of employee stock options | 15,125 | 1,950 | 13,175 | |||||||||||
Exercise of employee stock options, shares | 1,250 | |||||||||||||
Net income | 1,065,765 | 1,065,765 | ||||||||||||
Balance at Jan. 30, 2021 | $ 52,042,687 | $ 536,491 | $ 10,717,025 | $ 59,041,816 | $ (18,252,645) | |||||||||
Balance, shares at Jan. 30, 2021 | 3,632,446 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 1,065,765 | $ 1,400,141 |
Adjustments to reconcile net income to net cash provide by operating activities: | ||
Depreciation | 56,943 | 39,453 |
Deferred income taxes | 26,877 | |
Undistributed earnings in joint venture - Majestic 21 | (13,708) | (19,872) |
(Increase) Decrease in fair market value of equity investments | (79,956) | 10,710 |
Stock-based compensation | 20,521 | 906 |
Amortization of operating lease right of use assets | 10,331 | 20,288 |
Decrease (Increase) in: | ||
Accounts receivable - trade | (267,040) | (482,648) |
Inventories | (1,309,716) | (34,891) |
Pre-owned homes | (216,973) | (270,995) |
Prepaid expenses and other current assets | (538,208) | 2,449 |
Interest receivable | (8,444) | (48,242) |
Income tax receivables | 105,676 | |
(Decrease) increase in: | ||
Accounts payable | 172,260 | (538,411) |
Accrued compensation | (223,775) | (291,764) |
Accrued expenses and other current liabilities | (270,148) | (330,909) |
Income taxes payable | 230,133 | (1,608,214) |
Customer deposits | 2,701,182 | (529,473) |
Net cash provided by operating activities | 1,434,843 | (2,654,595) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (278,070) | (232,649) |
Purchase of certificates of deposit | (20,000) | |
Proceeds from certicates of deposit | 1,500,000 | |
Collections on interest receivable | 28,640 | 50,998 |
Collections on mortgage notes receivable | 609 | 696 |
Collections on equipment and other notes receivable | 6,738 | 16,252 |
Increase in cash surrender value of life insurance | (44,550) | (48,000) |
Net cash provided by (used in) investing activities | 1,213,367 | (232,703) |
Cash flows from financing activities: | ||
Proceeds from excerise of employee stock options | 15,125 | |
Purchase of treasury stock | (345,600) | |
Reduction of operating lease obligation | (5,714) | (14,503) |
Net cash provided by (used in) financing activities | 9,411 | (360,103) |
Increase (Decrease) in cash and cash equivalents | 2,657,621 | (3,247,401) |
Cash and cash equivalents at beginning of year | 30,305,902 | 22,533,965 |
Cash and cash equivalents at end of quarter | $ 32,963,523 | 19,286,564 |
Supplemental disclosure of cash flows information: | ||
Income taxes paid | $ 2,020,000 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Jan. 30, 2021 | |
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 condensed financial statements for the three months ended January 30, 2021 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 months ended January 30, 2021 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 |
Inventories
Inventories | 3 Months Ended |
Jan. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 2 Inventories New home inventory is carried at the lower of cost or net realizable 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. 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 net realizable value. The Company acquired certain repossessed pre-owned st Other pre-owned st st st st st st Inventory held at consignment locations by affiliated entities is included in the Company’s inventory on the Company’s condensed consolidated balance sheets. Consigned inventory was $1,385,470 and $1,277,681 as of January 30, 2021 and October 31, 2020, respectively. Pre-owned trade-ins (Trade-in Trade-in Other inventory costs are determined on a first-in, first-out January 30, October 31, 2021 2020 Raw materials $ 1,263,104 $ 1,203,282 Work-in-process 100,935 107,651 Inventory consigned to affiliated entities 1,385,470 1,277,681 Finished homes 7,708,327 6,543,861 Model home furniture 146,557 162,202 Inventories $ 10,604,393 $ 9,294,677 Pre-owned $ 1,875,477 $ 1,686,373 Inventory impairment reserve (139,327 ) (167,196 ) 1,736,150 1,519,177 Less homes expected to sell in 12 months (389,679 ) (441,937 ) Pre-owned $ 1,346,471 $ 1,077,240 |
Short-term Investments
Short-term Investments | 3 Months Ended |
Jan. 30, 2021 | |
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, 2021 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 270,986 $ — $ 438,916 October 31, 2020 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 191,030 $ — $ 358,960 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, 2021 | |
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. January 30, 2021 Level 1 Level 2 Level 3 Equity securities in a public company $ 438,916 $ — $ — October 31, 2020 Level 1 Level 2 Level 3 Equity securities in a public company $ 358,960 $ — $ — |
Net Income per Share
Net Income per Share | 3 Months Ended |
Jan. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income per Share | Note 5 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 | 3 Months Ended |
Jan. 30, 2021 | |
Segment Reporting [Abstract] | |
Revenues by Products and Service | Note 6 Revenues by Products and Service The Company operates in one business segment, which is manufactured housing and ancillary services. The Company considers there to be revenue concentration risks for distribution of its products where net product revenues exceed 10% of consolidated net product revenues. The concentration of the Company’s distribution net product revenues below may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective distribution channels experience difficulties. Revenues by net sales from manufactured housing, pre-owned Three Months Ended January 30, February 1, 2021 2020 Manufactured housing Homes sold through Company owned sales centers $ 7,543,182 $ 6,758,531 Homes sold to independent dealers 1,203,736 2,153,322 Homes sold through manufactured home parks 218,435 359,742 $ 8,965,353 $ 9,271,595 Pre-owned 40,187 105,509 Insurance agent commissions 65,971 66,748 Total net sales $ 9,071,511 $ 9,443,852 |
Operating Leases
Operating Leases | 3 Months Ended |
Jan. 30, 2021 | |
Leases [Abstract] | |
Operating Leases | Note 7 Operating Leases The Company leases the property for several Prestige retail sales centers from various unrelated entities under operating lease agreements expiring through December 2021. The Company also leases certain equipment under unrelated operating leases. These leases have varying renewal options. Right of use assets are included as a non-current Based on the terms of the lease agreements, all of the Company’s leases are classified as operating leases. The weighted average remaining lease term and weighted average discount rate of the operating leases is 8.91 years and 3.0%, respectively. Minimum rental payments under operating leases are recognized on a straight-line basis over the term of the lease. Individual components of the total lease cost incurred by the Company in the amount of $48,406 for the three months ended January 30, 2021. The amount of future minimum lease payments under operating leases are as follows: Operating Lease Undiscounted future minimum lease payments: 2021 (9 months remaining) $ 47,447 2022 68,401 2023 74,322 2024 80,955 Thereafter 458,175 Total 817,687 Amount representing imputed interest (20,690 ) Total operating lease liability 796,997 Current portion of operating lease liability (27,128 ) Operating lease liability, non-current $ 769,869 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jan. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 Subsequent Events The Board of Directors declared a one-time cash dividend of $1.00 per common share for fiscal year 2020. The cash dividend is payable on March 26, 2021 to stockholders of record as of March 12, 2021. On February 1, 2021, the Company purchased land in Ocala for a future retail sales center for $1,040,000. The Company repurchased 346 shares of its common stock in February 2021 at a price per share of $30.50. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jan. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Breakdown of Elements of Inventory | Other inventory costs are determined on a first-in, first-out January 30, October 31, 2021 2020 Raw materials $ 1,263,104 $ 1,203,282 Work-in-process 100,935 107,651 Inventory consigned to affiliated entities 1,385,470 1,277,681 Finished homes 7,708,327 6,543,861 Model home furniture 146,557 162,202 Inventories $ 10,604,393 $ 9,294,677 Pre-owned $ 1,875,477 $ 1,686,373 Inventory impairment reserve (139,327 ) (167,196 ) 1,736,150 1,519,177 Less homes expected to sell in 12 months (389,679 ) (441,937 ) Pre-owned $ 1,346,471 $ 1,077,240 |
Short-term Investments (Tables)
Short-term Investments (Tables) | 3 Months Ended |
Jan. 30, 2021 | |
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, 2021 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 270,986 $ — $ 438,916 October 31, 2020 Cost Gross Gross Estimated Equity securities in a public company $ 167,930 $ 191,030 $ — $ 358,960 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Jan. 30, 2021 | |
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. January 30, 2021 Level 1 Level 2 Level 3 Equity securities in a public company $ 438,916 $ — $ — October 31, 2020 Level 1 Level 2 Level 3 Equity securities in a public company $ 358,960 $ — $ — |
Revenues by Products and Serv_2
Revenues by Products and Service (Tables) | 3 Months Ended |
Jan. 30, 2021 | |
Segment Reporting [Abstract] | |
Revenues by Net Sales | Revenues by net sales from manufactured housing, pre-owned Three Months Ended January 30, February 1, 2021 2020 Manufactured housing Homes sold through Company owned sales centers $ 7,543,182 $ 6,758,531 Homes sold to independent dealers 1,203,736 2,153,322 Homes sold through manufactured home parks 218,435 359,742 $ 8,965,353 $ 9,271,595 Pre-owned 40,187 105,509 Insurance agent commissions 65,971 66,748 Total net sales $ 9,071,511 $ 9,443,852 |
Operating Leases (Table)
Operating Leases (Table) | 3 Months Ended |
Jan. 30, 2021 | |
Leases [Abstract] | |
Schedule of future minimum rental payments for operating leases | The amount of future minimum lease payments under operating leases are as follows: Operating Lease Undiscounted future minimum lease payments: 2021 (9 months remaining) $ 47,447 2022 68,401 2023 74,322 2024 80,955 Thereafter 458,175 Total 817,687 Amount representing imputed interest (20,690 ) Total operating lease liability 796,997 Current portion of operating lease liability (27,128 ) Operating lease liability, non-current $ 769,869 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | Jan. 30, 2021 | Oct. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Inventory Consigned To Affiliated Entities | $ 1,385,470 | $ 1,277,681 |
Inventories - Summary of Breakd
Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($) | Jan. 30, 2021 | Oct. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,263,104 | $ 1,203,282 |
Work-in-process | 100,935 | 107,651 |
Inventory consigned to affiliated entities | 1,385,470 | 1,277,681 |
Finished homes | 7,708,327 | 6,543,861 |
Model home furniture | 146,557 | 162,202 |
Inventories | 10,604,393 | 9,294,677 |
Pre-owned homes | 1,875,477 | 1,686,373 |
Inventory impairment reserve | (139,327) | (167,196) |
Pre-owned homes, net | 1,736,150 | 1,519,177 |
Less homes expected to sell in 12 months | (389,679) | (441,937) |
Pre-owned homes, long-term | $ 1,346,471 | $ 1,077,240 |
Short-term Investments - Summar
Short-term Investments - Summary of Short-term Investments (Detail) - USD ($) | Jan. 30, 2021 | Oct. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale Securities, Amortized Cost | $ 167,930 | $ 167,930 |
Available-for-sale Securities, Gross Unrealized Gains | 270,986 | 191,030 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Estimated Fair Value | $ 438,916 | $ 358,960 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) | Jan. 30, 2021 | Oct. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 438,916 | $ 358,960 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Equity securities in a public company | $ 438,916 | $ 358,960 |
Revenues by Products and Serv_3
Revenues by Products and Service - Revenues by Net Sales - Additional Information (Detail) | 3 Months Ended |
Jan. 30, 2021 | |
Revenue Concentration Risks Recognation terms | The Company considers there to be revenue concentration risks for distribution of its products where net product revenues exceed 10% of consolidated net product revenues. |
Revenues by Products and Serv_4
Revenues by Products and Service - Revenues by Net Sales (Detail) - USD ($) | 3 Months Ended | |
Jan. 30, 2021 | Feb. 01, 2020 | |
Sales Information [Line Items] | ||
Total net sales | $ 9,071,511 | $ 9,443,852 |
Manufactured Housing [Member] | ||
Sales Information [Line Items] | ||
Total net sales | 8,965,353 | 9,271,595 |
Manufactured Housing [Member] | Homes sold through Company owned sales centers | ||
Sales Information [Line Items] | ||
Total net sales | 7,543,182 | 6,758,531 |
Manufactured Housing [Member] | Homes sold to independent dealers | ||
Sales Information [Line Items] | ||
Total net sales | 1,203,736 | 2,153,322 |
Manufactured Housing [Member] | Homes sold through manufactured home parks | ||
Sales Information [Line Items] | ||
Total net sales | 218,435 | 359,742 |
Pre-Owned Homes [Member] | ||
Sales Information [Line Items] | ||
Total net sales | 40,187 | 105,509 |
Insurance Agent Commissions [Member] | ||
Sales Information [Line Items] | ||
Total net sales | $ 65,971 | $ 66,748 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) | 3 Months Ended |
Jan. 30, 2021USD ($) | |
Leases [Abstract] | |
Operating lease right of use assets | $ 705,037 |
Lease cost | $ 48,406 |
Weighted Average Remaining Lease term, Operating Lease | 8 years 10 months 27 days |
Weighted Average Discount Rate, Operating Lease | 3.00% |
Operating Leases - Summary of f
Operating Leases - Summary of future minimum lease payments (Detail) - USD ($) | Jan. 30, 2021 | Oct. 31, 2020 |
Leases [Abstract] | ||
2021 (9 months remaining) | $ 47,447 | |
2022 | 68,401 | |
2023 | 74,322 | |
2024 | 80,955 | |
Thereafter | 458,175 | |
Total | 817,687 | |
Amount representing imputed interest | (20,690) | |
Total operating lease liability | 796,997 | |
Current portion of operating lease liability | (27,128) | |
Operating lease liability, non-current | $ 769,869 | $ 778,519 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) | Feb. 01, 2021 | Jan. 30, 2021 |
Subsequent Event [Line Items] | ||
Dividend declared | $ 1 | |
Dividend payable date | Mar. 26, 2021 | |
Dividend record date | Mar. 12, 2021 | |
Ocala [Member] | Land [Member] | ||
Subsequent Event [Line Items] | ||
Purchase of land for a future retail sales center | $ 1,040,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Repurchased shares of common stock | 346 | |
Shares Issued, Price Per Share | $ 30.50 |