On this page of StockholderLetter.com we present the latest annual shareholder letter from NOBILITY HOMES INC — ticker symbol NOBH. Reading current and past NOBH letters to shareholders can bring important insights into the investment thesis.

About the Company Nobility Homes, Inc., a Florida corporation incorporated in 1967, designs, manufactures and sells a broad line of manufactured and modular homes through its own retail sales centers throughout Florida. Nobility also sells its manufactured homes on a wholesale basis to independent manufactured home retail dealers and manufactured home communities. We pride ourselves on providing well-designed and affordably built homes that are comfortable, pleasantly decorated, energy efficient and engineered for years of carefree living. The Company s manufacturing plant and corporate headquarters are in Ocala, Florida. Our homes are available in approximately 100 active models sold under the trade names Kingswood , Richwood , Tropic Isle , Regency Manor and Tropic Manor . Our home sales are single and multi-section, range in size from 464 to 2,800 square feet and contain from one to five bedrooms and retail prices for our homes typically range from approximately $90,000 to $250,000. Prestige Home Centers, Inc., our wholly owned subsidiary, operates ten retail sales centers in north and central Florida: Ocala (two), Chiefland, Auburndale, Inverness, Hudson, Tavares, Yulee, Panama City, Punta Gorda and executive offices are located at our corporate headquarters in Ocala, Florida. Each of Prestige s retail sales centers is located within 350 miles of Nobility s Ocala manufacturing facility. The primary customers of Prestige are homebuyers who generally purchase manufactured or modular homes to place on their own home sites. Prestige operates its retail sales centers using a model home concept. Each of the homes displayed at its retail sales centers is furnished and decorated as a model home. Mountain Financial, Inc., a wholly owned subsidiary of Prestige Home Centers, Inc., is an independent insurance agent and licensed loan originator. Mountain Financial provides automobile insurance, extended warranty coverage and property and casualty insurance to Prestige customers in connection with their purchase and financing of manufactured homes. Contents 1 Shareholders Letter 3 Directors 3 Officers 3 General Shareholders Information 3 General Information
To Our Shareholders Total sales for fiscal year 2024 were $51.9 million as compared to $63.3 million recorded in fiscal year 2023. Income from operations for fiscal year 2024 was $9.6 million versus $13.4 million in the same period a year ago. Net income after taxes was $8.6 million as compared to $10.9 million for the same period last year. Diluted earnings per share for fiscal year 2024 were $2.63 per share compared to $3.27 per share last year. Net sales decreased in fiscal year 2024 as compared to last year because of the decrease in the number of retail homes sold and manufactured. In addition, we are building and selling lower-priced homes due to the higher interest rates on mortgages that we believe are negatively impacting sales as compared to the prior years. There also remain delays in the receipt of certain key production materials from suppliers, back orders, price increases and labor shortages which continue to cause delays in the completion of the homes at our manufacturing facility and the set-up process of retail homes in the field. Our inability to timely deliver and set up homes to customers has negatively impacted sales and earnings. We expect these challenges will continue into fiscal year 2025. The Company also continues to experience inflation in several building products resulting in increases in our material and labor costs which may increase the wholesale and retail selling prices of our homes. We believe that potential customers have delayed or deferred purchasing decisions when considering the interest rate environment. The current demand for affordable manufactured housing in Florida and the U.S. has slowed due to the interest rate environment and increased costs associated with mortgages. According to the Florida Manufactured Housing Association, shipments for the industry in Florida for the period from November 2023 through October 2024 declined by approximately 3% from the same period last year. Nobility s financial position during fiscal year 2024 remained strong with cash and cash equivalents, certificates of deposit and short-term investments of $27.2 million and no outstanding debt. Working capital is $43.0 million and our ratio of current assets to current liabilities is 5.3:1. Stockholders equity is $56.6 million and the book value per share of common stock increased to $17.31. Maintaining our strong financial position is vital for future growth and success. 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. 1
On June 5, 2024, the Company celebrated its 57th anniversary in business specializing in the design and production of quality, affordable manufactured homes. With multiple retail sales centers in Florida for over 34 years and an insurance agency subsidiary, we are the only vertically integrated manufactured home company headquartered in Florida. Our appreciation is extended to all employees for their dedication and to our retail distribution network, customers and suppliers for their support and loyalty. We sincerely thank our stockholders for their continued investment confidence in Nobility and pledge our efforts to maintain and guard that trust. With this confidence and support, we enter the fiscal year 2025 with full awareness of the challenging opportunities that lie ahead and with renewed enthusiasm and determination to achieve the goals for higher sales and operating results that have been set for your Company. Terry E. Trexler Chairman of the Board and President 2 Thomas W. Trexler Executive Vice President and Chief Financial Officer
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NOBH Shareholder/Stockholder Letter Transcript:




About the Company
Nobility Homes, Inc., a Florida corporation incorporated in 1967,
designs, manufactures and sells a broad line of manufactured and
modular homes through its own retail sales centers throughout
Florida. Nobility also sells its manufactured homes on a wholesale
basis to independent manufactured home retail dealers and
manufactured home communities.
We pride ourselves on providing well-designed and affordably
built homes that are comfortable, pleasantly decorated, energy
efficient and engineered for years of carefree living. The Company   s
manufacturing plant and corporate headquarters are in Ocala,
Florida.
Our homes are available in approximately 100 active models sold
under the trade names    Kingswood   ,    Richwood   ,    Tropic Isle   ,
   Regency Manor    and    Tropic Manor   . Our home sales are single
and multi-section, range in size from 464 to 2,800 square feet and
contain from one to five bedrooms and retail prices for our homes
typically range from approximately $90,000 to $250,000.
Prestige Home Centers, Inc., our wholly owned subsidiary,
operates ten retail sales centers in north and central Florida: Ocala
(two), Chiefland, Auburndale, Inverness, Hudson, Tavares, Yulee,
Panama City, Punta Gorda and executive offices are located at our
corporate headquarters in Ocala, Florida. Each of Prestige   s retail
sales centers is located within 350 miles of Nobility   s Ocala
manufacturing facility.
The primary customers of Prestige are homebuyers who
generally purchase manufactured or modular homes to place on
their own home sites. Prestige operates its retail sales centers using
a model home concept. Each of the homes displayed at its retail
sales centers is furnished and decorated as a model home.
Mountain Financial, Inc., a wholly owned subsidiary of Prestige
Home Centers, Inc., is an independent insurance agent and
licensed loan originator. Mountain Financial provides automobile
insurance, extended warranty coverage and property and casualty
insurance to Prestige customers in connection with their purchase
and financing of manufactured homes.
Contents
1
Shareholders    Letter
3
Directors
3
Officers
3
General Shareholders   
Information
3
General Information

To Our Shareholders
Total sales for fiscal year 2024 were $51.9 million as compared to
$63.3 million recorded in fiscal year 2023. Income from operations for
fiscal year 2024 was $9.6 million versus $13.4 million in the same period
a year ago. Net income after taxes was $8.6 million as compared to $10.9
million for the same period last year. Diluted earnings per share for fiscal
year 2024 were $2.63 per share compared to $3.27 per share last year.
Net sales decreased in fiscal year 2024 as compared to last year
because of the decrease in the number of retail homes sold and
manufactured. In addition, we are building and selling lower-priced homes
due to the higher interest rates on mortgages that we believe are
negatively impacting sales as compared to the prior years. There also
remain delays in the receipt of certain key production materials from
suppliers, back orders, price increases and labor shortages which
continue to cause delays in the completion of the homes at our
manufacturing facility and the set-up process of retail homes in the field.
Our inability to timely deliver and set up homes to customers has
negatively impacted sales and earnings. We expect these challenges will
continue into fiscal year 2025. The Company also continues to experience
inflation in several building products resulting in increases in our material
and labor costs which may increase the wholesale and retail selling prices
of our homes. We believe that potential customers have delayed or
deferred purchasing decisions when considering the interest rate
environment.
The current demand for affordable manufactured housing in
Florida and the U.S. has slowed due to the interest rate environment and
increased costs associated with mortgages. According to the Florida
Manufactured Housing Association, shipments for the industry in Florida
for the period from November 2023 through October 2024 declined by
approximately 3% from the same period last year.
Nobility   s financial position during fiscal year 2024 remained strong
with cash and cash equivalents, certificates of deposit and short-term
investments of $27.2 million and no outstanding debt. Working capital is
$43.0 million and our ratio of current assets to current liabilities is 5.3:1.
Stockholders    equity is $56.6 million and the book value per share of
common stock increased to $17.31.
Maintaining our strong financial position is vital for future growth
and success. 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.   
1

On June 5, 2024, the Company celebrated its 57th anniversary in
business specializing in the design and production of quality, affordable
manufactured homes. With multiple retail sales centers in Florida for over
34 years and an insurance agency subsidiary, we are the only vertically
integrated manufactured home company headquartered in Florida.
Our appreciation is extended to all employees for their dedication
and to our retail distribution network, customers and suppliers for their
support and loyalty. We sincerely thank our stockholders for their
continued investment confidence in Nobility and pledge our efforts to
maintain and guard that trust. With this confidence and support, we enter
the fiscal year 2025 with full awareness of the challenging opportunities
that lie ahead and with renewed enthusiasm and determination to achieve
the goals for higher sales and operating results that have been set for your
Company.
Terry E. Trexler
Chairman of the Board
and President
2
Thomas W. Trexler
Executive Vice President
and Chief Financial Officer



shareholder letter icon 2/7/2025 Letter Continued (Full PDF)
 

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