NOBH 8-K
Nobility Homes Inc (NOBH)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File No.) |
(IRS Employer Identification No.) |
| |
||
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number including area code:
Not applicable.
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| ITEM 2.02 | Results of Operations and Financial Condition |
On March 12, 2024, Nobility Homes, Inc. (the “Company”) issued a press release regarding sales and earnings for its first quarter ended February 3, 2024. The text of the press release is attached as Exhibit 99.1.
| ITEM 8.01 | Other Events |
On March 12, 2024, the Company announced a one-time cash dividend of $1.50 per common share for fiscal year 2023. The cash dividend is payable on April 8, 2024 to stockholders of record as of March 25, 2024.
| ITEM 9.01 | Financial Statements and Exhibits |
| (d) | Exhibits: |
| Exhibit 99.1 | Earnings release issued March 12, 2024 by Nobility Homes, Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NOBILITY HOMES, INC. | ||||||
| March 13, 2024 | By: | /s/ Lynn J. Cramer, Jr. | ||||
| Lynn J. Cramer, Jr., | ||||||
| Treasurer and Principal Accounting Officer | ||||||
Exhibit 99.1
NOBILITY HOMES, INC. ANNOUNCES SALES FOR ITS FIRST QUARTER 2024 AND A CASH DIVIDEND
Ocala, FL…March 12, 2024—Today Nobility Homes, Inc. (OTCQX: NOBH) announced sales for its first quarter ended February 3, 2024. Sales for the first quarter of 2024 were $14.8 million compared to $17.1 million in the first quarter of 2023.
Nobility’s financial position during the first quarter 2024 remains very strong with cash and cash equivalents, certificates of deposit and short-term investments of $27.4 million and no outstanding debt. Working capital is $41.6 million and our ratio of current assets to current liabilities is 5.2:1. Stockholders’ equity is $55.0 million and the book value per share of common stock increased to $16.85.
The Company is working with our newly appointed auditors to complete the fiscal year 2023 audit. After completion of the audit and the filing of the 10-K, the Company will release the first quarter 2024 financials.
The Board of Directors declared a one-time cash dividend of $1.50 per common share for the fiscal year 2023. The cash dividend is payable on April 8, 2024, to stockholders of record as of March 25, 2024. Nobility Homes has distributed one-time cash dividends for the last six fiscal years.
The Company has no defined dividend policy. The Board of Directors maintains the authority to declare distributions at their discretion. The Board performs a thorough and extensive evaluation of the Company’s balance sheet, cash flow, operating performance, and future earnings prospects when considering the declaration of any common dividend.
On June 5, 2023, the Company celebrated its 56th anniversary in business specializing in the design and production of quality, affordable manufactured and modular homes. With multiple retail sales centers in Florida for over 33 years and an insurance agency subsidiary, 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 121 OR [email protected] OR [email protected]
Certain statements in this report are unaudited or forward-looking statements within the meaning of the federal securities laws. Although Nobility believes that the amounts and 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, the potential adverse impact on our business caused by competitive pricing pressures at both the wholesale and retail levels, inflation, increasing material costs (including forest based products) or availability of materials due to supply chain interruptions (such as current inflation with forest products and supply issues with vinyl siding and PVC piping), changes in market demand, increase 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, impact of labor shortage, impact of materials shortage, increasing labor cost, cyclical nature of the manufactured housing industry, impact of rising 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, any armed conflict involving the United States and the impact of inflation.