Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15 (d)

of the Securities Exchange Act of 1934

For the quarterly period ended February 3, 2024

Commission File number 000-06506

NOBILITY HOMES, INC.

(Exact name of registrant as specified in its charter)


Florida		59-1166102
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

3741 S.W. 7th Street Ocala, Florida		34474
(Address of principal executive offices)		(Zip Code)

(352) 732-5157

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒; No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒; No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐; No ☒.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

    Title of Class

    Shares Outstanding on
February 3, 2024

    Common Stock

    3,268,829

NOBILITY HOMES, INC.

INDEX



		Page Number

PART I.	Financial Information

Item 1.	Financial Statements (Unaudited)

	Condensed Consolidated Balance Sheets as of February 3, 2024 (Unaudited) and November 4, 2023		3

	Condensed Consolidated Statements of Income for the three months ended February 3, 2024 (Unaudited) and February 4, 2023 (Unaudited)		4

	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended February 3, 2024 (Unaudited) and February 4, 2023 (Unaudited)		5

	Condensed Consolidated Statements of Cash Flows for the three months ended February 3, 2024 (Unaudited) and February 4, 2023 (Unaudited)		6

	Notes to Condensed Consolidated Financial Statements (Unaudited)		7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		10

Item 4.	Controls and Procedures		12

PART II.	Other Information		13

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		13

Item 5.	Other Information		13

Item 6.	Exhibits		13

Signatures			14

NOBILITY HOMES, INC.

Condensed Consolidated Balance Sheets


	February 3, 2024			November 4, 2023
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	15,142,033		$	13,879,358
Certificates of deposit		11,712,706			10,204,287
Short-term investments at fair value		578,698			527,899
Accounts receivable - trade		2,269,360			2,864,808
Mortgage notes receivable		4,480			4,391
Inventories		20,061,646			21,518,098
Prepaid expenses and other current assets		1,662,231			1,733,179
Total current assets		51,431,154			50,732,020
Property, plant and equipment, net		8,352,165			8,268,976
Mortgage notes receivable, less current portion		142,628			142,761
Other investments		374,484			1,953,199
Property held for resale		26,590			26,590
Deferred income taxes		90,274			90,274
Cash surrender value of life insurance		4,375,684			4,331,659
Other assets		156,287			156,287
Total assets	$	64,949,266		$	65,701,766
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	684,162		$	819,143
Accrued compensation		978,865			992,622
Accrued expenses and other current liabilities		1,774,322			1,809,335
Income taxes payable		771,353			661,261
Customer deposits		5,652,609			8,703,107
Total current liabilities		9,861,311			12,985,468
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; 3,268,829 and 3,269,075 shares outstanding, respectively		536,491			536,491
Additional paid in capital		11,001,701			10,964,985
Retained earnings		73,308,201			70,969,764
Less treasury stock at cost, 2,096,078 and 2,095,832 shares, respectively		(29,758,438	)		(29,754,942	)
Total stockholders’ equity		55,087,955			52,716,298
Total liabilities and stockholders’ equity	$	64,949,266		$	65,701,766

The accompanying notes are an integral part of these condensed consolidated financial statements.

NOBILITY HOMES, INC.

Condensed Consolidated Statements of Income

(Unaudited)


	Three Months Ended
	February 3, 2024			February 4, 2023
Net sales	$	14,767,998		$	17,164,753
Cost of sales		(10,033,652	)		(11,293,157	)
Gross profit		4,734,346			5,871,596
Selling, general and administrative expenses		(2,032,330	)		(2,035,477	)
Operating income		2,702,016			3,836,119
Other income:
Interest income		297,999			140,033
Undistributed earnings in joint venture - Majestic 21		22,174			22,826
Increase (decrease) in fair value of short term investments		50,799			(17,942	)
Miscellaneous		50,541			7,772
Total other income		421,513			152,689
Income before provision for income taxes		3,123,529			3,988,808
Income tax expense		(785,092	)		(931,841	)
Net income	$	2,338,437		$	3,056,967
Weighted average number of shares outstanding:
Basic		3,268,829			3,370,912
Diluted		3,277,565			3,371,418
Net income per share:
Basic	$	0.72		$	0.91
Diluted	$	0.71		$	0.91

The accompanying notes are an integral part of these condensed consolidated financial statements.

NOBILITY HOMES, INC.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the three months ended February 3, 2024 and February 4, 2023

(Unaudited)


	Common Stock Shares			Common Stock		Additional Paid-in-Capital		Retained Earnings		Treasury Stock			Total
Balance at November 4, 2023		3,269,075		$	536,491	$	10,964,985	$	70,969,764	$	(29,754,942	)	$	52,716,298
Stock-based compensation		(236	)		—		36,716		—		(3,496	)		33,220
Net income		—			—		—		2,338,437		—			2,338,437
Balance at February 3, 2024		3,268,839		$	536,491	$	11,001,701	$	73,308,201	$	(29,758,438	)	$	55,087,955


	Common Stock Shares		Common Stock		Additional Paid-in-Capital		Retained Earnings		Treasury Stock			Total
Balance at November 5, 2022		3,370,912	$	536,491	$	10,849,687	$	63,441,812	$	(26,904,457	)	$	47,923,533
Stock-based compensation		—		—		34,989		—		—			34,989
Net income		—		—		—		3,056,967		—			3,056,967
Balance at February 4, 2023		3,370,912	$	536,491	$	10,884,676	$	66,498,779	$	(26,904,457	)	$	51,015,489

The accompanying notes are an integral part of these condensed consolidated financial statements.

NOBILITY HOMES, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended
	February 3, 2024			February 4, 2023
Cash flows from operating activities:
Net income	$	2,338,437		$	3,056,967
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		39,255			39,279
Undistributed earnings in joint venture - Majestic 21		(22,174	)		(22,826	)
Return on investment in joint venture-Majestic 21		1,600,889			—
Increase (decrease) in fair market value of equity investments		(50,799	)		17,942
Stock-based compensation		33,220			34,989
Decrease (increase) in:
Accounts receivable - trade		595,448			(634,707	)
Inventories		1,456,452			138,432
Prepaid expenses and other current assets		70,948			246,908
Interest receivable		(137,759	)		(33,723	)
(Decrease) increase in:
Accounts payable		(134,981	)		(320,294	)
Accrued compensation		(13,757	)		(77,759	)
Accrued expenses and other current liabilities		(35,013	)		131,028
Income taxes payable		110,092			931,841
Customer deposits		(3,050,498	)		(131,498	)
Net cash provided by operating activities		2,799,760			3,376,579
Cash flows from investing activities:
Purchase of property, plant and equipment		(122,444	)		(226,549	)
Purchase of certificates of deposit		(2,882,000	)		(1,916,000	)
Proceeds from certificates of deposit		1,434,000			—
Collections on interest receivable		77,339			—
Collections on mortgage notes receivable		45			188
Collections on equipment and other notes receivable		—			5,701
Increase in cash surrender value of life insurance		(44,025	)		(44,025	)
Net cash used in investing activities		(1,537,085	)		(2,180,685	)
Increase in cash and cash equivalents		1,262,675			1,195,894
Cash and cash equivalents at beginning of period		13,879,358			16,653,449
Cash and cash equivalents at end of period	$	15,142,033		$	17,849,343
Supplemental disclosure of cash flows information:
Income taxes paid	$	675,000		$	—

The accompanying notes are an integral part of these condensed consolidated financial statements.

Nobility Homes, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1 Basis of Presentation and Accounting Policies

The accompanying unaudited condensed consolidated financial statements for the three months ended February 3, 2024 and February 4, 2023 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.

Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

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 February 3, 2024, 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 for the fiscal year ended November 4, 2023.

Note 2 Recently Issued Accounting Standards

In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016 - 13, "Financial Instruments - Credit Losses," which introduced new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. This standard was effective for the Company as of November 5, 2023. There was no impact on our financial statements at adoption.

Note 3 Inventories

New home inventory is carried at a 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 the 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.

Other pre-owned homes are acquired (Repossessions Inventory) as a convenience to the Company’s joint venture partner, 21st Mortgage Corporation. This inventory has been repossessed by 21st Mortgage Corporation. The Company acquired this inventory at the amount of the uncollected balance of the financing at the time of the repossessions by 21st Mortgage Corporation. The Company records this inventory at a cost determined by the specific identification method. All of the refurbishment costs are paid by 21st Mortgage Corporation. This arrangement assists 21st Mortgage Corporation with liquidation of their repossessed inventory. The timing of these repurchases by the Company is unpredictable as it is based on the repossessions 21st Mortgage Corporation incurs in the portfolio. When the home is sold, the Company retains the cost of the home, an interest factor on the cost of the home and a sales commission, from the sales proceeds. Any additional proceeds are paid to 21st Mortgage. Any shortfall from the proceeds to cover these amounts is paid by 21st Mortgage to the Company. As the Company has no risk of loss on the sale, there is no valuation allowance necessary for repossessions of inventory.

Inventory held at consignment locations by affiliated entities is included in the Company’s inventory on the Company’s condensed consolidated balance sheets.

Pre-owned homes are also taken as trade-ins on new home sales (Trade-in Inventory). This inventory is recorded at estimated actual wholesale value, which is generally lower than market value, determined on the specific identification method, plus refurbishment costs incurred to date to bring the inventory to a more saleable state. The Trade-in Inventory amount is reduced where necessary on a unit specific basis by a valuation reserve, which management believes results in inventory being valued at net realizable value.

Other inventory costs are determined on a first-in, first-out basis.

A breakdown of the elements of inventory at February 3, 2024 and November 4, 2023 is as follows:


	February 3,		November 4,
	2024		2023
	(unaudited)
Raw materials	$	1,298,864	$	1,203,672
Work-in-process		129,197		146,969
Finished homes - Nobility		9,915,856		10,144,045
Finished homes - Other		7,563,796		8,817,086
Pre-owned homes		873,113		947,457
Model home furniture		280,820		258,869
Inventories	$	20,061,646	$	21,518,098

Note 4 Short-term Investments

The following is a summary of short-term investments (available for sale):


	February 3, 2024
	(unaudited)
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	410,768	$	—	$	578,698


	November 4, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	359,969	$	—	$	527,899

The fair values were estimated based on quoted market prices in active markets at each respective period end.

Note 5 Fair Value of Financial Instruments

The carrying amount of cash and cash equivalents, accounts and notes receivable, accounts payable, customer deposits and accrued expenses approximate 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 observable 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.


	February 3, 2024
	(unaudited)
	Level 1		Level 2		Level 3
Equity securities in a public company	$	578,698	$	—	$	—


	November 4, 2023
	Level 1		Level 2		Level 3
Equity securities in a public company	$	527,899	$	—	$	—

Note 6 Net Income per Share

These condensed consolidated 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, which are the result of outstanding stock options.

Note 7 Revenues by Products and Service

The Company operates in one business segment, which is manufactured housing and ancillary services.

Revenues by net sales from manufactured housing homes and insurance agent commissions are as follows:


	(unaudited)
	Three Months Ended
	February 3,		February 4,
	2024		2023
Manufactured housing
Homes sold through Company owned sales centers	$	12,633,133	$	15,279,220
Homes sold to independent dealers and through manufactured home parks, net		2,057,582		1,809,925
		14,690,715		17,089,145
Insurance agent commissions		77,283		75,608
Total net sales	$	14,767,998	$	17,164,753

Note 8 Subsequent Event

The Company paid a cash dividend of $1.50 per common share in April 2024 to stockholders of record as of March 25, 2024 in the aggregate amount of approximately $4.9 million.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

Total net sales in the first quarter of 2024 were $14,767,998 compared to $17,164,753 in the first quarter of 2023. The Company reported net income of $2,338,437 in the first quarter of 2024, compared to net income of $3,056,967 in the first quarter 2023. Net sales decreased in the first quarter of 2024 as compared to last year primarily because of the higher interest rates on mortgages, plus we continue to experience limitations on certain key production materials from suppliers. Delay of key components from vendors as well as back orders, price increases and labor shortages also negatively affected sales and earnings. These issues continue to cause delays in the completion of the homes at the Company's manufacturing facility and the set-up process of retail homes in the field, resulting in decreased net sales due to our inability to timely deliver and set up homes to customers. We expect that these challenges will continue throughout 2024. The Company also continues to experience inflation in some building products resulting in increases to our material and labor costs which may increase the wholesale and retail selling prices of our homes. Additionally, 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. is slowing because of 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 February 2024 declined by approximately 15% from the same period last year.

The following table summarizes certain key sales statistics and percentage of gross profit.


	(unaudited)
	Three Months Ended
	February 3,			February 4,
	2024			2023
New homes sold through Company owned sales centers		80			105
Pre-owned homes sold through Company owned sales centers		3			2
Homes sold to independent dealers		44			36
Total new factory built homes produced		99			117
Average new manufactured home price - retail	$	154,513		$	144,178
Average new manufactured home price - wholesale	$	68,064		$	75,350
As a percent of net sales:
Gross profit from the Company owned retail sales centers		23	%		23	%
Gross profit from the manufacturing facilities -including intercompany sales		25	%		26	%

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.

On June 5, 2024, the Company will celebrate 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.

Insurance agent commission revenues in the first quarter of 2024 were $77,283 compared to $75,608 in the first quarter of 2023. Revenues are generated by new and renewal policies being written which affects agent commission earned. The Company establishes appropriate reserves for policy cancellations based on numerous factors, including past transaction history with customers, historical experience and other information, which is periodically evaluated and adjusted as deemed necessary. In the opinion of management, no reserve was deemed necessary for policy cancellations at February 3, 2024 and November 4, 2023.

Gross profit as a percentage of net sales was 32% in the first quarter of 2024 compared to 34% for the first quarter of 2023. The gross profit in the first quarter of 2024 was $4,734,346 compared to $5,871,596 in the first quarter of 2023. The gross profit is dependent on the sales mix of wholesale and retail homes and number of pre-owned homes sold. The decrease in gross profit as a percentage of net sales is primarily due to the higher inflation costs of building products and labor cost on each home and the decrease in the number of homes manufactured and sold at our retail sales centers for the quarter.

Selling, general and administrative expenses as a percent of net sales was 14% in the first quarter of 2024 compared to 12% for the first quarter 2023. Selling, general and administrative expenses in the first quarter of 2024 was $2,032,330 compared to $2,035,477 in the first quarter of 2023.

We earned interest income of $297,999 for the first quarter of 2024 compared to $140,033 for the first quarter of 2023. The increase in interest income for the three months of 2024 is primarily due to the higher interest rates and an increase in the monies invested.

Our earnings from Majestic 21 in the first quarter of 2024 were $22,174 compared to $22,826, for the first quarter of 2023. The earnings from Majestic 21 represent the allocation of profit and losses which are owned 50% by 21st Mortgage Corporation and 50% by the Company. The Company received approximately $1.6 million in first quarter of 2024, representing our 50% of the excess capital in the portfolio. The earnings from the Majestic 21 loan portfolio vary quarter to quarter, but overall, the earnings will decrease due to the amortization, maturity and payoff of the loans.

We received no distributions from 21st Mortgage Corporation in either of the first quarters of 2024 or 2023. The distributions are from an escrow arrangement related to a Finance Revenue Sharing Agreement (FRSA) between 21st Mortgage Corporation and the Company. The distributions from the escrow arrangement, relating to certain loans financed by 21st Mortgage Corporation, are recorded as income by the Company when received. The earnings from the FRSA loan portfolio will vary quarter to quarter, but will continue to decrease due to the amortization and payoff of the loans.

The Company realized pre-tax income in the first quarter of 2024 of $3,123,529 as compared to $3,988,808 in the first quarter of 2023.

The Company recorded an income tax expense in the amount of $785,092 in the first quarter of 2024 as compared to $931,841 in first quarter 2023.

We reported net income of $2,338,437 for the first quarter of 2024 or $0.72 per share ($0.71 diluted), compared to $3,056,967 or $0.91 per share, for the first quarter of 2023.

Liquidity and Capital Resources

Cash and cash equivalents were $15,142,033 at February 3, 2024 compared to $13,879,358 at November 4, 2023. Certificates of deposit were $11,712,706 at February 3, 2024 compared to $10,204,287 at November 4, 2023. Short-term investments were $578,698 at February 3, 2024 compared to $527,899 at November 4, 2023. Working capital was $41,569,843 at February 3, 2024 as compared to $37,871,552 at November 4, 2023. The Company received approximately $1.6 million in first quarter of 2024, from 21st Mortgage Corporation, representing our 50% of the excess capital in the portfolio. Prestige new home inventory was $17,459,652 at February 3, 2024 compared to $18,961,131 at November 4, 2023. Prestige has sixty (60) ($4.7 million) new homes that are included in inventory and are in the field waiting to be completed and closed. We own the entire inventory for our Prestige retail sales centers, which includes new and pre-owned homes, and do not incur any third-party floor plan financing expenses.

The Company currently has no line of credit facility and no debt and does not believe that such a facility is currently necessary to its operations. The Company also has approximately $4.4 million of cash surrender value of life insurance which can be accessed as an additional source of liquidity though the Company has not currently viewed this to be necessary. As of February 3, 2024, the Company continued to report a strong balance sheet which included total assets of approximately $65 million which was funded primarily by stockholders’ equity of approximately $55 million.

Critical Accounting Policies and Estimates

In Item 7 of our Form 10-K, under the heading “Critical Accounting Policies and Estimates,” we have provided a discussion of the critical accounting policies and estimates that management believes affect its more significant judgments and estimates used in the preparation of our Consolidated Financial Statements. No significant changes have occurred since that time.

Forward-Looking Statements

Certain statements in this report are 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 attacks, or other events such as a pandemic, any armed conflict involving the United States and the impact of inflation.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) have evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report (the “Evaluation Date”). Based on their evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of February 3, 2024.

Changes in Internal Control over Financial Reporting.

There were no changes in our internal controls over financial reporting that occurred during the first quarter of fiscal 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

Part II. OTHER INFORMATION AND SIGNATURES

There were no reportable events for Item 1, 3 and 4.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The Company did not purchased any shares of its common stock during the first quarter ended February 3, 2024.

In December 2023, the Company’s Board of Directors authorized the Company to repurchase up to 200,000 shares of the Company’s common stock during fiscal year 2024 on the open market.

Item 5. Other Information

During the three months ended February 3, 2024, no director or Section 16 officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in item 408(a) of Regulation S-K.

Item 6. Exhibits



31.	(a)	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934

	(b)	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934

32.	(a)	Written Statement of Chief Executive Officer Pursuant to 18 U.S.C. §1350

	(b)	Written Statement of Chief Financial Officer Pursuant to 18 U.S.C. §1350

101.		Interactive data filing formatted in XBRL

104.		Cover Page Interactive Date File (formatted as inline XBRL and contained in Exhibit 101.

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, thereunto duly authorized.



	NOBILITY HOMES, INC.

DATE: June 6, 2024	By:	/s/ Terry E. Trexler
		Terry E. Trexler, Chairman,
		President and Chief Executive Officer

DATE: June 6, 2024	By:	/s/ Thomas W. Trexler
		Thomas W. Trexler, Executive Vice President,
		and Chief Financial Officer

DATE: June 6, 2024	By:	/s/ Lynn J. Cramer, Jr.
		Lynn J. Cramer, Jr., Treasurer
		and Principal Accounting Officer

Exhibit 31(a)

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a)

or 15d-14(a) under the Securities Exchange Act of 1934

I, Terry E. Trexler, certify that:


1.	I have reviewed this Quarterly Report on Form 10-Q of Nobility Homes, Inc.;


2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):


	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and


	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Exhibit 31(b)

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a)

or 15d-14(a) under the Securities Exchange Act of 1934

I, Thomas W. Trexler, certify that:


1.	I have reviewed this Quarterly Report on Form 10-Q of Nobility Homes, Inc;


2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):


	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and


	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Exhibit 32(a)

Written Statement of the Chief Executive Officer

Pursuant to 18 U.S.C. §1350

Solely for the purposes of complying with 18 U.S.C. Section 1350, I, the undersigned Chairman and Chief Executive Officer of Nobility Homes, Inc. (the “Company”), hereby certify that:


	1.	The Quarterly Report on Form 10-Q of the Company for the quarter ended February 3, 2024 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and


	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Exhibit 32(b)

Written Statement of the Chief Financial Officer

Pursuant to 18 U.S.C. §1350

Solely for the purposes of complying with 18 U.S.C. Section 1350, I, the undersigned Executive Vice President and Chief Financial Officer of Nobility Homes, Inc. (the “Company”), hereby certify that:


	1.	The Quarterly Report on Form 10-Q of the Company for the quarter ended February 3, 2024 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and


	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Cover Page	3 Months Ended
Cover Page	Feb. 03, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Transition Report	false
Document Quarterly Report	true
Amendment Flag	false
Document Period End Date	Feb. 03, 2024
Entity Registrant Name	NOBILITY HOMES, INC.
Entity Central Index Key	0000072205
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	NOBH
Current Fiscal Year End Date	--11-05
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	3,268,829
Securities Act 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
Entity Tax Identification Number	59-1166102

Condensed Consolidated Balance Sheets - USD ($)	Feb. 03, 2024	Nov. 04, 2023
Current assets:
Cash and cash equivalents	$ 15,142,033	$ 13,879,358
Certificates of deposit	11,712,706	10,204,287
Short-term investments at fair value	578,698	527,899
Accounts receivable - trade	2,269,360	2,864,808
Mortgage notes receivable	4,480	4,391
Inventories	20,061,646	21,518,098
Prepaid expenses and other current assets	1,662,231	1,733,179
Total current assets	51,431,154	50,732,020
Property, plant and equipment, net	8,352,165	8,268,976
Mortgage notes receivable, less current portion	142,628	142,761
Other investments	374,484	1,953,199
Property held for resale	26,590	26,590
Deferred income taxes	90,274	90,274
Cash surrender value of life insurance	4,375,684	4,331,659
Other assets	156,287	156,287
Total assets	64,949,266	65,701,766
Current liabilities:
Accounts payable	684,162	819,143
Accrued compensation	978,865	992,622
Accrued expenses and other current liabilities	1,774,322	1,809,335
Income taxes payable	771,353	661,261
Customer deposits	5,652,609	8,703,107
Total current liabilities	9,861,311	12,985,468
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.10 par value, 500,000 shares authorized; none issued and outstanding	0	0
Common stock, $.10 par value, 10,000,000 shares authorized; 5,364,907 shares issued; 3,269,829 and 3,269,075 shares outstanding, respectively	536,491	536,491
Additional paid in capital	11,001,701	10,964,985
Retained earnings	73,308,201	70,969,764
Less treasury stock at cost, 2,096,078 and 2,095,832 shares, respectively	(29,758,438)	(29,754,942)
Total stockholders' equity	55,087,955	52,716,298
Total liabilities and stockholders' equity	$ 64,949,266	$ 65,701,766

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 03, 2024	Nov. 04, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.1	$ 0.1
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.1	$ 0.1
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	5,364,907	5,364,907
Common Stock, shares outstanding	3,268,829	3,269,075
Treasury Stock, Shares	2,096,078	2,095,832

Condensed Consolidated Statements of Income - USD ($)	3 Months Ended
Condensed Consolidated Statements of Income - USD ($)	Feb. 03, 2024	Feb. 04, 2023
Income Statement [Abstract]
Net sales	$ 14,767,998	$ 17,164,753
Cost of sales	(10,033,652)	(11,293,157)
Gross profit	4,734,346	5,871,596
Selling, general and administrative expenses	(2,032,330)	(2,035,477)
Operating income	2,702,016	3,836,119
Other income:
Interest income	297,999	140,033
Undistributed earnings in joint venture - Majestic 21	22,174	22,826
Increase (decrease) in fair value of short term investments	50,799	(17,942)
Miscellaneous	50,541	7,772
Total other income	421,513	152,689
Income before provision for income taxes	3,123,529	3,988,808
Income tax expense	(785,092)	(931,841)
Net income	$ 2,338,437	$ 3,056,967
Net income per share:
Basic	3,268,829	3,370,912
Diluted	3,277,565	3,371,418
Basic	$ 0.72	$ 0.91
Diluted	$ 0.71	$ 0.91

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]
Balance at Nov. 05, 2022	$ 47,923,533	$ 536,491	$ 10,849,687	$ 63,441,812	$ (26,904,457)
Balance, shares at Nov. 05, 2022		3,370,912
Stock-based compensation	34,989		34,989
Net Income (Loss)	3,056,967			3,056,967
Balance at Feb. 04, 2023	51,015,489	$ 536,491	10,884,676	66,498,779	(26,904,457)
Balance, shares at Feb. 04, 2023		3,370,912
Balance at Nov. 04, 2023	52,716,298	$ 536,491	10,964,985	70,969,764	(29,754,942)
Balance, shares at Nov. 04, 2023		3,269,075
Stock-based compensation	33,220		36,716		(3,496)
Stock-based compensation, shares		(236)
Net Income (Loss)	2,338,437			2,338,437
Balance at Feb. 03, 2024	$ 55,087,955	$ 536,491	$ 11,001,701	$ 73,308,201	$ (29,758,438)
Balance, shares at Feb. 03, 2024		3,268,839

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Feb. 03, 2024	Feb. 04, 2023
Cash flows from operating activities:
Net income	$ 2,338,437	$ 3,056,967
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	39,255	39,279
Undistributed earnings in joint venture - Majestic 21	(22,174)	(22,826)
Return on investment in joint venture-Majestic 21	1,600,889	0
Increase (decrease) in fair market value of equity investments	(50,799)	17,942
Stock-based compensation	33,220	34,989
Decrease (increase) in:
Accounts receivable - trade	595,448	(634,707)
Inventories	1,456,452	138,432
Prepaid expenses and other current assets	70,948	246,908
Interest receivable	(137,759)	(33,723)
(Decrease) increase in:
Accounts payable	(134,981)	(320,294)
Accrued compensation	(13,757)	(77,759)
Accrued expenses and other current liabilities	(35,013)	131,028
Income taxes payable	110,092	931,841
Customer deposits	(3,050,498)	(131,498)
Net cash provided by operating activities	2,799,760	3,376,579
Cash flows from investing activities:
Purchase of property, plant and equipment	(122,444)	(226,549)
Purchase certificates of deposit	(2,882,000)	(1,916,000)
Proceeds from certificates of deposit	1,434,000	0
Collections on interest receivable	77,339	0
Collections on mortgage notes receivable	45	188
Collections on equipment and other notes receivable	0	5,701
Increase in cash surrender value of life insurance	(44,025)	(44,025)
Net cash used in investing activities	(1,537,085)	(2,180,685)
Cash flows from financing activities:
Increase in cash and cash equivalents	1,262,675	1,195,894
Cash and cash equivalents at beginning of period	13,879,358	16,653,449
Cash and cash equivalents at end of period	15,142,033	17,849,343
Supplemental financing activity:
Income taxes paid	$ 675,000	$ 0

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Feb. 03, 2024	Feb. 04, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,338,437	$ 3,056,967

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Feb. 03, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Accounting Policies

3 Months Ended

Feb. 03, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Accounting Policies

Note 1 Basis of Presentation and Accounting Policies

Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

Recently Issued Accounting Standards

3 Months Ended

Feb. 03, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recently Issued Accounting Standards

Note 2 Recently Issued Accounting Standards

Inventories

3 Months Ended

Feb. 03, 2024

Inventory Disclosure [Abstract]

Inventories

Note 3 Inventories

Inventory held at consignment locations by affiliated entities is included in the Company’s inventory on the Company’s condensed consolidated balance sheets.

Other inventory costs are determined on a first-in, first-out basis.

A breakdown of the elements of inventory at February 3, 2024 and November 4, 2023 is as follows:


	February 3,		November 4,
	2024		2023
	(unaudited)
Raw materials	$	1,298,864	$	1,203,672
Work-in-process		129,197		146,969
Finished homes - Nobility		9,915,856		10,144,045
Finished homes - Other		7,563,796		8,817,086
Pre-owned homes		873,113		947,457
Model home furniture		280,820		258,869
Inventories	$	20,061,646	$	21,518,098

Short-term Investments

3 Months Ended

Feb. 03, 2024

Investments, Debt and Equity Securities [Abstract]

Short-term Investments

Note 4 Short-term Investments

The following is a summary of short-term investments (available for sale):


	February 3, 2024
	(unaudited)
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	410,768	$	—	$	578,698


	November 4, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	359,969	$	—	$	527,899

The fair values were estimated based on quoted market prices in active markets at each respective period end.

Fair Value of Financial Instruments

3 Months Ended

Feb. 03, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 5 Fair Value of Financial 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).

•

Level 1 - Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

•

The following tables represent the Company’s financial assets and liabilities which are carried at fair value.


	February 3, 2024
	(unaudited)
	Level 1		Level 2		Level 3
Equity securities in a public company	$	578,698	$	—	$	—


	November 4, 2023
	Level 1		Level 2		Level 3
Equity securities in a public company	$	527,899	$	—	$	—

Net Income per Share

3 Months Ended

Feb. 03, 2024

Earnings Per Share [Abstract]

Net Income per Share

Note 6 Net Income per Share

Revenues by Products and Service

3 Months Ended

Feb. 03, 2024

Segment Reporting [Abstract]

Revenues by Products and Service

Note 7 Revenues by Products and Service

The Company operates in one business segment, which is manufactured housing and ancillary services.

Revenues by net sales from manufactured housing homes and insurance agent commissions are as follows:


	(unaudited)
	Three Months Ended
	February 3,		February 4,
	2024		2023
Manufactured housing
Homes sold through Company owned sales centers	$	12,633,133	$	15,279,220
Homes sold to independent dealers and through manufactured home parks, net		2,057,582		1,809,925
		14,690,715		17,089,145
Insurance agent commissions		77,283		75,608
Total net sales	$	14,767,998	$	17,164,753

Subsequent Event

3 Months Ended

Feb. 03, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 8 Subsequent Event

The Company paid a cash dividend of $1.50 per common share in April 2024 to stockholders of record as of March 25, 2024 in the aggregate amount of approximately $4.9 million.

Inventories (Tables)

3 Months Ended

Feb. 03, 2024

Inventory Disclosure [Abstract]

Summary of Breakdown of Elements of Inventory

A breakdown of the elements of inventory at February 3, 2024 and November 4, 2023 is as follows:


	February 3,		November 4,
	2024		2023
	(unaudited)
Raw materials	$	1,298,864	$	1,203,672
Work-in-process		129,197		146,969
Finished homes - Nobility		9,915,856		10,144,045
Finished homes - Other		7,563,796		8,817,086
Pre-owned homes		873,113		947,457
Model home furniture		280,820		258,869
Inventories	$	20,061,646	$	21,518,098

Short-term Investments (Tables)

3 Months Ended

Feb. 03, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Short-term Investments

The following is a summary of short-term investments (available for sale):


	February 3, 2024
	(unaudited)
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	410,768	$	—	$	578,698


	November 4, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity securities in a public company	$	167,930	$	359,969	$	—	$	527,899

Fair Value of Financial Instruments (Tables)

3 Months Ended

Feb. 03, 2024

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.


	February 3, 2024
	(unaudited)
	Level 1		Level 2		Level 3
Equity securities in a public company	$	578,698	$	—	$	—


	November 4, 2023
	Level 1		Level 2		Level 3
Equity securities in a public company	$	527,899	$	—	$	—

Revenues by Products and Service (Tables)

3 Months Ended

Feb. 03, 2024

Segment Reporting [Abstract]

Revenues by Net Sales

Revenues by net sales from manufactured housing homes and insurance agent commissions are as follows:


	(unaudited)
	Three Months Ended
	February 3,		February 4,
	2024		2023
Manufactured housing
Homes sold through Company owned sales centers	$	12,633,133	$	15,279,220
Homes sold to independent dealers and through manufactured home parks, net		2,057,582		1,809,925
		14,690,715		17,089,145
Insurance agent commissions		77,283		75,608
Total net sales	$	14,767,998	$	17,164,753

Inventories - Summary of Breakdown of Elements of Inventory (Detail) - USD ($)	Feb. 03, 2024	Nov. 04, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 1,298,864	$ 1,203,672
Work-in-process	129,197	146,969
Finished homes – Nobility	9,915,856	10,144,045
Finished homes – Other	7,563,796	8,817,086
Pre-owned homes	873,113	947,457
Model home furniture	280,820	258,869
Inventories	$ 20,061,646	$ 21,518,098

Short-term Investments - Summary of Short-term Investments (Detail) - USD ($)	Feb. 03, 2024	Nov. 04, 2023
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities, Amortized Cost	$ 167,930	$ 167,930
Available-for-sale Securities, Gross Unrealized Gains	410,768	359,969
Available-for-sale Securities, Gross Unrealized Losses	0	0
Short-term investments	$ 578,698	$ 527,899

Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)	Feb. 03, 2024	Nov. 04, 2023
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Equity securities in a public company	$ 578,698	$ 527,899
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Equity securities in a public company	578,698	527,899
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Equity securities in a public company	0	0
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Equity securities in a public company	$ 0	$ 0

Revenues by Products and Service - Revenues by Net Sales (Detail) - USD ($)	3 Months Ended
	Feb. 03, 2024	Feb. 04, 2023
Sales Information [Line Items]
Total net sales	$ 14,767,998	$ 17,164,753
Manufactured Housing [Member]
Sales Information [Line Items]
Total net sales	14,690,715	17,089,145
Manufactured Housing [Member] \| Homes sold through Company owned sales centers [Member]
Sales Information [Line Items]
Total net sales	12,633,133	15,279,220
Manufactured Housing [Member] \| Homes sold to independent dealers and through manufactured home parks, net [Member]
Sales Information [Line Items]
Total net sales	2,057,582	1,809,925
Insurance Agent Commissions [Member]
Sales Information [Line Items]
Total net sales	$ 77,283	$ 75,608