Nobility Homes, Inc. Announces Record Sales for Its Fiscal Year 2023
- None.
- The company's Annual Report on Form 10-K will be delayed due to ongoing financial audit procedures.
- Supply chain challenges and inflation in building products have impacted sales and increased material and labor costs. The company expects these challenges to continue throughout fiscal 2024 and beyond.
- The current demand for affordable manufactured housing in Florida and the U.S. is slowing, potentially due to the interest rate environment.
OCALA, FL / ACCESSWIRE / February 2, 2024 / Today Nobility Homes, Inc. (OTCQX:NOBH) announced record sales for its fiscal year ended November 4, 2023. Sales for fiscal year 2023 increased
Nobility's financial position during fiscal year 2023 remained very strong with cash and cash equivalents, certificates of deposit and short-term investments of
Terry Trexler, President, stated, "The primary reason that sales increased in fiscal 2023 over fiscal 2022 was due to the severe supply chain challenges experienced during the first nine months of fiscal 2022 that negatively impacted our ability to complete and deliver homes to customers. During fiscal year 2023, the supply chain challenges eased compared to the prior year and we were able to complete and deliver more retail customers' homes, which included us selling sixty-four new homes during fiscal year 2023 purchased for
The current demand for affordable manufactured housing in Florida and the U.S. is slowing, which we believe is because of the interest rate environment. According to the Florida Manufactured Housing Association, shipments for the industry in Florida for the period from November 2022 through October 2023 declined by approximately
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, 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 TERRY@NOBILITYHOMES.COM OR TOM@NOBILITYHOMES.COM
All sales numbers for the fourth quarter and fiscal year ended November 4, 2023, in this report are unaudited and subject to change because of the completion of Nobility's audit. In addition, certain statements in this report constitute 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.
SOURCE: Nobility Homes, Inc.
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