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 July 31, 2004
Commission File number 0-6506
NOBILITY HOMES, INC.
(Exact name of registrant as specified in its charter)
Florida 59-1166102
(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification No.)
organization)
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)
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 X ; No ___.
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes __; No X .
The number of shares of the registrant's common stock, par value $0.10,
outstanding as of September 14, 2004 was 4,018,811.
NOBILITY HOMES, INC.
INDEX
Page
Number
PART I.
Financial Information
Item 1.
Financial Statements (Unaudited)
Consolidated Balance Sheets as of July 31, 2004 and
November 1, 2003 3
Consolidated Statements of Income and Comprehensive
Income for the three and nine months ended July 31, 2004
and August 2, 2003 4
Consolidated Statements of Cash Flows for the three and
nine months ended July 31, 2004 and August 2, 2003 5
6
Notes to Consolidated Financial Statements
Item 2.
Management's Discussion and Analysis of Financial
Condition and Results of Operations 10
Item 3.
Quantitative and Qualitative Disclosures About Market
Risk 12
Item 4.
Controls and Procedures 12
PART II. Other Information
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 13
2
NOBILITY HOMES, INC.
CONSOLIDATED BALANCE SHEETS
July 31, November 1,
2004 2003
----------------- ------------------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 8,111,110 $ 10,641,748
Short-term investments 886,225 342,550
Accounts receivable - trade 1,992,511 2,096,128
Inventories 7,854,469 6,557,659
Deferred income taxes 472,394 485,716
Prepaid expenses and other current assets 478,080 501,014
------------- -------------
Total current assets 19,794,789 20,624,815
Property, plant and equipment, net 3,339,858 3,136,506
Long-term investments 8,361,641 5,249,825
Investment in joint venture - Majestic 21 1,465,709 1,203,804
Deferred income taxes - noncurrent 15,050 15,050
Other assets 1,966,382 2,474,905
------------- -------------
Total assets $ 34,943,429 $ 32,704,905
============= =============
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 919,425 $ 1,484,997
Accrued expenses and other current liabilities 342,082 757,498
Accrued compensation 643,540 524,784
Income taxes payable 343,675 890,675
Customer deposits 2,978,243 2,230,633
------------- -------------
Total current liabilities 5,226,965 5,888,587
------------- -------------
Commitments and contingent liabilities
Stockholders' equity:
Preferred stock, $.10 par value, 500,000
shares authorized, none issued - -
Common stock, $.10 par value, 10,000,000
shares authorized; 5,364,907 shares issued 536,491 536,491
Additional paid in capital 8,651,385 8,613,640
Retained earnings 28,256,638 25,500,362
Accumulated other comprehensive income 66,602 35,516
Less treasury stock at cost, 1,346,096 and
1,354,663 shares, respectively, in 2004 and 2003 (7,794,652) (7,869,691)
------------- -------------
Total stockholders' equity 29,716,464 26,816,318
------------- -------------
Total liabilities and stockholders' equity $ 34,943,429 $ 32,704,905
============= =============
The accompanying notes are an integral part of these financial statements
3
NOBILITY HOMES, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
July 31, August 2, July 31, August 2,
2004 2003 2004 2003
------------------ ----------------- ------------------ ------------------
Net sales $ 12,280,293 $ 9,441,504 $ 35,538,767 $ 26,278,681
Net sales - related parties 30,585 23,675 82,952 23,675
------------- ------------ ------------- --------------
Total net sales 12,310,878 9,465,179 35,621,719 26,302,356
Cost of goods sold (9,070,731) (7,167,499) (26,461,090) (19,553,721)
------------- ------------ ------------- --------------
Gross profit 3,240,147 2,297,680 9,160,629 6,748,635
Selling, general and administrative expenses (1,569,987) (1,489,516) (4,884,624) (4,206,113)
------------- ------------ ------------- --------------
Operating income 1,670,160 808,164 4,276,005 2,542,522
------------- ------------ ------------- --------------
Other income:
Interest income 83,491 49,276 249,922 132,811
Undistributed earnings in joint venture -
Majestic 21 90,640 48,160 261,705 158,723
Receipt of stock in connection with
demutualization of insurance company - - - 167,551
Miscellaneous income 39,847 52,130 72,744 69,485
------------- ------------ ------------- --------------
213,978 149,566 584,371 528,570
------------- ------------ ------------- --------------
Income before provision for income taxes 1,884,138 957,730 4,860,376 3,071,092
Provision for income taxes (664,000) (324,000) (1,703,000) (992,000)
------------- ------------ ------------- --------------
Net income 1,220,138 633,730 3,157,376 2,079,092
Other comprehensive income, net of tax
Unrealized investment gain 10,283 11,461 31,086 23,941
------------- ------------ ------------- --------------
Comprehensive income $ 1,230,421 $ 645,191 $ 3,188,462 $ 2,103,033
============= ============ ============= ==============
Average shares outstanding
Basic 4,018,646 3,987,513 4,014,423 3,999,311
Diluted 4,137,460 4,015,417 4,108,026 4,020,333
Earnings per share
Basic $ 0.30 $ 0.16 $ 0.79 $ 0.52
Diluted $ 0.30 $ 0.16 $ 0.77 $ 0.52
Divdends per commom share $ - $ - $ 0.10 $ -
The accompanying notes are an integral part of these financial statements
4
NOBILITY HOMES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
-----------------
July 31, August 2,
2004 2003
----------------- ---------------------
Cash flows from operating activities:
Net income $ 3,157,376 $ 2,079,092
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 173,287 148,518
Deferred income taxes - 50,379
Undistributed earnings in joint venture - Majestic 21 (261,905) (158,723)
Increase in cash surrender value of life insurance (88,501) (45,000)
Decrease (increase) in:
Accounts receivable - trade 103,617 (648,263)
Inventories (1,296,810) (877,713)
Prepaid expenses and other current assets 22,934 (240,743)
(Decrease) increase in:
Accounts payable (565,572) (263,479)
Accrued expenses and other current liabilities (415,416) (207,767)
Accrued compensation 118,756 (340,154)
Income taxes payable (547,000) 345,101
Customer deposits 747,610 1,497,777
------------- -------------
Net cash provided by operating activities 1,148,376 1,339,025
------------- -------------
Cash flows from investing activities:
Purchase of property, plant and equipment (376,639) (337,082)
------------- -------------
Net cash used in investing activities (376,639) (337,082)
------------- -------------
Cash flows from financing activities:
Purchase of investments (3,611,083) (3,716,130)
Payment of cash dividends (401,100) -
Proceeds from repayment of receivable from officer 597,024 -
Proceeds from exercise of employee stock options 112,784 -
Purchase of treasury stock - (260,158)
------------- -------------
Net cash used in financing activities (3,302,375) (3,976,288)
------------- -------------
Decrease in cash and cash equivalents (2,530,638) (2,974,345)
Cash and cash equivalents at beginning of year 10,641,748 12,481,711
------------- -------------
Cash and cash equivalents at end of quarter $ 8,111,110 $ 9,507,366
============= =============
Supplemental disclosure of cash flow information
Interest Paid $ - $ -
============= =============
Income taxes paid $ 2,250,000 $ 620,000
============= =============
Non-cash financing activities:
Receipt of stock in connection with demutualization
of insurance company $ - $ 167,930
============= =============
The accompanying notes are an integral part of these financial statements
5
NOBILITY HOMES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
---------------------
The accompanying unaudited consolidated financial statements for the three and
nine months ended July 31, 2004 and August 2, 2003 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 which are, in the opinion of management, necessary to reflect a fair
statement of the results for the interim periods. The operations for the three
and nine months ended July 31, 2004 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 Registrant's November 1, 2003 Annual Report on Form 10-K.
The receipt of stock in connection with the demutualization of an insurance
company for which the Company owns life insurance was originally recorded during
the second quarter of 2003 as a fair value adjustment for marketable securities
and included as a component of other comprehensive income. During the fourth
quarter of 2003, this amount was reclassified to other income and included in
net income; the results of this reclassification was to increase other income by
approximately $168,000, increase a deferred tax liability for approximately
$50,000, increase basic and diluted earnings per share by $0.03, and decrease
other comprehensive income by approximately $118,000. These amounts have been
properly reclassified in the accompanying financial statements for the
three-month and nine-month periods ended August 2, 2003
2. Inventories
-----------
Inventories are carried at the lower of cost or market. Cost of finished home
inventories is determined on the specific identification method. Other inventory
costs are determined on a first-in, first-out basis. Inventories at July 31,
2004 and November 1, 2003 are summarized as follows:
July 31, November 1,
2004 2003
----------------- ----------------
(Unaudited)
Raw materials $ 1,069,605 $ 680,036
Work-in-process 131,710 109,947
Finished homes 6,029,441 5,272,867
Pre-owned manufactured homes 493,888 401,728
Model home furniture and other 129,825 93,081
----------------- ----------------
$ 7,854,469 $ 6,557,659
================= ================
6
NOBILITY HOMES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
3. Accounting for Stock Based Compensation
---------------------------------------
At July 31, 2004, the Company had a stock incentive plan (the "Plan"),
which authorizes the issuance of options to purchase common stock. The
Company has adopted the disclosure-only provisions of FAS 123, Accounting
for Stock-Based Compensation, as amended by FAS 148, Accounting for Stock
Based Compensation-Transition and Disclosure, an amendment of FASB
Statement No. 123, but accounts for the plan under the recognition and
measurement principles of Accounting Principles Board Opinion No. 25 and
related interpretations. No stock-based employee compensation cost is
reflected in net income, as all options granted under those plans had an
exercise price equal to the market value of the underlying common stock on
the date of grant. If the Company had elected to recognize compensation
expense for stock options based on the fair value at grant date, consistent
with the method prescribed by FAS 123, net income and earnings per share
would have been reduced to the pro forma amounts as follows:
Three Months Ended Nine Months Ended
------------------ -----------------
July 31, August 2, July 31, August 2,
2004 2003 2004 2003
---- ---- ---- ----
Net Income, as reported $ 1,220,138 $ 633,730 $ 3,157,376 $ 2,079,092
Deduct: Total stock-based employee
compensation determined under fair value
based method for all awards, net of related
tax effects (4,988) (3,837) (14,964) (10,207)
------------ ---------- ----------- -----------
Pro forma net income $ 1,215,150 $ 629,893 $ 3,142,412 $ 2,068,885
============ ========== =========== ===========
Earnings per share
Basic - as reported $ 0.30 $ 0.16 $ 0.79 $ 0.52
Basic - pro forma $ 0.30 $ 0.16 $ 0.78 $ 0.52
Earnings per share
Diluted - as reported $ 0.30 $ 0.16 $ 0.77 $ 0.52
Diluted - pro forma $ 0.29 $ 0.16 $ 0.76 $ 0.51
7
NOBILITY HOMES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
4. Earnings Per Share
------------------
Three Months Ended Nine Months Ended
------------------ -----------------
July 31, August 2, July 31, August 2,
2004 2002 2004 2003
------------ ---------- ----------- -----------
Net income $ 1,220,138 $ 633,730 $ 3,157,376 $ 2,079,092
============ ========== =========== ===========
Weighted average shares outstanding:
Basic 4,018,646 3,987,513 4,014,423 3,999,311
Add: common stock equivalents 118,814 27,904 93,603 21,022
------------ ---------- ----------- -----------
Diluted 4,137,460 4,015,417 4,108,026 4,020,333
============ ========== =========== ===========
Earnings per share:
Basic $ 0.30 $ 0.16 $ 0.79 $ 0.52
============ ========== =========== ===========
Diluted $ 0.30 $ 0.16 $ 0.77 $ 0.52
============ ========== =========== ===========
NOBILITY HOMES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
5. Critical Accounting Policies and Estimates
------------------------------------------
The Company applies judgment and estimates, which may have a material effect in
the eventual outcome of assets, liabilities, revenues and expenses, for accounts
receivable, inventory and goodwill. The following explains the basis and the
procedure for each asset account where judgment and material estimates are
applied.
Revenue Recognition
The Company recognizes revenue for the majority of retail sales upon the
occurrence of all the following: o its receipt of a down payment, o the home
buyer enters into a installment sales contract with a third party, o
construction of the home is complete, o title having passed to the retail home
buyer, o full sales price of home having been collected and deposited into the
Company's account, o the home having been delivered and set up at the retail
home buyer's site, and o completion of any other significant obligations.
The Company recognizes wholesale home sales to independent dealers upon
receiving wholesale floor plan financing or establishing retail credit approval
for terms, shipping of the home, and transferring title and risk of loss to the
independent dealer. For wholesale shipments to independent retailers, the
Company has no obligation to set up the home or to complete any other
significant obligations.
Goodwill
Between 1995 and 1998 the Company acquired retail sales centers using the
purchase method of accounting. As a result, goodwill is reflected on the
consolidated balance sheets. A valuation was performed by the Company and it was
determined that the estimated fair value of the goodwill in the accounts
exceeded its book value. There is no assurance that the value of the acquired
sales centers will not decrease in the future due to changing business
conditions.
Vendor Rebates
The Company receives volume rebates from its vendors based upon reaching a
certain level of purchased materials during a specified period of time. Volume
rebates are estimated based upon annual purchases, and are adjusted quarterly if
the accrued volume rebate is applicable.
8
NOBILITY HOMES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Dealer Volume Rebates
The Company pays a volume rebate to independent dealers based upon the dollar
volume of homes purchased and paid for by the dealer in excess of a certain
specific dollar amount during a specific time period. Dealer volume rebates are
accrued when sales are recognized.
9
NOBILITY HOMES, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Results of Operations
- ---------------------
For the three and nine month periods ended July 31, 2004 and August 2, 2003,
results of operations are as follows. Total net sales in third quarter 2004
increased 30% to $12,310,878 compared to $9,465,179 in the third quarter 2003.
Total net sales for the first nine months of 2004 increased 35% to $35,621,719
compared to $26,302,356 for the first nine months of 2003. The increased sales
in 2004 was primarily due to the increase in sales to outside dealers coupled
with an increase in Prestige same store revenues. Industry shipments in Florida,
our primary market, in the latest three-month period were up approximately 16%.
In spite of tight retail credit standards, high unemployment, and uncertain
economic conditions in our country, management expects the demand for our homes
to continue. Increase demand also could result from building replacement homes
due to the recent hurricanes in Florida. In the near term, management
anticipates continued pressure on both sales and earnings resulting from these
factors, and record price increases in lumber, oriented strand board (OSB),
sheetrock, steel and oil-related products and services.
Gross profit as a percentage of net sales was 26% in third quarter 2004 compared
to 24% in third quarter 2003 and was 26% for the first nine months of 2004
unchanged from 26% for the first nine months 2003. The increase in gross profit,
as a percentage of sales, in third quarter 2004 was primarily due to increase in
lumber surcharges to off-set higher material costs, primarily in lumber and
oriented strand board (OSB), sheetrock, steel and oil-rated products and
services.
Selling, general and administrative expenses as a percent of net sales were 13%
in third quarter of 2004 compared to 16% in the third quarter of 2003 and were
14% for the first nine months of 2004 compared to 16% for the first nine months
of 2003. The decrease in selling, general and administrative expenses, as a
percent of net sales, resulted from the increase in sales which had an impact on
selling, general and administrative expenses as a percentage because most of
these expenses are fixed, except for compensation expenses.
Other income for the third quarter of 2004 was $213,978 of which $83,491 was
from interest on cash equivalents and investments and $90,640 was from
Nobility's equity in the earnings from the Majestic 21 joint venture. In the
third quarter of 2003 other income was $149,566 of which $49,276 was from
interest on cash equivalents and investments and $48,160 was from Nobility's
equity in the earnings from the Majestic 21 joint venture. For the first nine
months of 2004 other income was $584,371 of which $249,922 was from interest on
cash equivalents and investments and $261,705 was from Nobility's equity in the
earnings from the Majestic 21 joint venture. For the nine months of 2003 other
income was $528,570 of which $132,811 was from interest on cash equivalents and
investments and $158,723 was from Nobility's equity in the earnings from the
Majestic 21 joint venture. In the second quarter of 2003, the Company recorded
the receipt of stock in the amount $167,551 in connection with the
demutualization of an insurance company. The increase in interest income was
primarily due to a change in the investment portfolio to long-term marketable
securities to obtain a higher yield. Income reported for Majestic 21 results
from the Company's 50% share in the equity in the earnings of this joint
venture. Income for the joint venture fluctuated due to higher amortization of
prepaid finance charges on the portfolio. The Company believes that its
historical loss experience has been favorably impacted by its ability to resell
foreclosed/repossessed homes through its network of retail sales centers.
Majestic 21 is a financing joint venture accounted for under the equity method
of accounting.
As a result, of the factors discussed above, net income for the third quarter of
2004 was $1,220,138 or $0.30 per basic and diluted share compared to $633,730 or
$0.16 per basic and diluted share for the third quarter 2003. For the first nine
months of 2004, net income was $3,157,376 or $0.79 per basic and $0.77 per
diluted share as compared to $2,079,092 or $0.52 per basic and diluted share for
the first nine months of 2003.
Liquidity and Capital Resources
- -------------------------------
Cash and cash equivalents were $8,111,110 at July 31, 2004 compared to
$10,641,748 at November 1, 2003. Short and long-term investments were $9,247,866
at July 31, 2004 compared to $5,592,375 at November 1, 2003. Working capital was
$14,567,824 at July 31, 2004 as compared to $14,736,228 at November 1, 2003.
Nobility owns the entire inventory for its Prestige retail sales centers and
does not incur any third party floor plan financing expenses. Inventories
increased to $7,854,469 at July 31, 2004, from $6,557,659 at November 1, 2003,
primarily due to an increase in the number of homes in inventory at the Prestige
retail sales centers and increase in raw materials inventory from a large
purchase of OSB to capitalize on favorable pricing. Accounts receivable trade
decreased $103,617 to $1,992,511 at July 31, 2004 from $2,096,128 at November 1,
2003.
10
NOBILITY HOMES, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Nobility maintains a revolving credit agreement with a major bank providing for
borrowing up to $4,000,000. At July 31, 2004 and November 1, 2003, there were no
amounts outstanding under this agreement.
Consistent with normal practices, Nobility's operations are not expected to
require significant capital expenditures during fiscal 2004. Working capital
requirements for any increase in the new home inventory for existing and any new
retail sales centers will be met with internal sources.
Critical Accounting Policies and Estimates
- ------------------------------------------
The Company applies judgment and estimates, which may have a material effect in
the eventual outcome of assets, liabilities, revenues and expenses, for accounts
receivable, inventory and goodwill. The following explains the basis and the
procedure for each asset account where judgment and estimates are applied.
Revenue Recognition
The Company recognizes revenue for the majority of retail sales upon the
occurrence of all the following:
o its receipt of a down payment,
o the home buyer enters into a installment sales contract with a
third party,
o construction of the home is complete,
o title having passed to the retail home buyer,
o full sales price of home having been collected and deposited
into the Company's account,
o the home having been delivered and set up at the retail home buyer's
site, and
o Completion of any other significant obligations.
The Company recognizes wholesale home sales to independent dealers upon
receiving wholesale floor plan financing or establishing retail credit approval
for terms, shipping of the home, and transferring title and risk of loss to the
independent dealer. For wholesale shipments to independent retailers, the
Company has no obligation to set up the home or to complete any other
significant obligations.
Goodwill
Between 1995 and 1998 the Company acquired retail sales centers using the
purchase method of accounting. As a result, goodwill is reflected on the
consolidated balance sheets. A valuation was performed by the Company and it was
determined that the estimated fair value of the goodwill in the accounts
exceeded its book value. There is no assurance that the value of the acquired
sales centers will not decrease in the future due to changing business
conditions.
Vendor Rebates
The Company receives volume rebates from its vendors based upon reaching a
certain level of purchased materials during a specified period of time. Volume
rebates are estimated based upon annual purchases, and are adjusted quarterly if
the accrued volume rebate is applicable.
Dealer Volume Rebates
The Company pays a volume rebate to independent dealers based upon the dollar
volume of homes purchased and paid for by the dealer in excess of a certain
specific dollar amount during a specific time period. Dealer volume rebates are
accrued when sales are recognized.
Forward-Looking Statements
- --------------------------
Certain statements in this report are forward-looking statements within the
meaning of the federal securities laws, including our statement that working
capital requirements will be met with internal sources. Although Nobility
believes that the 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, competitive pricing pressures at
both the wholesale and retail levels, increasing material costs, increase in
repossessions, changes in market demand, changes 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, and the impact of
marketing and cost-management programs.
11
NOBILITY HOMES, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Item 3. Quantitative and Qualitative Disclosures about Market Risk
We do not engage in investing in or trading market risk sensitive
instruments. We also do not purchase, for investing, hedging, or for
purposes "other than trading", instruments that are likely to expose us to
market risk, whether interest rate, foreign currency exchange, commodity
price or equity price risk. We have not entered into any forward or futures
contracts, purchased any options or entered into any interest rate swaps.
We do not currently have any indebtedness as of July 31, 2004. If we were
to borrow from our revolving line of credit facility, we would be exposed
to changes in interest rates. Under our current policies, we do not use
interest rate derivative instruments to manage exposure to interest rate
changes.
Item 4. Controls and Procedures
a. Evaluation of Disclosure Controls and Procedures. The Company's Chief
Executive Officer and Chief Financial Officer have evaluated the
effectiveness of the Company's disclosure controls and procedures (as
such term is defined in Rules 13a - 14(c) and 15d-14(c) under the
Securities Exchange Act of 1934, as amended (the "Exchange Act") as of
July 31, 2004 (the "Evaluation Date"). Based on such evaluation, such
officers have concluded that, as of the Evaluation Date, the Company's
disclosure controls and procedures are effective in alerting them on a
timely basis to material information relating to the Company (including
its consolidated subsidiaries) required to be included in the Company's
reports filed or submitted under the Exchange Act. Since the
Evaluation Date there have not been any significant changes in the
Company's internal controls or in other factors that could
significantly affect such controls.
12
Part II. OTHER INFORMATION AND SIGNATURES
There were no reportable events for Item 1 through Item 5
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 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
32. (a) Written Statement of Chief Executive Officer Pursuant to 18
U.S.C. ss.1350
(b) Written Statement of Chief Financial Officer Pursuant to 18
U.S.C. ss.1350
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: September 14, 2004 By: /s/ Terry E. Trexler
-------------------------------------
Terry E. Trexler, Chairman,
President and Chief Executive Officer
DATE: September 14, 2004 By: /s/ Thomas W. Trexler
-------------------------------------
Thomas W. Trexler, Executive Vice
President, and Chief Executive
Officer
DATE: September 14, 2004 By: /s/ Lynn J. Cramer, Jr.
-------------------------------------
Lynn J. Cramer, Jr., Treasurer
and Principal Accounting Officer
13