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 5, 2005
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 March 16, 2005 was 4,039,132.
NOBILITY HOMES, INC.
INDEX
Page
Number
PART I. Financial Information
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets as of February 5, 2005 and
November 6, 2004 3
Consolidated Statements of Income and Comprehensive
Income for the three months ended February 5, 2005 and
January 31, 2004 4
Consolidated Statements of Cash Flows for the
three months ended February 5, 2005 and January 31, 2004 5
Notes to Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of Results of
Operations and Financial Condition 10
Item 3. Quantitative and Qualitative Disclosures About Market Risk 12
Item 4. Controls and Procedures 12
PART II. Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13
Item 4. Submission of Matters to a Vote of Security Holders 13
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 14
2
NOBILITY HOMES, INC.
CONSOLIDATED BALANCE SHEETS
February 5, November 6,
2005 2004
----------------- ------------------
(Unaudited)
Assets
Current Assets:
Cash and cash equivalents $ 11,958,971 $ 14,588,332
Short-term investments 815,113 777,042
Accounts receivable - trade 1,417,403 1,869,449
Inventories 8,403,725 6,908,557
Prepaid expenses and other current assets 806,712 397,179
Deferred income taxes 381,173 392,594
-------------- --------------
Total current assets 23,783,097 24,933,153
Property, plant and equipment, net 3,655,030 3,265,042
Long-term investments 9,661,696 8,342,382
Other investments 1,530,591 1,446,012
Other assets 2,011,382 1,988,882
-------------- --------------
Total assets $ 40,641,796 $ 39,975,471
============== ==============
Liabilities and stockholders' equity Current liabilities:
Accounts payable $ 1,523,455 $ 1,494,163
Accrued compensation 815,319 1,031,819
Accrued expenses and other current liabilities 866,329 977,848
Income taxes payable 492,738 617,737
Customer deposits 5,120,566 4,327,647
-------------- --------------
Total current liabilities 8,818,407 8,449,214
Deferred income taxes 152,630 152,630
-------------- --------------
Total liabilities 8,971,037 8,601,844
-------------- --------------
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 8,709,585 8,719,130
Retained earnings 29,997,025 29,732,071
Accumulated other comprehensive income 104,438 77,788
Less treasury stock at cost, 1,325,775 and
1,334,361 shares, respectively, in 2005 and 2004 (7,676,780) (7,691,853)
-------------- --------------
Total stockholders' equity 31,670,759 31,373,627
-------------- --------------
Total liabilities and stockholders' equity $ 40,641,796 $ 39,975,471
============== ==============
The accompanying notes are an integral part of these financial statements
3
NOBILITY HOMES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
------------------
February 5, January 31,
2005 2004
------------------ ----------------
Net sales $ 11,511,134 $ 10,198,241
Cost of goods sold (8,299,701) (7,611,701)
------------ ------------
Gross profit 3,211,433 2,586,540
Selling, general and administrative expenses (1,792,870) (1,584,529)
------------ ------------
Operating income 1,418,563 1,002,011
------------ ------------
Other income:
Interest income 128,118 88,461
Undistributed earnings in joint venture - Majestic 21 84,579 71,002
Miscellaneous income 1,520 29,407
------------ ------------
214,217 188,870
------------ ------------
Income before provision for income taxes 1,632,780 1,190,881
Provision for income taxes (560,000) (407,000)
------------ ------------
Net income 1,072,780 783,881
Other comprehensive income, net of tax:
Unrealized investment gain 26,650 19,076
------------ ------------
Comprehensive income $ 1,099,430 $ 802,957
============ ============
Average shares outstanding
Basic 4,034,994 4,010,255
Diluted 4,147,145 4,063,875
Earnings per share
Basic $ 0.27 $ 0.19
Diluted $ 0.26 $ 0.19
Cash dividends paid per common share $ 0.20 $ 0.10
The accompanying notes are an integral part of these financial statements
4
NOBILITY HOMES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
------------------
February 5, January 31,
2005 2004
----------------- ----------------
Cash flows from operating activities:
Net income $ 1,072,780 $ 783,881
Adjustments to reconcile net income to net cash
(used in) provided by operating activities:
Depreciation 70,124 57,759
Undistributed earnings in joint venture - Majestic 21 (84,579) (71,002)
Increase in cash surrender value of life insurance (22,500) (21,001)
Payment of employee expense with treasury stock 2,000 -
Decrease (increase) in:
Accounts receivable - trade 452,046 1,281,359
Inventories (1,495,168) (874,017)
Prepaid expenses and other current assets (409,533) (328,191)
(Decrease) increase in:
Accounts payable 29,292 (407,225)
Accrued compensation (216,500) (11,986)
Accrued expenses and other current liabilities (111,519) (296,290)
Income taxes payable (124,999) (243,000)
Customer deposits 792,919 282,277
------------- ------------
Net cash (used in) provided by operating activities (45,637) 152,564
------------- ------------
Cash flows from investing activities:
Purchase of investments (1,319,314) (487,777)
Purchase of property, plant and equipment (460,112) (204,539)
------------- ------------
Net cash used in investing activities (1,779,426) (692,316)
------------- ------------
Cash flows from financing activities:
Payment of cash dividends (807,826) (401,100)
Proceeds from repayment of receivable from officer - 597,024
Proceeds from exercise of employee stock options 103,528 7,630
Purchase of treasury stock (100,000) -
------------- ------------
Net cash (used in) provided by financing activities (804,298) 203,554
------------- ------------
Decrease in cash and cash equivalents (2,629,361) (336,198)
Cash and cash equivalents at beginning of quarter 14,588,332 10,641,748
------------- ------------
Cash and cash equivalents at end of quarter $ 11,958,971 $ 10,305,550
============= ============
Supplemental disclosure of cash flow information
Interest paid $ - $ -
============= ============
Income taxes paid $ 685,000 $ 650,000
============= ============
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
months ended February 5, 2005 and January 31, 2004 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
months ended February 5, 2005 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 6, 2004 Annual Report on Form 10-K.
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 February 5,
2005 and November 6, 2004 are summarized as follows:
February 5, November 6,
2005 2004
----------------- ----------------
(Unaudited)
Raw materials $ 944,754 $ 818,762
Work-in-process 109,892 126,169
Finished homes 6,836,963 5,597,646
Pre-owned manufactured homes 392,339 240,833
Model home furniture and other 119,777 125,147
----------------- ----------------
$ 8,403,725 $ 6,908,557
================= ================
6
3. Accounting for Stock Based Compensation
---------------------------------------
At February 5, 2005, 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 the plan 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
------------------
February 5, January 31,
2005 2004
----------- -----------
Net Income, as reported $ 1,072,780 $ 783,881
Deduct: Total stock-based employee
compensation determined under fair value based
method for all awards, net of related tax effects (5,263) (4,988)
------------ ----------
Pro forma net income $ 1,067,517 $ 778,893
============ ==========
Earnings per share
Basic - as reported $ 0.27 $ 0.19
Basic - pro forma $ 0.27 $ 0.19
Earnings per share
Diluted - as reported $ 0.26 $ 0.19
Diluted - pro forma $ 0.26 $ 0.19
7
NOBILITY HOMES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
4. Earnings Per Share
------------------
Three Months Ended
------------------
February 5, January 31,
2005 2004
--------------- ---------------
Net income $ 1,072,780 $ 783,881
============ ==========
Weighted average shares outstanding:
Basic 4,034,994 4,010,255
Add: common stock equivalents 112,151 53,620
------------ ----------
Diluted 4,147,145 4,063,875
============ ==========
Earnings per share:
Basic $ 0.27 $ 0.19
============ ==========
Diluted $ 0.26 $ 0.19
============ ==========
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 (or with cash sales, its receipt
of total payments),
o construction of the home is complete,
o title having passed to the retail home buyer,
o funds having been 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 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.
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 Volume 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.
8
NOBILITY HOMES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
6. Recent Accounting Pronouncements
--------------------------------
In November 2004, the FASB issued SFAS 151, Inventory Costs -- an amendment of
ARB No. 43, Chapter 4 ("FAS 151"). FAS 151 amends the guidance in Accounting
Research Bulletin (ARB) No. 43, Chapter 4, to clarify the accounting for
abnormal amounts of idle facility expense, freight, handling costs, and wasted
material (spoilage). FAS 151 requires that these costs be recognized as current
period charges regardless of whether they are abnormal. In addition, FAS 151
requires that allocation of fixed production overheads to the costs of
manufacturing be based on the normal capacity of the production facilities. The
provisions of FAS 151 are effective for inventory costs incurred during fiscal
years beginning after June 15, 2005. The Company does not expect this new
standard to have a material effect on its consolidated financial position or
results of operations.
In December 2004, the FASB issued SFAS No. 123R, Share-Based Payment, ("FAS
123R"), which requires that the cost resulting for all share-based payment
transactions be recognized in the financial statements. This Statement requires
a public entity to measure the cost of employee services received in exchange
for an award of equity instruments based on the grant-date fair value of the
award (with limited exceptions). That cost will be recognized over the period
during which an employee is required to provide service in exchange for the
award--the requisite service period (usually the vesting period). No
compensation cost is recognized for equity instruments for which employees do
not render the requisite service. Employee share purchase plans will not result
in recognition of compensation cost if certain conditions are met; those
conditions are much the same as the related conditions in FAS 123. The
provisions of FAS 123R are effective as of the beginning of the first interim or
annual reporting period that begins after June 15, 2005. The Company does not
expect this new standard to have a material effect on its consolidated financial
position or results of operations.
9
NOBILITY HOMES, INC.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operation
Results of Operations
- ---------------------
For the quarters ended February 5, 2005 and January 31, 2004, results
of operations are as follows. Total net sales in first quarter 2005 increased
13% to $11,511,134 compared to $10,198,241 in the first quarter of 2004. The
increased sales in first quarter of 2005 were primarily due to the increase in
Prestige same store revenues. First quarter sales of fiscal 2005, historically
our weakest quarter, were adversely impacted by tight retail credit standards,
high, although improving unemployment and uncertain economic conditions present
in the country. Although Nobility continues to out-perform the industry, in the
near term we anticipate continued pressure on both sales and earnings resulting
from these factors, plus volatile pricing in lumber, OSB, sheetrock, steel and
oil related products and services. Overall, most construction materials have
increased or fluctuated widely in price over the past year with little price
stability in sight. With an improving economy, declining unemployment claims,
and increasing but still low interest rates in 2005, management expects the
demand for our homes to improve. Increased demand should also result from
building replacement homes due to the hurricanes.
Gross profit as a percentage of net sales was 27.9% in first quarter 2005
compared to 25.4% in first quarter 2004. The increase in gross profit, as a
percentage of sales, in first quarter 2005 was primarily due to increased gross
profits from the Prestige retail operation.
Selling, general and administrative expenses as a percent of net sales were
15.6% in first quarter of 2005 compared to 15.5% in the first quarter of 2004.
Other income for the first quarter of 2005 was $214,217 of which $128,118 was
from interest on cash equivalents and investments and $84,579 was from
Nobility's equity in the earnings from the Majestic 21 joint venture. In the
first quarter of 2004 other income was $188,870 of which $88,461 was from
interest on cash equivalents and investments and $71,002 was from Nobility's
equity in the earnings from the Majestic 21 joint venture. 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. Majestic 21 is a financing joint venture accounted for
under the equity method of accounting. 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 for this portfolio has been
favorably impacted by its ability to resell foreclosed/repossessed homes through
its network of retail sales centers.
As a result of the factors discussed above, earnings for the first quarter of
2005 were $1,072,780 or $.26 per diluted share compared to $783,881 or $.19 per
diluted share for the first quarter 2004.
Liquidity and Capital Resources
- -------------------------------
Cash and cash equivalents were $11,958,971 at February 5, 2005 compared to
$14,588,332 at November 6, 2004. Short and long-term investments were
$10,476,809 at February 5, 2005 compared to $9,119,424 at November 6, 2004.
Working capital was $14,964,690 at February 5, 2005 as compared to $16,483,939
at November 6, 2004. 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 $8,403,725 at February 5, 2005, from $6,908,557 at
November 6, 2004 primarily due to an increase in the number of Prestige retail
homes in various stages of completion on customers' home sites. Accounts
receivable trade decreased $452,046 to $1,417,403 at February 5, 2005 from
$1,869,449 at November 6, 2004
Nobility paid an annual cash dividend of $0.20 per common share for fiscal year
2004 on January 14, 2005 in the amount of $807,826. On January 12, 2004 the
Company paid an annual cash dividend of $0.10 per common share for fiscal year
2003 in the amount of $401,100.
In January 2005, the Company purchased land for a new Prestige retail sales
center in Punta Gorda, Florida for a purchase price of $350,000.
10
NOBILITY HOMES, INC.
Nobility repurchased in the open market 5,000 of its common stock for $100,000
during first quarter of 2005.
Nobility maintains a revolving credit agreement with a major bank providing for
borrowing up to $4,000,000. At February 5, 2005 and November 6, 2004, 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 2005. 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 (or with cash sales, its receipt
of total payments),
o construction of the home is complete,
o title having passed to the retail home buyer,
o funds having been 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 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.
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 Volume 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, continued
excess retail inventory, 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.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Certain of the Company's financial instruments are subject to market risk,
including interest rate and equity price risks; however, due to the makeup of
our investment portfolio this market risk is considered minimal. The Company
manages its exposure to these risks through its regular operating and financing
activities.
We do not engage in investing in or trading market risk sensitive financial
instruments. We also do not purchase for investing, hedging, or for purposes
"other than trading" financial instruments that are likely to expose us to
significant market risk, whether interest rate, foreign currency, commodity
price, or equity price risk. The Company's financial instruments are not
currently subject to foreign currency or commodity risk. The Company has no
financial instrument held for trading purposes.
We do not have any indebtedness as of February 5, 2005. If we were to borrow
from our revolving credit agreement, 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 - 15(e) and 15d-15(e) under the
Securities Exchange Act of 1934, as amended (the "Exchange Act") as of
February 5, 2005 (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, Item 3 and Item 5
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table reflects stock repurchases made by the Company during the
quarter ended February 5, 2005:
Issuer Repurchases of Securities
Maximum Number (or
Total Number of Approximate $ Value)
Shares Purchased as of Shares that May
Part of Publicly Yet Be Purchased
Total Number of Average Price Paid Announced Plans or Under the Plans or
Period Shares Purchased Per Share Programs Programs(2)
------ ---------------- --------- -------- -----------
November 7,
2004-December 4, 2004 5,000(1) $20.00 5,000 100,000
December 5, 2004 -
January 1, 2005 -- -- -- 100,000
January 2, 2005 -
February 5, 2005 -- -- -- 100,000
- -----------------
(1) Shares repurchased by the Company in open-market transactions.
(2) Since 1999, the Company's board of directors has authorized a share
repurchase program that permits the Company to repurchase 100,000 shares of its
common stock, subject to compliance with applicable legal restrictions and so
long as the repurchases would not have the effect of causing the Company's
common stock to be delisted from trading. Until revoked, the share repurchase
limit is automatically reset at 100,000 shares after any repurchases are made
under the program.
Item 4. Submission of Matters to a Vote of Security Holders
a. The annual Meeting of the Shareholders was held on March 4, 2005. The
only matter to come before the meeting was the election of directors.
b. The vote to elect a board of five directors was as follows:
For Against Abstain Not Voted
--- ------- ------- ---------
Terry E. Trexler 3,811,361 0 40,367 187,404
Richard C. Barberie 3,811,361 0 40,367 187,404
Robert P. Holliday 3,811,361 0 40,367 187,404
Robert P. Saltsman 3,811,361 0 40,367 187,404
Thomas W. Trexler 3,811,361 0 40,367 187,404
Item 6. Exhibits
31. (a) Certification of Chief Executive Officer Pursuant to
Section 302 of the Sarbanes-Oxley Act and Rule 13a-15(e) or
15d-15(e) 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-15(e) or 15d-15(e)
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
13
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: March 16, 2005 By: /s/ Terry E. Trexler
----------------------------------------
Terry E. Trexler, Chairman,
President and Chief Executive Officer
DATE: March 16, 2005 By: /s/ Thomas W. Trexler
----------------------------------------
Thomas W. Trexler, Executive Vice
President, and Chief Financial Officer
DATE: March 16, 2005 By: /s/ Lynn J. Cramer, Jr.
----------------------------------------
Lynn J. Cramer, Jr., Treasurer
and Principal Accounting Officer
14