NOBILITY HOMES INC
For the period ended Nov 4, 2023. Filed May 20, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed May 20, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended November 4,2023
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to .
Commission file number 000-06506
NOBILITY HOMES, INC.
(Exact name of registrant as specified in its charter)
| Florida | 59-1166102 |
|---|---|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) |
| 3741 S.W. 7th StreetOcala, 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
Securities registered pursuant to Section 12(g) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of each/Exchange onWhich Registered |
|---|---|---|
| Common Stock, $0.10 Par Value | NOBH | OTCQX |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐No ☒
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.
| Large, accelerated filer | ☐ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☒ |
| Emerging growth company | ☐ | ||
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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒
The aggregate market value of the common stock held by non-affiliates of the registrant (650,300) shares), based on the closing price of $26.25 on the over-the-counter market on May 5, 2023 (the last business day of the second quarter of fiscal 2023), was approximately $17.1 million.
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 January 31, 2024 |
|---|---|
| Common Stock | 3,269,075 |
| DOCUMENTS INCORPORATED BY REFERENCE | |
| Definitive proxy statement for Annual Meeting ofShareholders to be held March 1, 2024 | Part III, Items 10-14 |
TABLE OF CONTENTS
| Form10-K | ||
|---|---|---|
| PART I | ||
| Item 1. | Business | 2 |
| Item 1A. | Risk Factors | 4 |
| Item 1B. | Unresolved Staff Comment | 4 |
| Item 1C. | Cybersecurity | 4 |
| Item 2. | Properties | 5 |
| Item 3. | Legal Proceedings | 5 |
| Item 4. | Mine Safety Disclosures | 5 |
| PART II | ||
| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 6 |
| Item 6. | Reserved | 6 |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 7 |
| Item 7A. | Quantitative and Qualitative Disclosures about Market Risk | 12 |
| Item 8. | Financial Statements and Supplementary Data | 13 |
| Index to Consolidated Financial StatementsReport of Independent Registered Public Accounting Firm-Hancock Askew & Co., LLP | 14 | |
| Report of Independent Registered Public Accounting Firm-Daszkal Bolton LLP | 16 | |
| Consolidated Balance Sheets | 17 | |
| Consolidated Statements of Income | 18 | |
| Consolidated Statements of Changes in Stockholders’ Equity | 19 | |
| Consolidated Statements of Cash Flows | 20 | |
| Notes to Consolidated Financial Statements | 21 | |
| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 32 |
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