NOBILITY HOMES INC
For the period ended Nov 1, 2025. Filed Jan 30, 2026.
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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.
FY2025 · Filed Jan 30, 2026
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-11-02; filed 2025-01-30.
0000950170-25-011000
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-11-01; filed 2026-01-30.
0001193125-26-031573
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 61 previous paragraphs and 37 current paragraphs.
18 unchanged; 19 reworded; 0 added; 22 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (22)
Previous report
In fiscal year 2024, Prestige purchased from other manufacturers 18 new homes for an aggregate of ($1,859,175) for custom ordered presold homes and in fiscal year 2023 purchased 44 new homes from other manufacturers for an aggregate of ($4,432,483) to help eliminate the backlog from Nobility. Prestige has 73 new homes purchase for an aggregate of ($5,969,523) from Nobility and outside manufacturers, that are included in inventory and are in the field, waiting to be completed and closed as of November 2, 2024.
Previous report
The Company applies judgment and estimates, which may have a material effect in the eventual outcome of assets, liabilities, revenues and expenses, accounts receivable, inventory and goodwill. The following explains the basis and the procedure where judgment and estimates are applied.
Previous report
Revenue Recognition
Previous report
The Company recognizes revenue from its retail sales of new manufactured homes upon the occurrence of the following:
Previous report
Its receipt of a down payment,
Previous report
Construction of the home is complete,
Previous report
Home has been delivered and set up at the retail home buyer’s site and title has been transferred to the retail home buyer,
Previous report
Remaining funds have been released by the finance company (financed sales transaction), remaining funds have been committed by the finance company by an agreement with respect to financing obtained by the customer, usually in the form of a written approval for permanent home financing received from a lending institution, (financed construction sales transaction) or cash has been received from the home buyer (cash sales transaction), and
Previous report
Completion of any other significant obligations.
Previous report
The Company recognizes revenue from the sale of the repurchased homes upon transfer of title to the new purchaser.
Previous report
The Company recognizes revenue from its 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 dealers, the Company has no obligation to set up the home or to complete any other significant obligations.
Previous report
Sales of homes to affiliated entities that are subject to contingent payment terms are considered inventory consignment arrangements. Revenue from such arrangements is recognized when the homes are sold to the end users and payment is collected by the affiliated entity.
Previous report
The Company recognizes revenue from its wholly owned subsidiary, Mountain Financial, Inc., as follows: commission income (and fees in lieu of commissions) is recorded as of the effective date of insurance coverage or the commission receipt date, whichever is later. Commissions on premiums billed and collected directly by insurance companies are recorded as revenue when received which, in many cases, is the Company’s first notification of amounts earned due to the lack of policy and renewal information. Contingent commissions are recorded as revenue when received. Contingent commissions are commissions paid by insurance underwriters and are based on the estimated profit and/or overall volume of business placed with the underwriter. The data necessary for the calculation of contingent commissions cannot be reasonably obtained prior to the receipt of the commission which, in many cases, is the Company’s first notification of amounts earned. The Company provides 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 on November 2, 2024 or November 4, 2023.
Previous report
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.
Previous report
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 21 st Mortgage Corporation or through mortgage foreclosure. The Company acquired this inventory at the amount of the uncollected balance of the financing at the time of the foreclosure/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 21 st Mortgage Corporation. This arrangement assists 21 st 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 21 st 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 21 st Mortgage. Any shortfall from the proceeds to cover these amounts is paid by 21 st Mortgage to the Company. As the Company has no risk of loss on the sale, there is no valuation allowance necessary for repossessions inventory.
Previous report
Inventory held at consignment locations by affiliated entities is included in the Company’s inventory on the Company’s consolidated balance sheets.
Previous report
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.
Previous report
Other inventory costs are determined on a first-in, first-out basis.
Previous report
Income Taxes
Previous report
The Company accounts for income taxes utilizing the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Previous report
Rebate Program
Previous report
The Company has a rebate program for some dealers, based upon the number and type of homes purchased, which pays rebates based upon sales volume to the dealers. Volume rebates are recorded as a reduction of sales in the accompanying consolidated financial statements. The rebate liability is calculated and recognized as eligible homes are sold based upon factors surrounding the activity and prior experience of specific dealers and is included in accrued expenses in the accompanying consolidated balance sheets.
Reworded paragraphs (19)
Previous wording
Nobility has a product line of approximately 100 active models. Although market demand can fluctuate on a fairly short-term basis, the manufacturing process is such that Nobility can alter its product mix relatively quickly in response to changes in the market. During fiscal years 2024 and 2023, Nobility continued to experience consumer demand for affordable manufactured homes in Florida. Our three-, four- and five-bedroom manufactured homes are favored by families, compared with the one, two and three-bedroom homes that typically appeal to the retirement buyers who reside in the manufactured housing communities.
Current wording
Nobility has a product line of approximately 100 active models. Although market demand can fluctuate on a fairly short-term basis, the manufacturing process is such that Nobility can alter its product mix relatively quickly in response to changes in the market. Our three-, four- and five-bedroom manufactured homes are favored by families, compared with the one, two and three-bedroom homes that typically appeal to the retirement buyers who reside in the manufactured housing communities.
Previous wording
Prestige’s wholly owned subsidiary, Mountain Financial, Inc., is an independent insurance agent and licensed loan originator. Mountain Financial provides automobile insurance, extended warranty coverage and property and casualty insurance to Prestige customers in connection with their purchase and financing of manufactured homes as well as to other non-Prestige customers.
Current wording
Mountain Financial, Inc., is an independent insurance agent and licensed loan originator. Mountain Financial provides automobile insurance, extended warranty coverage and property and casualty insurance to Prestige customers in connection with their purchase and financing of manufactured homes as well as to other non-Prestige customers.
Previous wording
The Company’s fiscal year ends on the first Saturday on or after October 31. The year ended November 2, 2024 (fiscal year 2024) consisted of a fifty-two-week period and the year ended November 4, 2023 (fiscal year 2023) consisted of a fifty-two-week period.
Current wording
The Company’s fiscal year ends on the first Saturday on or after October 31. The years ended November 1, 2025 (fiscal year 2025) and November 2, 2024 (fiscal year 2024) each consisted of a fifty-two-week period.
Previous wording
Total net sales in fiscal year 2024 were $51,933,622 compared to $63,318,392 in fiscal year 2023. The Company reported net income of $8,611,262 in fiscal year 2024, compared to a net income of $10,898,864 in fiscal year 2023. Net sales decreased in fiscal year 2024 as compared to the prior year because of the decrease in the number of retail homes sold and manufactured. In addition, we are building and selling lower-priced homes due to the higher interest rates on mortgages that we believe are negatively impacting sales as compared to the prior years. There also remain delays in the receipt of certain key production materials from suppliers, back orders, price increases and labor shortages which continue to cause delays in the completion of the homes at our manufacturing facility and the set-up process of retail homes in the field. Our inability to timely deliver and set up homes to customers has negatively impacted sales and earnings. We expect these challenges will continue into fiscal year 2025. The Company also continues to experience inflation in several building products resulting in increases in our material and labor costs which may increase the wholesale and retail selling prices of our homes. We believe that potential customers have delayed or deferred purchasing decisions when considering the interest rate environment.
Current wording
Total net sales in fiscal year 2025 increased 1% to $52,667,970 compared to $51,933,622 in fiscal year 2024. The Company reported net income of $8,446,383 in fiscal year 2025, compared to a net income of $8,611,262 in fiscal year 2024. Although total net sales increased slightly in fiscal year 2025 as compared to the same period in 2024, the number of new retail homes sold in our Company owned retail sales centers decreased in fiscal 2025 as compared to 2024, which was offset by an increase in the number of homes sold to independent dealers in fiscal 2025 (which sales have lower margins than retail sales). In addition, we are building and selling lower-priced homes due to the higher interest rates on mortgages that we believe are negatively impacting sales as compared to the prior years. There also remain delays in the receipt of certain key production materials from suppliers, back orders, price increases and labor shortages which continue to cause delays in the completion of the homes at our manufacturing facility and the set-up process of retail homes in the field. We expect these challenges will continue into fiscal year 2026. The Company also continues to experience inflation in several building products resulting in increases in our material and labor costs which may increase the wholesale and retail selling prices of our homes. We believe that potential customers have delayed or deferred purchasing decisions when considering the interest rate environment and the demand has been impacted by weaker consumer confidence and ongoing affordability challenges, for our typical retail customers.
Previous wording
The current demand for affordable manufactured housing in Florida and the U.S. is slowing, which we believe is because of the increased interest rate environment. According to the Florida Manufactured Housing Association, shipments for the industry in Florida for the period from November 2023 through October 2024 declined by approximately 3% from the same period last year.
Current wording
The current demand for affordable manufactured housing in Florida and the U.S. has slowed. According to the Florida Manufactured Housing Association, shipments for the industry in Florida for the period from November 2024 through October 2025 declined by approximately 9% compared to a decline of 3% for the same period last year.
Previous wording
On June 5, 2024, we celebrated our 57 thanniversary in business specializing in the design and production of quality, affordable manufactured and modular 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.
Current wording
On June 5, 2025, we celebrated our 58 thanniversary in business specializing in the design and production of quality, affordable manufactured and modular homes. With multiple retail sales centers in Florida for over 35 years and an insurance agency subsidiary, we are the only vertically integrated manufactured home company headquartered in Florida.
Previous wording
Insurance agent commissions in fiscal year 2024 were $342,254 compared to $340,565 in fiscal year 2023. Revenues are generated by new and renewal policies being written which affects agent commission earned. We have established 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 November 2, 2024 and November 4, 2023.
Current wording
Insurance agent commissions in fiscal year 2025 were $314,105 compared to $342,254 in fiscal year 2024. Revenues are generated by new and renewal policies being written which affects agent commission earned. We have established 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 November 1, 2025 and November 2, 2024.
Previous wording
Gross profit as a percentage of net sales was 34% in fiscal year 2024 and in fiscal year 2023. Our gross profit was $17,424,077 for fiscal year 2024 compared to $21,487,885 for fiscal year 2023. The gross profit is dependent on the sales mix of wholesale and retail homes and number of pre-owned homes sold. The gross profit as a percentage of net sales remained consistent due to increases in our selling prices to offset the higher inflation costs of building products and labor cost on each home and the increase in the average gross profit at our retail sales centers.
Current wording
Gross profit as a percentage of net sales was 32% in fiscal year 2025 compared to 34% in fiscal year 2024. Our gross profit was $16,785,200 for fiscal year 2025 compared to $17,424,077 for fiscal year 2024. The gross profit is dependent on the sales mix of wholesale and retail homes and number of pre-owned homes sold. The gross profit as a percentage of net sales decreased due to an increase in the number of homes sold to independent dealers that have lower margins and a decrease in the number of homes sold at our Company owned retail sales centers that generate higher margins.
Previous wording
Selling, general and administrative expenses as a percentage of net sales was 15% in fiscal year 2024 compared to 13% in fiscal year 2023. Selling, general and administrative expenses were $7,842,626 for fiscal year 2024 compared to $8,087,534 for fiscal year 2023. Selling, general and administrative expenses as a percent of net sales increased due to additional costs incurred with respect to the Company's audit, the decrease in sales at the manufacturing plant and retail sales centers and the fixed costs associated with many of the expenses.
Current wording
Selling, general and administrative expenses as a percentage of net sales was 13% in fiscal year 2025 compared to 15% in fiscal year 2024. Selling, general and administrative expenses were $6,748,678 for fiscal year 2025 compared to $7,842,626 for fiscal year 2024. The dollar decrease in selling, general and administrative expenses for fiscal year 2025 versus 2024 were due to decrease in the number of new homes sold at our Company owned retail sales centers.
Previous wording
The Company earned interest in the amount of $1,126,951 in fiscal year 2024 compared to $803,622 in fiscal year 2023. Interest income is dependent on our cash balance and available rates of return. The increase during 2024 is primarily due to the increase in the monies invested.
Current wording
The Company earned interest in the amount of $1,119,101 in fiscal year 2025 compared to $1,126,951 in fiscal year 2024. The amount of interest income is primarily a function of change in the interest rates and the amount invested.
Previous wording
The Company earned $96,323 from its joint venture, Majestic 21, in fiscal year 2024 compared to $104,306 in fiscal year 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 earnings from the Majestic 21 loan portfolio could vary year to year, but overall, the earnings will continue to decrease due to the amortization, maturity and payoff of the loans.
Current wording
The Company earned $90,121 from its joint venture, Majestic 21, in fiscal year 2025 compared to $96,323 in fiscal year 2024. 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 earnings from the Majestic 21 loan portfolio could vary year to year, but overall, the earnings will continue to decrease due to the amortization, maturity and payoff of the loans.
Previous wording
We received $147,155 in fiscal year 2024 and $239,736 in fiscal year 2023 under an escrow arrangement related to a Finance Revenue Sharing Agreement (FRSA) between 21 st Mortgage Corporation and the Company. The distributions from the escrow account, related to certain loans financed by 21 st Mortgage Corporation, are recorded in income by the Company as received, which has been the Company’s past practice due to the uncertainty of the receipts. The earnings overall from the FRSA loan portfolio will continue to decrease due to the amortization and payoff of the loans.
Current wording
We received $126,759 in fiscal year 2025 and $147,155 in fiscal year 2024 under an escrow arrangement related to a Finance Revenue Sharing Agreement (FRSA) between 21 st Mortgage Corporation and the Company. The distributions from the escrow account, related to certain loans financed by 21 st Mortgage Corporation, are recorded in income by the Company as received, which has been the Company’s past practice due to the uncertainty of the receipts. The earnings overall from the FRSA loan portfolio will continue to decrease due to the amortization and payoff of the loans.
Previous wording
The Company realized pre-tax income of $11,471,949 in fiscal year 2024 compared to a pre-tax income of $14,579,429 in fiscal year 2023.
Current wording
The Company realized pre-tax income of $11,297,239 in fiscal year 2025 compared to a pre-tax income of $11,471,949 in fiscal year 2024.
Previous wording
The Company recorded an income tax expense of $2,860,687 in fiscal year 2024 compared to $3,680,565 in fiscal year 2023.
Current wording
The Company recorded an income tax expense of $2,850,856 in fiscal year 2025 compared to $2,860,687 in fiscal year 2024.
Previous wording
Net income in fiscal year 2024 was $8,611,262 or $2.63 per basic and diluted share and net income in fiscal year 2023 was $10,898,864 or $3.27 per basic and diluted share.
Current wording
Net income in fiscal year 2025 was $8,446,383 or $2.59 per share ($2.58 diluted), and net income in fiscal year 2024 was $8,611,262 or $2.63 per basic and diluted share.
Previous wording
Cash and cash equivalents were $13,521,296 at November 2, 2024 compared to $13,879,358 at November 4, 2023. Certificates of deposit were $13,021,839 at November 2, 2024 compared to $10,204,287 at November 4, 2023. Short-term investments were $680,017 at November 2, 2024 compared to $527,899 at November 4, 2023. Working capital was $42,927,149 at November 2, 2024 compared to $37,746,552 at November 4, 2023. In the first quarter of fiscal 2024, the Company received a distribution of $1.6 million from 21 st Mortgage Corporation, representing our share of excess capital in the portfolio. A cash dividend was paid from our cash reserves in April 2024 in the amount of $1.50 per share ($4,903,243) and in April 2023 in the amount of $1.00 per share ($3,370,912). During fiscal 2023, the Company repurchased an aggregate 102,083 shares of its common stock for ($2,853,981). In fiscal year 2024, Prestige purchased from other manufacturers 18 new homes for an aggregate of ($1,859,175) for custom ordered presold homes and in fiscal year 2023 purchased 44 new homes from other manufacturers for an aggregate of ($4,432,483) to help eliminate the backlog from Nobility. Prestige has 73 new homes purchase for an aggregate of ($5,969,523) from Nobility and outside manufacturers, that are included in inventory and are in the field, waiting to be completed and closed as of the year end 2024. Prestige new home inventory was $18,475,932 at November 2, 2024 compared to $18,961,131 at November 4, 2023. We own the entire inventory for our Prestige retail sales centers which includes new, pre-owned and repossessed or foreclosed homes and do not incur any third-party floor plan financing expenses. The Company built a 11,900 square foot building at our manufacturing facility with equipment to manufacture steel frames for our homes, which was completed in fiscal 2024 for an approximate cost of $1,752,600 for the building and equipment.
Current wording
Cash and cash equivalents were $13,230,504 at November 1, 2025 compared to $13,521,296 at November 2, 2024. Certificates of deposit were $13,109,325 at November 1, 2025 compared to $13,021,839 at November 2, 2024. Short-term investments were $583,128 at November 1, 2025 compared to $680,017 at November 2, 2024. Working capital was $46,866,425 at November 1, 2025 compared to $42,927,149 at November 2, 2024. A cash dividend was paid from our cash reserves in April 2025 in the amount of $1.25 per share ($4,086,247) and in April 2024 in the amount of $1.50 per share ($4,903,243). Prestige new home inventory was $16,605,049 at November 1, 2025 compared to $18,475,932 at November 2, 2024. We own the entire inventory for our Prestige retail sales centers which includes new, pre-owned and repossessed or foreclosed homes and do not incur any third-party floor plan financing expenses. In February 2025 the Company started manufacturing steel frames for our homes in the 11,900 square foot building at our manufacturing facility, which was completed in fiscal 2024 for an approximate cost of $1,752,600 for the building and equipment. In the first quarter of fiscal 2024, the Company received a distribution of $1.6 million from 21 st Mortgage Corporation, representing our share of excess capital in the portfolio.
Previous wording
The Company currently has no line of credit facility and no debt and does not believe that such a facility is currently necessary for its operations. The Company also has approximately $4.5 million of cash surrender value of life insurance which it would be able to access as an additional source of liquidity though the Company has not currently viewed this to be necessary. As of November 2,
Current wording
The Company currently has no line of credit facility and no debt and does not believe that such a facility is currently necessary for its operations. The Company also has approximately $4.8 million of cash surrender value of life insurance which it would be able to access as an additional source of liquidity though the Company has not currently viewed this to be necessary. As of November 1, 2025, the Company continued to report a strong balance sheet which included total assets of approximately $67.1 million which was funded primarily by stockholders’ equity of approximately $60.7 million.
Previous wording
Inventories –New home inventory is carried at a lower of cost or net realizable value. Capitalized manufacturing costs on retail manufactured homes built by the Company are valued at manufacturing cost, including materials, labor, and manufacturing overhead, or net purchase price if acquired from unaffiliated third parties. 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.
Current wording
Inventories –New home inventory is carried at a lower of cost or net realizable value. Capitalized manufacturing costs on retail manufactured homes built by the Company are valued at manufacturing cost, including materials, labor, and manufacturing overhead, or net purchase price if acquired from unaffiliated third parties. The Company estimates manufacturing costs based on an original bill of materials which may or may not have been recently updated. For bills of materials that have not been recently updated, the Company estimates manufacturing cost based on changes in current material prices and labor and overhead rates since the last update of the standard cost. These estimates involved especially challenging, subjective, and complex judgment due to the estimation uncertainty and the extent of effort required to evaluate management’s assumptions and supporting data.
Previous wording
Certain statements in this report are unaudited or 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.
Current wording
Certain statements in this report are unaudited or 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, tariffs, 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, the impact of higher interest rates on mortgage financing, 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.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
2024, the Company continued to report a strong balance sheet which included total assets of approximately $66.6 million which was funded primarily by stockholders’ equity of approximately $56.6 million.
Previous report — wording carried elsewhere
See Note 4 “Related Party Transactions” to the Company’s financial statement included herein