Nobility Homes, Inc. Announces Sales and Earnings for Its Fiscal Year 2009
Thu 9:00 am ET (PR Newswire)
Today Nobility Homes, Inc. announced sales and earnings results for its fiscal year ended October 31, 2009. Sales for fiscal year 2009 were $11,869,333 as compared to $30,065,022 recorded in fiscal year 2008. Loss from operations for fiscal year 2009 was $2,230,641 versus income $1,615,141 in the same period a year ago. Net loss after taxes was $1,051,843 as compared to net income after taxes of $1,822,156 for the same period last year. Because of the number of repossessions that the Company has experienced over the past fiscal year related to its Finance Revenue Sharing Agreement, Nobility has set up a reserve of $300,000 for potential losses associated with the refurbishing and re-selling of the repossessions. Although the Company has currently not experienced any losses in disposing of the repossessions, the Company is concerned with the number of repossessions in inventory and may choose more aggressive pricing which could lead to some repossessions being sold for a loss.
|