Thursday, Nobility Homes, Inc. (NOBH), a Florida-based producer of manufactured homes, reported a sharp decline in profit for the third quarter, reflecting significantly lower sales. Sales were impacted by the general decline in the housing market, economic uncertainty and the reduction in manufactured housing shipments to Florida.
Net income for the third quarter declined to $21.9 thousand or $0.01 per share from $397.6 thousand or $0.10 per share year-ago.
Net income for the quarter included non-cash losses of $85.3 thousand for investments in two retirement community limited partnerships and a tax benefit of $278.9 thousand.
Comprehensive income for the period declined to $80.6 thousand from $368.3 thousand in the comparable period of the previous year.
Sales for the third quarter of 2009 were $3.1 million, compared with $7.4 million recorded in the third quarter of 2008.
Terry Trexler, president of Nobility Homes stated, "Sales and operations for the third quarter were adversely impacted by our country's severe economic uncertainty and the reduced manufactured housing shipments in Florida, plus the overall decline in Florida and the nation's housing market. Industry shipments in Florida for the period of November 2008 through July 2009 were down approximately 56% from the same period last year."
Net loss for the nine-month period was $607 thousand or $0.15 per share, compared with a net income of $1.6 million or $0.39 per share in the year-ago period. Year-to-date sales plunged to $9.0 million from $24.3 million in the prior- year period.
NOBH is currently trading on Nasdaq at $10.00.
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