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Nobility Homes fiscal Q4 profit climbs 83.5% YOY

Nobility Homes Inc. said its normalized net income for the fiscal fourth quarter ended Oct. 31, 2015, was 18 cents per share, an increase of 84.6% from 10 cents per share in the fourth quarter ended Nov. 1, 2014.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $711,540, an increase of 83.5% from $387,820 in the fourth quarter ended Nov. 1, 2014.

The normalized profit margin increased to 8.4% from 6.3% in the year-earlier period.

Total revenue increased 37.4% on an annual basis to $8.5 million from $6.2 million, and total operating expenses climbed 33.8% on an annual basis to $7.4 million from $5.6 million.

Reported net income rose 66.0% year over year to $1.0 million, or 25 cents per share, from $609,160, or 15 cents per share.

For the year, the company's normalized net income totaled 47 cents per share, an increase from 19 cents per share in the prior year.

Normalized net income was $1.9 million, a gain from $788,710 in the prior year.

Full-year total revenue increased 31.6% from the prior-year period to $27.8 million from $21.2 million, and total operating expenses grew 25.5% on an annual basis to $24.9 million from $19.8 million.

The company said reported net income grew year over year to $2.9 million, or 72 cents per share, in the full year, from $1.3 million, or 31 cents per share.