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NOBILITY HOMES, INC. ANNOUNCES IMPROVEMENT IN THIRD QUARTER 1993 SALES AND EARNINGS

 OCALA, Fla., Aug. 18 /PRNewswire/ -- Nobility Homes, Inc. (NASDAQ: NOBH) reports that sales and earnings for the third quarter of fiscal 1993 continued to show strong improvement. Net sales increased 84 percent to $3,743,878 as compared to $2,029,840 for the second quarter of 1992. Net earnings for the period were $412,699 or $.40 per share, up significantly from a loss of $68,319 or $.07 per share for the same period a year ago. The increased sales and earnings were a result of continued growth in the company's family market, brought about by favorable low interest rates, improvement in the economy, and increased confidence by our Florida consumers.
 For the first nine months of fiscal 1993 net sales were $12,554,293 up 76 percent from net sales of $7,148,047 in the first nine months of 1992. Net earnings for the nine-month period were $1,183,910 or $1.14 per share, up from a loss of $109,362 or $.11 per share in the comparable period in 1992.
 Nobility's sales results continue to reflect an improving market for their homes in Florida. We are reaching more family market buyers with a growing number of exclusive Nobility dealerships operated by affiliates of the company. We will continue to emphasize expansion of this exclusive dealership program in more Florida markets.
 In the interest of achieving increased shareholder value, management began, during the second quarter of fiscal 1993, to present the company to the investment public and inform them of the company's improved results and growth opportunities in Florida. We are pleased with our progress in reaching a larger national audience of investors in the last two quarters and will continue the program to develop an even broader market interest for the stock in the future.
 Nobility's sales are projected to remain strong for the fourth quarter of fiscal 1993, which will result in continued strong earnings. With further improvements in the economy and consumer confidence, continued stabilization of the volatile lumber and plywood market, and further expansion of our exclusive dealer network, management remains optimistic for this fiscal year's results and beyond.
 NOBILITY HOMES, INC.
 STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended Nine Months Ended
 July 31, Aug. 1, July 31, Aug. 1,
 1993 1992 1993 1992
 Net sales $ 914,347 $ 605,596 $5,072,307 $2,830,590
 Net sales --
 related parties 2,829,531 1,424,244 7,481,986 4,317,457
 Total sales 3,743,878 2,029,840 12,554,293 7,148,047
 Cost of
 goods sold 3,228,976 1,821,039 10,601,635 6,374,643
 514,902 208,801 1,952,658 773,404
 Selling, general
 and administrative
 expenses 291,848 317,739 989,880 699,106
 223,054 (108,938) 962,778 74,298
 Other income (expense):
 Gain (loss) on sale
 of fixed assets --- (12,775) --- 325
 Mobile home
 park limited
 partnership 158,650 32,749 158,650 32,749
 Interest income 11,800 22,921 40,800 61,250
 Interest expense --- (4,050) --- (12,150)
 Miscellaneous 19,195 1,774 21,682 17,064
 189,645 40,619 221,132 99,238
 412,699 (68,319) 1,183,910 173,536
 Provision for
 doubtful accounts --
 related parties -- -- --- (282,898)
 Income (loss) before
 provision for
 income taxes
 and extraordinary
 item 412,699 (68,319) 1,183,910 (109,362)
 Provision for
 income taxes 155,000 --- 445,000 ---
 Income (loss) before
 extraordinary
 item 257,699 (68,319) 738,910 (109,362)
 Extraordinary item
 resulted from
 tax benefit from
 utilization of net
 operating loss
 carryforward 155,000 --- 445,000 ---
 Net income
 (loss) 412,699 (68,319) 1,183,910 (109,362)
 Retained earnings,
 beginning of
 period 4,106,335 3,088,373 3,335,124 3,129,416
 Retained earnings,
 end of period $4,519,034 $3,020,054 $4,519,034 $3,020,054
 Earnings per share:
 Income (loss) before
 extraordinary item .25 (.07) .71 (.11)
 Extraordinary item .15 .00 .43 .00
 Net income (loss) .40 (.07) 1.14 (.11)
 Shares
 outstanding 1,034,838 1,034,838 1,034,838 1,034,838
 -0- 8/18/93
 /CONTACT: John Cramer, treasurer of Nobility Homes, Inc., 904-732-5157/
 (NOBH)


CO: Nobility Homes, Inc. ST: Florida IN: CST SU: ERN

RC-AW -- FL009 -- 4008 08/18/93 15:24 EDT
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Publication:PR Newswire
Date:Aug 18, 1993
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