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Executives

Terry Trexler - Chairman and President

Thomas Trexler - EVP and CFO

Analysts

Bill Richard - Scobell Company

Walter Hensley - Walter Partners

Russ Silvestri - Skiritai Capital

Ralph Marish - First Manhattan Company

Nobility Homes Inc. (OTCQB:NOBH) FQ407 (Qtr End 11/03/07) Earnings Call December 20, 2007 4:30 PM ET

Operator

Good day everyone and welcome to the Nobility HomesIncorporated fourth quarter fiscal year 2007 sales and Earnings Call. (OperatorInstructions).

At this time, I'd like to refer to the Safe Harborstatement under the Private Securities Litigation Reform Act of 1995. Duringthis conference call, management may discuss financial projections, informationor expectations about the Company's products and markets or otherwise makestatements about future, which statements are forward-looking and subject to anumber of risks and uncertainties that could cause actual results to differmaterially from the statements made. The risks and uncertainties are detailedin the Company's filings with the Securities and Exchange Commission.

With us today are Mr. Terry Trexler, Chairman and Presidentof Nobility Homes Incorporated, and Mr. Thomas Trexler, Executive VicePresident and Chief Financial Officer of Nobility Homes Incorporated andPresident of Prestige Home Centers. Gentlemen, please go ahead.

Terry Trexler

Thank you. Good afternoon, ladies and gentlemen. As wenormally do, I'd like to take a few moments and go over the balance sheet, theincome statements and a few operating highlights and then I'll turn it over toTom for our retail, finance and insurance breakdowns.

First I'd like to draw your attention to our consolidatedbalance sheet, just to point out a couple of things that have either changed orworth noting. First, our cash, cash equivalent, short-term investments andlong-term investments are up to about $24.9 million, which is at the highestlevel that we've ever been at. But, certainly something we are proud of in thisvery, very tough operating environment.

The second note that I'd like to make is that, if you havelooked at our accounts receivable trade, you noticed that there was about$460,000 increase in the accounts receivable. However, this year 2007, MountainFinancials started to provide construction loans to people who buy our homesfrom outside lenders. And so we are showing about $700,000 of constructionloans in that accounts receivable trade. So it does make our accountsreceivable look a little high, but in fact our true accounts receivable wereonly about $120,000, so not large at all.

Inventories have, pretty much, stayed normal with a year ago;we were $12.7 million, $12.4 million, I think we are up about 4 houses ininventory from a year ago, so certainly not alarming there. Other than that,total assets $47.5 million versus $47.1 million a year ago. And I might mentionthat you might see our long-term investments actually decrease about a $1million that was just the run-off from our latter municipal bond portfolio thatwe have. So, and within the next year too, unless Tom chooses to continueinvesting in that way, that there will be more roll off there, probably acouple of million dollars this year.

Under the current liability section, really the only thingthat I would like to point out is that our customer deposits are down about$1.3 million from the same period a year ago and certainly that’s a reflectionof the declining market conditions in the state of Florida. But we still have about a $1.5million in customer deposits and still have a good pipeline and a good backlogof homes. The other thing I would like to mention on the balance sheet is that,total stockholders equity increased about 5.4% to $43.9 million up from $41.68million.

Now, if I can draw your attention to the income statement,again just a few items I would like to mention. For the year, sales were downabout 32% from almost $60 million down to $40,600,000. Our market area was downabout 47% for the like time period. So, while we certainly had a significant declinein sales, it wasn’t the same as what the industry had faced pretty much in ourmarket area.

One thing we are quite proud of though in this down market isthat our gross profit percentage still stayed above 29%, 29.1% for 2007 fiscalyear and 29.35% for the fourth quarter. So the management teams at both retailand the manufacturing have done a very good job of maintaining the gross profitand keeping expenses under control and hopefully, we can continue that in 2008.

Our SG&A expense percentage wise, was up both in thefourth quarter and year-to-date, but primarily a reflection of the reduction insales. Operating income for the year $4,323,000 or 10.64%, that was down from$8.5 million in 2006 or 14.26%. For the quarter, the operating income was $1,267,000down from a $1,904,000 in the fourth quarter in 2006. However our operatingmargin percentage was 11.78% down form 12.99%.So, again still holding prettygood operating numbers on a company wide base.

Other income level, you’ll see that's pretty much the same,we are up about 11%, primarily a result of the interest income that we had. Forthe year it was up about 14%, $1,822,000 versus $1,600,000 and again primarilya result of the interest income and the earnings from our finance revenuesharing agreement. So, for the year company ended up with net income of littleover $4,081,660 or 10.05%, net income over 10% again something that we're quiteproud of and that was compared to a year ago $6.4 million, 10.8%. For thequarter it was $1,126,000 million versus $1,386,000 million for 2006. And wewere at 10.47% net income percentage versus 9.45% in 2006.

So, in spite of a very difficult times in this industry andthe extremely difficult times in the Florida market, primarily a result ofvery, very good numbers in 2004 and 2005, which were hurricane impacted, westill maintained good profit margins, good gross margins. So, for the year thecompany ended up with a $1 per diluted share versus a $1.59 a year ago, and forthe fourth quarter $0.28 versus $0.34, so, again quite good numbers.

To give you a more of an idea onour gross profit percentage, we ended up, as I mentioned 29.01% for '07, wewere 29.49% in '06, 29.04% in '05, 26% in '04 and 25% in '03. So, you can seethat we've continued to increase that. Our last year in '06 was a record year,almost 29.5%, but still staying about 29% for the year.

One of the factors that haveplayed into this has been that our vertical integration strategy has paid gooddividends, 89% of the homes that we sold were rebuilt and were sold by ourPrestige division, so it allows us to capture all four of the profit centersthat's available to us, by being vertically integrated. And that 89% of newfactory homes built that were sold through Prestige compares to 77% last year,75% in '05, and 57% in '04, and 59% in '03. So, as we sell more homes throughour retail division, certainly we become more profitable.

Another thing that's important tonote is that, in 2007 our average new home retail selling price was almost$76,000 and Tom will go into that a little bit more in detail, but just asrecent as 2003 we were about $52,000, so certainly people are buying little bitnicer product at least in our market area.

With that, I'll turn it over toTom, let him discuss little bit about the retail and mortgage and insurance.

Tom Trexler

The average retail selling price for Prestige, our retaildivision for the fourth quarter of '07 was $77,151 up from $71,000 in thefourth quarter of '06. And again, that’s just the fourth quarter where thenumber Terry just mentioned was for the full year. Prestige retail sales weredown 23% in the fourth quarter when compared to the fourth quarter '06. Our newhome inventory averaged 13 homes per model center, which is consistent with thelast few quarters. 65% of our new home sales were mortgaged financed in fourthquarter of '07.

Our finance division income was down 3% due to a largeamount of payoffs in our first joint venture, which reduced the income in thatportfolio during the quarter. Our credit quality continues to remain good withour past dues on the portfolio at 2.13%. Our insurance and mortgage lendingdivision income was up 31% in the fourth quarter in the fourth quarter,primarily as a result of our increased volume in our mortgage lendingoperation.

At this time, we'd like to open it up for any questions thatanyone may have.

Question-and-Answer Session

Operator

(Operator instructions). And our first question will comefrom Bill Richard with [Scobell Company].

Bill Richard -Scobell Company

Hi guys, how are you?

Terry Trexler

Great! How are you today?

Bill Richard -Scobell Company

Good. I just had a few questions: is there anything new withregard to financing? What about modular homes? What should we say expect in thenext 12 months?

Terry Trexler

Well, I’ll mention a couple of things and then Tom may havesome other things to mention. In our market area, modular housing has not beenreadily demanded I guess. We sell some to manufactures some modular homes, butwe probably sell only about 10% at this point. Now, I am sure that it willcontinue to increase, but in our market area, which is primarily all of Florida and some of South Georgiathere are still an abundance of available land and lots zone for manufacturedhomes. So, until that becomes more critical, I think that we’ll continue tosell more manufactured homes than modular homes, but we are selling them and wedo expect that it will continue to increase. Tom, you want to add?

Tom Trexler

I am really not seeing any change in the financing formodular, but it's probably because we don't do, we don't sell that many modularhomes. So there really hasn't been much change in the financing. Our own financing jointventure, we don't have any problems financing them and we don't have anyproblems getting outsides financing right now so, I've just not no there is anychange.

Bill Richard - Scobell Company

Is your own joint venture, are you financing the bulk ofthis or?

Tom Trexler

Probably, about half of them, so: no, probably, not thebulk, but, probably, about half of them and the other half would be fromoutside, the traditional mortgage lending sources.

Bill Richard - Scobell Company

Okay. What is your sense in terms of, what are we looking atin terms of, what are your expectations for the next 12 months as far asmodule?

Terry Trexler

As far as: modular?

Bill Richard - Scobell Company

Yeah.

Terry Trexler

Again, in our market area, I think it will continue toincrease but, I would be surprised if a year from now, we were building more than12%, 13%, 14%, I just don't think its going increase that much.

Bill Richard - Scobell Company

Okay. Another question I had is, you were just talking quickly,I didn't hear it exactly. What did you say, you had for average asking price? And:what did you have for unit sold?

Terry Trexler

Our average retail selling price?

Bill Richard - Scobell Company

Yeah.

Terry Trexler

For the fourth quarter.

Tom Trexler

For the fourth quarter it was$77,151. That was our average retail selling price.

Terry Trexler

And for the year it was $75,971.

Bill Richard - Scobell Company

Alright. And: what about unitssold?

Terry Trexler

As far as the number of unitssold?

Bill Richard - Scobell Company

Yeah.

Terry Trexler

485.

Bill Richard - Scobell Company

For the --?

Terry Trexler

For the year.

Bill Richard - Scobell Company

Okay. And: that was down fromlast year, you had what?

Terry Trexler

That was down last year fromabout 900.

Bill Richard - Scobell Company

Okay. What do you have in termsof -- I know this is lot of cash on the balance sheet: what are your plans forthat? Do you have any plans for making any acquisitions or share buyback orwhat? Is there anything on the agenda that you could tell us about?

Terry Trexler

Well, yes. After year-end we invested in two new Florida retirementmanufactured housing communities. And also we have contracted by one of ourretail model centers that we are currently leasing. And Tom, plans to continueto make some purchases there on some of the leased properties that we are on,we're going to continue to look at other retirement communities, we just thinkthat with the housing market the way it is and the way we think it's going tobe for a while, but you know the retiree is going to be a strong market withthe numbers of baby boomers retiring.

We just think that building a new affordable manufacturedhousing community in key areas in the state of Florida is going to be good for the next 10years. So, our hope is to kind of put together a little portfolio, where weprovide all the homes in those communities, and not only help top-line sales,but also develop another revenue stream for the company.

The two communities that we just recently invested in giveus sales rights to about 635 new homes. And we would like to just continue togrow in that particular area of the business. So, that certainly will be a useof the cash, and then we will as it becomes available, we still feel it'simportant to look at buying back the company stock. And we think that will happenwhen those are blocks coming available. And then certainly very important isthe fact that, the Board of Directors declared a $0.50 divided, which was equalto the dividend that we paid in 2006. And so, that’s a couple of milliondollars of earnings also.

Bill Richard - Scobell Company

One or two other quick ones, I don’t mean to hold anyone up.I was curios to know: what about any cost cutting? I know some of the othercompanies that put through some fairly successful cost cutting measures: do youhave any that you want to talk about?

Terry Trexler

Well, we are constantly looking at controlling costs. And Ithink you can see from our gross margin percentages that we did a pretty goodjob in 2007. Our plans are to continue to seek new ways to keep cost undercontrol and we have asked all the management teams both at the retail andmanufacturing to constantly be aware of increasing expenses and see what we cando about cutting them, but any major program, it's just an ongoing thing withus everyday.

Bill Richard - Scobell Company

One last thing: do you have any revenue guidance in terms ofgoing forward next quarter?

Terry Trexler

No, we do not.

Bill Richard - Scobell Company

Okay great, listen. Thanks so much guys.

Terry Trexler

Thank you very much.

Bill Richard - Scobell Company

I appreciate it.

Operator

Our next question will come from (inaudible).

Unidentified Analyst

Hi Terry. Congratulations on a great quarter.

Terry Trexler

Thank you.

Unidentified Analyst

You had a tremendous reduction in your SG&A: can youtalk about how you did that? It’s actually the year-over-year reduction that wesaw in the fourth quarter.

Terry Trexler

Well in a vertically integrated company a lot of thatSG&A is sales compensation through the Prestige retail division and withsales being down that much, that in itself brought it down significantly, butwe did try to control that in a big way also, but probably that’s the singlebiggest thing.

Unidentified Analyst

How much of that actual figure would say is with respect tothat you would expect to occur each quarter?

Tom Trexler

I don’t have that number handy, but I can certainly get thatfor you and we do have it, I just don’t have it here right now.

Unidentified Analyst

Okay. And a last question from me. What was your capacityutilization for the fourth quarter and, may be, what was it in the fourthquarter of the prior year?

Tom Trexler

Well it was certainly much worse this fourth quarter then itwas a year ago, but, and again, with the type of products that we're buildingnow some of the bigger products, where they are triple sections or foursections, the plant capacity changes a little bit, but, pretty much, I wouldthink that we're probably operating right now at probably about 48% of the plantcapacity.

Unidentified Analyst

Okay.

Tom Trexler

And certainly we have a lot of room to increase.

Unidentified Analyst

Okay great thanks a lot.

Tom Trexler

Thank you.

Operator

Our next question will come from [Walter Hensley] with[Walter Partners].

Walter Hensley -Walter Partners

Hi Terry, Hi Tom,

Terry Trexler

Hi Walter.

Walter Hensley - Walter Partners

Congratulations. I've a few questions about the low endpartnerships with the retirement communities: can you discuss how much of yourinvestment is involved? And: what the accounting or the financial impact islikely to be over the relatively near-term?

Terry Trexler

The investment, we will actuallydo this in conjunction with a couple of other partners. So we won't have a 100%of the limited partnership, but I would expect it to be somewhere in theneighborhood of $3 million or $4 million total for the two communities and wewill recognize our share of the earnings or looses from those limitedpartnerships each year through our ownership and through the submission of theK-1 from the partnership.

And I would expect that in theearly years before there is much rental income that there could be losses inthose partnerships and those would be non-cash losses financed by the capitalthat's in there, but there could be reported losses that could flow through tothe company in these early years until the rental income gets up to a levelthat's high enough to cover the operating expenses.

Walter Hensley -Walter Partners

So: what do you think thebreakeven period is like? Two years? Three years? That sort of thing?

Tom Trexler

Well, typically, the joint venture partner that we did thiswas they are great marketing people. They have about 25 other communities,about 10,000 spaces just in the Floridamarket alone. And, in the past, when we've sold to them for a number of yearsprobably since early 80's and typically they fill a community up depending uponthe size they put between 60 and 100 houses a year in a community. And so,depending upon the sizes of community, depends upon how quickly, they reachbreakeven. For instance, one of the communities is 236 spaces and so, if theycan generate a hundred sales a year, the breakeven there would probably bearound a year. But again, it depends upon each community and the size of thecommunity. One of the communities is around 400 spaces, so it kind of varieswith each community, Walter.

Walter Hensley - Walter Partners

Okay. No,I think now it sounds great, the 635 unit sales rights: do you have to givethem a discount because you are a partner or do you get the full margin onthat?

Terry Trexler

We get the full margins, however we, its not like we areselling them through our retail division. So, all we're going to get is themanufacturing margins on those. However, our plan and Tom's plan is to financesome of those houses and also sell some insurance on some of those housesand maybe do a few other things, wherewe can increase our profitability on each one. But normally, in a situationlike that the only profit that you would get would be your manufacturingprofit, but we want to do a little bit better than that.

Walter Hensley - WalterPartners

Sure, so: the first two of you actually closed thosepartnerships? Or: are you still recruiting more limited partners?

Terry Trexler

No, we have invested our capital in it and we are in theprocess of, in essence selling part of our interest. Our interest right now is49% in both the communities and we have people that are interested in maybehalf of our 49% or something like that. So: yes, we are in the process of doingthat right now.

Walter Hensley - Walter Partners

Okay. Thatsounds good and then another question on the one of those called financerevenue sharing agreement: can you just review how that works again? And: whatthe outlook is for that kind of earnings level to continue?

Tom Trexler

Well, the finance revenue sharing agreement is kind ofoperates just like our original joint venture, where we originate loans withour joint venture partner, which is 21st Mortgage and they originate and do theservicing and the underwriting on them, and then we split the income from thatportfolio. So, it’s basically our lending joint venture that operates in thesame way as it always has, just a little different name.

So, I would expect that borrowing any big payoffs that thatwould continue to increase in earnings as we continue to build and grow thatportfolio by selling houses and originating new loans. If our sales and newloans slows down and for some reason the payoffs spike up for one reason oranother than maybe our earnings there could stall, but my expectation is thatwe would continue to grow that portfolio on a quarterly basis, even if we stayflat one quarter or something like that, but overtime, just continue to growthat portfolio. It's about $98 million now that we have in there. And so, we'vegot the amortization that comes on that, but we add two each month with our newloans that we originate.

Walter Hensley - Walter Partners

Okay. Andthen just more generally: do you think the manufactured housing market canrecover more aggressively better than the condo market in some of the otherregular real-estate markets in Florida?

Terry Trexler

Yes. We do feel that way. Wethink that with the credit problems that are out there and the tightening ofthe credit on the site build in the condo market, that we are already seeingsome people moved down in to manufactured homes. And, I think, you are going tosee in the next 12 months, people looking for more affordable housings. Lot ofpeople are retiring and moving down to Florida, will go ahead and, even thoughthey haven't sold their existing home up north yet, because of the slow market,they will buy a second home and that's why we like the retirement business.

We think a lower priced,affordable, manufactured housing community is very attractive to these people,because they will buy it as a second home and not have to worry about sellingtheir home up north right away. One other things that we've heard in some ofour conversations with the retirement sector is that, they have a limitednumber of years left and, if they have always dreamed for retiring in Florida,they don't want to wait until the housing market turns around completely. And Ithink that we will see that part of the market come back quicker than you will,the condos and the site built in Florida.

Walter Hensley - WalterPartners

By the way I would say Nobilityhas done a tremendous job under difficult circumstances and the plan you'velaid out looks great.

Terry Trexler

Thank you, Walter. Appreciate the[vote] of confidence.

Operator

Our next question will comes fromRuss Silvestri with SkiritaiCapital.

Russ Silvestri - SkiritaiCapital

Hello, can you hear me?

Terry Trexler

Yes, we can.

Russ Silvestri - SkiritaiCapital

All right, how are you?

Terry Trexler

Great!

Russ Silvestri - SkiritaiCapital

I was trying to get a betterunderstanding on the inventories. I was looking, it looks like your inventoriesyear-over-year are relatively flat and sales are down. I was curious about thebuild: are you planning to sell some of those houses that you may have ininventory at this point in time to communities that you're investing in?

Terry Trexler

Well, I will comment on that and then I'm sure Tom will havesomething too, but on our retail model centers, on our 18 retail model centersthat we have around the state, we typically like to keep 12, 13, 14 houses ininventory, because that’s what you need to kind, to truly show our wholeproduct line. We've two manufacturing plants and we have price ranges thatstart at retail at $29,000 and go all the way up to $120,000. So, we have tohave a pretty good array of product at each model center.

So, it’s pretty hard to sell a big ticket item from emptyshells and we found that out during the hurricane rebuilding process, when ourretail inventory got quite low and we had to go to the outsiders and buy fromsome outside manufacturers. And our plan is to keep that inventory pretty muchat this level and the inventory that we put into the new joint venturemanufactured housing communities will be paid for otherwise we will not becaring that, long-term we may give them some time initially. But those houseswill be, it will be paid for, but we won't be increasing inventories that much.

Russ Silvestri - SkiritaiCapital

But my question was: is the revenue build inventory at thispoint of time, to sell to that community?

Terry Trexler

No, not at all.

Russ Silvestri - SkiritaiCapital

Okay. And then the other question, in terms of the mortgagesthat you've been doing, you've been adjusting reserves at all: has there beenany adjustment of the reserves for delinquencies or?

Terry Trexler

Yes, we continue to add to our reserve for loan losses on amonthly basis. We take a provision for loan losses every month to coveranticipated loan losses and to keep our reserve balances at a healthy level forthe relative to the amount of outstanding that we have.

Russ Silvestri - SkiritaiCapital

Right. So: are you increasing the provision per dollar? Or:just, obviously, be every time you put a new mortgage I would assume youincrease your provision?

Terry Trexler

Right: We just are continuing to reserve at the same amount,the same percentage amount that we have been in the past, its just that as ourportfolio grows, our total reserve grows, but we are still reserving at thesame percentage.

Russ Silvestri - SkiritaiCapital

And then the experience that you are having at this in pointis then no changes to the experiences in terms of delinquency, you said: youare up a little bit to?

Terry Trexler

No I said we were consistent that 2.13 that’s consistent.So, yes I am not seeing an increase in delinquency at this point.

Russ Silvestri - SkiritaiCapital

Okay. And, in terms of houses you are selling: do you haveany estimate of how many the people are purchasing the homes are related to thehurricane? Obviously, hurricanes happened a while ago, but: are you stillbuying manufacturer housing as a result of the hurricane being dislocated,having being moved?

Terry Trexler

No I don’t believe anybody is, if they are its not apparentto us at this point. It’s not, our sales are not in -- concentrated in thoseareas that were impacted and the sales that we have in the general area thatwas impacted by the hurricanes is what I would consider our core traditionalhome buyers and not necessarily a replacement situation.

Russ Silvestri - SkiritaiCapital

And lastly: are you experiencing a similar seasonality thisyear that you had in the past?

Tom Trexler

Yes, we are. The winter months and our first quarter are,traditionally, the slowest period of time for the company and I would say thatis --- we're experiencing a consistent seasonality this year.

Russ Silvestri - SkiritaiCapital

Okay. Thank you very much

Tom Trexler

Thank you.

Operator

Our next question will come from [Ralph Marish] with FirstManhattan Company.

Ralph Marish - FirstManhattan Company

Hi Terry and Tom.

Terry Trexler

Hi Ralph, how are you?

Ralph Marish - FirstManhattan Company

Okay. How are you?

Terry Trexler

Great!

Ralph Marish - FirstManhattan Company

Good. Just quickly the statistics you gave on the mortgagefinancing that both the sides of the portfolio and past due rates that’s forthe combined portfolio of Majestic 21 and the joint venture?

Terry Trexler

That’s correct. It’s combined for both.

Ralph Marish - FirstManhattan Company

Okay. Thanks, that was it.

Terry Trexler

Thank you Ralph

Operator

And we have no further questions.

Terry Trexler

Just a couple of things to clean up here: I don’t think Imentioned that we have about $25 million in working capital, our ratio ofcurrent assets to current liabilities is 7.9:1. Our stockholders equityincreased to almost $44 million book value of common stock increased to $10.75.The return on average stockholders equity was 10% and the return on averageassets was 9%, both great numbers for our industry. I did mention that theBoard of Directors declared an annual cash dividend of $0.50 for common sharefor 2007, which was equal to what we had declared in 2006. Cash dividend ispayable January 11th to stockholders in record as of January 2nd, 2008.

Thank you very much for joining us today for Nobility'sfiscal 2007 earnings conference call. If anyone has any questions, please feelfree to call either Tom or myself. And we both would like to wish everyone avery happy and safe holiday season and a very profitable 2008. Thank you.

Operator

Thank you. That does conclude today's conference call. Wethank you for your participation. And have a great day.

Terry Trexler

Thank you.

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