AMERCO Reports Fourth Quarter and Fiscal 2006 Financial Results

June 12, 2006 Download

Reno, Nev (June 12, 2006) AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., North America’s largest “do-it-yourself” moving and storage operator, today reported that net earnings available to common shareholders for the year ended March 31, 2006 were $108.2 million, or $5.19 per share, compared with net earnings of $76.5 million, or $3.68 per share for the same period last year. Included in the fiscal 2006 results is a nonrecurring after-tax charge of $1.08 per share associated with the Company’s first quarter refinancing. The fiscal 2005 results included nonrecurring, after-tax litigation settlement proceeds of $1.56 per share. Taking into account the refinancing costs and litigation settlement proceeds, adjusted earnings per share was $6.27 for fiscal 2006 compared with $2.12 for fiscal 2005.

For the quarter ending March 31, 2006, net loss available to common shareholders was $1.4 million, or $0.07 per share, compared with a net loss of $32.8 million, or $1.57 per share for the same period last year.

According to Joe Shoen, chairman of AMERCO, “We continue to invest strongly in our truck rental fleet to further strengthen our ’do-it-yourself’ moving and storage business. Over the past twelve months, we have placed over 15,600 rental trucks and 3,000 rental trailers into service to support the moving needs of our customers. This investment is expected to reduce current spending on truck-maintenance costs.”

Highlights of Full-Year and Fourth-Quarter 2006 Results
  • Gross revenues from the moving and storage business increased $108.8 million or 6.1% for the full year of fiscal 2006 compared to fiscal 2005.
  • Over the past year we have placed over 15,600 rental trucks in service along with 3,000 new trailers. The rotation of the fleet has resulted in positive earnings implications through the reduction of repair and maintenance costs.
  • Self-storage occupancy rates at Company owned and managed locations have increased from approximately 81% in fiscal 2005 to 86% in fiscal 2006.
  • Retail sales increases have increased for the full year and the quarter as customer demand for our propane, towing accessories and moving support items continues to grow. The Company remains the single largest retail provider of propane and towing accessories in the United States.
  • In June 2005 the Company refinanced its debt. The new structure reduced borrowing costs and provides the Company with the capital necessary for continued investment and sustainable growth. The structure of the new loan facilities provide increased flexibility to the Company to manage its operations and finances.