AMERCO Reports First Quarter Fiscal 2006 Financial Results
August 8, 2005 Download
AMERCO (Nasdaq: UHAL), the parent of U-Haul International, Inc., Oxford Life Insurance Company, Republic Western Insurance Company and Amerco Real Estate Company, today reported a net earnings available to common shareholders for its first quarter ending June 30, 2005 of $31.8 million or $1.53 per share, compared with net earnings of $41.2 million, or $1.98 per share for the same period last year. The results for this year include a non-recurring pre-tax charge of $35.6 million associated with the company’s previously announced refinancing.
Joe Shoen, chairman of AMERCO, stated, “we are continuing to implement our operations plan. The introduction of over 6,000 new large rental trucks has been well received by our customers and has increased the number of rentable truck days and reduced spending on truck repair costs. Occupancy rates at our owned and managed storage facilities continue to improve. We continue to track the goals and objectives that were established for this fiscal year and are pleased with the results of our first quarter of fiscal 2006,” concluded Shoen.