AMERCO Reports Third Quarter Fiscal 2006 Financial Results
February 8, 2006 Download
AMERCO (Nasdaq: UHAL), the parent of UHaul International, Inc., Oxford Life Insurance Company, Republic Western Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its third quarter ending December 31, 2005, of $11.9 million or $0.57 per share, compared with net earnings of $18.3 million, or $0.88 per share for the same period last year. Earnings for the quarter ended December 31, 2004, included nonrecurring, aftertax litigation settlement proceeds of $1.56 per share. Taking these aftertax litigation settlement proceeds in effect, the adjusted earnings per share for the quarter ended December 31, 2004 was a loss of $0.68 per share.
For the nine-month period ending December 31, 2005, net earnings available to common shareholders was $109.6 million or $5.26 per share, compared with net earnings of $109.3 million, or $5.25 per share for the same period last year. Included in the December 31, 2005 ninemonth results is a nonrecurring aftertax charge of $1.08 per share associated with the company’s first quarter refinancing. The December 31, 2004 ninemonth results included nonrecurring, aftertax litigation settlement proceeds of $1.56 per share. Taking into effect the after tax proceeds and refinancing costs the adjusted earnings per share was $6.34 for the nine months ended December 31, 2005 compared with $3.69 for the nine months ended December 31, 2004.
“We are pleased with our financial and operational performance for the quarter and nine months,” stated Joe Shoen, chairman of the board of AMERCO. "We have made significant progress on our established objectives and goals for economic performance, which include rotating our fleet by introducing approximately 12,000 new trucks, which replace older trucks removed from our fleet, positioning our rental fleet to achieve greater revenue and transaction growth, increasing our market presence in the storage industry through our Storage Affiliate Program, optimizing storage occupancy, eliminating losses at our property and casualty business and improve profitability at our life insurance company. We will continue to focus on these areas throughout the fourth quarter and into fiscal 2007 to enhance future operating results for our organization and our shareholders," Shoen concluded.