AMERCO Reports Fiscal 2013 Financial Results

RENO, Nev., June 5, 2013 /PRNewswire/ -- AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common stockholders for the year ended March 31, 2013 were $264.7 million, or $13.56 per share, compared with $196.5 million, or $10.09 per share for the same period last year.  Included in the prior year results for March 31, 2012, was an after-tax charge of $1.61 per share associated with Repwest's third quarter excess workers' compensation reserve strengthening.  Excluding this after-tax charge, adjusted earnings were $11.70 per share for the year ended March 31, 2012.

For the quarter ended March 31, 2013, the Company reported net earnings available to common stockholders of $37.9 million, or $1.93 per share, compared with net earnings of $25.4 million, or $1.29 per share for the same period last year. 

"U-Haul employees, dealers and affiliates are to be commended for the company's strong performance over the last year," stated Joe Shoen, Chairman of AMERCO. "We continue our focus on improving the rental experience for our customers through convenient access to our rental locations, equipment availability and ease of the rental process," concluded Shoen.

Highlights of Full-Year and Fourth-Quarter 2013 Results

• Self-moving equipment rental revenue increased $22.9 million or 6.6% in the fourth quarter of fiscal 2013 compared with the fourth quarter of fiscal 2012, and finished the full year up $89.3 million or 5.3% compared with the full year of fiscal 2012.  Along with the improvement in revenue during fiscal 2013 we also experienced an increase in rental transactions, growth in our independent dealer network, expansion of our company-operated locations and an increase in the number of trucks and trailers in the fleet.

• Self-storage revenues increased $6.1 million or 17.7% in the fourth quarter of fiscal 2013 compared with the fourth quarter of fiscal 2012 and for the full year increased $18.3 million or 13.6% compared with fiscal 2012.  We are generating revenue and occupancy improvements from our existing portfolio of locations as well as from recent acquisitions.  Our average monthly amount of occupied square feet increased just over 15.4% compared with fiscal 2012 while our total available net rentable square feet increased by 2.1 million square feet over the last twelve months.

• Operating earnings at our Moving and Storage segment increased $5.1 million in the fourth quarter of fiscal 2013 compared with the fourth quarter of fiscal 2012 and for the full year increased $29.6 million.  During the fourth quarter total revenues for this segment increased $29.9 million while being partially offset by a $24.8 million increase in total costs and expenses.  For the fourth quarter we experienced increases in personnel, fleet maintenance expense and liability costs.

• Operating earnings at our Life Insurance segment increased $4.4 million in the fourth quarter of fiscal 2013 compared with the fourth quarter of fiscal 2012, and for the full year increased $2.8 million.  During fiscal 2013 Oxford shifted its primary focus for new business from life insurance policies to annuity contracts resulting in reported decreases in premiums and benefits and an increase in investment income.  As a result of this shift, during the year Oxford's annuity deposits increased $258.5 million compared to fiscal 2012.

• Operating earnings at our Property and Casualty Insurance segment increased $4.3 million in the fourth quarter of fiscal 2013 compared with fourth quarter of fiscal 2012 and for the full year increased by $50.6 million.  In fiscal 2012 Repwest recorded a $48.3 million pre-tax charge for reserve strengthening on excess workers compensation policies.  No similar charge for reserve strengthening was necessary in fiscal 2013 resulting in much of the improvement in profitability.

• Gross truck and trailer capital expenditures for fiscal 2013 were approximately $599 million compared with approximately $504 million in fiscal 2012.  Proceeds from the sales of rental equipment were $208 million for fiscal 2013 compared with $166 million in fiscal 2012.  Spending on real estate related acquisitions and projects increased approximately $68 million to $169.5 million in fiscal 2013 compared with fiscal 2012.

AMERCO will hold its investor call for fiscal year 2013 on Thursday, June 6, 2013, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the Internet at www.amerco.com. To hear a simulcast of the call, or a replay, visit www.amerco.com.

Use of Non-GAAP Financial Information
The Company reports its financial results in accordance with generally accepted accounting principles (GAAP). However, the Company uses certain non-GAAP performance measures, including adjusted earnings per share, to provide a better understanding of the Company's underlying operational results. The Company uses adjusted earnings per share to present the impact of certain transactions or events that management expects to occur only infrequently.

About AMERCO
AMERCO is the parent company of U-Haul International, Inc., Oxford Life and Repwest insurance companies and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect AMERCO's business and future operating results, please refer to our Form 10-K for the year ended March 31, 2013, which is on file with the SEC.

Report on Business Operations

Listed on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2013 and fiscal 2012.

Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2013 and fiscal 2012.

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. U-Haul also provides property management services for storage locations and earns a fee for these services. These storage centers are not owned by the Company and therefore are not reported on the balance sheet and the rental revenues are not reported in the statements of operations. Self-storage data for both our owned and managed locations follows for the quarter and full year of fiscal 2013 and 2012.

SOURCE AMERCO