AMERCO Reports First Quarter Fiscal 2012 Financial Results

RENO, Nev., Aug. 3, 2011 /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 shareholders for its first quarter ended June 30, 2011, of $69.2 million, or $3.56 per share, compared with net earnings of $63.3 million, or $3.26 per share, for the same period last year.  The first quarter of fiscal 2012 included a $0.30 per share one-time charge related to the redemption of our Series A 8 1/2% Preferred Stock.

"Our focus on the long-term improvement in our core moving and storage programs continues, we are implementing programs today that will benefit the Company well into the future," stated Joe Shoen, chairman of AMERCO.  "While we view our business cycle as much longer than just quarter to quarter, we are currently experiencing positive results that are due in part to decisions made years ago."

Highlights of First Quarter Fiscal 2012 Results

• Self-moving equipment rental revenues increased $27.1 million, or 6.5% for the first quarter of fiscal 2012 compared with the first quarter of fiscal 2011.  Increased demand for our products and services combined with improved utilization and greater fleet capacity led to more In-town and one-way transactions during the quarter.  The $446.5 million of self-moving equipment rental revenues is a record high for first quarter U-Move revenue.  
• Self-storage revenues increased $3.6 million for the first quarter of fiscal 2012 compared with the first quarter of fiscal 2011.  The average number of occupied rooms during the quarter increased 8.4% compared with the same period last year.  We added nearly 398,000 of net rentable square feet during the quarter and 1,068,000 over the last four quarters.  
• Operating expenses at the Moving and Storage segment increased $17.3 million for the first quarter of fiscal 2012 compared with the first quarter of fiscal 2011, due largely to spending on rental equipment maintenance and personnel.
• On June 1, 2011 the Company redeemed all 6,100,000 shares of its issued and outstanding Series A 8 1/2% Preferred Stock at a redemption price of $25 per share plus accrued dividends through that date.  We recorded a one-time charge of $5.9 million during the quarter for the difference between the redemption price and the carrying value of the preferred shares on our balance sheet just prior to the redemption.
• We are holding our 2011 Virtual Analyst and Investor meeting on Thursday, August 25, 2011.  This is an opportunity to interact directly with senior management of the Company through a live video webcast.

AMERCO will hold its investor call for the first quarter of fiscal 2012 on Thursday, August 4, 2011, 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.

About AMERCO

AMERCO is the parent company of U-Haul International, Inc. 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.

Since 1945, U-Haul has been the choice for the do-it-yourself mover, with a network of more than 16,300 locations in all 50 States and 10 Canadian provinces. U-Haul customers' patronage has enabled the Company to maintain the largest rental fleet in the "do-it-yourself" moving industry with approximately 101,000 trucks, 82,000 trailers and 33,000 towing devices. U-Haul offers nearly 415,000 rooms and approximately 36.7 million square feet of storage space at nearly 1,115 owned and managed facilities throughout North America. U-Haul is the consumer's number one choice as the largest installer of permanent trailer hitches in the automotive aftermarket industry. The Company supplies alternative-fuel for vehicles and backyard barbecues as one of the nation's largest retailers of propane.

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-Q for the quarter ended June 30, 2011, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the first quarter of fiscal 2012 and 2011.

Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2012 and 2011.

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:

SOURCE AMERCO