AMERCO Reports First Quarter Fiscal 2015 Financial Results

RENO, Nev., Aug. 6, 2014 /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, 2014, of $124.5 million, or $6.36 per share, compared with net earnings of $113.0 million, or $5.78 per share, for the same period last year. 

"Our businesses have a lot of moving parts.  The experienced, committed U-Haul Team continued to do a good job serving customers," stated Joe Shoen, chairman of AMERCO.  

Highlights of First Quarter Fiscal 2015 Results

• Self-moving equipment rental revenues increased $59.1 million, or 11% for the first quarter of fiscal 2015 compared with the first quarter of fiscal 2014.  Growth of In-Town and one-way transactions in our truck, trailer and towing device fleets led to the revenue improvement.  Our distribution network continues to expand to meet the needs of our customers.  We added both Company-owned locations and independent dealerships during the quarter and increased the size of the rental equipment fleet.
• Self-storage revenues increased $7.0 million for the first quarter of fiscal 2015 compared with the first quarter of fiscal 2014. The average monthly amount of occupied square feet increased by 14% during the first quarter of fiscal 2015 compared with the same period last year. The growth in revenues and square feet rented comes from a combination of improved occupancy at existing locations as well as from the addition of new facilities to the portfolio. We added more than 470,000 of net rentable square feet during the quarter and over the last twelve months approximately 1.8 million of net rentable square feet to the self-storage portfolio.
• Operating earnings at our Moving and Storage operating segment increased $16.7 million in the first quarter of fiscal 2015 compared with the same period last year.  Total revenues improved by $75.7 million with total costs and expenses increasing by $59.0 million.  Operating costs associated with the U-Box program, rental equipment maintenance and repair, personnel expense and depreciation increased during the quarter.
• For the first quarter of fiscal 2015 compared with the first quarter of fiscal 2014 gross truck and trailer capital expenditures were approximately $326 million compared with approximately $213 million, proceeds from sales of rental equipment were $128 million compared with $93 million and spending on real estate related acquisitions and projects were approximately $86 million compared with $99 million, respectively.
• Cash and credit availability at the Moving and Storage segment was $851.1 million at June 30, 2014 compared with $625.1 million at March 31, 2014.
• We are holding our 8^th Annual Virtual Analyst and Investor meeting on Thursday, August 28, 2014 at 11:00 a.m. Arizona Time (2:00 p.m. Eastern).  This is an opportunity to interact directly with senior management of the Company through a live video webcast.  A brief presentation by the Company will be followed by a question and answer session.

AMERCO will hold its investor call for the first quarter of fiscal 2015 on Thursday, August 7, 2014, 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., Oxford Life Insurance Company, Repwest Insurance Company 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-Q for the quarter ended June 30, 2014, 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 2015 and 2014.

Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2015 and 2014.

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

SOURCE AMERCO