AMERCO Reports Third Quarter Fiscal 2011 Financial Results ; parent of U-Haul International, Inc., North America's largest "do-it-yourself" moving and storage operator, today reported net earnings available to common shareholders for its third quarter ended December 31, 2010, of $15.5 million, or $0.80 per share, compared with $0.3 million, or $0.02 per share, for the same period last year.
For the nine-month period ended December 31, 2010, net earnings available to common shareholders were $160.8 million, or $8.28 per share, compared with net earnings of $61.4 million, or $3.17 per share for the same period last year.
"We continued to execute well through December. As sometimes happens this late in our fiscal year, severe weather is now adversely affecting moving transactions," stated Joe Shoen, chairman of AMERCO.Highlights of Third-Quarter Fiscal 2011 Results
* Self-moving equipment rental revenues increased $21.7 million for the third quarter of fiscal 2011 compared with the third quarter of fiscal 2010. Revenue as well as transactions increased from both one-way and in-town moves compared with the same period last year.
* Self-storage revenues increased $2.7 million for the third quarter of fiscal 2011 compared with the same period last year as total occupancy has increased. Our average occupancy during the third quarter of fiscal 2011 increased by nearly 650,000 square feet compared with the third quarter of fiscal 2010.
* For the third quarter of fiscal 2011 net gains from the disposal of property, plant and equipment were $1.7 million compared with net losses of $0.3 million in the third quarter of fiscal 2010. Excluding these disposal gains and losses, total depreciation decreased $4.3 million for the third quarter of fiscal 2011 compared with the same period last year.
* During the third quarter of fiscal 2011 our life insurance segment entered into reinsurance agreements whereby we assumed a block of final expense life insurance policies and Medicare supplement policies. The assumption of the reserve liability associated with the life insurance policies resulted in a one-time increase in premiums for the quarter of $30.8 million as well as an increase in benefit expense for the same amount. The profits that arise from these transactions will be recognized over the life of the underlying policies.
AMERCO will hold its investor call for the third quarter of fiscal 2011 on Thursday, February 3, 2011, at 8 a.m. Arizona Time (10 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., North America's largest "do-it-yourself" moving and storage operator, AMERCO Real Estate Company, Repwest Insurance Company and Oxford Life Insurance Company.
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 104,000 trucks, 80,000 trailers and 36,000 towing devices. U-Haul offers more than 406,000 rooms and 36 million square feet of storage space at nearly 1,100 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.
U-Haul was founded by a Navy veteran who grew up during the Great Depression. Tires and gas were still rationed or in short supply during the late 1940s when U-Haul began serving U.S. customers. Today, that background is central to the U-Haul Sustainability Program: "Serving the needs of the present without compromising the ability of future generations to meet their own needs." Our commitment to reduce, reuse and recycle includes fuel-efficient moving vans, neighborhood proximity, moving box reuse, moving pads made from discarded material and packing peanuts that are 100% biodegradable. Learn more about these facts and others at uhaul.com/sustainability.
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 December 31, 2010, which is on file with the SEC.
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