RENO, Nev., Nov. 4 /PRNewswire-FirstCall/ -- AMERCO , 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 second quarter ending September 30, 2009, of $41.5 million, or $2.14 per share, compared with net earnings of $40.6 million, or $2.10 per share, for the same period last year.

For the six-month period ending September 30, 2009, net earnings available to common shareholders were $61.0 million, or $3.15 per share, compared with net earnings of $67.2 million, or $3.47 per share for the same period last year.

"I am encouraged by our second quarter results," stated Joe Shoen, chairman. "We are seeing improving revenues, which combined with our efforts to control costs, are beginning to positively impact our financial results," concluded Shoen.

Highlights of Second-Quarter Fiscal 2010 Results -- Self-moving equipment rental revenues decreased $12.0 million for the second quarter of fiscal 2010 compared with the second quarter of fiscal 2009 with the negative variance narrowing through the quarter. Revenues from one-way rentals declined during the quarter and foreign currency exchange rates between the Untied States and Canada continued to negatively affect revenue. Total truck rental transactions increased for the quarter with growth in both one-way and In-Town activity. -- Self-storage revenues decreased $0.5 million for the second quarter of fiscal 2010 compared with the same period last year. -- For the second quarter of fiscal 2010 the Company reported net gains from the disposal of equipment of $3.1 million compared to a net loss of $4.8 million for the second quarter of fiscal 2009 due to the improvement in resale values of our used rental equipment. -- Operating expenses at the Moving and Storage segment decreased $2.4 million for the second quarter of fiscal 2010 compared with the second quarter of fiscal 2009. -- At September 30, 2009 cash, cash equivalents and available credit in the Moving and Storage segment was $393.9 million. Over the next four quarters, the Company has maturities and required principal payments of $206.4 million on loans and capital leases that were in place as of September 30, 2009. -- Truck and trailer capital expenditures for the first six months of fiscal 2010 were approximately $185 million compared with $376 million for the first six months of fiscal 2009. Proceeds from sales of rental equipment increased $20 million to $99 million for the first six months of fiscal 2010 compared with the same period last year.

AMERCO will hold its investor call for the second quarter of fiscal 2010 on Thursday, November 5, 2009, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at http://www.amerco.com/. To hear a simulcast of the call, or a replay, visit http://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, Republic Western Insurance Company and Oxford Life Insurance Company.

Since 1945, U-Haul has been the best choice for the do-it-yourself mover, with a network of more than 15,800 locations in all 50 United States and 10 Canadian provinces. U-Haul customers'' patronage has enabled the U-Haul fleet to grow to approximately 101,000 trucks, 76,000 trailers and 34,000 towing devices. U-Haul offers more than 398,000 rooms and approximately 35 million square feet of storage space at nearly 1,090 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. U-Haul 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 percent biodegradable. Learn more about these facts and others at http://www.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 Form 10-Q for the quarter ended September 30, 2009, 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 second quarter of fiscal 2010 and 2009.

Quarter Ended September 30, --------------------------- 2009 2008 ---- ---- (Unaudited) (In thousands) Revenues Self-moving equipment rentals $427,203 $439,244 Self-storage revenues 27,412 27,901 Self-moving & self-storage products and service sales 55,522 58,296 Property management fees 4,478 4,721 Life insurance premiums 28,738 27,099 Property & casualty insurance premiums 7,046 7,359 Net investment & interest income 12,539 14,983 Other revenue 10,986 11,892 ------ ------ Consolidated revenue $573,924 $591,495 -------- --------

Listed below are revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2010 and 2009. The insurance companies second quarters ended June 30, 2009 and 2008.

Quarter Ended September 30, --------------------------- 2009 2008 ---- ---- (Unaudited) (In thousands) Moving & storage Revenues $532,412 $547,978 Earnings from operations 93,889 92,850 Property and casualty insurance Revenues 8,859 9,685 Earnings from operations 1,623 2,195 Life insurance Revenues 33,735 34,516 Earnings from operations 4,011 5,341 Eliminations Revenues (1,082) (684) Earnings from operations (3,705) (4,864) Consolidated results Revenues 573,924 591,495 Earnings from operations 95,818 95,522

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 for the second quarter of fiscal 2010 and 2009 is as follows:

Quarter Ended September 30, --------------------------- 2009 2008 ---- ---- (Unaudited) (In thousands, except occupancy rate) Room count as of September 30 399 391 Square footage as of September 30 35,163 34,515 Average number of rooms occupied 313 326 Average occupancy rate based on room count 78.6% 83.4% Average square footage occupied 28,307 29,354

Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2010 and 2009.

Six Months Ended September 30, ------------------------------ 2009 2008 ---- ---- (Unaudited) (In thousands) Revenues Self-moving equipment rentals $800,144 $829,273 Self-storage revenues 54,416 55,452 Self-moving & self-storage products and service sales 113,344 120,852 Property management fees 8,928 9,437 Life insurance premiums 56,342 54,016 Property & casualty insurance premiums 13,261 13,483 Net investment & interest income 26,219 29,579 Other revenue 21,929 22,197 ------ ------ Consolidated revenue $1,094,583 $1,134,289 ---------- ----------

Listed below are revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2010 and 2009. The insurance companies first six months ended June 30, 2009 and 2008.

Six Months Ended September 30, ------------------------------ 2009 2008 ---- ---- (Unaudited) (In thousands) Moving & storage Revenues $1,012,085 $1,049,519 Earnings from operations 151,666 162,536 Property and casualty insurance Revenues 16,910 18,575 Earnings from operations 3,050 4,400 Life insurance Revenues 67,607 67,579 Earnings from operations 6,589 9,503 Eliminations Revenues (2,019) (1,384) Earnings from operations (6,291) (9,255) Consolidated results Revenues 1,094,583 1,134,289 Earnings from operations 155,014 167,184

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 for the first six months of fiscal 2010 and 2009 is as follows:

Six Months Ended September 30, ------------------------------ 2009 2008 ---- ---- (Unaudited) (In thousands, except occupancy rate) Room count as of September 30 399 391 Square footage as of September 30 35,163 34,515 Average number of rooms occupied 310 323 Average occupancy rate based on room count 78.0% 82.9% Average square footage occupied 27,985 29,065 AMERCO AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, March 31, 2009 2009 ------------- -------------- (Unaudited) Assets (In thousands) Cash and cash equivalents $384,951 $240,587 Reinsurance recoverables and trade receivables, net 201,539 213,853 Notes and mortgage receivables, net 2,897 2,931 Inventories, net 62,071 70,749 Prepaid expenses 57,598 54,201 Investments, fixed maturities and marketable equities 523,400 519,631 Investments, other 208,529 227,022 Deferred policy acquisition costs, net 40,967 44,993 Other assets 126,500 133,644 Related party assets 296,766 303,534 ------- ------- 1,905,218 1,811,145 --------- ---------Property, plant and equipment, at cost: Land 223,566 212,744 Buildings and improvements 944,760 920,294 Furniture and equipment 332,937 333,314 Rental trailers and other rental equipment 235,418 214,988 Rental trucks 1,627,140 1,666,151 --------- --------- 3,363,821 3,347,491 Less: Accumulated depreciation (1,339,135) (1,333,563) ---------- ---------- Total property, plant and equipment 2,024,686 2,013,928 --------- --------- Total assets $3,929,904 $3,825,073 ========== ========== Liabilities & stockholders'' equity Liabilities: Accounts payable & accrued expenses $308,988 $329,227 Notes, loans and leases payable 1,549,425 1,546,490 Policy benefits & losses, claims & loss expenses payable 793,462 779,309 Liabilities from investment contracts 280,479 303,332 Other policyholders'' funds & liabilities 8,649 11,961 Deferred income 22,826 24,612 Deferred income taxes 162,058 112,513 ------- ------- Total liabilities 3,125,887 3,107,444 --------- --------- Stockholders'' equity: Common stock 10,497 10,497 Additional paid-in capital 420,029 420,588 Accumulated other comprehensive loss (72,627) (98,000) Retained earnings 976,903 915,862 Cost of common shares in treasury, net (525,653) (525,653) Unearned employee stock ownership plan shares (5,132) (5,665) ------ ------ Total stockholders'' equity 804,017 717,629 ------- ------- Total liabilities & stockholders'' equity $3,929,904 $3,825,073 ========== ========== AMERCO AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Quarter Ended September 30, 2009 2008 ---- ---- (Unaudited) (In thousands, except share and per share amounts) Revenues: Self-moving equipment rentals $427,203 $439,244 Self-storage revenues 27,412 27,901 Self-moving and self-storage products and service sales 55,522 58,296 Property management fees 4,478 4,721 Life insurance premiums 28,738 27,099 Property and casualty insurance premiums 7,046 7,359 Net investment and interest income 12,539 14,983 Other revenue 10,986 11,892 ------ ------ Total revenues 573,924 591,495 ------- ------- Costs and expenses: Operating expenses 273,730 277,090 Commission expenses 51,098 54,082 Cost of sales 28,359 32,642 Benefits and losses 25,807 24,871 Amortization of deferred policy acquisition costs 2,296 2,338 Lease expense 40,026 38,516 Depreciation, net of (gains) losses on disposals 56,790 66,434 ------ ------ Total costs and expenses 478,106 495,973 ------- ------- Earnings from operations 95,818 95,522 Interest expense (23,938) (24,930) ------- ------- Pretax earnings 71,880 70,592 Income tax expense (27,189) (26,768) ------- ------- Net earnings 44,691 43,824 Excess carrying amount of preferred stock over consideration paid 48 - Less: Preferred stock dividends (3,212) (3,241) ------ ------ Earnings available to common shareholders $41,527 $40,583 ======= ======= Basic and diluted earnings per common share $2.14 $2.10 ===== ===== Weighted average common shares outstanding: Basic and diluted 19,382,101 19,351,322 ========== ========== AMERCO AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Six Months Ended September 30, 2009 2008 ---- ---- (Unaudited) (In thousands, except share and per share amounts) Revenues: Self-moving equipment rentals $800,144 $829,273 Self-storage revenues 54,416 55,452 Self-moving and self-storage products and service sales 113,344 120,852 Property management fees 8,928 9,437 Life insurance premiums 56,342 54,016 Property and casualty insurance premiums 13,261 13,483 Net investment and interest income 26,219 29,579 Other revenue 21,929 22,197 ------ ------ Total revenues 1,094,583 1,134,289 --------- --------- Costs and expenses: Operating expenses 532,231 538,803 Commission expenses 95,509 102,047 Cost of sales 58,809 67,627 Benefits and losses 53,501 49,746 Amortization of deferred policy acquisition costs 4,213 4,426 Lease expense 79,299 73,084 Depreciation, net of (gains) losses on disposals 116,007 131,372 ------- ------- Total costs and expenses 939,569 967,105 ------- ------- Earnings from operations 155,014 167,184 Interest expense (47,159) (48,774) ------- ------- Pretax earnings 107,855 118,410 Income tax expense (40,732) (44,760) ------- ------- Net earnings 67,123 73,650 Excess carrying amount of preferred stock over consideration paid 371 - Less: Preferred stock dividends (6,453) (6,482) ------ ------ Earnings available to common shareholders $61,041 $67,168 ======= ======= Basic and diluted earnings per common share $3.15 $3.47 ===== ===== Weighted average common shares outstanding: Basic and diluted 19,375,846 19,346,943 ========== ========== AMERCO AND CONSOLIDATED ENTITIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended September 30, 2009 2008 ---- ---- (Unaudited) (In thousands) Cash flow from operating activities: Net earnings $67,123 $73,650 Adjustments to reconcile net earnings to cash provided by operations: Depreciation 117,779 121,920 Amortization of deferred policy acquisition costs 4,213 4,426 Change in allowance for losses on trade receivables 397 (46) Change in allowance for losses on mortgage notes (6) (20) Change in allowance for inventory reserves 1,344 857 Net (gain) loss on sale of real and personal property (1,772) 9,452 Net (gain) loss on sale of investments (401) 1 Deferred income taxes 40,431 41,989 Net change in other operating assets and liabilities: Reinsurance recoverables and trade receivables 11,917 6,368 Inventories 7,334 (12,856) Prepaid expenses (3,397) (1,762) Capitalization of deferred policy acquisition costs (6,533) (4,887) Other assets 7,467 8,315 Related party assets 7,481 11,249 Accounts payable and accrued expenses (5,893) 1,439 Policy benefits and losses, claims and loss expenses payable 11,991 (12,817) Other policyholders'' funds and liabilities (3,311) (746) Deferred income (1,946) 539 Related party liabilities (551) (1,639) ---- ------ Net cash provided by operating activities 253,667 245,432 ------- ------- Cash flows from investing activities: Purchases of: Property, plant and equipment (187,506) (224,996) Short term investments (144,306) (216,353) Fixed maturities investments (77,106) (115,124) Preferred stock - (2,001) Real estate (466) (350) Mortgage loans (525) (9,311) Proceeds from sale of: Property, plant and equipment 100,621 80,805 Short term investments 159,307 182,399 Fixed maturities investments 83,667 173,670 Equity securities - 27 Preferred stock 2,236 - Real estate - 704 Mortgage loans 4,053 2,822 Payments from notes and mortgage receivables 464 24 --- -- Net cash used by investing activities (59,561) (127,684) ------- -------- Cash flows from financing activities: Borrowings from credit facilities 51,921 135,330 Principal repayments on credit facilities (72,695) (74,320) Debt issuance costs (277) (360) Capital lease payments (1,168) (348) Leveraged Employee Stock Ownership Plan-repayments from loan 533 631 Repurchase of stock - (659) Preferred stock dividends paid (6,453) (6,482) Net dividend from related party - 2,010 Investment contract deposits 5,564 9,561 Investment contract withdrawals (28,417) (26,921) ------- ------- Net cash provided (used) by financing activities (50,992) 38,442 ------- ------ Effects of exchange rate on cash 1,250 318 ----- --- Increase in cash equivalents 144,364 156,508 Cash and cash equivalents at the beginning of period 240,587 206,622 ------- ------- Cash and cash equivalents at the end of period 384,951 $363,130 ======= ========

AMERCO

CONTACT: Jennifer Flachman, Director of Investor Relations of AMERCO,
+1-602-263-6601, Flachman@amerco.com

Web Site: http://www.amerco.com/