RENO, Nev., June 8, 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 the year ended March 31, 2011 were $171 million, or $8.80 per share, compared with $53.2 million, or $2.74 per share for the same period last year.
For the quarter ended March 31, 2011, the Company reported net earnings available to common shareholders of $10.2 million, or $0.52 per share, compared with a net loss of $8.2 million, or $0.43 per share for the same period last year.
"We are pleased with our operating results for fiscal 2011," according to Joe Shoen, chairman of AMERCO. "Throughout the year we made significant progress towards our goals of improving customer service and have continued to make the delivery of our products and services more efficient."
Highlights of Full-Year and Fourth-Quarter 2011 Results
- Self-moving equipment rental revenue increased $19.2 million in the fourth quarter of fiscal 2011 compared with the fourth quarter of fiscal 2010, and finished the full year up $127.3 million compared with the full year of fiscal 2010. We experienced strong growth in transactions during the year and achieved record equipment rental revenues.
- Self-storage revenues for Moving and Storage segment increased $3.2 million for the fourth quarter of fiscal 2011 compared with the fourth quarter of fiscal 2010 and finished the full year up $10.3 million compared with fiscal 2010. Our average occupancy during the fourth quarter of fiscal 2011 increased just over 665,000 square feet compared with the fourth quarter of fiscal 2010. During fiscal 2011 we added over 820,000 of net rentable square feet to the storage portfolio.
- For the fourth quarter of fiscal 2011 net gains on the disposal of property, plant and equipment were $4.1 million compared with $0.5 million in fiscal 2010. For the full year in fiscal 2011 these gains were $23.1 million compared with $2.0 million in fiscal 2010. Excluding these disposal gains and losses, total depreciation decreased $1.3 million for the fourth quarter of 2011 and $17.3 million for the full year.
- Gross truck and trailer capital expenditures for the fiscal 2011 were approximately $387 million compared with $218 million in fiscal 2010. Proceeds from the sales of rental equipment increased $37 million to $177.5 million for fiscal 2011 compared with fiscal 2010.
AMERCO will hold its investor call for the fiscal year 2011 on Thursday, June 9, 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 411,000 rooms and approximately 36.3 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 Form 10-K for the year ended March 31, 2011, 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 2011 and fiscal 2010. | |||||||
Quarter Ended Mar. 31, | Twelve Months Ended Mar. 31, | ||||||
2011 | 2010 | 2011 | 2010 | ||||
(In thousands) | |||||||
Self-moving equipment rentals | $317,471 | $298,307 | $1,547,015 | $1,419,726 | |||
Self-storage revenues | 31,186 | 28,022 | 120,698 | 110,369 | |||
Self-moving and self-storage | |||||||
products and service sales | 43,926 | 44,364 | 205,570 | 198,785 | |||
Property management fees | 7,887 | 7,200 | 22,132 | 21,632 | |||
Life insurance premiums | 54,861 | 38,992 | 206,992 | 134,345 | |||
Property and casualty | |||||||
insurance premiums | 7,227 | 6,554 | 30,704 | 27,625 | |||
Net investment and interest income | 13,219 | 11,081 | 52,661 | 49,989 | |||
Other revenue | 12,593 | 9,274 | 55,503 | 39,534 | |||
Consolidated revenue | $488,370 | $443,794 | $2,241,275 | $2,002,005 | |||
Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2011 and fiscal 2010. | |||||||
Quarter Ended Mar. 31, | Twelve Months Ended Mar. 31 | ||||||
2011 | 2010 | 2011 | 2010 | ||||
Moving and storage | (In thousands) | ||||||
Revenues | $419,690 | $393,268 | $1,977,826 | $1,816,322 | |||
Earnings from operations | 38,066 | 7,537 | 370,100 | 185,329 | |||
Property and casualty insurance | |||||||
Revenues | 9,056 | 7,838 | 38,663 | 34,390 | |||
Earnings from operations | 358 | 1,593 | 5,638 | 6,279 | |||
Life insurance | |||||||
Revenues | 60,812 | 43,729 | 229,911 | 155,725 | |||
Earnings from operations | 5,879 | 4,807 | 17,435 | 16,858 | |||
Eliminations | |||||||
Revenues | (1,188) | (1,041) | (5,125) | (4,432) | |||
Earnings from operations | (4,115) | (3,972) | (15,478) | (14,929) | |||
Consolidated results | |||||||
Revenues | 488,370 | 443,794 | 2,241,275 | 2,002,005 | |||
Earnings from operations | 40,188 | 9,965 | 377,695 | 193,537 | |||
AMERCO AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||
March 31, | |||||
2011 | 2010 | ||||
ASSETS | (In thousands) | ||||
Cash and cash equivalents | $375,496 | $244,118 | |||
Reinsurance recoverables and trade receivables, net | 205,371 | 198,283 | |||
Inventories, net | 59,942 | 52,837 | |||
Prepaid expenses | 57,624 | 53,379 | |||
Investments, fixed maturities and marketable equities | 659,809 | 549,318 | |||
Investments, other | 201,868 | 227,486 | |||
Deferred policy acquisition costs, net | 52,870 | 39,194 | |||
Other assets | 166,633 | 147,325 | |||
Related party assets | 301,968 | 302,126 | |||
2,081,581 | 1,814,066 | ||||
Property, plant and equipment, at cost: | |||||
Land | 239,177 | 224,904 | |||
Buildings and improvements | 1,024,669 | 970,937 | |||
Furniture and equipment | 310,671 | 323,334 | |||
Rental trailers and other rental equipment | 249,700 | 244,131 | |||
Rental trucks | 1,611,763 | 1,529,817 | |||
3,435,980 | 3,293,123 | ||||
Less: Accumulated depreciation | (1,341,407) | (1,344,735) | |||
Total property, plant and equipment | 2,094,573 | 1,948,388 | |||
Total assets | $4,176,154 | $3,762,454 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Liabilities: | |||||
Accounts payable and accrued expenses | $304,006 | $296,057 | |||
Notes, loans and leases payable | 1,397,842 | 1,347,635 | |||
Policy benefits and losses, claims and loss expenses payable | 927,376 | 816,909 | |||
Liabilities from investment contracts | 246,717 | 268,810 | |||
Other policyholders' funds and liabilities | 8,727 | 8,155 | |||
Deferred income | 27,209 | 25,207 | |||
Deferred income taxes | 271,257 | 186,770 | |||
Total liabilities | 3,183,134 | 2,949,543 | |||
Stockholders' equity: | |||||
Common stock | 10,497 | 10,497 | |||
Additional paid-in capital | 418,023 | 419,811 | |||
Accumulated other comprehensive loss | (46,467) | (56,207) | |||
Retained earnings | 1,140,002 | 969,017 | |||
Cost of common shares in treasury, net | (525,653) | (525,653) | |||
Unearned employee stock ownership plan shares | (3,382) | (4,554) | |||
Total stockholders' equity | 993,020 | 812,911 | |||
Total liabilities and stockholders' equity | $4,176,154 | $3,762,454 | |||
AMERCO AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
Quarter Ended March 31, | |||||
2011 | 2010 | ||||
(In thousands, except share and per share amounts) | |||||
Revenues: | |||||
Self-moving equipment rentals | $317,471 | $298,307 | |||
Self-storage revenues | 31,186 | 28,022 | |||
Self-moving and self-storage products and service sales | 43,926 | 44,364 | |||
Property management fees | 7,887 | 7,200 | |||
Life insurance premiums | 54,861 | 38,992 | |||
Property and casualty insurance premiums | 7,227 | 6,554 | |||
Net investment and interest income | 13,219 | 11,081 | |||
Other revenue | 12,593 | 9,274 | |||
Total revenues | 488,370 | 443,794 | |||
Costs and expenses: | |||||
Operating expenses | 250,198 | 245,117 | |||
Commission expenses | 38,832 | 35,621 | |||
Cost of sales | 22,170 | 24,443 | |||
Benefits and losses | 47,312 | 33,645 | |||
Amortization of deferred policy acquisition costs | 2,945 | 1,202 | |||
Lease expense | 37,020 | 39,205 | |||
Depreciation, net of (gains) losses on disposals | 49,705 | 54,596 | |||
Total costs and expenses | 448,182 | 433,829 | |||
Earnings from operations | 40,188 | 9,965 | |||
Interest expense | (22,893) | (22,671) | |||
Pretax earnings (loss) | 17,295 | (12,706) | |||
Income tax benefit (expense) | (4,049) | 7,686 | |||
Net earnings (loss) | 13,246 | (5,020) | |||
Excess (loss) of carrying amount of preferred stock over consideration paid | (7) | 7 | |||
Less: Preferred stock dividends | (3,076) | (3,198) | |||
Earnings (loss) available to common shareholders | $10,163 | $(8,211) | |||
Basic and diluted earnings (loss) per common share | $0.52 | $(0.43) | |||
Weighted average common shares outstanding: Basic and diluted | 19,449,243 | 19,402,035 | |||
AMERCO AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
Twelve Months Ended March 31, | |||||||
2011 | 2010 | ||||||
(In thousands, except share and per share amounts) | |||||||
Revenues: | |||||||
Self-moving equipment rentals | $1,547,015 | $1,419,726 | |||||
Self-storage revenues | 120,698 | 110,369 | |||||
Self-moving and self-storage products and service sales | 205,570 | 198,785 | |||||
Property management fees | 22,132 | 21,632 | |||||
Life insurance premiums | 206,992 | 134,345 | |||||
Property and casualty insurance premiums | 30,704 | 27,625 | |||||
Net investment and interest income | 52,661 | 49,989 | |||||
Other revenue | 55,503 | 39,534 | |||||
Total revenues | 2,241,275 | 2,002,005 | |||||
Costs and expenses: | |||||||
Operating expenses | 1,026,577 | 1,022,061 | |||||
Commission expenses | 190,981 | 169,104 | |||||
Cost of sales | 106,024 | 104,049 | |||||
Benefits and losses | 190,429 | 121,105 | |||||
Amortization of deferred policy acquisition costs | 9,494 | 7,569 | |||||
Lease expense | 150,809 | 156,951 | |||||
Depreciation, net of (gains) losses on disposals | 189,266 | 227,629 | |||||
Total costs and expenses | 1,863,580 | 1,808,468 | |||||
Earnings from operations | 377,695 | 193,537 | |||||
Interest expense | (88,381) | (93,347) | |||||
Pretax earnings | 289,314 | 100,190 | |||||
Income tax expense | (105,739) | (34,567) | |||||
Net earnings | 183,575 | 65,623 | |||||
Excess (loss) of carrying amount of preferred stock over consideration paid | (178) | 388 | |||||
Less: Preferred stock dividends | (12,412) | (12,856) | |||||
Earnings available to common shareholders | $170,985 | $53,155 | |||||
Basic and diluted earnings per common share | $8.80 | $2.74 | |||||
Weighted average common shares outstanding: Basic and diluted | 19,432,781 | 19,386,791 | |||||
SOURCE AMERCO
