AMERCO Reports Financial Results for 3Q Fiscal 2010

AMERCO, parent company of U-Haul International Inc., reported its third-quarter fiscal 2010 financial results.

February 4, 2010

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AMERCO Reports Financial Results for 3Q Fiscal 2010

AMERCO, parent company of U-Haul International Inc., reported its third-quarter fiscal 2010 financial results. Self-storage revenue increased $0.5 million for the third quarter of fiscal 2010 compared with the same period last year, as total units rented increased.

The company reported net earnings available to common shareholders for the quarter ended Dec. 31, 2009, of $0.3 million, or $0.02 per share, compared with a net loss of $28.2 million, or $1.46 per share, for the same period last year. For the nine-month period ended Dec. 31, net earnings available to common shareholders were $61.4 million, or $3.17 per share, compared with net earnings of $39.0 million, or $2.01 per share for the same period last year.

"The positive results for the quarter were a reflection of growth in truck-rental transactions combined with our cost-control measures," stated Joe Shoen, chairman.

Other highlights of the report include:

Self-moving equipment-rental revenue increased $9.7 million for the third quarter of fiscal 2010 compared with the third quarter of fiscal 2009. Amerco experienced increases in one-way and in-town transactions.

The company reported a net loss from the disposal of equipment of $0.3 million compared to a net loss of $5.6 million for the third quarter of fiscal 2009.

Operating expenses at the moving and storage segment decreased $17.8 million for the third quarter of fiscal 2010 compared with the third quarter of fiscal 2009.

Truck and trailer capital expenditures for the first nine months of fiscal 2010 were approximately $225 million compared with $439 million for the first nine months of fiscal 2009. Proceeds from sales of rental equipment increased $25 million to $129 million for the first nine months of fiscal 2010 compared with the same period last year.

AMERCO held its investor call for the third quarter of fiscal 2010 this morning. A replay of the call can be accessed at Amerco.com.

U-Haul International is North America's largest "do-it-yourself" moving and storage operator. AMERCO includes AMERCO Real Estate Co., Republic Western Insurance Co. and Oxford Life Insurance Co.