AMERCO, parent company of U-Haul International Inc., reported its fourth-quarter and annual fiscal 2010 financial results. Net earnings available to common shareholders for the year ending March 31, 2010, were $53.2 million, or $2.74 per share, compared with $447,000, or $0.02 per share, for the same period last year. For the quarter, the company reported a net loss to common shareholders of $8.2 million, or $0.43 per share, compared with a net loss of $38.5 million, or $1.99 per share, for the same period a year earlier.
Highlights for the full year and fourth quarter include:
Self-storage revenue for the moving and storage segment increased $0.3 million for the fourth quarter compared with the fourth quarter of fiscal 2009 and finished the full year down $0.2 million compared with fiscal 2009.
The company began to generate occupancy gains over the last half of fiscal 2010 compared with the same period last year. It also added more than 580,000 of net rentable square feet to its self-storage portfolio.
Rental revenue for self-moving equipment increased $16.1 million in the fourth quarter compared with the same period in 2009, but finished the full year down $3.3 million compared to the year before. The quarterly improvement was primarily attributed to increased transactions in the company’s one-way and in-town markets.
Operating expenses for the moving and storage segment decreased $13 million for the fourth quarter of fiscal 2010 compared with the same period in 2009 and finished the full year down $35.8 million.
For the quarter, net gains on the disposal of property, plant and equipment were $0.5 million compared with losses of $1.6 million in fiscal 2009. For the full year, these gains were $2 million compared with net losses of $16.6 million in fiscal 2009. Excluding these disposal gains and losses, total depreciation decreased $8.5 million for the fourth quarter of 2010 and $19 million for the full year.
AMERCO held its investor call for the fiscal year on June 10. A replay of the call can be accessed at Amerco.com.
U-Haul 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.