AMERCO Reports First Quarter Fiscal 2007 Financial Results
August 9, 2006 Download
RENO, Nev. (August 8, 2006)--AMERCO (Nasdaq: UHAL), 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 first quarter ending June 30, 2006, of $52.2 million, or $2.50 per share, compared with net earnings of $31.8 million, or $1.53 per share, for the same period last year. Included in the results for June 30, 2005 is a nonrecurring after-tax charge of $1.08 per share associated with the Company’s first quarter refinancing.
“We have seen improvements in U-Move that are expected to result in revenue gains,” stated Joe Shoen, chairman of AMERCO. “We are presently focused on the manufacture of our midsize rental trucks in order to continue to improve service to our customers. Growth in self-storage continues as planned, with the development of existing locations, acquisition of new properties and expansion of the eMove Storage Affiliate Program.”
Highlights of First Quarter 2007 Results
- Gross revenues from the moving and storage business increased $7.1 million for the first quarter of fiscal 2007 compared with the first quarter of fiscal 2006
- In the first quarter, we placed over 3,100 rental trucks in service, along with 1,700 trailers. Additionally, we have invested in reimaging portions of the fleet and installing towing systems on our smaller rental trucks. Aside from these costs, decreases in repair and maintenance expense for the fleet largely offset increases in depreciation and lease expense for the quarter.
- Self-storage revenues increased $1.7 million or 5.8 percent for the first quarter of fiscal 2007 compared with the first quarter of fiscal 2006. Available square footage increased approximately 242,000 square feet this year over last year.
- In the first quarter of fiscal 2007, the Company entered into two debt facilities to fund new-truck purchases and one new debt facility for the development of new storage projects.