AMERCO Reports Third Quarter Fiscal 2007 Financial Results
February 7, 2007 Download
AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., North America’s largest do-it-yourself moving and storage operator, today reported a net loss for its third quarter ending December 31, 2006, of $12.7 million, or $0.61 per share, compared with net earnings of $11.9 million, or $0.57 per share, for the same period last year.
For the nine-month period ending December 31, 2006, net earnings available to common shareholders were $96.7 million, or $4.62 per share, compared with net earnings of $109.6 million, or $5.26 per share, for the same period last year. Included in the December 31, 2006 nine-month results is a nonrecurring after-tax charge of $0.20 per share associated with the company’s second quarter debt amendment. Included in the December 31, 2005 nine-month results is a nonrecurring after-tax charge of $1.08 per share associated with the Company’s first quarter debt refinancing. Taking into account these nonrecurring charges, adjusted earnings per share were $4.82 for the nine-months ending December 31, 2006 and $6.34 for the nine-months ending December 31, 2005.
“Our self-moving revenues continued to be adversely impacted by softness in one-way pricing caused by competitive pressure,” stated Joe Shoen, chairman of AMERCO. “The fourth quarter will see us continue an aggressive program of replacing our existing truck fleet with newer models. The ‘contest for the customers’ is longer than four quarters. We will endure the rest of the winter and be well positioned as the customer’s best choice this spring,” concluded Shoen.