AMERCO Reports First Quarter Fiscal 2014 Financial Results

RENO, Nev., Aug. 7, 2013 /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 its first quarter ended June 30, 2013, of $113.0 million, or $5.78 per share, compared with net earnings of $80.6 million, or $4.13 per share, for the same period last year. 

"We continue to reap the rewards of the programs initiated in the past few years," stated Joe Shoen, chairman of AMERCO.  "Hopefully the work being done now will produce results in future years."

Highlights of First Quarter Fiscal 2014 Results

• Self-moving equipment rental revenues increased $54.7 million, or nearly 12% for the first quarter of fiscal 2014 compared with the first quarter of fiscal 2013.  Growth in both truck and trailer transactions continued during the quarter. The increase in transactions over last year's quarter was facilitated by an increase in the amount of equipment available to rent along with incremental utilization improvements.
• Self-storage revenues increased $7.4 million for the first quarter of fiscal 2014 compared with the first quarter of fiscal 2013. The average monthly amount of occupied square feet increased by nearly 21% during the first quarter of fiscal 2014 compared to the same period last year. The growth in revenues and square feet rented comes from a combination of improved occupancy at existing locations as well as from the addition of new facilities to the portfolio.
• For the first quarter of fiscal 2014 compared to the first quarter of fiscal 2013 gross truck and trailer capital expenditures were approximately $213 million compared with approximately $196 million, proceeds from sales of rental equipment were $93 million compared with $62 million and spending on real estate related acquisitions and projects increased approximately $63 million to $99 million.
• Cash and credit availability at the Moving and Storage segment was $581.8 million at June 30, 2013 compared with $543.6 million at March 31, 2013.
• We are holding our 2014 Virtual Analyst and Investor meeting on Thursday, August 29, 2013 at 11:00 a.m. Arizona Time (2:00 p.m. Eastern).  This is an opportunity to interact directly with senior management of the Company through a live video webcast.  A brief presentation by the Company will be followed by a question and answer session.

AMERCO will hold its investor call for the first quarter of fiscal 2014 on Thursday, August 8, 2013, 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., Oxford Life and Repwest insurance companies and Amerco Real Estate Company. 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.

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 our Form 10-Q for the quarter ended June 30, 2013, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the first quarter of fiscal 2014 and 2013.

Listed below are revenues and earnings from operations at each of our operating segments for the first quarter of fiscal 2014 and 2013.

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. U-Haul also provides property management services for storage locations and earns a fee for these services. These storage centers are not owned by the Company and therefore are not reported on the balance sheet and the rental revenues are not reported in the statements of operations. Self-storage data for both our owned and managed locations follows:

SOURCE AMERCO