AMERCO Reports Second Quarter Fiscal 2006 Financial Results

November 7, 2005 Download

AMERCO (Nasdaq: UHAL), the parent of U-Haul International, Inc., Oxford Life Insurance Company, Republic Western Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its second quarter ending September 30, 2005 of $65.9 million or $3.16 per share, compared with net earnings of $49.8 million, or $2.39 per share for the same period last year.

For the six month period ending September 30, 2005 net earnings available to common shareholders was $97.7 million or $4.69 per share, compared with net earnings of $91.0 million, or $4.38 per share for the same period last year. The results for the six months include a non-recurring pre-tax charge of $35.6 million associated with the company’s previously announced re-financing.

“We are pleased with the ongoing progress that has been made for the quarter and first six months of fiscal 2006. Our core self-moving equipment rental revenue increased 4.1% for the quarter and 3.5% for the six months compared with the same periods last year,” according to Joe Shoen, chairman of AMERCO. “Occupancy at our owned and managed self-storage facilities continues to increase. This combination has enabled profitability to grow for the three and six month periods compared with last year.” Shoen concluded.