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AMERCO Reports Second Quarter Fiscal 2010 Financial Results.

Article Excerpt
RENO, Nev., Nov. 4 /PRNewswire-FirstCall/ -- AMERCO , 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 second quarter ending September 30, 2009, of $41.5 million, or $2.14 per share, compared with net earnings of $40.6 million, or $2.10 per share, for the same period last year.

For the six-month period ending September 30, 2009, net earnings available to common shareholders were $61.0 million, or $3.15 per share, compared with net earnings of $67.2 million, or $3.47 per share for the same period last year.

"I am encouraged by our second quarter results," stated Joe Shoen, chairman. "We are seeing improving revenues, which combined with our efforts to control costs, are beginning to positively impact our financial results," concluded Shoen.

Highlights of Second-Quarter Fiscal 2010 Results -- Self-moving equipment rental revenues decreased $12.0 million for the second quarter of fiscal 2010 compared with the second quarter of fiscal 2009 with the negative variance narrowing through the quarter. Revenues from one-way rentals declined during the quarter and foreign currency exchange rates between the Untied States and Canada continued to negatively affect revenue. Total truck rental transactions increased for the quarter with growth in both one-way and In-Town activity. -- Self-storage revenues decreased $0.5 million for the second quarter of fiscal 2010 compared with the same period last year. -- For the second quarter of fiscal 2010 the Company reported net gains from the disposal of equipment of $3.1 million compared to a net loss of $4.8 million for the second quarter of fiscal 2009 due to the improvement in resale values of our used rental equipment. -- Operating expenses at the Moving and Storage segment decreased $2.4 million for the second quarter of fiscal 2010 compared with the second quarter of fiscal 2009. -- At September 30, 2009 cash, cash equivalents and available credit in the Moving and Storage segment was $393.9 million. Over the next four quarters, the Company has maturities and required principal payments of $206.4 million on loans and capital leases that were in place as of September 30, 2009. -- Truck and trailer capital expenditures for the first six months of fiscal 2010 were approximately $185 million compared with $376 million for the first six months of fiscal 2009. Proceeds from sales of rental equipment increased...

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