Commission File Number | Registrant, State of Incorporation Address and Telephone Number | I.R.S. Employer Identification No. |
1-11255 | AMERCO | 88-0106815 |
(A Nevada Corporation) | ||
1325 Airmotive Way, Ste. 100 | ||
Reno, Nevada 89502-3239 | ||
Telephone (775) 688-6300 | ||
2-38498 | U-Haul International, Inc. | 86-0663060 |
(A Nevada Corporation) | ||
2727 N. Central Avenue | ||
Phoenix, Arizona 85004 | ||
Telephone (602) 263-6645 | ||
Page No. | ||
PART I FINANCIAL INFORMATION | ||
Item 1. | Financial Statements | |
a)Condensed Consolidated Balance Sheets as of | 1 - 2 | |
b)Condensed Consolidated | ||
c)Condensed Consolidated Statements of Comprehensive Income for the Quarters ended June 30, 2005 and | ||
d)Condensed Consolidated Statements of Cash Flows for the | ||
e)Notes to Condensed Consolidated Financial Statements | ||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |
Item 4. | Controls and Procedures | |
PART II OTHER INFORMATION | ||
Item 1. | Legal Proceedings | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 3. | Defaults Upon Senior Securities | |
Item 4. | Submission of Matters to a Vote of Security Holders | |
Item 5. | Other Information | |
Item 6. | Exhibits |
December 31, | March 31, | ||||||
2004 | 2004 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 80,226 | $ | 81,557 | |||
Trade receivables, net | 243,706 | 268,386 | |||||
Notes and mortgage receivables, net | 5,647 | 4,537 | |||||
Inventories, net | 53,831 | 52,802 | |||||
Prepaid expenses | 23,350 | 13,172 | |||||
Investments, fixed maturities | 672,007 | 709,353 | |||||
Investments, other | 333,968 | 347,537 | |||||
Deferred policy acquisition costs, net | 64,872 | 76,939 | |||||
Other assets | 87,640 | 65,071 | |||||
Related party assets | 318,373 | 304,446 | |||||
$ | 1,883,620 | $ | 1,923,800 | ||||
Property, plant and equipment, at cost: | |||||||
Land | 151,487 | 158,594 | |||||
Buildings and improvements | 685,440 | 874,985 | |||||
Furniture and equipment | 285,776 | 293,115 | |||||
Rental trailers and other rental equipment | 175,116 | 159,586 | |||||
Rental trucks | 1,278,072 | 1,219,002 | |||||
SAC Holdings II - property, plant and equipment | 78,679 | 78,363 | |||||
2,654,570 | 2,783,645 | ||||||
Less: Accumulated depreciation | (1,355,405 | ) | (1,331,840 | ) | |||
Property, plant and equipment, net | 1,299,165 | 1,451,805 | |||||
Total assets | $ | 3,182,785 | $ | 3,375,605 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Liabilities: | |||||||
Accounts payable and accrued expenses | $ | 216,041 | $ | 244,570 | |||
Capital leases | - | 99,609 | |||||
AMERCO's notes and loans payable | 696,048 | 862,697 | |||||
SAC Holdings' notes and loans payable, non-recourse to AMERCO | 77,790 | 78,637 | |||||
Policy benefits and losses, claims and loss expenses payable | 817,158 | 813,738 | |||||
Liabilities from investment contracts | 516,273 | 574,745 | |||||
Other policyholders' funds and liabilities | 24,402 | 28,732 | |||||
Deferred income | 46,433 | 51,383 | |||||
Deferred income taxes | 106,649 | 63,800 | |||||
Related party liabilities | 70,000 | 53,848 | |||||
Total liabilities | $ | 2,570,794 | $ | 2,871,759 | |||
Commitments and contingent liabilities (Notes 5 and 9) | |||||||
Stockholders' equity: | |||||||
Serial preferred stock, with or without par value: | |||||||
Series A preferred stock, with no par value | $ | - | $ | - | |||
Series B preferred stock, with no par value | - | - | |||||
Serial common stock, with or without par value: | |||||||
Series A common stock of $0.25 par value | 929 | 1,416 | |||||
Common stock of $0.25 par value | 9,568 | 9,081 | |||||
Additional paid in-capital | 350,344 | 349,732 | |||||
Accumulated other comprehensive loss | (24,354 | ) | (21,446 | ) | |||
Retained earnings | 704,482 | 595,181 | |||||
Cost of common shares in treasury, net | (418,092 | ) | (418,092 | ) | |||
Unearned employee stockownership plan shares | (10,886 | ) | (12,026 | ) | |||
Total stockholders' equity | 611,991 | 503,846 | |||||
Total liabilities and stockholders' equity | $ | 3,182,785 | $ | 3,375,605 |
June 30, | March 31, | ||||||
2005 | 2005 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 229,498 | $ | 55,955 | |||
Trade receivables, net | 236,287 | 236,817 | |||||
Notes and mortgage receivables, net | 2,495 | 1,965 | |||||
Inventories, net | 65,904 | 63,658 | |||||
Prepaid expenses | 20,690 | 19,874 | |||||
Investments, fixed maturities | 643,638 | 635,178 | |||||
Investments, other | 302,736 | 345,207 | |||||
Deferred policy acquisition costs, net | 52,704 | 52,543 | |||||
Other assets | 117,162 | 85,291 | |||||
Related party assets | 266,452 | 252,666 | |||||
1,937,566 | 1,749,154 | ||||||
Property, plant and equipment, at cost: | |||||||
Land | 152,129 | 151,145 | |||||
Buildings and improvements | 686,744 | 686,225 | |||||
Furniture and equipment | 267,809 | 265,216 | |||||
Rental trailers and other rental equipment | 202,385 | 199,461 | |||||
Rental trucks | 1,270,440 | 1,252,018 | |||||
SAC Holding II Corporation - property, plant and equipment | 77,700 | 77,594 | |||||
2,657,207 | 2,631,659 | ||||||
Less: Accumulated depreciation | (1,276,685 | ) | (1,277,191 | ) | |||
Total property, plant and equipment | 1,380,522 | 1,354,468 | |||||
Total assets | $ | 3,318,088 | $ | 3,103,622 | |||
June 30, | March 31, | ||||||
2005 | 2005 | ||||||
(Unaudited) | |||||||
(In thousands, except share and per share amounts) | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Liabilities: | |||||||
Accounts payable and accrued expenses | $ | 232,489 | $ | 206,763 | |||
AMERCO's notes and loans payable | 953,922 | 780,008 | |||||
SAC Holding II Corporation notes and loans payable, non-recourse to AMERCO | 77,185 | 77,474 | |||||
Policy benefits and losses, claims and loss expenses payable | 808,249 | 805,121 | |||||
Liabilities from investment contracts | 491,473 | 503,838 | |||||
Other policyholders' funds and liabilities | 15,873 | 29,642 | |||||
Deferred income | 42,464 | 38,743 | |||||
Deferred income taxes | 88,483 | 78,124 | |||||
Related party liabilities | 10,771 | 11,070 | |||||
Total liabilities | 2,720,909 | 2,530,783 | |||||
Commitments and contingencies (notes 3, 6 and 7) | |||||||
Stockholders' equity: | |||||||
Series preferred stock, with or without par value, 50,000,000 shares authorized: | |||||||
Series A preferred stock, with no par value, 6,100,000 shares authorized; 6,100,000 shares issued and outstanding as of June 30, 2005 and March 31, 2005 | - | - | |||||
Series B preferred stock, with no par value, 100,000 shares authorized; none issued and outstanding as of June 30 and March 31, 2005 | - | - | |||||
Series common stock, with or without par value, 150,000,000 shares authorized: | |||||||
Series A common stock of $0.25 par value, 10,000,000 shares authorized; 3,716,181 shares issued as of June 30, 2005 and March 31, 2005 | 929 | 929 | |||||
Common stock of $0.25 par value, 150,000,000 shares authorized; 38,269,518 issued as of June 30, 2005 and March 31, 2005 | 9,568 | 9,568 | |||||
Additional paid-in-capital | 350,344 | 350,344 | |||||
Accumulated other comprehensive loss | (38,580 | ) | (30,661 | ) | |||
Retained earnings | 703,463 | 671,642 | |||||
Cost of common shares in treasury, net (20,701,096 shares as of June 30, 2005 and March 31, 2005) | (418,092 | ) | (418,092 | ) | |||
Unearned employee stock ownership plan shares | (10,453 | ) | (10,891 | ) | |||
Total stockholders' equity | 597,179 | 572,839 | |||||
Total liabilities and stockholders' equity | $ | 3,318,088 | $ | 3,103,622 | |||
Quarter Ended December 31, | Nine Months Ended December 31, | ||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||
(Unaudited) | |||||||||||||
(In thousands except share and per share amounts) | |||||||||||||
Revenues: | |||||||||||||
Rental revenue | $ | 365,131 | $ | 386,456 | $ | 1,262,335 | $ | 1,304,470 | |||||
Net sales | 42,620 | 47,212 | 161,683 | 182,048 | |||||||||
Premiums | 34,634 | 56,088 | 115,516 | 188,024 | |||||||||
Net investment and interest income | 18,142 | 12,827 | 50,252 | 35,614 | |||||||||
Total revenues | 460,527 | 502,583 | 1,589,786 | 1,710,156 | |||||||||
Costs and expenses: | |||||||||||||
Operating expenses | 287,962 | 307,378 | 848,621 | 907,695 | |||||||||
Restructuring expenses | - | 7,613 | - | 12,027 | |||||||||
Commission expenses | 39,243 | 31,136 | 138,064 | 116,132 | |||||||||
Cost of sales | 21,361 | 23,908 | 77,617 | 87,023 | |||||||||
Benefits and losses | 38,603 | 50,956 | 104,194 | 169,801 | |||||||||
Amortization of deferred policy acquisition costs | 6,279 | 11,027 | 24,015 | 28,886 | |||||||||
Lease expense | 38,506 | 33,202 | 115,389 | 101,716 | |||||||||
Depreciation, net | 28,282 | 38,393 | 86,214 | 113,356 | |||||||||
Total costs and expenses | 460,236 | 503,613 | 1,394,114 | 1,536,636 | |||||||||
Earnings from operations | 291 | (1,030 | ) | 195,672 | 173,520 | ||||||||
Interest expense | 16,931 | 31,168 | 53,995 | 92,839 | |||||||||
Litigation settlement received | 51,341 | - | 51,341 | - | |||||||||
Pretax earnings | 34,701 | (32,198 | ) | 193,018 | 80,681 | ||||||||
Income tax benefit (expense) | (13,155 | ) | 10,531 | (73,994 | ) | (30,587 | ) | ||||||
Net earnings (loss) | 21,546 | (21,667 | ) | 119,024 | 50,094 | ||||||||
Less: Preferred stock dividends | (3,241 | ) | (3,241 | ) | (9,723 | ) | (9,723 | ) | |||||
Earnings (loss) available to common shareholders | $ | 18,305 | $ | (24,908 | ) | $ | 109,301 | $ | 40,371 | ||||
Basic and diluted earnings (loss) per common share | $ | 0.88 | $ | (1.20 | ) | $ | 5.25 | $ | 1.95 | ||||
Weighted average common shares outstanding | 20,813,805 | 20,757,297 | 20,801,112 | 20,744,692 | |||||||||
Quarter Ended June 30, | ||||||||||
2005 | 2004 | |||||||||
(Unaudited) | ||||||||||
(In thousands, except share and per share amounts) | ||||||||||
Revenues: | ||||||||||
Self-moving equipment rentals | $ | 401,260 | $ | 389,742 | ||||||
Self-storage revenues | 28,768 | 30,575 | ||||||||
Self-moving and self-storage products and service sales | 66,563 | 61,364 | ||||||||
Property management fees | 4,440 | 2,982 | ||||||||
Life insurance premiums | 29,589 | 33,259 | ||||||||
Property and casualty insurance premiums | 4,824 | 9,802 | ||||||||
Net investment and interest income | 13,714 | 17,576 | ||||||||
Other revenue | 10,300 | 7,645 | ||||||||
Total revenues | 559,458 | 552,945 | ||||||||
Costs and expenses: | ||||||||||
Operating expenses | 266,792 | 271,911 | ||||||||
Commission expenses | 48,018 | 46,913 | ||||||||
Cost of sales | 31,044 | 27,740 | ||||||||
Benefits and losses | 27,314 | 36,671 | ||||||||
Amortization of deferred policy acquisition costs | 6,198 | 9,958 | ||||||||
Lease expense | 33,295 | 40,535 | ||||||||
Depreciation, net | 34,237 | 28,029 | ||||||||
Total costs and expenses | 446,898 | 461,757 | ||||||||
Earnings from operations | 112,560 | 91,188 | ||||||||
Interest expense | 19,636 | 19,004 | ||||||||
Fees on early extinguishment of debt | 35,627 | - | ||||||||
Pretax earnings | 57,297 | 72,184 | ||||||||
Income tax expense | (22,235 | ) | (27,765 | ) | ||||||
Net earnings | 35,062 | 44,419 | ||||||||
Less: Preferred stock dividends | (3,241 | ) | (3,241 | ) | ||||||
Earnings available to common shareholders | $ | 31,821 | $ | 41,178 | ||||||
Basic and diluted earnings per common share | $ | 1.53 | $ | 1.98 | ||||||
Weighted average common shares outstanding: | ||||||||||
Basic and diluted | 20,836,458 | 20,788,074 | ||||||||
Quarter Ended June 30, | |||||||
2005 | 2004 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Comprehensive income: | |||||||
Net earnings | $ | 35,062 | $ | 44,419 | |||
Other comprehensive income(loss), net of tax: | |||||||
Foreign currency translation | (1,970 | ) | (2,227 | ) | |||
Fair market value of cash flow hedges | (409 | ) | - | ||||
Unrealized gain (loss) on investments | (5,540 | ) | 2,943 | ||||
Total comprehensive income | $ | 27,143 | $ | 45,135 | |||
Quarter Ended December 31, | Nine Months Ended December 31, | ||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||
(Unaudited) | (Unaudited) | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||
Comprehensive income: | |||||||||||||
Net earnings (loss) | $ | 21,546 | $ | (21,667 | ) | $ | 119,024 | $ | 50,094 | ||||
Changes in other comprehensive income, net of taxes: | |||||||||||||
Foreign currency translation | 2,275 | 9,700 | 2,058 | 11,074 | |||||||||
Unrealized gain/(loss) on investments | 5,755 | (3,373 | ) | (4,098 | ) | 22,488 | |||||||
Fair market value of interest rate hedge | 800 | - | (868 | ) | - | ||||||||
Total comprehensive income (loss) | $ | 30,376 | $ | (15,340 | ) | $ | 116,116 | $ | 83,656 | ||||
Quarter Ended June 30, | |||||||
2005 | 2004 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Cash flow from operating activities: | |||||||
Net earnings | $ | 35,062 | $ | 44,419 | |||
Depreciation | 30,925 | 28,382 | |||||
Amortization of deferred policy acquisition costs | 6,677 | 10,428 | |||||
Provision for losses on accounts receivable | (601 | ) | - | ||||
Net (gain) loss on sale of real and personal property | 3,312 | (353 | ) | ||||
Net (gain) loss on sale of investments | (1,453 | ) | (174 | ) | |||
Deferred income taxes | 12,788 | 29,644 | |||||
Net change in other operating assets and liabilities | |||||||
Trade receivables | (2,287 | ) | 19,412 | ||||
Inventories | (2,246 | ) | (1,217 | ) | |||
Prepaid expenses | (816 | ) | (8,703 | ) | |||
Capitalization of deferred policy acquisition costs | (2,508 | ) | (3,603 | ) | |||
Other assets | (29,461 | ) | (37,032 | ) | |||
Related party assets | (13,813 | ) | (12,235 | ) | |||
Accounts payable and accrued expenses | 24,139 | 23,116 | |||||
Policy benefits and losses, claims and loss expenses payable | 2,907 | (32,059 | ) | ||||
Other policyholder's funds and liabilities | (13,528 | ) | 1,167 | ||||
Deferred income | 3,721 | 1,332 | |||||
Related party liabilities | (1,119 | ) | 72 | ||||
Net cash provided by operating activities | 51,699 | 62,596 | |||||
Nine Months Ended December 31, | |||||||
2004 | 2003 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Cash flow from operating activities: | |||||||
Earnings available to common shareholders | $ | 109,301 | $ | 40,371 | |||
Depreciation | 85,030 | 107,485 | |||||
Amortization of deferred policy acquisition costs | 25,962 | 28,328 | |||||
Provision for losses on accounts receivable | (149 | ) | 686 | ||||
Net loss on sale of real and personal property | 1,184 | 5,871 | |||||
(Gain) on sale of investments | (3,896 | ) | (3,403 | ) | |||
Reductions in policy liabilities and accruals | (2,282 | ) | (35,583 | ) | |||
Capitalizations of deferred policy acquisition costs | (8,881 | ) | (16,040 | ) | |||
Net reduction in other operating assets and liabilities | 17,479 | 21,419 | |||||
Net cash provided by operating activities | 223,748 | 149,134 | |||||
Cash flows from investing activities: | |||||||
Purchases of investments: | |||||||
Property, plant and equipment | (172,491 | ) | (147,344 | ) | |||
Fixed maturities | (84,272 | ) | (50,662 | ) | |||
Other asset investment | - | (78,142 | ) | ||||
Common Stock | (6,765 | ) | - | ||||
Mortgage loans | (750 | ) | - | ||||
Proceeds from sale(purchase) of investments: | |||||||
Property, plant and equipment | 227,811 | 32,537 | |||||
Fixed maturities | 113,844 | 171,405 | |||||
Preferred stock | 3,811 | - | |||||
Real estate | 5,269 | - | |||||
Mortgage loans | 2,819 | 203 | |||||
Changes in other investments | 33,759 | 28,534 | |||||
Net cash provided by (used in) investing activities | 123,035 | (43,469 | ) | ||||
Cash flows from financing activities: | |||||||
Net change in short-term borrowings | - | 5,649 | |||||
Borrowings from Credit Facilities | 36,859 | 50,000 | |||||
Leveraged Employee Stock Ownership Plan: | |||||||
Purchase of shares | - | - | |||||
Repayments from loan | 1,752 | 455 | |||||
Principal Repayments on Credit Facilities | (202,264 | ) | (55,716 | ) | |||
Pay off of capital leases | (99,609 | ) | - | ||||
Dividends paid | (25,297 | ) | - | ||||
Investment contract deposits | 19,587 | 43,020 | |||||
Investment contract withdrawals | (79,142 | ) | (79,041 | ) | |||
Net cash used in financing activities | (348,114 | ) | (35,633 | ) | |||
Increase (decrease) in cash equivalents | (1,331 | ) | 70,032 | ||||
Cash and cash equivalents at the beginning of period | 81,557 | 66,834 | |||||
Cash and cash equivalents at the end of period | $ | 80,226 | $ | 136,866 |
Quarter Ended June 30, | |||||||
2005 | 2004 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Cash flows from investing activities: | |||||||
Purchases of: | |||||||
Property, plant and equipment | $ | (75,437 | ) | $ | (62,304 | ) | |
Short term investments | (55,390 | ) | (58,348 | ) | |||
Fixed maturities investments | (84,217 | ) | (36,206 | ) | |||
Mortgage loans | (1,250 | ) | - | ||||
Proceeds from sale of: | |||||||
Property, plant and equipment | 15,145 | 184,219 | |||||
Short term investments | 94,728 | 56,777 | |||||
Fixed maturities investments | 60,793 | 39,093 | |||||
Equity securities | 5,759 | 37 | |||||
Preferred stock | 417 | 1,497 | |||||
Other asset investments, net | 872 | 17,219 | |||||
Real estate | 693 | 1,880 | |||||
Mortgage loans | 3,034 | 1,169 | |||||
Notes and mortgage receivables | 71 | 31 | |||||
Net cash provided (used) by investing activities | (34,782 | ) | 145,064 | ||||
Cash flows from financing activities: | |||||||
Borrowings from credit facilities | 1,034,188 | 14,280 | |||||
Principal repayments on credit facilities | (860,563 | ) | (115,417 | ) | |||
Leveraged Employee Stock Ownership Plan - repayments from loan | 438 | 428 | |||||
Payoff of capital leases | - | (99,607 | ) | ||||
Preferred stock dividends paid | (3,241 | ) | (6,482 | ) | |||
Investment contract deposits | 5,670 | 6,923 | |||||
Investment contract withdrawals | (17,896 | ) | (33,943 | ) | |||
Net cash provided (used) by financing activities | 158,596 | (233,818 | ) | ||||
Effect of exchange rate on cash | (1,970 | ) | (2,228 | ) | |||
Increase (decrease) in cash equivalents | 173,543 | (28,386 | ) | ||||
Cash and cash equivalents at the beginning of period | 55,955 | 81,557 | |||||
Cash and cash equivalents at the end of period | $ | 229,498 | $ | 53,171 | |||
Quarter Ended December 31, | |||||||
2004 | 2003 | ||||||
(Unaudited) | |||||||
Basic and diluted earnings per common share | $ | 0.88 | $ | (1.20 | ) | ||
Weighted average common shares outstanding | |||||||
Basic and diluted : | 20,813,805 | 20,757,297 | |||||
Nine Months Ended December 31, | |||||||
2004 | 2003 | ||||||
(Unaudited) | |||||||
Basic and diluted earnings per common share | $ | 5.25 | $ | 1.95 | |||
Weighted average common shares outstanding | |||||||
Basic and diluted : | 20,801,112 | 20,744,692 | |||||
Quarter ended June 30, | |||||||
2005 | 2004 | ||||||
(Unaudited) | |||||||
Basic and diluted earnings per common share | $ | 1.53 | $ | 1.98 | |||
Weighted average common share outstanding: | |||||||
Basic and diluted | 20,836,458 | 20,788,074 | |||||
December 31, | March 31, | ||||||
2004 | 2004 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Revolving credit facility, senior secured first lien | $ | 27 | $ | 164,051 | |||
Senior amortizing notes, secured, first lien, due 2009 | 347,375 | 350,000 | |||||
Senior notes, secured second lien, 9.0% interest rate, due 2009 | 200,000 | 200,000 | |||||
Senior subordinated notes, secured, 12.0% interest rate, due 2011 | 148,646 | 148,646 | |||||
Total AMERCO notes and loans payable | $ | 696,048 | $ | 862,697 | |||
June 30, | March 31, | ||||||
2005 | 2005 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
U-Haul Co. of Canada Mortgage Securities 5.75%, due 2015 | $ | 8,922 | $ | - | |||
Senior mortgages, secured, 5.7%, due 2015 | 240,000 | - | |||||
Senior mortgages, secured, 5.5%, due 2015 | 240,000 | - | |||||
Real estate backed loans, due 2010 | 465,000 | - | |||||
Revolving credit facility, senior secured first lien | - | 84,862 | |||||
Senior amortizing notes, secured, first lien, due 2009 | - | 346,500 | |||||
Senior notes, secured second lien, 9.0% interest rate, due 2009 | - | 200,000 | |||||
Senior subordinated notes, secured, 12.0% interest rate, due 2011 | - | 148,646 | |||||
Total AMERCO notes and loans payable | $ | 953,922 | $ | 780,008 | |||
Fiscal Years Ending | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | Thereafter | ||||||||||||||
Notes payable, secured | $ | 3,500 | 3,500 | 3,500 | 3,500 | 533,402 | 148,646 | ||||||||||||
Year Ending June 30, | |||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | Thereafter | ||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Notes payable, secured | $ | 38,118 | $ | 39,316 | $ | 39,866 | $ | 40,450 | $ | 115,649 | $ | 680,523 | |||||||
December 31, | March 31, | ||||||
2004 | 2004 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Notes payable, secured, bearing interest rates ranging from 7.87% to 9.00%, due 2027 | $ | 77,790 | $ | 78,637 | |||
June 30, | March 31, | ||||||
2005 | 2005 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Notes payable, secured, 7.9% interest rate, due 2027 | $ | 77,185 | $ | 77,474 | |||
Quarter Ended December 31, | |||||||
2004 | 2003 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Interest expense | $ | 14,479 | $ | 19,572 | |||
Amortization of transaction costs | 863 | 172 | |||||
Interest expense resulting from SWAP/CAP agreements | 24 | - | |||||
Total AMERCO interest expense | 15,366 | 19,744 | |||||
SAC Holdings' interest expense | 3,710 | 20,052 | |||||
Less: Intercompany transactions | 2,145 | �� | 8,628 | ||||
Total SAC Holdings' interest expense | 1,565 | 11,424 | |||||
Consolidated interest expense | $ | 16,931 | $ | 31,168 | |||
Nine Months Ended December 31, | |||||||
2004 | 2003 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Interest expense | $ | 45,821 | $ | 59,099 | |||
Amortization of transaction costs | 2,458 | 547 | |||||
Interest expense resulting from SWAP/CAP agreements | 1,017 | - | |||||
Default interest | - | 715 | |||||
Total AMERCO interest expense | 49,296 | 60,361 | |||||
SAC Holdings' interest expense | 10,941 | 61,273 | |||||
Less: Intercompany transactions | 6,242 | 28,795 | |||||
Total SAC Holdings' interest expense | 4,699 | 32,478 | |||||
Consolidated interest expense | $ | 53,995 | $ | 92,839 |
Quarter Ended June 30, | |||||||
2005 | 2004 | ||||||
(unaudited) | |||||||
(In thousands) | |||||||
Interest expense | $ | 17,842 | $ | 16,609 | |||
Capitalized interest | (44 | ) | (45 | ) | |||
Amortization of transaction costs | 14,384 | 733 | |||||
Interest expense resulting from interest rate caps | 301 | 147 | |||||
Fees on early extinguishment of debt | 21,243 | - | |||||
Total AMERCO interest expense | 53,726 | 17,444 | |||||
SAC Holding II interest expense | 3,130 | 3,263 | |||||
Less: Intercompany transactions | 1,593 | 1,703 | |||||
Total SAC Holding II interest expense | 1,537 | 1,560 | |||||
Total | $ | 55,263 | $ | 19,004 | |||
Revolving Credit Activity | |||||||
December 31, | March 31, | ||||||
AMERCO | 2004 | 2004 | |||||
(Unaudited) | |||||||
(In thousands, except interest rates) | |||||||
Weighted average interest rate during the first nine months/year | 5.69% | 6.75% | |||||
Interest rate at the end of the third fiscal quarter/year | 6.25% | 5.50% | |||||
Maximum amount outstanding during the quarter/year | $ | 19,977 | $ | 205,000 | |||
Average amount outstanding during the quarter/year | $ | 6,708 | $ | 174,267 | |||
Facility fees | $ | - | $ | 1,333 |
Revolving Credit Activity | |||||||
Quarter Ended June 30, | |||||||
2005 | 2004 | ||||||
(Unaudited) | |||||||
(In thousands, except interest rates) | |||||||
Weighted average interest rate | 6.64 | % | 5.37 | % | |||
Interest rate at the end of the quarter | N/A | 5.33 | % | ||||
Maximum amount outstanding | $ | 158,012 | $ | 164,575 | |||
Average amount outstanding prior to the June 8, 2005 refinancing | $ | 124,186 | $ | 115,728 | |||
December 31, | March 31, | ||||||
2004 | 2004 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Accumulated foreign currency translation | $ | (32,856 | ) | $ | (34,914 | ) | |
Accumulated unrealized gain or (loss) on investments | 9,370 | 13,468 | |||||
Accumulated FV of Interest Rate Hedge | (868 | ) | - | ||||
$ | (24,354 | ) | $ | (21,446 | ) | ||
June 30, | March 31, | ||||||
2005 | 2005 | ||||||
(unaudited) | |||||||
(In thousands) | |||||||
Accumulated foreign currency translation | $ | (35,314 | ) | $ | (33,344 | ) | |
Accumulated unrealized gain (loss) on investments | (2,904 | ) | 2,636 | ||||
Accumulated fair market value of cash flow hedge | (362 | ) | 47 | ||||
$ | (38,580 | ) | $ | (30,661 | ) | ||
Foreign Currency Translation | Unrealized Gain/(Loss) on Investments | Fair Market Value of Interest Rate Hedge | Accumulated Other Comprehensive Income/(Loss) | ||||||||||
Balance at March 31, 2004 | $ | (34,914 | ) | $ | 13,468 | $ | - | $ | (21,446 | ) | |||
Foreign currency translation | 2,058 | - | - | 2,058 | |||||||||
Unrealized gain/(loss) on investments | - | (4,098 | ) | - | (4,098 | ) | |||||||
Fair market value of interest rate hedge | - | - | (868 | ) | (868 | ) | |||||||
Balance at December 31, 2004 | $ | (32,856 | ) | $ | 9,370 | $ | (868 | ) | $ | (24,354 | ) |
Foreign Currency Translation | Unrealized Gain(Loss) on Investments | Fair Market Value of Cash Flow Hedge | Accumulated Other Comprehensive Income | ||||||||||
(Unaudited) | |||||||||||||
(In thousands) | |||||||||||||
Balance at March 31, 2005 | $ | (33,344 | ) | $ | 2,636 | $ | 47 | $ | (30,661 | ) | |||
Foreign currency translation - U-Haul | (1,970 | ) | - | - | (1,970 | ) | |||||||
Change in fair value of cash flow hedge | - | - | (409 | ) | (409 | ) | |||||||
Unrealized loss on investments | - | (5,540 | ) | - | (5,540 | ) | |||||||
Balance at June 30, 2005 | $ | (35,314 | ) | $ | (2,904 | ) | $ | (362 | ) | $ | (38,580 | ) |
Direct | Ceded to | Assumed | Net | Percentage of | ||||||||||||
Amount | Other | from Other | Amount | Amount | ||||||||||||
(a) | Companies | Companies | (a) | Assumed to Net | ||||||||||||
(Unaudited) | ||||||||||||||||
September 30, 2004 | (In thousands) | |||||||||||||||
Life insurance in force | $ | 1,312,260 | 397,497 | 1,859,445 | 2,774,208 | 67 | % | |||||||||
Premiums earned: | ||||||||||||||||
Life | $ | 8,543 | 5,193 | 8,764 | 12,114 | 72 | % | |||||||||
Accident and health | 74,094 | 5,283 | 11,784 | 80,595 | 15 | % | ||||||||||
Annuity | 1,782 | - | 2,044 | 3,826 | 53 | % | ||||||||||
Property and casualty | 24,761 | 8,952 | 5,006 | 20,815 | 24 | % | ||||||||||
Total | $ | 109,180 | 19,428 | 27,598 | 117,350 | 24 | % | |||||||||
Direct | Ceded to | Assumed | Net | Percentage of | ||||||||||||
Amount | Other | from Other | Amount | Amount | ||||||||||||
(a) | Companies | Companies | (a) | Assumed to Net | ||||||||||||
(Unaudited) | ||||||||||||||||
September 30, 2003 | (In thousands) | |||||||||||||||
Life insurance in force | $ | 1,427,015 | 485,592 | 2,092,977 | 3,034,400 | 69 | % | |||||||||
Premiums earned: | ||||||||||||||||
Life | $ | 15,462 | 7,916 | 11,560 | 19,106 | 61 | % | |||||||||
Accident and health | 81,701 | 8,681 | 15,623 | 88,643 | 18 | % | ||||||||||
Annuity | 1,278 | - | 1,812 | 3,090 | 59 | % | ||||||||||
Property and casualty | 90,191 | 28,942 | 15,936 | 77,185 | 21 | % | ||||||||||
Total | $ | 188,632 | 45,539 | 44,931 | 188,024 | 24 | % | |||||||||
RepWest | Oxford | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Nine months ended September 30, 2004 | $ | - | $ | 1,105 | |||
Nine months ended September 30, 2003 | $ | 1,062 | $ | 2,013 | |||
Property Plant and Equipment | Rental Fleet | Total | |||||||||||
(In thousands) | |||||||||||||
Year-ending: | |||||||||||||
2005 | $ | 11,718 | 113,181 | 124,899 | |||||||||
2006 | 11,135 | 102,068 | 113,203 | ||||||||||
2007 | 10,979 | 64,167 | 75,146 | ||||||||||
2008 | 10,788 | 32,142 | 42,930 | ||||||||||
2009 | 10,382 | 17,751 | 28,133 | ||||||||||
Thereafter | 46,057 | 7,972 | 54,029 | ||||||||||
Total | $ | 101,059 | 337,281 | 438,340 |
Property Plant and Equipment | Rental Equipment | Total | ||||||||
(Unaudited) | ||||||||||
(in thousands) | ||||||||||
Year-ended June 30,: | ||||||||||
2006 | $ | 12,154 | $ | 78,331 | $ | 90,485 | ||||
2007 | 11,367 | 89,551 | 100,918 | |||||||
2008 | 11,235 | 56,326 | 67,561 | |||||||
2009 | 10,921 | 40,771 | 51,692 | |||||||
2010 | 10,515 | 32,222 | 42,737 | |||||||
Thereafter | 45,544 | 27,529 | 73,073 | |||||||
Total | $ | 101,736 | $ | 324,730 | $ | 426,466 | ||||
Obligated Group | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Obligated Group Consolidated | Property and Casualty Insurance(a) | Life Insurance(a) | Eliminations | AMERCO Consolidated | SAC Moving and Storage Operations | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
Assets: | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 9,423 | $ | 53,625 | $ | 4,331 | $ | - | $ | 67,379 | $ | 7,968 | $ | 4,562 | $ | - | $ | 79,909 | $ | 317 | $ | - | $ | 80,226 | ||||||||||||||||||||||
Trade receivables, net | - | 17,490 | 27 | - | 17,517 | 210,062 | 16,127 | - | 243,706 | - | - | 243,706 | ||||||||||||||||||||||||||||||||||
Notes and mortgage receivables, net | - | 4,289 | 1,358 | - | 5,647 | - | - | - | 5,647 | - | - | 5,647 | ||||||||||||||||||||||||||||||||||
Inventories, net | - | 52,698 | - | - | 52,698 | - | - | - | 52,698 | 1,133 | - | 53,831 | ||||||||||||||||||||||||||||||||||
Prepaid expenses | 3,394 | 19,742 | - | - | 23,136 | - | - | - | 23,136 | 214 | - | 23,350 | ||||||||||||||||||||||||||||||||||
Investments, fixed maturities | - | - | - | - | - | 116,775 | 555,232 | - | 672,007 | - | - | 672,007 | ||||||||||||||||||||||||||||||||||
Investments, other | - | 936 | 9,218 | - | 10,154 | 146,265 | 177,549 | - | 333,968 | - | - | 333,968 | ||||||||||||||||||||||||||||||||||
Deferred policy acquisition costs, net | - | - | - | - | - | 2,282 | 62,590 | - | 64,872 | - | - | 64,872 | ||||||||||||||||||||||||||||||||||
Other assets | 21,721 | 55,122 | 1,900 | - | 78,743 | 2,073 | 846 | - | 81,662 | 5,978 | - | 87,640 | ||||||||||||||||||||||||||||||||||
Related party assets | 544,718 | 601,859 | 11,880 | (747,847 | ) | (d) | 410,610 | 106,521 | 32,435 | (142,435 | ) | (d) | 407,131 | - | (88,758 | ) | (d | ) | 318,373 | |||||||||||||||||||||||||||
579,256 | 805,761 | 28,714 | (747,847 | ) | 665,884 | 591,946 | 849,341 | (142,435 | ) | 1,964,736 | 7,642 | (88,758 | ) | 1,883,620 | ||||||||||||||||||||||||||||||||
Investment in Subsidiaries | 1,260,863 | �� | - | - | (979,824 | ) | (c) | 281,039 | - | - | (281,039 | ) | (c) | - | - | - | - | |||||||||||||||||||||||||||||
Investment in SAC | (13,255 | ) | - | - | - | (13,255 | ) | - | - | - | (13,255 | ) | - | 13,255 | (c | ) | - | |||||||||||||||||||||||||||||
Total investment in subsidiaries | 1,247,608 | - | - | (979,824 | ) | 267,784 | - | - | (281,039 | ) | (13,255 | ) | - | 13,255 | - | |||||||||||||||||||||||||||||||
Property, plant and equipment, at cost: | ||||||||||||||||||||||||||||||||||||||||||||||
Land | - | 21,316 | 130,171 | - | 151,487 | - | - | - | 151,487 | - | - | 151,487 | ||||||||||||||||||||||||||||||||||
Buildings and improvements | - | 85,537 | 599,903 | - | 685,440 | - | - | - | 685,440 | - | - | 685,440 | ||||||||||||||||||||||||||||||||||
Furniture and equipment | 413 | 267,485 | 17,878 | - | 285,776 | - | - | - | 285,776 | - | - | 285,776 | ||||||||||||||||||||||||||||||||||
Rental trailers and other rental equipment | - | 175,116 | - | - | 175,116 | - | - | - | 175,116 | - | - | 175,116 | ||||||||||||||||||||||||||||||||||
Rental trucks | - | 1,278,072 | - | - | 1,278,072 | - | - | - | 1,278,072 | - | - | 1,278,072 | ||||||||||||||||||||||||||||||||||
SAC Holdings II - property, plant and equipment (b) | - | - | - | - | - | - | - | - | - | 152,891 | (74,212 | ) | (e | ) | 78,679 | |||||||||||||||||||||||||||||||
413 | 1,827,526 | 747,952 | - | 2,575,891 | - | - | - | 2,575,891 | 152,891 | (74,212 | ) | 2,654,570 | ||||||||||||||||||||||||||||||||||
Less: Accumulated depreciation | (372 | ) | (1,088,697 | ) | (268,370 | ) | - | (1,357,439 | ) | - | - | - | (1,357,439 | ) | (6,930 | ) | 8,964 | (e | ) | (1,355,405 | ) | |||||||||||||||||||||||||
Total property, plant and equipment | 41 | 738,829 | 479,582 | - | 1,218,452 | - | - | - | 1,218,452 | 145,961 | (65,248 | ) | 1,299,165 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,826,905 | $ | 1,544,590 | $ | 508,296 | $ | (1,727,671 | ) | $ | 2,152,120 | $ | 591,946 | $ | 849,341 | $ | (423,474 | ) | $ | 3,169,933 | $ | 153,603 | $ | (140,751 | ) | $ | 3,182,785 | |||||||||||||||||||
(a) Balances as of September 30, 2004 | ||||||||||||||||||||||||||||||||||||||||||||||
(b) Included in this caption is land of $56,959, buildings and improvements of $95,737, and furniture and equipment of $195 | ||||||||||||||||||||||||||||||||||||||||||||||
(c) Eliminate investment in subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||
(d) Eliminate intercompany receivables and payables | ||||||||||||||||||||||||||||||||||||||||||||||
(e) Eliminate gain on sale of property from U-Haul to SAC |
June 30, | March 31, | ||||||
2005 | 2005 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
PMSR Receivables and Interest | $ | 79,878 | $ | 70,887 | |||
Oxford note receivable from SAC Holding Corporation | 5,040 | 5,040 | |||||
U-Haul notes receivable from SAC Holding Corporation | 123,578 | 123,578 | |||||
U-Haul interest receivable from SAC Holding Corporation | 36,818 | 35,960 | |||||
U-Haul receivable from SAC Holding Corporation | 1,852 | 1,028 | |||||
SAC Holding II receivable from parent | 2,202 | 2,202 | |||||
U-Haul receivable from Mercury | 5,805 | 2,185 | |||||
Oxford and RepWest investment in Securespace | 11,279 | 11,225 | |||||
Other | - | 561 | |||||
$ | 266,452 | $ | 252,666 | ||||
June 30, | March 31, | ||||||
2005 | 2005 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
SAC Holding II Corporation receivable from affiliate | $ | 10,771 | $ | 11,070 | |||
$ | 10,771 | $ | 11,070 | ||||
Obligated Group | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Obligated Group Consolidated | Property and Casualty Insurance(a) | Life Insurance(a) | Eliminations | AMERCO Consolidated | SAC Moving and Storage Operations | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 33,130 | $ | 168,957 | $ | 8,526 | $ | - | $ | 210,613 | $ | - | $ | 1,694 | $ | - | $ | 212,307 | $ | 3,734 | $ | - | $ | 216,041 | ||||||||||||||||||||||
AMERCO's notes and loans payable | 696,048 | - | - | - | 696,048 | - | - | - | 696,048 | - | - | 696,048 | ||||||||||||||||||||||||||||||||||
SAC Holdings' notes and loans payable | - | - | - | - | - | - | - | - | - | 77,790 | - | 77,790 | ||||||||||||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable | - | 240,293 | - | - | 240,293 | 409,030 | 167,835 | - | 817,158 | - | - | 817,158 | ||||||||||||||||||||||||||||||||||
Liabilities from investment contracts | - | - | - | - | - | - | 516,273 | - | 516,273 | - | - | 516,273 | ||||||||||||||||||||||||||||||||||
Other policyholders' funds and liabilities | - | - | - | - | - | 8,574 | 15,828 | - | 24,402 | - | - | 24,402 | ||||||||||||||||||||||||||||||||||
Deferred income | - | 19,439 | 2 | - | 19,441 | 12,143 | 14,279 | - | 45,863 | 570 | - | 46,433 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 183,090 | 254,245 | 94,914 | (349,159 | ) | (d) | 183,090 | (9,207 | ) | 2,423 | (38,414 | ) | (d) | 137,892 | (3,994 | ) | (27,249 | ) | (e | ) | 106,649 | |||||||||||||||||||||||||
Other liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Related party liabilities | 253,761 | 141,501 | 156,071 | (398,688 | ) | (d) | 152,645 | 9,477 | 11,899 | (104,021 | ) | (d) | 70,000 | 88,758 | (88,758 | ) | (d | ) | 70,000 | |||||||||||||||||||||||||||
Total liabilities | 1,166,029 | 824,435 | 259,513 | (747,847 | ) | 1,502,130 | 430,017 | 730,231 | (142,435 | ) | 2,519,943 | 166,858 | (116,007 | ) | 2,570,794 | |||||||||||||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||||||||||||||||||||||||||||
Serial preferred stock: | ||||||||||||||||||||||||||||||||||||||||||||||
Series A preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Series B preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Serial A common stock | 929 | - | - | - | 929 | - | - | - | 929 | - | - | 929 | ||||||||||||||||||||||||||||||||||
Common Stock | 9,568 | 540 | 1 | (541 | ) | (c) | 9,568 | 3,300 | 2,500 | (5,800 | ) | (c) | 9,568 | - | - | 9,568 | ||||||||||||||||||||||||||||||
Additional paid in-capital | 396,415 | 121,230 | 147,481 | (268,711 | ) | (c) | 396,415 | 69,922 | 16,435 | (86,357 | ) | (c) | 396,415 | - | (46,071 | ) | (e | ) | 350,344 | |||||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) | (24,354 | ) | (32,856 | ) | - | 32,856 | (c) | (24,354 | ) | 5,652 | 3,718 | (9,370 | ) | (c) | (24,354 | ) | - | - | (24,354 | ) | ||||||||||||||||||||||||||
Retained earnings | 696,410 | 642,127 | 101,301 | (743,428 | ) | (c) | 696,410 | 83,055 | 96,457 | (179,512 | ) | (c) | 696,410 | (13,255 | ) | 21,327 | (c | ) | 704,482 | |||||||||||||||||||||||||||
Cost of common shares in treasury, net | (418,092 | ) | - | - | - | (418,092 | ) | - | - | - | (418,092 | ) | - | - | (418,092 | ) | ||||||||||||||||||||||||||||||
Unearned employee stock ownership plan shares | - | (10,886 | ) | - | - | (10,886 | ) | - | - | - | (10,886 | ) | - | - | (10,886 | ) | ||||||||||||||||||||||||||||||
Total stockholders' equity | 660,876 | 720,155 | 248,783 | (979,824 | ) | 649,990 | 161,929 | 119,110 | (281,039 | ) | 649,990 | (13,255 | ) | (24,744 | ) | 611,991 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,826,905 | $ | 1,544,590 | $ | 508,296 | $ | (1,727,671 | ) | $ | 2,152,120 | $ | 591,946 | $ | 849,341 | $ | (423,474 | ) | $ | 3,169,933 | $ | 153,603 | $ | (140,751 | ) | $ | 3,182,785 | |||||||||||||||||||
(a) Balances as of September 30, 2004 | ||||||||||||||||||||||||||||||||||||||||||||||
(b) Not used | ||||||||||||||||||||||||||||||||||||||||||||||
(c) Eliminate investment in subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||
(d) Eliminate intercompany receivables and payables | ||||||||||||||||||||||||||||||||||||||||||||||
(e) Eliminate gain on sale of property from U-Haul to SAC |
| ||
(a) | ||
Moving and Storage Operations, comprised of AMERCO, U-Haul, and Amerco Real Estate Company and each of their respective subsidiaries; |
Obligated Group | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Obligated Group Consolidated | Property and Casualty Insurance(a) | Life Insurance(a) | Eliminations | AMERCO Consolidated | SAC Moving and Storage Operations | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
Assets: | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | - | $ | 64,717 | $ | 661 | $ | - | $ | 65,378 | $ | - | $ | 15,168 | $ | - | $ | 80,546 | $ | 1,011 | $ | - | $ | 81,557 | ||||||||||||||||||||||
Trade receivables, net | - | 13,404 | 14,856 | - | 28,260 | 223,747 | 16,379 | - | 268,386 | - | - | 268,386 | ||||||||||||||||||||||||||||||||||
Notes and mortgage receivables, net | - | 2,973 | 1,564 | - | 4,537 | - | - | - | 4,537 | - | - | 4,537 | ||||||||||||||||||||||||||||||||||
Inventories, net | - | 51,922 | - | - | 51,922 | - | - | - | 51,922 | 880 | - | 52,802 | ||||||||||||||||||||||||||||||||||
Prepaid expenses | 81 | 12,947 | 2 | - | 13,030 | - | - | - | 13,030 | 142 | - | 13,172 | ||||||||||||||||||||||||||||||||||
Investments, fixed maturities | - | - | - | - | - | 148,903 | 560,450 | - | 709,353 | - | - | 709,353 | ||||||||||||||||||||||||||||||||||
Investments, other | - | - | - | - | - | 143,163 | 204,374 | - | 347,537 | - | - | 347,537 | ||||||||||||||||||||||||||||||||||
Deferred policy acquisition costs, net | - | - | - | - | - | 3,843 | 73,096 | - | 76,939 | - | - | 76,939 | ||||||||||||||||||||||||||||||||||
Other assets | 26,001 | 26,762 | 2,989 | - | 55,752 | 3,686 | 1,000 | - | 60,438 | 4,633 | - | 65,071 | ||||||||||||||||||||||||||||||||||
Related party assets | 531,458 | 397,406 | 13,300 | (551,450 | ) | (d) | 390,714 | 104,543 | 50,187 | (155,341 | ) | (d) | 390,103 | - | (85,657 | ) | (d | ) | 304,446 | |||||||||||||||||||||||||||
557,540 | 570,131 | 33,372 | (551,450 | ) | 609,593 | 627,885 | 920,654 | (155,341 | ) | 2,002,791 | 6,666 | (85,657 | ) | 1,923,800 | ||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,137,579 | - | - | (847,545 | ) | (c) | 290,034 | - | - | (290,034 | ) | (c) | - | - | - | - | ||||||||||||||||||||||||||||||
Investment in SAC | (12,427 | ) | - | - | - | (12,427 | ) | - | - | - | (12,427 | ) | - | 12,427 | (c | ) | - | |||||||||||||||||||||||||||||
Total investment in subsidiaries | 1,125,152 | - | - | (847,545 | ) | 277,607 | - | - | (290,034 | ) | (12,427 | ) | - | 12,427 | - | |||||||||||||||||||||||||||||||
Property, plant and equipment, at cost: | ||||||||||||||||||||||||||||||||||||||||||||||
Land | - | 20,923 | 137,671 | - | 158,594 | - | - | - | 158,594 | - | - | 158,594 | ||||||||||||||||||||||||||||||||||
Buildings and improvements | - | 271,223 | 603,762 | - | 874,985 | - | - | - | 874,985 | - | - | 874,985 | ||||||||||||||||||||||||||||||||||
Furniture and equipment | 413 | 274,600 | 18,102 | - | 293,115 | - | - | - | 293,115 | - | - | 293,115 | ||||||||||||||||||||||||||||||||||
Rental trailers and other rental equipment | - | 159,586 | - | - | 159,586 | - | - | - | 159,586 | - | - | 159,586 | ||||||||||||||||||||||||||||||||||
Rental trucks | - | 1,219,002 | - | - | 1,219,002 | - | - | - | 1,219,002 | - | - | 1,219,002 | ||||||||||||||||||||||||||||||||||
SAC Holdings II - property, plant and equipment (b) | - | - | - | - | - | - | - | - | - | 152,575 | (74,212 | ) | (e | ) | 78,363 | |||||||||||||||||||||||||||||||
413 | 1,945,334 | 759,535 | - | 2,705,282 | - | - | - | 2,705,282 | 152,575 | (74,212 | ) | 2,783,645 | ||||||||||||||||||||||||||||||||||
Less: Accumulated depreciation | (353 | ) | (1,069,605 | ) | (265,279 | ) | - | (1,335,237 | ) | - | - | - | (1,335,237 | ) | (5,147 | ) | 8,544 | (e | ) | (1,331,840 | ) | |||||||||||||||||||||||||
Total property, plant and equipment | 60 | 875,729 | 494,256 | - | 1,370,045 | - | - | - | 1,370,045 | 147,428 | (65,668 | ) | 1,451,805 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,682,752 | $ | 1,445,860 | $ | 527,628 | $ | (1,398,995 | ) | $ | 2,257,245 | $ | 627,885 | $ | 920,654 | $ | (445,375 | ) | $ | 3,360,409 | $ | 154,094 | $ | (138,898 | ) | $ | 3,375,605 | |||||||||||||||||||
(a) Balances as of December 31, 2003 | ||||||||||||||||||||||||||||||||||||||||||||||
(b) Included in this caption is land of $57,123, buildings and improvements of $95,326, and furniture and equipment of $126 | ||||||||||||||||||||||||||||||||||||||||||||||
(c) Eliminate investment in subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||
(d) Eliminate intercompany receivables and payables | ||||||||||||||||||||||||||||||||||||||||||||||
(e) Eliminate gain on sale of property from U-Haul to SAC |
(b) | ||
RepWest and its subsidiary |
Obligated Group | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Obligated Group Consolidated | Property and Casualty Insurance(a) | Life Insurance(a) | Eliminations | AMERCO Consolidated | SAC Moving and Storage Operations | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 9,971 | $ | 220,587 | $ | 2,622 | $ | - | $ | 233,180 | $ | 734 | $ | 5,522 | $ | - | $ | 239,436 | $ | 5,134 | $ | - | $ | 244,570 | ||||||||||||||||||||||
Capital leases | - | 99,609 | - | - | 99,609 | - | - | - | 99,609 | - | - | 99,609 | ||||||||||||||||||||||||||||||||||
AMERCO's notes and loans payable | 862,697 | - | - | - | 862,697 | - | - | - | 862,697 | - | - | 862,697 | ||||||||||||||||||||||||||||||||||
SAC Holdings' notes and loans payable | - | - | - | - | - | - | - | - | - | 78,637 | - | 78,637 | ||||||||||||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable | - | 206,595 | - | - | 206,595 | 429,593 | 177,550 | - | 813,738 | - | - | 813,738 | ||||||||||||||||||||||||||||||||||
Liabilities from investment contracts | - | - | - | - | - | - | 574,745 | - | 574,745 | - | - | 574,745 | ||||||||||||||||||||||||||||||||||
Other policyholders' funds and liabilities | - | - | - | - | - | 18,369 | 10,363 | - | 28,732 | - | - | 28,732 | ||||||||||||||||||||||||||||||||||
Deferred income | - | 21,278 | 36 | - | 21,314 | 15,229 | 14,279 | - | 50,822 | 561 | - | 51,383 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 163,652 | 222,188 | 94,914 | (355,399 | ) | (d) | 125,355 | (12,080 | ) | 5,953 | (24,552 | ) | (d) | 94,676 | (3,468 | ) | (27,408 | ) | (e | ) | 63,800 | |||||||||||||||||||||||||
Other liabilities | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Related party liabilities | 92,300 | 74,089 | 196,051 | (196,051 | ) | (d) | 166,389 | 7,000 | 11,248 | (130,789 | ) | (d) | 53,848 | 85,657 | (85,657 | ) | (d | ) | 53,848 | |||||||||||||||||||||||||||
Total liabilities | 1,128,620 | 844,346 | 293,623 | (551,450 | ) | 1,715,139 | 458,845 | 799,660 | (155,341 | ) | 2,818,303 | 166,521 | (113,065 | ) | 2,871,759 | |||||||||||||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||||||||||||||||||||||||||||
Serial preferred stock: | ||||||||||||||||||||||||||||||||||||||||||||||
Series A preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Series B preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Serial A common stock | 1,416 | - | - | - | 1,416 | - | - | - | 1,416 | - | - | 1,416 | ||||||||||||||||||||||||||||||||||
Common Stock | 9,081 | 540 | 1 | (541 | ) | (c) | 9,081 | 3,300 | 2,500 | (5,800 | ) | (c) | 9,081 | - | - | 9,081 | ||||||||||||||||||||||||||||||
Additional paid in-capital | 395,803 | 121,230 | 147,481 | (268,711 | ) | (c) | 395,803 | 70,023 | 16,435 | (86,458 | ) | (c) | 395,803 | - | (46,071 | ) | (e | ) | 349,732 | |||||||||||||||||||||||||||
Accumulated other comprehensive income/(loss) | (21,446 | ) | (34,913 | ) | - | 34,913 | (c) | (21,446 | ) | 6,975 | 7,299 | (14,274 | ) | (c) | (21,446 | ) | - | - | (21,446 | ) | ||||||||||||||||||||||||||
Retained earnings | 587,370 | 526,683 | 86,523 | (613,206 | ) | (c) | 587,370 | 88,742 | 94,760 | (183,502 | ) | (c) | 587,370 | (12,427 | ) | 20,238 | (c | ) | 595,181 | |||||||||||||||||||||||||||
Cost of common shares in treasury, net | (418,092 | ) | - | - | - | (418,092 | ) | - | - | - | (418,092 | ) | - | - | (418,092 | ) | ||||||||||||||||||||||||||||||
Unearned employee stock ownership plan shares | - | (12,026 | ) | - | - | (12,026 | ) | - | - | - | (12,026 | ) | - | - | (12,026 | ) | ||||||||||||||||||||||||||||||
Total stockholders' equity | 554,132 | 601,514 | 234,005 | (847,545 | ) | 542,106 | 169,040 | 120,994 | (290,034 | ) | 542,106 | (12,427 | ) | (25,833 | ) | 503,846 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,682,752 | $ | 1,445,860 | $ | 527,628 | $ | (1,398,995 | ) | $ | 2,257,245 | $ | 627,885 | $ | 920,654 | $ | (445,375 | ) | $ | 3,360,409 | $ | 154,094 | $ | (138,898 | ) | $ | 3,375,605 | |||||||||||||||||||
(a) Balances as of December 31, 2003 | ||||||||||||||||||||||||||||||||||||||||||||||
(b) Not used | ||||||||||||||||||||||||||||||||||||||||||||||
(c) Eliminate investment in subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||
(d) Eliminated intercompany receivables and payables | ||||||||||||||||||||||||||||||||||||||||||||||
(e) Eliminate gain on sale of property from U-Haul to SAC |
(c) | ||
Oxford and its subsidiaries |
(d) | SAC Holding II |
Obligated Group | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Obligated Group Consolidated | Property and Casualty Insurance(a) | Life Insurance(a) | Eliminations | AMERCO Consolidated | SAC Moving and Storage Operations | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||
Rental revenue | $ | - | $ | 362,427 | $ | 14,136 | $ | (15,481 | ) | (b) | $ | 361,082 | $ | - | $ | - | $ | - | $ | 361,082 | $ | 6,875 | $ | (2,826 | ) | (b | ) | $ | 365,131 | |||||||||||||||||
Net sales | - | 39,404 | (15 | ) | - | 39,389 | - | - | - | 39,389 | 3,231 | - | 42,620 | |||||||||||||||||||||||||||||||||
Premiums | - | - | - | - | - | 3,975 | 31,603 | (944 | ) | (c) | 34,634 | - | - | 34,634 | ||||||||||||||||||||||||||||||||
Net investment and interest income | 1,869 | 5,270 | 22 | - | 7,161 | 6,827 | 6,299 | - | 20,287 | - | (2,145 | ) | (d | ) | 18,142 | |||||||||||||||||||||||||||||||
Total revenues | 1,869 | 407,101 | 14,143 | (15,481 | ) | 407,632 | 10,802 | 37,902 | (944 | ) | 455,392 | 10,106 | (4,971 | ) | 460,527 | |||||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 5,126 | 276,504 | 1,657 | (15,481 | ) | (b) | 267,806 | 3,824 | 12,656 | (944 | ) | (b,c) | 283,342 | 5,226 | (606 | ) | (b,c | ) | 287,962 | |||||||||||||||||||||||||||
Commission expenses | - | 41,286 | - | - | 41,286 | - | - | - | 41,286 | - | (2,043 | ) | 39,243 | |||||||||||||||||||||||||||||||||
Cost of sales | - | 19,254 | (8 | ) | - | 19,246 | - | - | - | 19,246 | 2,115 | - | 21,361 | |||||||||||||||||||||||||||||||||
Benefits and losses | - | - | - | - | - | 15,920 | 22,683 | - | 38,603 | - | - | 38,603 | ||||||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | - | - | - | - | - | 276 | 6,003 | - | 6,279 | - | - | 6,279 | ||||||||||||||||||||||||||||||||||
Lease expense | 23 | 38,656 | 4 | - | 38,683 | - | - | - | 38,683 | - | (177 | ) | (b | ) | 38,506 | |||||||||||||||||||||||||||||||
Depreciation, net | 7 | 27,725 | 63 | - | 27,795 | - | - | - | 27,795 | 627 | (140 | ) | (e | ) | 28,282 | |||||||||||||||||||||||||||||||
Total costs and expenses | 5,156 | 403,425 | 1,716 | (15,481 | ) | 394,816 | 20,020 | 41,342 | (944 | ) | 455,234 | 7,968 | (2,966 | ) | 460,236 | |||||||||||||||||||||||||||||||
Equity in earnings of AREC, UHI, RWIC & OLIC | 3,161 | - | - | (11,481 | ) | (f) | (8,320 | ) | - | - | 8,320 | (f) | - | - | - | - | ||||||||||||||||||||||||||||||
Equity in earnings of SAC II | (905 | ) | - | - | - | (905 | ) | - | - | - | (905 | ) | - | 905 | (f | ) | - | |||||||||||||||||||||||||||||
Total - equity earnings in subsidiaries | 2,256 | - | - | (11,481 | ) | (9,225 | ) | - | - | 8,320 | (905 | ) | - | 905 | - | |||||||||||||||||||||||||||||||
Earnings (loss) from operations | (1,031 | ) | 3,676 | 12,427 | (11,481 | ) | 3,591 | (9,218 | ) | (3,440 | ) | 8,320 | (747 | ) | 2,138 | (1,100 | ) | 291 | ||||||||||||||||||||||||||||
Interest expense(benefit) | 17,707 | (6,354 | ) | 4,013 | - | 15,366 | - | - | - | 15,366 | 3,710 | (2,145 | ) | (d | ) | 16,931 | ||||||||||||||||||||||||||||||
Litigation settlement | 51,341 | - | - | - | 51,341 | - | - | - | 51,341 | - | - | 51,341 | ||||||||||||||||||||||||||||||||||
Pretax earnings (loss) | 32,603 | 10,030 | 8,414 | (11,481 | ) | 39,566 | (9,218 | ) | (3,440 | ) | 8,320 | 35,228 | (1,572 | ) | 1,045 | 34,701 | ||||||||||||||||||||||||||||||
Income tax benefit (expense) | (11,144 | ) | (3,665 | ) | (3,298 | ) | - | (18,107 | ) | 3,219 | 1,119 | - | (13,769 | ) | 667 | (53 | ) | (13,155 | ) | |||||||||||||||||||||||||||
Net earnings (loss) | 21,459 | 6,365 | 5,116 | (11,481 | ) | 21,459 | (5,999 | ) | (2,321 | ) | 8,320 | 21,459 | (905 | ) | 992 | 21,546 | ||||||||||||||||||||||||||||||
Less: Preferred stock dividends | (3,241 | ) | - | - | - | (3,241 | ) | - | - | - | (3,241 | ) | - | - | (3,241 | ) | ||||||||||||||||||||||||||||||
Earnings (loss) available to common shareholders | $ | 18,218 | $ | 6,365 | $ | 5,116 | $ | (11,481 | ) | $ | 18,218 | $ | (5,999 | ) | $ | (2,321 | ) | $ | 8,320 | $ | 18,218 | $ | (905 | ) | $ | 992 | $ | 18,305 | ||||||||||||||||||
(a) Balances for the quarter ended September 30, 2004 | ||||||||||||||||||||||||||||||||||||||||||||||
(b) Eliminate intercompany lease income | ||||||||||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany premiums | ||||||||||||||||||||||||||||||||||||||||||||||
(d) Eliminate intercompany interest on debt | ||||||||||||||||||||||||||||||||||||||||||||||
(e) Eliminate gain on sale of surplus property from U-Haul to SAC | ||||||||||||||||||||||||||||||||||||||||||||||
(f) Eliminate equity earnings of subsidiaries |
Obligated Group | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Obligated Group Consolidated | Property and Casualty Insurance(a) | Life Insurance(a) | Eliminations | AMERCO Consolidated | SAC Moving and Storage Operations | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||
Rental revenue | $ | - | $ | 356,803 | $ | 15,404 | $ | (15,488 | ) | (b) | $ | 356,719 | $ | - | $ | - | $ | - | $ | 356,719 | $ | 43,257 | $ | (13,520 | ) | (b | ) | $ | 386,456 | |||||||||||||||||
Net sales | - | 36,655 | 15 | - | 36,670 | - | - | - | 36,670 | 10,542 | - | 47,212 | ||||||||||||||||||||||||||||||||||
Premiums | - | - | - | - | - | 20,106 | 36,427 | (445 | ) | (c) | 56,088 | - | - | 56,088 | ||||||||||||||||||||||||||||||||
Net investment and interest income | 529 | 6,908 | 2,017 | - | 9,454 | 7,258 | 4,743 | - | 21,455 | - | (8,628 | ) | (d | ) | 12,827 | |||||||||||||||||||||||||||||||
Total revenues | 529 | 400,366 | 17,436 | (15,488 | ) | 402,843 | 27,364 | 41,170 | (445 | ) | 470,932 | 53,799 | (22,148 | ) | 502,583 | |||||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 6,153 | 283,936 | 1,972 | (15,488 | ) | (b) | 276,573 | 3,460 | 6,020 | (445 | ) | (b,c) | 285,608 | 24,926 | (3,156 | ) | (b,c | ) | 307,378 | |||||||||||||||||||||||||||
Restructuring expenses | 7,613 | - | - | - | 7,613 | - | - | - | 7,613 | - | - | 7,613 | ||||||||||||||||||||||||||||||||||
Commission expenses | - | 38,123 | - | - | 38,123 | - | - | - | 38,123 | - | (6,987 | ) | 31,136 | |||||||||||||||||||||||||||||||||
Cost of sales | - | 19,684 | 5 | - | 19,689 | - | - | - | 19,689 | 4,219 | - | 23,908 | ||||||||||||||||||||||||||||||||||
Benefits and losses | - | - | - | - | - | 26,597 | 24,359 | - | 50,956 | - | - | 50,956 | ||||||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | - | - | - | - | - | 4,676 | 6,351 | - | 11,027 | - | - | 11,027 | ||||||||||||||||||||||||||||||||||
Lease expense | 231 | 36,224 | 124 | - | 36,579 | - | - | - | 36,579 | - | (3,377 | ) | (b | ) | 33,202 | |||||||||||||||||||||||||||||||
Depreciation, net | 3 | 32,799 | 926 | - | 33,728 | - | - | - | 33,728 | 5,147 | (482 | ) | (e | ) | 38,393 | |||||||||||||||||||||||||||||||
Total costs and expenses | 14,000 | 410,766 | 3,027 | (15,488 | ) | 412,305 | 34,733 | 36,730 | (445 | ) | 483,323 | 34,292 | (14,002 | ) | 503,613 | |||||||||||||||||||||||||||||||
Equity in earnings of AREC, UHI, RWIC & OLIC | (2,983 | ) | - | - | 569 | (f) | (2,414 | ) | - | - | 2,414 | (f) | - | - | - | - | ||||||||||||||||||||||||||||||
Equity in earnings of SAC | 216 | - | - | - | 216 | - | - | - | 216 | - | (216 | ) | (f | ) | - | |||||||||||||||||||||||||||||||
Total - equity earnings in subsidiaries | (2,767 | ) | - | - | 569 | (2,198 | ) | - | - | 2,414 | 216 | - | (216 | ) | - | |||||||||||||||||||||||||||||||
Earnings (loss) from operations | (16,238 | ) | (10,400 | ) | 14,409 | 569 | (11,660 | ) | (7,369 | ) | 4,440 | 2,414 | (12,175 | ) | 19,507 | (8,362 | ) | (1,030 | ) | |||||||||||||||||||||||||||
Interest expense(benefit) | 14,485 | (2,868 | ) | 8,127 | - | 19,744 | - | - | - | 19,744 | 20,052 | (8,628 | ) | (d | ) | 31,168 | ||||||||||||||||||||||||||||||
Pretax earnings (loss) | (30,723 | ) | (7,532 | ) | 6,282 | 569 | (31,404 | ) | (7,369 | ) | 4,440 | 2,414 | (31,919 | ) | (545 | ) | 266 | (32,198 | ) | |||||||||||||||||||||||||||
Income tax benefit (expense) | 8,574 | 3,238 | (2,557 | ) | - | 9,255 | 2,573 | (2,058 | ) | - | 9,770 | 761 | - | 10,531 | ||||||||||||||||||||||||||||||||
Net earnings (loss) | (22,149 | ) | (4,294 | ) | 3,725 | 569 | (22,149 | ) | (4,796 | ) | 2,382 | 2,414 | (22,149 | ) | 216 | 266 | (21,667 | ) | ||||||||||||||||||||||||||||
Less: Preferred stock dividends | (3,241 | ) | - | - | - | (3,241 | ) | - | - | - | (3,241 | ) | - | - | (3,241 | ) | ||||||||||||||||||||||||||||||
Earnings (loss) available to common shareholders | $ | (25,390 | ) | $ | (4,294 | ) | $ | 3,725 | $ | 569 | $ | (25,390 | ) | $ | (4,796 | ) | $ | 2,382 | $ | 2,414 | $ | (25,390 | ) | $ | 216 | $ | 266 | $ | (24,908 | ) | ||||||||||||||||
(a) Balances for the quarter ended September 30, 2003 | ||||||||||||||||||||||||||||||||||||||||||||||
(b) Eliminate intercompany lease income | ||||||||||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany premiums | ||||||||||||||||||||||||||||||||||||||||||||||
(d) Eliminate intercompany interest on debt | ||||||||||||||||||||||||||||||||||||||||||||||
(e) Eliminate gain on sale of surplus property from U-Haul to SAC | ||||||||||||||||||||||||||||||||||||||||||||||
(f) Eliminate equity earnings of subsidiaries |
Obligated Group | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Obligated Group Consolidated | Property and Casualty Insurance(a) | Life Insurance(a) | Eliminations | AMERCO Consolidated | SAC Moving and Storage Operations | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||
Rental revenue | $ | - | $ | 1,253,643 | $ | 43,499 | $ | (46,492 | ) | (b) | $ | 1,250,650 | $ | - | $ | - | $ | - | $ | 1,250,650 | $ | 21,389 | $ | (9,704 | ) | (b | ) | $ | 1,262,335 | |||||||||||||||||
Net sales | - | 149,844 | - | - | 149,844 | - | - | - | 149,844 | 11,839 | - | 161,683 | ||||||||||||||||||||||||||||||||||
Premiums | - | - | - | - | - | 20,815 | 97,640 | (2,939 | ) | (c) | 115,516 | - | - | 115,516 | ||||||||||||||||||||||||||||||||
Net investment and interest income | 6,826 | 16,569 | 76 | - | 23,471 | 15,063 | 17,960 | - | 56,494 | - | (6,242 | ) | (d | ) | 50,252 | |||||||||||||||||||||||||||||||
Total revenues | 6,826 | 1,420,056 | 43,575 | (46,492 | ) | 1,423,965 | 35,878 | 115,600 | (2,939 | ) | 1,572,504 | 33,228 | (15,946 | ) | 1,589,786 | |||||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 16,653 | 832,195 | 5,304 | (46,492 | ) | (b) | 807,660 | 5,381 | 23,907 | (2,939 | ) | (b,c) | 834,009 | 16,615 | (2,003 | ) | (b,c | ) | 848,621 | |||||||||||||||||||||||||||
Commission expenses | - | 145,233 | - | - | 145,233 | - | - | - | 145,233 | - | (7,169 | ) | 138,064 | |||||||||||||||||||||||||||||||||
Cost of sales | - | 72,489 | - | - | 72,489 | - | - | - | 72,489 | 5,128 | - | 77,617 | ||||||||||||||||||||||||||||||||||
Benefits and losses | - | - | - | - | - | 33,817 | 70,377 | - | 104,194 | - | - | 104,194 | ||||||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | - | - | - | - | - | 5,429 | 18,586 | - | 24,015 | - | - | 24,015 | ||||||||||||||||||||||||||||||||||
Lease expense | 67 | 115,823 | 31 | - | 115,921 | - | - | - | 115,921 | - | (532 | ) | (b | ) | 115,389 | |||||||||||||||||||||||||||||||
Depreciation, net | 24 | 81,576 | 3,147 | - | 84,747 | - | - | - | 84,747 | 1,887 | (420 | ) | (e | ) | 86,214 | |||||||||||||||||||||||||||||||
Total costs and expenses | 16,744 | 1,247,316 | 8,482 | (46,492 | ) | 1,226,050 | 44,627 | 112,870 | (2,939 | ) | 1,380,608 | 23,630 | (10,124 | ) | 1,394,114 | |||||||||||||||||||||||||||||||
Equity in earnings of AREC, UHI, RWIC & OLIC | 126,232 | - | - | (130,222 | ) | (f) | (3,990 | ) | - | - | 3,990 | (f) | - | - | - | - | ||||||||||||||||||||||||||||||
Equity in earnings of SAC II | (828 | ) | - | - | - | (828 | ) | - | - | - | (828 | ) | - | 828 | (f | ) | - | |||||||||||||||||||||||||||||
Total - equity earnings in subsidiaries | 125,404 | - | - | (130,222 | ) | (4,818 | ) | - | - | 3,990 | (828 | ) | - | 828 | - | |||||||||||||||||||||||||||||||
Earnings (loss) from operations | 115,486 | 172,740 | 35,093 | (130,222 | ) | 193,097 | (8,749 | ) | 2,730 | 3,990 | 191,068 | 9,598 | (4,994 | ) | 195,672 | |||||||||||||||||||||||||||||||
Interest expense(benefit) | 51,917 | (13,258 | ) | 10,637 | - | 49,296 | - | - | - | 49,296 | 10,941 | (6,242 | ) | (d | ) | 53,995 | ||||||||||||||||||||||||||||||
Litigation settlement | 51,341 | - | - | - | 51,341 | - | - | - | 51,341 | - | - | 51,341 | ||||||||||||||||||||||||||||||||||
Pretax earnings (loss) | 114,910 | 185,998 | 24,456 | (130,222 | ) | 195,142 | (8,749 | ) | 2,730 | 3,990 | 193,113 | (1,343 | ) | 1,248 | 193,018 | |||||||||||||||||||||||||||||||
Income tax benefit (expense) | 3,853 | (70,554 | ) | (9,678 | ) | - | (76,379 | ) | 3,062 | (1,033 | ) | - | (74,350 | ) | 515 | (159 | ) | (73,994 | ) | |||||||||||||||||||||||||||
Net earnings (loss) | 118,763 | 115,444 | 14,778 | (130,222 | ) | 118,763 | (5,687 | ) | 1,697 | 3,990 | 118,763 | (828 | ) | 1,089 | 119,024 | |||||||||||||||||||||||||||||||
Less: Preferred stock dividends | (9,723 | ) | - | - | - | (9,723 | ) | - | - | - | (9,723 | ) | - | - | (9,723 | ) | ||||||||||||||||||||||||||||||
Earnings (loss) available to common shareholders | $ | 109,040 | $ | 115,444 | $ | 14,778 | $ | (130,222 | ) | $ | 109,040 | $ | (5,687 | ) | $ | 1,697 | $ | 3,990 | $ | 109,040 | $ | (828 | ) | $ | 1,089 | $ | 109,301 | |||||||||||||||||||
(a) Balances for the nine months ended September 30, 2004 | ||||||||||||||||||||||||||||||||||||||||||||||
(b) Eliminate intercompany lease income | ||||||||||||||||||||||||||||||||||||||||||||||
(c ) Eliminate intercompany premiums | ||||||||||||||||||||||||||||||||||||||||||||||
(d) Eliminate intercompany interest on debt | ||||||||||||||||||||||||||||||||||||||||||||||
(e) Eliminate gain on sale of surplus property from U-Haul to SAC | ||||||||||||||||||||||||||||||||||||||||||||||
(f) Eliminate equity earnings of subsidiaries |
Moving and Storage | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Moving and Storage Consolidated | Property and Casualty Insurance (a) | Life Insurance (a) | Eliminations | AMERCO Consolidated | SAC Holding II | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3 | $ | 214,117 | $ | 448 | $ | - | $ | 214,568 | $ | 6,959 | $ | 7,184 | $ | - | $ | 228,711 | $ | 787 | $ | - | $ | 229,498 | ||||||||||||||||||||||
Trade receivables, net | - | 17,303 | 27 | - | 17,330 | 205,398 | 13,559 | - | 236,287 | - | - | 236,287 | ||||||||||||||||||||||||||||||||||
Notes and mortgage receivables, net | - | 1,568 | 927 | - | 2,495 | - | - | - | 2,495 | - | - | 2,495 | ||||||||||||||||||||||||||||||||||
Inventories, net | - | 64,490 | - | - | 64,490 | - | - | - | 64,490 | 1,414 | - | 65,904 | ||||||||||||||||||||||||||||||||||
Prepaid expenses | 2,059 | 18,563 | - | - | 20,622 | - | - | - | 20,622 | 68 | - | 20,690 | ||||||||||||||||||||||||||||||||||
Investments, fixed maturities | - | - | - | - | - | 85,697 | 557,941 | - | 643,638 | - | - | 643,638 | ||||||||||||||||||||||||||||||||||
Investments, other | - | 64 | 8,056 | - | 8,120 | 156,300 | 138,316 | - | 302,736 | - | - | 302,736 | ||||||||||||||||||||||||||||||||||
Deferred policy acquisition costs, net | - | - | - | - | - | 1,249 | 51,455 | - | 52,704 | - | - | 52,704 | ||||||||||||||||||||||||||||||||||
Other assets | 238 | 70,773 | 36,889 | - | 107,900 | 3,481 | 1,135 | - | 112,516 | 4,646 | - | 117,162 | ||||||||||||||||||||||||||||||||||
Related party assets | 480,719 | 461,694 | 736,178 | (1,328,487 | ) | (d | ) | 350,104 | 54,815 | 32,135 | (91,322 | ) | (d | ) | 345,732 | 2,202 | (81,482 | ) | (d | ) | 266,452 | |||||||||||||||||||||||||
483,019 | 848,572 | 782,525 | (1,328,487 | ) | 785,629 | 513,899 | 801,725 | (91,322 | ) | 2,009,931 | 9,117 | (81,482 | ) | 1,937,566 | ||||||||||||||||||||||||||||||||
Investment in Subsidiaries | 1,293,854 | - | - | (1,026,096 | ) | (c | ) | 267,758 | - | - | (267,758 | ) | (c | ) | - | - | - | - | ||||||||||||||||||||||||||||
Investment in SAC Holding II | (14,099 | ) | - | - | - | (14,099 | ) | - | - | - | (14,099 | ) | - | 14,099 | (c | ) | - | |||||||||||||||||||||||||||||
Total investment in subsidiaries and SAC Holding II | 1,279,755 | - | - | (1,026,096 | ) | 253,659 | - | - | (267,758 | ) | (14,099 | ) | - | 14,099 | - | |||||||||||||||||||||||||||||||
Property, plant and equipment, at cost: | ||||||||||||||||||||||||||||||||||||||||||||||
Land | - | 21,131 | 130,998 | - | 152,129 | - | - | - | 152,129 | - | - | 152,129 | ||||||||||||||||||||||||||||||||||
Buildings and improvements | - | 85,583 | 601,161 | - | 686,744 | - | - | - | 686,744 | - | - | 686,744 | ||||||||||||||||||||||||||||||||||
Furniture and equipment | 292 | 249,793 | 17,724 | - | 267,809 | - | - | - | 267,809 | - | - | 267,809 | ||||||||||||||||||||||||||||||||||
Rental trailers and other rental equipment | - | 202,385 | - | - | 202,385 | - | - | - | 202,385 | - | - | 202,385 | ||||||||||||||||||||||||||||||||||
Rental trucks | - | 1,270,440 | - | - | 1,270,440 | - | - | - | 1,270,440 | - | - | 1,270,440 | ||||||||||||||||||||||||||||||||||
SAC Holding II - property, plant and equipment (b) | - | - | - | - | - | - | - | - | - | 151,912 | (74,212 | ) | (e | ) | 77,700 | |||||||||||||||||||||||||||||||
292 | 1,829,332 | 749,883 | - | 2,579,507 | - | - | - | 2,579,507 | 151,912 | (74,212 | ) | 2,657,207 | ||||||||||||||||||||||||||||||||||
Less: Accumulated depreciation | (263 | ) | (1,005,397 | ) | (272,114 | ) | - | (1,277,774 | ) | - | - | - | (1,277,774 | ) | (8,155 | ) | 9,244 | (e | ) | (1,276,685 | ) | |||||||||||||||||||||||||
Total property, plant and equipment | 29 | 823,935 | 477,769 | - | 1,301,733 | - | - | - | 1,301,733 | 143,757 | (64,968 | ) | 1,380,522 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,762,803 | $ | 1,672,507 | $ | 1,260,294 | $ | (2,354,583 | ) | $ | 2,341,021 | $ | 513,899 | $ | 801,725 | $ | (359,080 | ) | $ | 3,297,565 | $ | 152,874 | $ | (132,351 | ) | $ | 3,318,088 | |||||||||||||||||||
Obligated Group | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Obligated Group Consolidated | Property and Casualty Insurance(a) | Life Insurance(a) | Eliminations | AMERCO Consolidated | SAC Moving and Storage Operations | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||
Rental revenue | $ | - | $ | 1,220,036 | $ | 45,544 | $ | (45,649 | ) | (b) | $ | 1,219,931 | $ | - | $ | - | $ | - | $ | 1,219,931 | $ | 127,415 | $ | (42,876 | ) | (b | ) | $ | 1,304,470 | |||||||||||||||||
Net sales | - | 142,375 | 52 | - | 142,427 | - | - | - | 142,427 | 39,621 | - | 182,048 | ||||||||||||||||||||||||||||||||||
Premiums | - | - | - | - | - | 78,247 | 112,852 | (3,075 | ) | (c) | 188,024 | - | - | 188,024 | ||||||||||||||||||||||||||||||||
Net investment and interest income | 1,057 | 22,740 | 6,012 | - | 29,809 | 19,180 | 15,420 | - | 64,409 | - | (28,795 | ) | (d | ) | 35,614 | |||||||||||||||||||||||||||||||
Total revenues | 1,057 | 1,385,151 | 51,608 | (45,649 | ) | 1,392,167 | 97,427 | 128,272 | (3,075 | ) | 1,614,791 | 167,036 | (71,671 | ) | 1,710,156 | |||||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 20,372 | 817,768 | 5,615 | (45,649 | ) | (b) | 798,106 | 17,761 | 23,173 | (3,075 | ) | (b,c) | 835,965 | 81,541 | (9,811 | ) | (b,c | ) | 907,695 | |||||||||||||||||||||||||||
Restructuring expenses | 12,027 | - | - | - | 12,027 | - | - | - | 12,027 | - | - | 12,027 | ||||||||||||||||||||||||||||||||||
Commission expenses | - | 139,065 | - | - | 139,065 | - | - | - | 139,065 | - | (22,933 | ) | 116,132 | |||||||||||||||||||||||||||||||||
Cost of sales | - | 70,099 | 21 | - | 70,120 | - | - | - | 70,120 | 16,903 | - | 87,023 | ||||||||||||||||||||||||||||||||||
Benefits and losses | - | - | - | - | - | 89,594 | 80,207 | - | 169,801 | - | - | 169,801 | ||||||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | - | - | - | - | - | 11,842 | 17,044 | - | 28,886 | - | - | 28,886 | ||||||||||||||||||||||||||||||||||
Lease expense | 691 | 110,758 | 399 | - | 111,848 | - | - | - | 111,848 | - | (10,132 | ) | (b | ) | 101,716 | |||||||||||||||||||||||||||||||
Depreciation, net | 10 | 93,693 | 5,092 | - | 98,795 | - | - | - | 98,795 | 16,007 | (1,446 | ) | (e | ) | 113,356 | |||||||||||||||||||||||||||||||
Total costs and expenses | 33,100 | 1,231,383 | 11,127 | (45,649 | ) | 1,229,961 | 119,197 | 120,424 | (3,075 | ) | 1,466,507 | 114,451 | (44,322 | ) | 1,536,636 | |||||||||||||||||||||||||||||||
Equity in earnings of AREC, UHI, RWIC & OLIC | 104,158 | - | - | (113,337 | ) | (f) | (9,179 | ) | - | - | 9,179 | (f) | - | - | - | - | ||||||||||||||||||||||||||||||
Equity in earnings of SAC | (5,811 | ) | - | - | - | (5,811 | ) | - | - | - | (5,811 | ) | - | 5,811 | (f | ) | - | |||||||||||||||||||||||||||||
Total - equity earnings in subsidiaries | 98,347 | - | - | (113,337 | ) | (14,990 | ) | - | - | 9,179 | (5,811 | ) | - | 5,811 | - | |||||||||||||||||||||||||||||||
Earnings (loss) from operations | 66,304 | 153,768 | 40,481 | (113,337 | ) | 147,216 | (21,770 | ) | 7,848 | 9,179 | 142,473 | 52,585 | (21,538 | ) | 173,520 | |||||||||||||||||||||||||||||||
Interest expense(benefit) | 44,414 | (8,018 | ) | 23,965 | - | 60,361 | - | - | - | 60,361 | 61,273 | (28,795 | ) | (d | ) | 92,839 | ||||||||||||||||||||||||||||||
Pretax earnings (loss) | 21,890 | 161,786 | 16,516 | (113,337 | ) | 86,855 | (21,770 | ) | 7,848 | 9,179 | 82,112 | (8,688 | ) | 7,257 | 80,681 | |||||||||||||||||||||||||||||||
Income tax benefit (expense) | 26,758 | (58,184 | ) | (6,781 | ) | - | (38,207 | ) | 7,619 | (2,876 | ) | - | (33,464 | ) | 2,877 | - | (30,587 | ) | ||||||||||||||||||||||||||||
Net earnings (loss) | 48,648 | 103,602 | 9,735 | (113,337 | ) | 48,648 | (14,151 | ) | 4,972 | 9,179 | 48,648 | (5,811 | ) | 7,257 | 50,094 | |||||||||||||||||||||||||||||||
Less: Preferred stock dividends | (9,723 | ) | - | - | - | (9,723 | ) | - | - | - | (9,723 | ) | - | - | (9,723 | ) | ||||||||||||||||||||||||||||||
Earnings (loss) available to common shareholders | $ | 38,925 | $ | 103,602 | $ | 9,735 | $ | (113,337 | ) | $ | 38,925 | $ | (14,151 | ) | $ | 4,972 | $ | 9,179 | $ | 38,925 | $ | (5,811 | ) | $ | 7,257 | $ | 40,371 | |||||||||||||||||||
(a) Balances for the nine months ended September 30, 2003 | ||||||||||||||||||||||||||||||||||||||||||||||
(b) Eliminate intercompany lease income | ||||||||||||||||||||||||||||||||||||||||||||||
(c) Eliminate intercompany premiums | ||||||||||||||||||||||||||||||||||||||||||||||
(d) Eliminate intercompany interest on debt | ||||||||||||||||||||||||||||||||||||||||||||||
(e) Eliminate gain on sale of surplus property from U-Haul to SAC | ||||||||||||||||||||||||||||||||||||||||||||||
(f) Eliminate equity earnings of subsidiaries |
Obligated Group | AMERCO Legal Group | AMERCO as Consolidated | |||||||||||||||||||||||||||||||||||
Amerco | U-Haul | Real Estate | Eliminations | Obligated Group Consolidated | Property and Casualty Insurance (a) | Life Insurance (a) | Eliminations | Amerco Consolidated | SAC Moving and Storage Operations | Eliminations | Total Consolidated | ||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||
Earnings available to common shareholders | $ | 109,040 | $ | 115,444 | $ | 14,778 | $ | (130,222 | ) | $ | 109,040 | $ | (5,687 | ) | $ | 1,696 | $ | 3,991 | $ | 109,040 | $ | (828 | ) | $ | 1,089 | $ | 109,301 | ||||||||||
Depreciation | 24 | 77,086 | 6,453 | - | 83,563 | - | - | - | 83,563 | 1,887 | (420 | ) | 85,030 | ||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | - | - | - | - | - | 6,016 | 19,946 | - | 25,962 | - | - | 25,962 | |||||||||||||||||||||||||
Provision for losses on accounts receivable | - | (149 | ) | - | - | (149 | ) | - | - | - | (149 | ) | - | - | (149 | ) | |||||||||||||||||||||
Net (gain) loss on sale of real and personal property | - | 4,490 | (3,306 | ) | - | 1,184 | - | - | - | 1,184 | - | - | 1,184 | ||||||||||||||||||||||||
(Gain) loss on sale of investments | - | - | - | - | - | (3,404 | ) | (492 | ) | - | (3,896 | ) | - | - | (3,896 | ) | |||||||||||||||||||||
Reductions in policy liabilities and accruals | - | 33,698 | - | - | 33,698 | (26,611 | ) | (9,369 | ) | - | (2,282 | ) | - | - | (2,282 | ) | |||||||||||||||||||||
Capitalizations of deferred policy acquisition costs | - | - | - | - | - | (3,868 | ) | (5,013 | ) | - | (8,881 | ) | - | - | (8,881 | ) | |||||||||||||||||||||
Net reduction in other operating assets and liabilities | 89,387 | (198,301 | ) | (14,671 | ) | 130,222 | 6,637 | 14,924 | 1,064 | (3,991 | ) | 18,634 | (486 | ) | (669 | ) | 17,479 | ||||||||||||||||||||
Net cash provided by (used in) operating activities | 198,451 | 32,268 | 3,254 | - | 233,973 | (18,630 | ) | 7,832 | - | 223,175 | 573 | - | 223,748 | ||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||
Purchases of investments: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | - | (169,981 | ) | (2,090 | ) | - | (172,071 | ) | - | - | - | (172,071 | ) | (420 | ) | - | (172,491 | ) | |||||||||||||||||||
Fixed maturities | - | - | - | - | - | (2,045 | ) | (82,227 | ) | - | (84,272 | ) | - | - | (84,272 | ) | |||||||||||||||||||||
Common stock | - | - | - | - | - | - | (6,765 | ) | - | (6,765 | ) | - | - | (6,765 | ) | ||||||||||||||||||||||
Mortgage loans | - | - | - | - | - | - | (750 | ) | - | (750 | ) | (750 | ) | ||||||||||||||||||||||||
Proceeds from sale of investments: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | - | 225,305 | 2,506 | - | 227,811 | - | - | - | 227,811 | - | - | 227,811 | |||||||||||||||||||||||||
Fixed maturities | - | - | - | - | - | 31,759 | 82,085 | - | 113,844 | - | - | 113,844 | |||||||||||||||||||||||||
Preferred stock | - | - | - | - | - | - | 3,811 | - | 3,811 | - | - | 3,811 | |||||||||||||||||||||||||
Real estate | - | - | - | - | - | 5,269 | - | - | 5,269 | - | - | 5,269 | |||||||||||||||||||||||||
Mortgage loans | - | - | - | - | - | - | 2,819 | - | 2,819 | - | - | 2,819 | |||||||||||||||||||||||||
Changes in other investments | - | - | - | - | - | (8,385 | ) | 42,144 | - | 33,759 | - | - | 33,759 | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | - | 55,324 | 416 | - | 55,740 | 26,598 | 41,117 | - | 123,455 | (420 | ) | - | 123,035 | ||||||||||||||||||||||||
Cash flows from financial activities: | |||||||||||||||||||||||||||||||||||||
Borrowings from Credit Facilities | 36,859 | - | - | - | 36,859 | - | - | - | 36,859 | - | - | 36,859 | |||||||||||||||||||||||||
Leverage Employee Stock Ownership Plan: | |||||||||||||||||||||||||||||||||||||
Repayments from loans | 612 | 1,140 | - | - | 1,752 | - | - | - | 1,752 | - | - | 1,752 | |||||||||||||||||||||||||
Principal Repayments on Credit Facilities | (201,202 | ) | (215 | ) | - | - | (201,417 | ) | - | - | - | (201,417 | ) | (847 | ) | - | (202,264 | ) | |||||||||||||||||||
Payoff of capital leases | - | (99,609 | ) | - | - | (99,609 | ) | - | - | - | (99,609 | ) | - | - | (99,609 | ) | |||||||||||||||||||||
Dividends paid | (25,297 | ) | - | - | - | (25,297 | ) | - | - | - | (25,297 | ) | - | - | (25,297 | ) | |||||||||||||||||||||
Investment contract deposits | - | - | - | - | - | - | 19,587 | - | 19,587 | - | - | 19,587 | |||||||||||||||||||||||||
Investment contract withdrawals | - | - | - | - | - | - | (79,142 | ) | - | (79,142 | ) | - | - | (79,142 | ) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | (189,028 | ) | (98,684 | ) | - | - | (287,712 | ) | - | (59,555 | ) | - | (347,267 | ) | (847 | ) | - | (348,114 | ) | ||||||||||||||||||
Increase (decrease) in cash equivalents | 9,423 | (11,092 | ) | 3,670 | - | 2,001 | 7,968 | (10,606 | ) | - | (637 | ) | (694 | ) | - | (1,331 | ) | ||||||||||||||||||||
Cash and cash equivalents at the beginning of period | - | 64,717 | 661 | - | 65,378 | - | 15,168 | - | 80,546 | 1,011 | - | 81,557 | |||||||||||||||||||||||||
Cash and cash equivalents at the end of period | $ | 9,423 | $ | 53,625 | $ | 4,331 | $ | - | $ | 67,379 | $ | 7,968 | $ | 4,562 | $ | - | $ | 79,909 | $ | 317 | $ | - | $ | 80,226 | |||||||||||||
(a) Balances for the nine months ended September 30, 2004 |
Moving and Storage | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Moving and Storage Consolidated | Property and Casualty Insurance (a) | Life Insurance (a) | Eliminations | AMERCO Consolidated | SAC Holding II | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 18,708 | $ | 206,831 | $ | 4,037 | $ | - | $ | 229,576 | $ | - | $ | 1,503 | $ | - | $ | 231,079 | $ | 1,410 | $ | - | $ | 232,489 | ||||||||||||||||||||||
AMERCO's notes and loans payable | - | 49,557 | 904,365 | - | 953,922 | - | - | - | 953,922 | - | - | 953,922 | ||||||||||||||||||||||||||||||||||
SAC Holding II Corporation notes and loans, payable, non-recourse to AMERCO | - | - | - | - | - | - | - | - | - | 77,185 | - | 77,185 | ||||||||||||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable | - | 267,727 | - | - | 267,727 | 379,652 | 160,870 | - | 808,249 | - | - | 808,249 | ||||||||||||||||||||||||||||||||||
Liabilities from investment contracts | - | - | - | - | - | - | 491,473 | - | 491,473 | - | - | 491,473 | ||||||||||||||||||||||||||||||||||
Other policyholders' funds and liabilities | - | - | - | - | - | 5,192 | 10,681 | - | 15,873 | - | - | 15,873 | ||||||||||||||||||||||||||||||||||
Deferred income | - | 15,299 | 2 | - | 15,301 | 12,143 | 14,279 | - | 41,723 | 741 | - | 42,464 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 169,258 | - | - | - | 169,258 | (46,874 | ) | (2,142 | ) | - | 120,242 | (4,616 | ) | (27,143 | ) | (d | ) | 88,483 | ||||||||||||||||||||||||||||
Related party liabilities | 929,380 | 374,426 | 94,914 | (1,328,487 | ) | (c | ) | 70,233 | 8,812 | 12,277 | (91,322 | ) | (c | ) | - | 92,253 | (81,482 | ) | (c | ) | 10,771 | |||||||||||||||||||||||||
Total liabilities | 1,117,346 | 913,840 | 1,003,318 | (1,328,487 | ) | 1,706,017 | 358,925 | 688,941 | (91,322 | ) | 2,662,561 | 166,973 | (108,625 | ) | 2,720,909 | |||||||||||||||||||||||||||||||
\ | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||||||||||||||||||||||||||||
Series preferred stock: | ||||||||||||||||||||||||||||||||||||||||||||||
Series A preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Series B preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Series A common stock | 929 | - | - | - | 929 | - | - | - | 929 | - | - | 929 | ||||||||||||||||||||||||||||||||||
Common stock | 9,568 | 540 | 1 | (541 | ) | (b | ) | 9,568 | 3,300 | 2,500 | (5,800 | ) | (b | ) | 9,568 | - | - | 9,568 | ||||||||||||||||||||||||||||
Additional paid in-capital | 396,415 | 121,230 | 147,481 | (268,711 | ) | (b | ) | 396,415 | 69,922 | 16,435 | (86,357 | ) | (b | ) | 396,415 | - | (46,071 | ) | (d | ) | 350,344 | |||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (38,580 | ) | (35,314 | ) | - | 35,314 | (b | ) | (38,580 | ) | 1,692 | (4,596 | ) | 2,904 | (b | ) | (38,580 | ) | - | - | (38,580 | ) | ||||||||||||||||||||||||
Retained earnings | 695,217 | 682,664 | 109,494 | (792,158 | ) | (b | ) | 695,217 | 80,060 | 98,445 | (178,505 | ) | (b | ) | 695,217 | (14,099 | ) | 22,345 | (b,d | ) | 703,463 | |||||||||||||||||||||||||
Cost of common shares in treasury, net | (418,092 | ) | - | - | - | (418,092 | ) | - | - | - | (418,092 | ) | - | - | (418,092 | ) | ||||||||||||||||||||||||||||||
Unearned employee stock ownership plan shares | - | (10,453 | ) | - | - | (10,453 | ) | - | - | - | (10,453 | ) | - | - | (10,453 | ) | ||||||||||||||||||||||||||||||
Total stockholders' equity | 645,457 | 758,667 | 256,976 | (1,026,096 | ) | 635,004 | 154,974 | 112,784 | (267,758 | ) | 635,004 | (14,099 | ) | (23,726 | ) | 597,179 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,762,803 | $ | 1,672,507 | $ | 1,260,294 | $ | (2,354,583 | ) | $ | 2,341,021 | $ | 513,899 | $ | 801,725 | $ | (359,080 | ) | $ | 3,297,565 | $ | 152,874 | $ | (132,351 | ) | $ | 3,318,088 | |||||||||||||||||||
Obligated Group | AMERCO Legal Group | AMERCO as Consolidated | |||||||||||||||||||||||||||||||||||
Amerco | U-Haul | Real Estate | Eliminations | Obligated Group Consolidated | Property and Casualty Insurance (a) | Life Insurance (a) | Eliminations | Amerco Consolidated | SAC Moving and Storage Operations | Eliminations | Total Consolidated | ||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||||||||
Earnings available to common shareholders | $ | 38,925 | $ | 103,602 | $ | 9,735 | $ | (113,337 | ) | $ | 38,925 | $ | (14,150 | ) | $ | 4,972 | $ | 9,178 | $ | 38,925 | $ | (5,811 | ) | $ | 7,257 | $ | 40,371 | ||||||||||
Depreciation | 10 | 86,472 | 6,442 | - | 92,924 | - | - | - | 92,924 | 16,007 | (1,446 | ) | 107,485 | ||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | - | - | - | - | - | 12,600 | 15,728 | - | 28,328 | - | - | 28,328 | |||||||||||||||||||||||||
Provision for losses on accounts receivable | - | 686 | - | - | 686 | - | - | - | 686 | - | - | 686 | |||||||||||||||||||||||||
Net (gain) loss on sale of real and personal property | - | 7,221 | (1,350 | ) | - | 5,871 | - | - | - | 5,871 | - | - | 5,871 | ||||||||||||||||||||||||
(Gain) loss on sale of investments | - | - | - | - | - | (3,038 | ) | (365 | ) | - | (3,403 | ) | - | - | (3,403 | ) | |||||||||||||||||||||
Reductions in policy liabilities and accruals | - | - | - | - | - | (34,442 | ) | (1,141 | ) | - | (35,583 | ) | - | - | (35,583 | ) | |||||||||||||||||||||
Capitalizations of deferred policy acquisition costs | - | - | - | - | - | (5,095 | ) | (10,945 | ) | - | (16,040 | ) | - | - | (16,040 | ) | |||||||||||||||||||||
Net reduction in other operating assets and liabilities | 29,144 | (82,169 | ) | (18,747 | ) | 113,337 | 41,565 | (11,461 | ) | 3,549 | (9,178 | ) | 24,475 | (8,988 | ) | 5,932 | 21,419 | ||||||||||||||||||||
Net cash provided by (used in) operating activities | 68,079 | 115,812 | (3,920 | ) | - | 179,971 | (55,586 | ) | 11,798 | - | 136,183 | 1,208 | 11,743 | 149,134 | |||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||
Purchases of investments: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | - | (131,746 | ) | (2,061 | ) | - | (133,807 | ) | - | - | - | (133,807 | ) | (19,254 | ) | 5,717 | (147,344 | ) | |||||||||||||||||||
Fixed maturities | - | - | - | - | - | (5,358 | ) | (45,304 | ) | - | (50,662 | ) | - | - | (50,662 | ) | |||||||||||||||||||||
Other asset investment | - | - | - | - | - | (31,223 | ) | (46,919 | ) | - | (78,142 | ) | (29,508 | ) | 29,508 | (78,142 | ) | ||||||||||||||||||||
Proceeds from sale of investments: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | - | 20,797 | 6,023 | - | 26,820 | - | - | - | 26,820 | 43,331 | (37,614 | ) | 32,537 | ||||||||||||||||||||||||
Fixed maturities | - | - | - | - | - | 83,527 | 87,878 | - | 171,405 | - | - | 171,405 | |||||||||||||||||||||||||
Preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Real estate | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Mortgage loans | - | 73 | 130 | - | 203 | - | - | - | 203 | - | - | 203 | |||||||||||||||||||||||||
Changes in other investments | - | - | - | - | - | - | 28,534 | - | 28,534 | - | - | 28,534 | |||||||||||||||||||||||||
Net cash provided by (used in) investing activities | - | (110,876 | ) | 4,092 | - | (106,784 | ) | 46,946 | 24,189 | - | (35,649 | ) | (5,431 | ) | (2,389 | ) | (43,469 | ) | |||||||||||||||||||
Cash flows from financial activities: | |||||||||||||||||||||||||||||||||||||
Net change in short-term borrowings | 5,649 | - | - | - | 5,649 | - | - | - | 5,649 | - | - | 5,649 | |||||||||||||||||||||||||
Proceeds from notes | 50,000 | - | - | - | 50,000 | - | - | - | 50,000 | 10,791 | (10,791 | ) | 50,000 | ||||||||||||||||||||||||
Leverage Employee Stock Ownership Plan: | |||||||||||||||||||||||||||||||||||||
Purchase of shares | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Repayments from loan | - | 455 | - | - | 455 | - | - | - | 455 | - | - | 455 | |||||||||||||||||||||||||
Principal payments on notes | (50,000 | ) | - | - | - | (50,000 | ) | - | - | - | (50,000 | ) | (7,153 | ) | 1,437 | (55,716 | ) | ||||||||||||||||||||
Dividends paid | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Investment contract deposits | - | - | - | - | - | - | 43,020 | - | 43,020 | - | - | 43,020 | |||||||||||||||||||||||||
Investment contract withdrawals | - | - | - | - | - | - | (79,041 | ) | - | (79,041 | ) | - | - | (79,041 | ) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 5,649 | 455 | - | - | 6,104 | - | (36,021 | ) | - | (29,917 | ) | 3,638 | (9,354 | ) | (35,633 | ) | |||||||||||||||||||||
Increase (decrease) in cash equivalents | 73,728 | 5,391 | 172 | - | 79,291 | (8,640 | ) | (34 | ) | - | 70,617 | (585 | ) | - | 70,032 | ||||||||||||||||||||||
Cash and cash equivalents at the beginning of period | 18,524 | 30,046 | 174 | - | 48,744 | 4,108 | 9,320 | - | 62,172 | 4,662 | - | 66,834 | |||||||||||||||||||||||||
Cash and cash equivalents at the end of period | $ | 92,252 | $ | 35,437 | $ | 346 | $ | - | $ | 128,035 | $ | (4,532 | ) | $ | 9,286 | $ | - | $ | 132,789 | $ | 4,077 | $ | - | $ | 136,866 | ||||||||||||
(a) Balances for the nine months ended September 30, 2003 |
United States | Canada | Consolidated | ||||||||
Quarter Ended | ||||||||||
(Unaudited) | ||||||||||
(All amounts are in thousands U.S. $'s) | ||||||||||
As of and for the period ended, December 31, 2004 | ||||||||||
Total revenues | $ | 448,791 | $ | 11,736 | $ | 460,527 | ||||
Depreciation / amortization, net | 33,319 | 1,242 | 34,561 | |||||||
Interest expense / (income) | 16,961 | (30 | ) | 16,931 | ||||||
Pretax earnings (loss) | 35,155 | (454 | ) | 34,701 | ||||||
Income tax expense | 13,155 | - | 13,155 | |||||||
Identifiable assets | 3,109,869 | 72,916 | 3,182,785 |
United States | Canada | Consolidated | ||||||||
(All amounts are in thousands U.S. $'s) | ||||||||||
As of and for the period ended, December 31, 2003 | ||||||||||
Total revenues | $ | 486,963 | $ | 15,620 | $ | 502,583 | ||||
Depreciation / amortization, net | 47,806 | 1,614 | 49,420 | |||||||
Interest expense | 30,125 | 1,043 | 31,168 | |||||||
Pretax loss | 31,947 | 251 | 32,198 | |||||||
Income tax benefit | 10,531 | - | 10,531 | |||||||
Identifiable assets | 3,034,276 | 139,948 | 3,174,224 |
Moving and Storage | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Moving and Storage Consolidated | Property and Casualty Insurance (a) | Life Insurance (a) | Eliminations | AMERCO Consolidated | SAC Holding II | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
Assets: | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 14 | $ | 37,626 | $ | 4,327 | $ | - | $ | 41,967 | $ | 10,638 | $ | 2,992 | $ | - | $ | 55,597 | $ | 358 | $ | - | $ | 55,955 | ||||||||||||||||||||||
Trade receivables, net | - | 9,294 | 26 | - | 9,320 | 211,821 | 15,676 | - | 236,817 | - | - | 236,817 | ||||||||||||||||||||||||||||||||||
Notes and mortgage receivables, net | - | 1,020 | 945 | - | 1,965 | - | - | - | 1,965 | - | - | 1,965 | ||||||||||||||||||||||||||||||||||
Inventories, net | - | 62,489 | - | - | 62,489 | - | - | - | 62,489 | 1,169 | - | 63,658 | ||||||||||||||||||||||||||||||||||
Prepaid expenses | 4,863 | 14,865 | - | - | 19,728 | - | - | - | 19,728 | 146 | - | 19,874 | ||||||||||||||||||||||||||||||||||
Investments, fixed maturities | - | - | - | - | - | 100,028 | 535,150 | - | 635,178 | - | - | 635,178 | ||||||||||||||||||||||||||||||||||
Investments, other | - | 936 | 8,056 | - | 8,992 | 144,839 | 191,376 | - | 345,207 | - | - | 345,207 | ||||||||||||||||||||||||||||||||||
Deferred policy acquisition costs, net | - | - | - | - | - | 1,273 | 51,270 | - | 52,543 | - | - | 52,543 | ||||||||||||||||||||||||||||||||||
Other assets | 14,207 | 59,582 | 1,737 | - | 75,526 | 3,915 | 1,611 | - | 81,052 | 4,239 | - | 85,291 | ||||||||||||||||||||||||||||||||||
Related party assets | 452,350 | 521,162 | 12,600 | (650,371 | ) | (d | ) | 335,741 | 56,479 | 32,216 | (92,042 | ) | (d | ) | 332,394 | 2,202 | (81,930 | ) | (d | ) | 252,666 | |||||||||||||||||||||||||
471,434 | 706,974 | 27,691 | (650,371 | ) | 555,728 | 528,993 | 830,291 | (92,042 | ) | 1,822,970 | 8,114 | (81,930 | ) | 1,749,154 | ||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,236,082 | - | - | (966,249 | ) | (c | ) | 269,833 | - | - | (269,833 | ) | (c | ) | - | - | - | - | ||||||||||||||||||||||||||||
Investment in SAC Holding II | (14,659 | ) | - | - | - | (14,659 | ) | - | - | - | (14,659 | ) | - | 14,659 | (c | ) | - | |||||||||||||||||||||||||||||
Total investment in subsidiaries and SAC Holding II | 1,221,423 | - | - | (966,249 | ) | 255,174 | - | - | (269,833 | ) | (14,659 | ) | - | 14,659 | - | |||||||||||||||||||||||||||||||
Property, plant and equipment, at cost: | ||||||||||||||||||||||||||||||||||||||||||||||
Land | - | 21,265 | 129,880 | - | 151,145 | - | - | - | 151,145 | - | - | 151,145 | ||||||||||||||||||||||||||||||||||
Buildings and improvements | - | 84,921 | 601,304 | - | 686,225 | - | - | - | 686,225 | - | - | 686,225 | ||||||||||||||||||||||||||||||||||
Furniture and equipment | 292 | 247,219 | 17,705 | - | 265,216 | - | - | - | 265,216 | - | - | 265,216 | ||||||||||||||||||||||||||||||||||
Rental trailers and other rental equipment | - | 199,461 | - | - | 199,461 | - | - | - | 199,461 | - | - | 199,461 | ||||||||||||||||||||||||||||||||||
Rental trucks | - | 1,252,018 | - | - | 1,252,018 | - | - | - | 1,252,018 | - | - | 1,252,018 | ||||||||||||||||||||||||||||||||||
SAC Holding II - property, plant and equipment (b) | - | - | - | - | - | - | - | - | - | 151,806 | (74,212 | ) | (e | ) | 77,594 | |||||||||||||||||||||||||||||||
292 | 1,804,884 | 748,889 | - | 2,554,065 | - | - | - | 2,554,065 | 151,806 | (74,212 | ) | 2,631,659 | ||||||||||||||||||||||||||||||||||
Less: Accumulated depreciation | (255 | ) | (1,008,523 | ) | (269,990 | ) | - | (1,278,768 | ) | - | - | - | (1,278,768 | ) | (7,527 | ) | 9,104 | (e | ) | (1,277,191 | ) | |||||||||||||||||||||||||
Total property, plant and equipment | 37 | 796,361 | 478,899 | - | 1,275,297 | - | - | - | 1,275,297 | 144,279 | (65,108 | ) | 1,354,468 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,692,894 | $ | 1,503,335 | $ | 506,590 | $ | (1,616,620 | ) | $ | 2,086,199 | $ | 528,993 | $ | 830,291 | $ | (361,875 | ) | $ | 3,083,608 | $ | 152,393 | $ | (132,379 | ) | $ | 3,103,622 | |||||||||||||||||||
United States | Canada | Consolidated | ||||||||
Nine Months Ended | ||||||||||
(Unaudited) | ||||||||||
(All amounts are in thousands U.S. $'s) | ||||||||||
As of and for the period ended, December 31, 2004 | ||||||||||
Total revenues | $ | 1,547,568 | $ | 42,218 | $ | 1,589,786 | ||||
Depreciation / amortization, net | 106,594 | 3,635 | 110,229 | |||||||
Interest expense / (income) | 54,017 | (22 | ) | 53,995 | ||||||
Pretax earnings | 187,648 | 5,370 | 193,018 | |||||||
Income tax expense | 73,994 | - | 73,994 | |||||||
Identifiable assets | 3,109,869 | 72,916 | 3,182,785 | |||||||
United States | Canada | Consolidated | ||||||||
(All amounts are in thousands U.S. $'s) | ||||||||||
As of and for the period ended, December 31, 2003 | ||||||||||
Total revenues | $ | 1,655,924 | $ | 54,232 | $ | 1,710,156 | ||||
Depreciation / amortization, net | 136,741 | 5,501 | 142,242 | |||||||
Interest expense | 89,426 | 3,413 | 92,839 | |||||||
Pretax earnings | 71,548 | 9,133 | 80,681 | |||||||
Income tax expense | 30,587 | - | 30,587 | |||||||
Identifiable assets | 3,034,276 | 139,948 | 3,174,224 |
Moving and Storage | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Moving and Storage Consolidated | Property and Casualty Insurance (a) | Life Insurance (a) | Eliminations | AMERCO Consolidated | SAC Holding II | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 17,330 | $ | 185,371 | $ | 2,736 | $ | - | $ | 205,437 | $ | - | $ | 325 | $ | - | $ | 205,762 | $ | 1,001 | $ | - | $ | 206,763 | ||||||||||||||||||||||
AMERCO's notes and loans payable | 780,008 | - | - | - | 780,008 | - | - | - | 780,008 | - | - | 780,008 | ||||||||||||||||||||||||||||||||||
SAC Holding II Corporation notes and loans, payable, non-recourse to AMERCO | - | - | - | - | - | - | - | - | - | 77,474 | - | 77,474 | ||||||||||||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable | - | 249,053 | - | - | 249,053 | 391,383 | 164,685 | - | 805,121 | - | - | 805,121 | ||||||||||||||||||||||||||||||||||
Liabilities from investment contracts | - | - | - | - | - | - | 503,838 | - | 503,838 | - | - | 503,838 | ||||||||||||||||||||||||||||||||||
Other policyholders' funds and liabilities | - | - | - | - | - | 8,669 | 20,973 | - | 29,642 | - | - | 29,642 | ||||||||||||||||||||||||||||||||||
Deferred income | - | 11,716 | 2 | - | 11,718 | 12,143 | 14,279 | - | 38,140 | 603 | - | 38,743 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 158,415 | - | - | - | 158,415 | (46,948 | ) | (1,121 | ) | - | 110,346 | (4,973 | ) | (27,249 | ) | (d | ) | 78,124 | ||||||||||||||||||||||||||||
Related party liabilities | 115,499 | 355,997 | 249,692 | (650,371 | ) | (c | ) | 70,817 | 8,910 | 12,315 | (92,042 | ) | (c | ) | - | 92,947 | (81,877 | ) | (c | ) | 11,070 | |||||||||||||||||||||||||
Total liabilities | 1,071,252 | 802,137 | 252,430 | (650,371 | ) | 1,475,448 | 374,157 | 715,294 | (92,042 | ) | 2,472,857 | 167,052 | (109,126 | ) | 2,530,783 | |||||||||||||||||||||||||||||||
Stockholders' equity: | ||||||||||||||||||||||||||||||||||||||||||||||
Series preferred stock: | ||||||||||||||||||||||||||||||||||||||||||||||
Series A preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Series B preferred stock | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
Series A common stock | 929 | - | - | - | 929 | - | - | - | 929 | - | - | 929 | ||||||||||||||||||||||||||||||||||
Common stock | 9,568 | 540 | 1 | (541 | ) | (b | ) | 9,568 | 3,300 | 2,500 | (5,800 | ) | (b | ) | 9,568 | - | - | 9,568 | ||||||||||||||||||||||||||||
Additional paid in-capital | 396,415 | 121,230 | 147,481 | (268,711 | ) | (b | ) | 396,415 | 69,922 | 16,435 | (86,357 | ) | (b | ) | 396,415 | - | (46,071 | ) | (d | ) | 350,344 | |||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (30,661 | ) | (33,344 | ) | - | 33,344 | (b | ) | (30,661 | ) | 2,582 | 54 | (2,636 | ) | (b | ) | (30,661 | ) | - | - | (30,661 | ) | ||||||||||||||||||||||||
Retained earnings | 663,483 | 623,663 | 106,678 | (730,341 | ) | (b | ) | 663,483 | 79,032 | 96,008 | (175,040 | ) | (b | ) | 663,483 | (14,659 | ) | 22,818 | (b,d | ) | 671,642 | |||||||||||||||||||||||||
Cost of common shares in treasury, net | (418,092 | ) | - | - | - | (418,092 | ) | - | - | - | (418,092 | ) | - | - | (418,092 | ) | ||||||||||||||||||||||||||||||
Unearned employee stock ownership plan shares | - | (10,891 | ) | - | - | (10,891 | ) | - | - | - | (10,891 | ) | - | - | (10,891 | ) | ||||||||||||||||||||||||||||||
Total stockholders' equity | 621,642 | 701,198 | 254,160 | (966,249 | ) | 610,751 | 154,836 | 114,997 | (269,833 | ) | 610,751 | (14,659 | ) | (23,253 | ) | 572,839 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,692,894 | $ | 1,503,335 | $ | 506,590 | $ | (1,616,620 | ) | $ | 2,086,199 | $ | 528,993 | $ | 830,291 | $ | (361,875 | ) | $ | 3,083,608 | $ | 152,393 | $ | (132,379 | ) | $ | 3,103,622 | |||||||||||||||||||
Moving and Storage | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Moving and Storage Consolidated | Property and Casualty Insurance (a) | Life Insurance (a) | Eliminations | AMERCO Consolidated | SAC Holding II | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||
Self-moving equipment rentals | $ | - | $ | 401,260 | $ | - | $ | - | $ | 401,260 | $ | - | $ | - | $ | - | $ | 401,260 | $ | 2,488 | $ | (2,488 | ) | (b | ) | $ | 401,260 | |||||||||||||||||||
Self-storage revenues | - | 23,793 | 455 | - | 24,248 | - | - | - | 24,248 | 4,520 | - | 28,768 | ||||||||||||||||||||||||||||||||||
Self-moving & self-storage products & service sales | - | 61,798 | - | - | 61,798 | - | - | - | 61,798 | 4,765 | - | 66,563 | ||||||||||||||||||||||||||||||||||
Property management fees | - | 5,168 | - | - | 5,168 | - | - | - | 5,168 | - | (728 | ) | (g | ) | 4,440 | |||||||||||||||||||||||||||||||
Life insurance premiums | - | - | - | - | - | - | 29,966 | (377 | ) | (c | ) | 29,589 | - | - | 29,589 | |||||||||||||||||||||||||||||||
Property and casualty insurance premiums | - | - | - | - | - | 4,824 | - | - | 4,824 | - | - | 4,824 | ||||||||||||||||||||||||||||||||||
Net investment and interest income | 1,412 | 4,738 | 4 | - | 6,154 | 3,485 | 6,666 | (998 | ) | (d | ) | 15,307 | - | (1,593 | ) | (d | ) | 13,714 | ||||||||||||||||||||||||||||
Other revenue | 9 | 10,016 | 14,463 | (15,553 | ) | (b | ) | 8,935 | - | 1,441 | (185 | ) | (b | ) | 10,191 | 286 | (177 | ) | (b | ) | 10,300 | |||||||||||||||||||||||||
Total revenues | 1,421 | 506,773 | 14,922 | (15,553 | ) | 507,563 | 8,309 | 38,073 | (1,560 | ) | 552,385 | 12,059 | (4,986 | ) | 559,458 | |||||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 3,397 | 266,275 | 1,591 | (15,553 | ) | (b | ) | 255,710 | 2,400 | 7,388 | (3,500 | ) | (b,c | ) | 261,998 | 5,522 | (728 | ) | (b,c | ) | 266,792 | |||||||||||||||||||||||||
Commission expenses | - | 50,506 | - | - | 50,506 | - | - | - | 50,506 | - | (2,488 | ) | 48,018 | |||||||||||||||||||||||||||||||||
Cost of sales | - | 29,287 | - | - | 29,287 | - | - | - | 29,287 | 1,757 | - | 31,044 | ||||||||||||||||||||||||||||||||||
Benefits and losses | - | - | - | - | - | 3,473 | 21,901 | 1,940 | 27,314 | - | - | 27,314 | ||||||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | - | - | - | - | - | 854 | 5,344 | - | 6,198 | - | - | 6,198 | ||||||||||||||||||||||||||||||||||
Lease expense | 19 | 33,436 | 17 | - | 33,472 | - | - | - | 33,472 | - | (177 | ) | (b | ) | 33,295 | |||||||||||||||||||||||||||||||
Depreciation, net | 7 | 31,517 | 2,124 | - | 33,648 | - | - | - | 33,648 | 729 | (140 | ) | (e | ) | 34,237 | |||||||||||||||||||||||||||||||
Total costs and expenses | 3,423 | 411,021 | 3,732 | (15,553 | ) | 402,623 | 6,727 | 34,633 | (1,560 | ) | 442,423 | 8,008 | (3,533 | ) | 446,898 | |||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 65,282 | - | - | (61,817 | ) | (f | ) | 3,465 | - | - | (3,465 | ) | (f | ) | - | - | - | - | ||||||||||||||||||||||||||||
Equity in earnings of SAC Holdings II | 560 | - | - | - | 560 | - | - | - | 560 | - | (560 | ) | (f | ) | - | |||||||||||||||||||||||||||||||
Total - equity earnings of subsidiaries and SAC Holding II | 65,842 | - | - | (61,817 | ) | 4,025 | - | - | (3,465 | ) | 560 | - | (560 | ) | - | |||||||||||||||||||||||||||||||
Earnings (losses) from operations | 63,840 | 95,752 | 11,190 | (61,817 | ) | 108,965 | 1,582 | 3,440 | (3,465 | ) | 110,522 | 4,051 | (2,013 | ) | 112,560 | |||||||||||||||||||||||||||||||
Interest expense | 11,148 | 678 | 6,273 | - | 18,099 | - | - | - | 18,099 | 3,130 | (1,593 | ) | (d | ) | 19,636 | |||||||||||||||||||||||||||||||
Fees on early extinguishment of debt | 35,627 | - | - | - | 35,627 | - | - | - | 35,627 | - | - | 35,627 | ||||||||||||||||||||||||||||||||||
Pretax earnings (loss) | 17,065 | 95,074 | 4,917 | (61,817 | ) | 55,239 | 1,582 | 3,440 | (3,465 | ) | 56,796 | 921 | (420 | ) | 57,297 | |||||||||||||||||||||||||||||||
Income tax benefit (expense) | 17,910 | (36,073 | ) | (2,101 | ) | - | (20,264 | ) | (554 | ) | (1,003 | ) | - | (21,821 | ) | (361 | ) | (53 | ) | (22,235 | ) | |||||||||||||||||||||||||
Net earnings (loss) | 34,975 | 59,001 | 2,816 | (61,817 | ) | 34,975 | 1,028 | 2,437 | (3,465 | ) | 34,975 | 560 | (473 | ) | 35,062 | |||||||||||||||||||||||||||||||
Less: Preferred stock dividends | (3,241 | ) | - | - | - | (3,241 | ) | - | - | - | (3,241 | ) | - | - | (3,241 | ) | ||||||||||||||||||||||||||||||
Earnings (loss) available to common shareholders | $ | 31,734 | $ | 59,001 | $ | 2,816 | $ | (61,817 | ) | $ | 31,734 | $ | 1,028 | $ | 2,437 | $ | (3,465 | ) | $ | 31,734 | $ | 560 | $ | (473 | ) | $ | 31,821 |
Moving and Storage | AMERCO Legal Group | AMERCO as Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Eliminations | Moving and Storage Consolidated | Property and Casualty Insurance (a) | Life Insurance (a) | Eliminations | AMERCO Consolidated | SAC Holding II | Eliminations | Total Consolidated | |||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||
Self-Moving equipment rentals | $ | - | $ | 389,663 | $ | 79 | $ | - | $ | 389,742 | $ | - | $ | - | $ | - | $ | 389,742 | $ | 2,409 | $ | (2,409 | ) | (b | ) | $ | 389,742 | |||||||||||||||||||
Self-Storage revenues | - | 25,642 | 668 | - | 26,310 | - | - | - | 26,310 | 4,265 | - | 30,575 | ||||||||||||||||||||||||||||||||||
Self-moving & self-storage products & service sales | - | 57,012 | 15 | - | 57,027 | - | - | - | 57,027 | 4,337 | - | 61,364 | ||||||||||||||||||||||||||||||||||
Property management fees | - | 3,654 | - | - | 3,654 | - | - | - | 3,654 | - | (672 | ) | (g | ) | 2,982 | |||||||||||||||||||||||||||||||
Life insurance premiums | - | - | - | - | - | - | 33,632 | (373 | ) | (c | ) | 33,259 | - | - | 33,259 | |||||||||||||||||||||||||||||||
Property and casualty insurance premiums | - | - | - | - | - | 9,802 | - | - | 9,802 | - | - | 9,802 | ||||||||||||||||||||||||||||||||||
Net investment and interest income | 4,766 | 5,960 | 28 | - | 10,754 | 4,537 | 6,181 | (2,193 | ) | (d | ) | 19,279 | - | (1,703 | ) | (d | ) | 17,576 | ||||||||||||||||||||||||||||
Other revenue | 3 | 6,303 | 14,060 | (15,477 | ) | (b | ) | 4,889 | - | 2,828 | (158 | ) | (b | ) | 7,559 | 335 | (249 | ) | (b | ) | 7,645 | |||||||||||||||||||||||||
Total revenues | 4,769 | 488,234 | 14,850 | (15,477 | ) | 492,376 | 14,339 | 42,641 | (2,724 | ) | 546,632 | 11,346 | (5,033 | ) | 552,945 | |||||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 6,771 | 269,728 | 2,030 | (15,477 | ) | (b | ) | 263,052 | 575 | 8,271 | (5,258 | ) | (b,c | ) | 266,640 | 5,943 | (672 | ) | (g | ) | 271,911 | |||||||||||||||||||||||||
Commission expenses | - | 49,322 | - | - | 49,322 | - | - | - | 49,322 | - | (2,409 | ) | (b | ) | 46,913 | |||||||||||||||||||||||||||||||
Cost of sales | - | 26,008 | 8 | - | 26,016 | - | - | - | 26,016 | 1,724 | - | 27,740 | ||||||||||||||||||||||||||||||||||
Benefits and losses | - | - | - | - | - | 10,028 | 24,109 | 2,534 | (c | ) | 36,671 | - | - | 36,671 | ||||||||||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | - | - | - | - | - | 3,370 | 6,588 | - | 9,958 | - | - | 9,958 | ||||||||||||||||||||||||||||||||||
Lease expense | 22 | 40,739 | 23 | - | 40,784 | - | - | - | 40,784 | - | (249 | ) | (b | ) | 40,535 | |||||||||||||||||||||||||||||||
Depreciation, net | 7 | 26,465 | 1,079 | - | 27,551 | - | - | - | 27,551 | 618 | (140 | ) | (e | ) | 28,029 | |||||||||||||||||||||||||||||||
Total costs and expenses | 6,800 | 412,262 | 3,140 | (15,477 | ) | 406,725 | 13,973 | 38,968 | (2,724 | ) | 456,942 | 8,285 | (3,470 | ) | 461,757 | |||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 55,024 | - | - | (52,416 | ) | (f | ) | 2,608 | - | - | (2,608 | ) | (f | ) | - | - | - | - | ||||||||||||||||||||||||||||
Equity in earnings of SAC Holding II | (123 | ) | - | - | - | (123 | ) | - | - | - | (123 | ) | - | 123 | (f | ) | - | |||||||||||||||||||||||||||||
Total - equity earnings of subsidiaries and SAC Holding II | 54,901 | - | - | (52,416 | ) | 2,485 | - | - | (2,608 | ) | (123 | ) | - | 123 | - | |||||||||||||||||||||||||||||||
Earnings (losses) from operations | 52,870 | 75,972 | 11,710 | (52,416 | ) | 88,136 | 366 | 3,673 | (2,608 | ) | 89,567 | 3,061 | (1,440 | ) | 91,188 | |||||||||||||||||||||||||||||||
Interest expense | 14,671 | 1,126 | 1,647 | - | 17,444 | - | - | - | 17,444 | 3,263 | (1,703 | ) | (d | ) | 19,004 | |||||||||||||||||||||||||||||||
Pretax earnings (loss) | 38,199 | 74,846 | 10,063 | (52,416 | ) | 70,692 | 366 | 3,673 | (2,608 | ) | 72,123 | (202 | ) | 263 | 72,184 | |||||||||||||||||||||||||||||||
Income tax benefit (expense) | 6,133 | (28,523 | ) | (3,970 | ) | - | (26,360 | ) | (128 | ) | (1,303 | ) | - | (27,791 | ) | 79 | (53 | ) | (27,765 | ) | ||||||||||||||||||||||||||
Net earnings (loss) | 44,332 | 46,323 | 6,093 | (52,416 | ) | 44,332 | 238 | 2,370 | (2,608 | ) | 44,332 | (123 | ) | 210 | 44,419 | |||||||||||||||||||||||||||||||
Less: Preferred stock dividends | (3,241 | ) | - | - | - | (3,241 | ) | - | - | - | (3,241 | ) | - | - | (3,241 | ) | ||||||||||||||||||||||||||||||
Earnings (loss) available to common shareholders | $ | 41,091 | $ | 46,323 | $ | 6,093 | $ | (52,416 | ) | $ | 41,091 | $ | 238 | $ | 2,370 | $ | (2,608 | ) | $ | 41,091 | $ | (123 | ) | $ | 210 | $ | 41,178 |
Moving and Storage | AMERCO Legal Group | AMERCO as Consolidated | |||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Elimination | Moving and Storage Consolidated | Property and Casualty Insurance (a) | Life Insurance (a) | Elimination | AMERCO Consolidated | SAC Holding II | Elimination | Total Consolidated | ||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | (In thousands) | ||||||||||||||||||||||||||||||||||||
Net earnings (loss) | $ | 34,975 | $ | 59,001 | $ | 2,816 | $ | (61,817 | ) | $ | 34,975 | $ | 1,028 | $ | 2,437 | $ | (3,465 | ) | $ | 34,975 | $ | 560 | $ | (473 | ) | $ | 35,062 | ||||||||||
Earnings from consolidated entities | (58,332 | ) | - | - | 59,847 | 1,515 | - | - | (2,075 | ) | (560 | ) | - | 560 | - | ||||||||||||||||||||||
Depreciation | 7 | 28,205 | 2,124 | - | 30,336 | - | - | - | 30,336 | 729 | (140 | ) | 30,925 | ||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | - | - | - | - | - | 854 | 5,823 | - | 6,677 | - | - | 6,677 | |||||||||||||||||||||||||
Provision for losses on accounts receivable | - | (601 | ) | - | - | (601 | ) | - | - | - | (601 | ) | - | - | (601 | ) | |||||||||||||||||||||
Net(gain)loss on sale of real and personal property | - | 3,312 | - | - | 3,312 | - | - | - | 3,312 | - | - | 3,312 | |||||||||||||||||||||||||
(Gain) loss on sale of investments | - | - | - | - | - | (192 | ) | (1,261 | ) | - | (1,453 | ) | - | - | (1,453 | ) | |||||||||||||||||||||
Deferred income taxes | 10,843 | - | - | - | 10,843 | 74 | 1,461 | - | 12,378 | 357 | 53 | 12,788 | |||||||||||||||||||||||||
Net change in other operating assets and liabilities | - | ||||||||||||||||||||||||||||||||||||
Trade receivables | - | (8,009 | ) | (1 | ) | - | (8,010 | ) | 6,423 | (700 | ) | - | (2,287 | ) | - | - | (2,287 | ) | |||||||||||||||||||
Inventories | - | (2,001 | ) | - | - | (2,001 | ) | - | - | - | (2,001 | ) | (245 | ) | - | (2,246 | ) | ||||||||||||||||||||
Prepaid expenses | 2,804 | (3,698 | ) | - | - | (894 | ) | - | - | - | (894 | ) | 78 | - | (816 | ) | |||||||||||||||||||||
Capitalization of deferred policy acquisition costs | - | - | - | - | - | (831 | ) | (1,677 | ) | - | (2,508 | ) | - | - | (2,508 | ) | |||||||||||||||||||||
Other assets | 13,969 | (11,191 | ) | (35,152 | ) | - | (32,374 | ) | 434 | 2,886 | - | (29,054 | ) | (407 | ) | - | (29,461 | ) | |||||||||||||||||||
Related party assets | (28,369 | ) | (4,998 | ) | (8 | ) | 19,013 | (14,362 | ) | 1,664 | - | (720 | ) | (13,418 | ) | - | (395 | ) | (13,813 | ) | |||||||||||||||||
Accounts payable and accrued expenses | (4,571 | ) | 21,460 | 1,301 | - | 18,190 | - | - | 5,540 | 23,730 | 409 | - | 24,139 | ||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable | - | 18,674 | - | - | 18,674 | (11,728 | ) | (4,039 | ) | - | 2,907 | - | - | 2,907 | |||||||||||||||||||||||
Other policyholder's funds and liabilities | - | - | - | - | - | (3,476 | ) | (10,052 | ) | - | (13,528 | ) | - | - | (13,528 | ) | |||||||||||||||||||||
Deferred income | - | 3,583 | - | - | 3,583 | - | - | - | 3,583 | 138 | - | 3,721 | |||||||||||||||||||||||||
Related party liabilities | - | 18,513 | - | (19,013 | ) | (500 | ) | (98 | ) | (858 | ) | 636 | (820 | ) | (694 | ) | 395 | (1,119 | ) | ||||||||||||||||||
Net cash provided (used) by operating activities | (28,674 | ) | 122,250 | (28,920 | ) | (1,970 | ) | 62,686 | (5,848 | ) | (5,980 | ) | (84 | ) | 50,774 | 925 | - | 51,699 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||
Purchases of: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | - | (74,231 | ) | (999 | ) | - | (75,230 | ) | - | - | - | (75,230 | ) | (207 | ) | - | (75,437 | ) | |||||||||||||||||||
Short term investments | - | - | - | - | - | (55,390 | ) | - | - | (55,390 | ) | - | - | (55,390 | ) | ||||||||||||||||||||||
Fixed maturities investments | - | - | - | - | - | (1,985 | ) | (82,232 | ) | - | (84,217 | ) | - | - | (84,217 | ) | |||||||||||||||||||||
Mortgage loans | - | - | - | - | - | - | (1,250 | ) | - | (1,250 | ) | - | - | (1,250 | ) | ||||||||||||||||||||||
Proceeds from sales of: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | - | 15,140 | 5 | - | 15,145 | - | - | - | 15,145 | - | - | 15,145 | |||||||||||||||||||||||||
Short term investments | - | - | - | - | - | 43,775 | 50,953 | - | 94,728 | - | 94,728 | ||||||||||||||||||||||||||
Fixed maturities investments | - | - | - | - | - | 15,590 | 45,203 | - | 60,793 | - | - | 60,793 | |||||||||||||||||||||||||
Equity securities | - | - | - | - | - | - | 5,759 | - | 5,759 | - | - | 5,759 | |||||||||||||||||||||||||
Preferred stock | - | - | - | - | - | - | 417 | - | 417 | - | - | 417 | |||||||||||||||||||||||||
Other asset investments, net | 872 | - | 872 | - | - | - | 872 | - | - | 872 | |||||||||||||||||||||||||||
Real estate | - | - | - | - | - | 179 | 514 | - | 693 | - | - | 693 | |||||||||||||||||||||||||
Mortgage loans | - | - | - | - | - | - | 3,034 | - | 3,034 | - | - | 3,034 | |||||||||||||||||||||||||
Notes and mortgage receivables | - | 53 | 18 | - | 71 | - | - | - | 71 | - | - | 71 | |||||||||||||||||||||||||
Net cash provided (used) by investing activities | - | (58,166 | ) | (976 | ) | - | (59,142 | ) | 2,169 | 22,398 | - | (34,575 | ) | (207 | ) | - | (34,782 | ) | |||||||||||||||||||
(page 1 or 2) |
Moving and Storage | AMERCO Legal Group | AMERCO as Consolidated | |||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Elimination | Moving and Storage Consolidated | Property and Casualty Insurance (a) | Life Insurance (a) | Elimination | AMERCO Consolidated | SAC Holding II | Elimination | Total Consolidated | ||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | (In thousands) | ||||||||||||||||||||||||||||||||||||
Borrowings from credit facilities | 80,266 | 49,557 | 904,365 | - | 1,034,188 | - | - | - | 1,034,188 | - | - | 1,034,188 | |||||||||||||||||||||||||
Principal repayments on credit facilities | (860,274 | ) | - | - | - | (860,274 | ) | - | - | - | (860,274 | ) | (289 | ) | - | (860,563 | ) | ||||||||||||||||||||
Leveraged Employee Stock Ownership Plan - repayments from loan | - | 438 | - | - | 438 | - | - | - | 438 | - | - | 438 | |||||||||||||||||||||||||
Payoff of capital leases | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Proceeds from (repayment of) intercompany notes payable | - | (84 | ) | - | - | (84 | ) | - | - | 84 | - | - | - | - | |||||||||||||||||||||||
Proceeds from (repayment of) intercompany loans | 813,882 | 64,466 | (878,348 | ) | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Preferred stock dividends paid | (3,241 | ) | - | - | - | (3,241 | ) | - | - | - | (3,241 | ) | - | - | (3,241 | ) | |||||||||||||||||||||
Investment contract deposits | - | - | - | - | - | - | 5,670 | - | 5,670 | - | - | 5,670 | |||||||||||||||||||||||||
Investment contract withdrawals | - | - | - | - | - | - | (17,896 | ) | - | (17,896 | ) | - | - | (17,896 | ) | ||||||||||||||||||||||
Net cash provided by financing activities | 30,633 | 114,377 | 26,017 | - | 171,027 | - | (12,226 | ) | 84 | 158,885 | (289 | ) | - | 158,596 | |||||||||||||||||||||||
Effect of exchange rate on cash | (1,970 | ) | (1,970 | ) | - | 1,970 | (1,970 | ) | - | - | - | (1,970 | ) | - | - | (1,970 | ) | ||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | (11 | ) | 176,491 | (3,879 | ) | - | 172,601 | (3,679 | ) | 4,192 | - | 173,114 | 429 | - | 173,543 | ||||||||||||||||||||||
Cash and cash equivalents at beginning of year | 14 | 37,626 | 4,327 | - | 41,967 | 10,638 | 2,992 | - | 55,597 | 358 | - | 55,955 | |||||||||||||||||||||||||
Cash and cash equivalents at end of year | $ | 3 | $ | 214,117 | $ | 448 | $ | - | $ | 214,568 | $ | 6,959 | $ | 7,184 | $ | - | $ | 228,711 | $ | 787 | $ | - | $ | 229,498 | |||||||||||||
(page 2 of 2) |
Moving and Storage | AMERCO Legal Group | AMERCO as Consolidated | |||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Elimination | Moving and Storage Consolidated | Property and Casualty Insurance (a) | Life Insurance (a) | Elimination | AMERCO Consolidated | SAC Holding II | Elimination | Total Consolidated | ||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | (In thousands) | ||||||||||||||||||||||||||||||||||||
Net earnings (loss) | $ | 44,332 | $ | 46,323 | $ | 6,093 | $ | (52,416 | ) | $ | 44,332 | $ | 238 | $ | 2,370 | $ | (2,608 | ) | $ | 44,332 | $ | (123 | ) | $ | 210 | $ | 44,419 | ||||||||||
Earnings from consolidated entities | (55,618 | ) | - | - | 50,188 | (5,430 | ) | - | - | 5,553 | 123 | - | (123 | ) | - | ||||||||||||||||||||||
Depreciation | 7 | 25,748 | 2,149 | - | 27,904 | - | - | - | 27,904 | 618 | (140 | ) | 28,382 | ||||||||||||||||||||||||
Amortization of deferred policy acquisition costs | - | - | - | - | - | 3,370 | 7,058 | - | 10,428 | - | - | 10,428 | |||||||||||||||||||||||||
Provision for losses on accounts receivable | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Net(gain)loss on sale of real and personal property | - | 717 | (1,070 | ) | - | (353 | ) | - | - | - | (353 | ) | - | - | (353 | ) | |||||||||||||||||||||
(Gain)loss on sale of investments | - | - | - | - | - | (173 | ) | (1 | ) | - | (174 | ) | - | - | (174 | ) | |||||||||||||||||||||
Deferred income taxes | 27,555 | - | - | 27,555 | 1,528 | 593 | - | 29,676 | (85 | ) | 53 | 29,644 | |||||||||||||||||||||||||
Net change in other operating assets and liabilities | |||||||||||||||||||||||||||||||||||||
Trade receivables | - | 2,313 | (1,466 | ) | - | 847 | 19,266 | (701 | ) | - | 19,412 | - | - | 19,412 | |||||||||||||||||||||||
Inventories | - | (1,657 | ) | - | - | (1,657 | ) | - | - | - | (1,657 | ) | 440 | - | (1,217 | ) | |||||||||||||||||||||
Prepaid expenses | (4,875 | ) | (3,919 | ) | 2 | - | (8,792 | ) | - | - | - | (8,792 | ) | 89 | - | (8,703 | ) | ||||||||||||||||||||
Capitalization of deferred policy acquisition costs | - | - | - | - | - | (2,083 | ) | (1,520 | ) | - | (3,603 | ) | - | - | (3,603 | ) | |||||||||||||||||||||
Other assets | 3,665 | (40,304 | ) | (1,581 | ) | - | (38,220 | ) | 1,157 | 370 | - | (36,693 | ) | (339 | ) | - | (37,032 | ) | |||||||||||||||||||
Related party assets | (25,767 | ) | (9,390 | ) | 681 | 24,799 | (9,677 | ) | 1,802 | - | (4,506 | ) | (12,381 | ) | - | 146 | (12,235 | ) | |||||||||||||||||||
Accounts payable and accrued expenses | 4,088 | 18,387 | 1,210 | - | 23,685 | 1,192 | - | (2,945 | ) | 21,932 | 1,184 | - | 23,116 | ||||||||||||||||||||||||
Policy benefits and losses, claims and loss expenses payable | - | 14,522 | - | - | 14,522 | (43,034 | ) | (3,547 | ) | - | (32,059 | ) | - | - | (32,059 | ) | |||||||||||||||||||||
Other policyholder's funds and liabilities | - | - | - | - | - | (2,382 | ) | 3,549 | - | 1,167 | - | - | 1,167 | ||||||||||||||||||||||||
Deferred income | - | 1,338 | (34 | ) | - | 1,304 | - | - | - | 1,304 | 28 | - | 1,332 | ||||||||||||||||||||||||
Related party liabilities | (52 | ) | 20,986 | 1 | (24,799 | ) | (3,864 | ) | 32 | 1,349 | 4,454 | 1,971 | (1,753 | ) | (146 | ) | 72 | ||||||||||||||||||||
Net cash provided (used) by operating activities | (6,665 | ) | 75,064 | 5,985 | (2,228 | ) | 72,156 | (19,087 | ) | 9,520 | (52 | ) | 62,537 | 59 | - | 62,596 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||||||||
Purchases of: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | (5 | ) | (61,744 | ) | (434 | ) | - | (62,183 | ) | - | - | - | (62,183 | ) | (121 | ) | - | (62,304 | ) | ||||||||||||||||||
Short term investments | - | - | - | - | - | (58,348 | ) | - | - | (58,348 | ) | - | - | (58,348 | ) | ||||||||||||||||||||||
Fixed maturities investments | - | - | - | - | - | (551 | ) | (35,655 | ) | - | (36,206 | ) | - | - | (36,206 | ) | |||||||||||||||||||||
Mortgage loans | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Proceeds from sales of: | |||||||||||||||||||||||||||||||||||||
Property, plant and equipment | - | 182,694 | 1,525 | - | 184,219 | - | - | - | 184,219 | - | - | 184,219 | |||||||||||||||||||||||||
Short term investments | - | - | - | - | - | 56,777 | - | - | 56,777 | - | - | 56,777 | |||||||||||||||||||||||||
Fixed maturities investments | - | - | - | - | - | 19,292 | 19,801 | - | 39,093 | - | - | 39,093 | |||||||||||||||||||||||||
Equity securities | - | - | - | - | - | 37 | - | - | 37 | - | - | 37 | |||||||||||||||||||||||||
Preferred stock | - | - | - | - | - | - | 1,497 | - | 1,497 | - | - | 1,497 | |||||||||||||||||||||||||
Other asset investments, net | - | - | - | - | - | - | 17,219 | - | 17,219 | - | - | 17,219 | |||||||||||||||||||||||||
Real estate | - | - | - | - | - | 1,880 | - | - | 1,880 | - | - | 1,880 | |||||||||||||||||||||||||
Mortgage loans | - | - | - | - | - | - | 1,169 | - | 1,169 | - | - | 1,169 | |||||||||||||||||||||||||
Notes and mortgage receivables | - | 13 | 18 | - | 31 | - | - | - | 31 | - | - | 31 | |||||||||||||||||||||||||
Net cash provided (used) by investing activities | (5 | ) | 120,963 | 1,109 | - | 122,067 | 19,087 | 4,031 | - | 145,185 | (121 | ) | - | 145,064 | |||||||||||||||||||||||
(page 1 or 2) |
Moving and Storage | AMERCO Legal Group | AMERCO as Consolidated | |||||||||||||||||||||||||||||||||||
AMERCO | U-Haul | Real Estate | Elimination | Moving and Storage Consolidated | Property and Casualty Insurance (a) | Life Insurance (a) | Elimination | AMERCO Consolidated | SAC Holding II | Elimination | Total Consolidated | ||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | (In thousands) | ||||||||||||||||||||||||||||||||||||
Borrowings from credit facilities | 14,280 | - | - | - | 14,280 | - | - | - | 14,280 | - | - | 14,280 | |||||||||||||||||||||||||
Principal repayments on credit facilities | (115,152 | ) | - | - | - | (115,152 | ) | - | - | - | (115,152 | ) | (265 | ) | - | (115,417 | ) | ||||||||||||||||||||
Leveraged Employee Stock Ownership Plan - repayments from loan | - | 428 | - | - | 428 | - | - | - | 428 | - | - | 428 | |||||||||||||||||||||||||
Payoff of capital leases | - | (99,607 | ) | - | - | (99,607 | ) | - | - | - | (99,607 | ) | - | - | (99,607 | ) | |||||||||||||||||||||
Proceeds from (repayment of) intercompany notes payable | (52 | ) | - | - | - | (52 | ) | - | - | 52 | - | - | - | - | |||||||||||||||||||||||
Proceeds from (repayment of) intercompany loans | 116,331 | (110,434 | ) | (5,897 | ) | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||
Preferred stock dividends paid | (6,482 | ) | - | - | - | (6,482 | ) | - | - | - | (6,482 | ) | - | - | (6,482 | ) | |||||||||||||||||||||
Investment contract deposits | - | - | - | - | - | - | 6,923 | - | 6,923 | - | - | 6,923 | |||||||||||||||||||||||||
Investment contract withdrawals | - | - | - | - | - | - | (33,943 | ) | - | (33,943 | ) | - | - | (33,943 | ) | ||||||||||||||||||||||
Net cash provided by financing activities | 8,925 | (209,613 | ) | (5,897 | ) | - | (206,585 | ) | - | (27,020 | ) | 52 | (233,553 | ) | (265 | ) | - | (233,818 | ) | ||||||||||||||||||
Effect of exchange rate on cash | (2,228 | ) | (2,228 | ) | 2,228 | (2,228 | ) | (2,228 | ) | (2,228 | ) | ||||||||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 27 | (15,814 | ) | 1,197 | - | (14,590 | ) | - | (13,469 | ) | - | (28,059 | ) | (327 | ) | - | (28,386 | ) | |||||||||||||||||||
Cash and cash equivalents at beginning of year | - | 64,717 | 661 | - | 65,378 | - | 15,168 | - | 80,546 | 1,011 | - | 81,557 | |||||||||||||||||||||||||
Cash and cash equivalents at end of year | $ | 27 | $ | 48,903 | $ | 1,858 | $ | - | $ | 50,788 | $ | - | $ | 1,699 | $ | - | $ | 52,487 | $ | 684 | $ | - | $ | 53,171 | |||||||||||||
(page 2 of 2) |
United States | Canada | Consolidated | ||||||||
(Unaudited) | ||||||||||
(All amounts are in thousands U.S. $'s) | ||||||||||
Quarter Ended June 30, 2005 | ||||||||||
Total revenues | $ | 545,077 | $ | 14,381 | $ | 559,458 | ||||
Depreciation and amortization, net | 38,804 | 1,631 | 40,435 | |||||||
Interest expense (benefit) | 19,640 | (4 | ) | 19,636 | ||||||
Pretax earnings | 54,428 | 2,869 | 57,297 | |||||||
Income tax expense | 22,235 | - | 22,235 | |||||||
Identifiable assets | 3,239,636 | 78,452 | 3,318,088 | |||||||
Quarter Ended June 30, 2004 | ||||||||||
Total revenues | $ | 538,522 | $ | 14,423 | $ | 552,945 | ||||
Depreciation and amortization, net | 36,786 | 1,201 | 37,987 | |||||||
Interest expense (benefit) | 19,006 | (2 | ) | 19,004 | ||||||
Pretax earnings | 69,303 | 2,881 | 72,184 | |||||||
Income tax expense | 27,765 | - | 27,765 | |||||||
Identifiable assets | 3,158,729 | 70,870 | 3,229,599 | |||||||
Quarter Ended December 31, | Changes | Changes | |||||||||||
2004 | 2003 | Dollar | Percentage | ||||||||||
AMERCO and Consolidated Entities | (In thousands) | ||||||||||||
Rental revenue | $ | 365,131 | $ | 386,456 | $ | (21,325 | ) | -6 | % | ||||
Net sales | 42,620 | 47,212 | (4,592 | ) | -10 | % | |||||||
Premiums | 34,634 | 56,088 | (21,454 | ) | -38 | % | |||||||
Net investment and interest income | 18,142 | 12,827 | 5,315 | 41 | % | ||||||||
Total revenues | 460,527 | 502,583 | (42,056 | ) | -8 | % | |||||||
Operating expenses | 287,962 | 307,378 | (19,416 | ) | -6 | % | |||||||
Restructuring expenses | - | 7,613 | (7,613 | ) | -100 | % | |||||||
Commission expenses | 39,243 | 31,136 | 8,107 | 26 | % | ||||||||
Cost of sales | 21,361 | 23,908 | (2,547 | ) | -11 | % | |||||||
Benefits and losses | 38,603 | 50,956 | (12,353 | ) | -24 | % | |||||||
Amortization of deferred policy acquisition costs | 6,279 | 11,027 | (4,748 | ) | -43 | % | |||||||
Lease expense | 38,506 | 33,202 | 5,304 | 16 | % | ||||||||
Depreciation, net (a) | 28,282 | 38,393 | (10,111 | ) | -26 | % | |||||||
Total costs and expenses | 460,236 | 503,613 | (43,377 | ) | -9 | % | |||||||
Earnings (losses) from operations | 291 | (1,030 | ) | 1,321 | -128 | % | |||||||
Interest expense | 16,931 | 31,168 | (14,237 | ) | -46 | % | |||||||
Litigation settlement received | 51,341 | - | 51,341 | 100 | % | ||||||||
Pretax earnings (loss) | 34,701 | (32,198 | ) | 66,899 | -208 | % | |||||||
Income tax benefit (expense) | (13,155 | ) | 10,531 | (23,686 | ) | -225 | % | ||||||
Net earnings (loss) | 21,546 | (21,667 | ) | 43,213 | -199 | % | |||||||
Less: Preferred stock dividends | 3,241 | 3,241 | - | 0 | % | ||||||||
Earnings available to common shareholders | $ | 18,305 | $ | (24,908 | ) | $ | 43,213 | -173 | % |
Quarter Ended December 31, | |||||||
2004 | 2003 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Depreciation expense | $ | 28,575 | $ | 37,811 | |||
(Gain)/Loss on disposals | (293 | ) | 582 | ||||
Depreciation, net | $ | 28,282 | $ | 38,393 |
Nine Months Ended December 31, | Changes | Changes | |||||||||||
2004 | 2003 | Dollar | Percentage | ||||||||||
AMERCO and Consolidated Entities | (In thousands) | ||||||||||||
Rental revenue | $ | 1,262,335 | $ | 1,304,470 | $ | (42,135 | ) | -3 | % | ||||
Net sales | 161,683 | 182,048 | (20,365 | ) | -11 | % | |||||||
Premiums | 115,516 | 188,024 | (72,508 | ) | -39 | % | |||||||
Net investment and interest income | 50,252 | 35,614 | 14,638 | 41 | % | ||||||||
Total revenues | 1,589,786 | 1,710,156 | (120,370 | ) | -7 | % | |||||||
Operating expenses | 848,621 | 907,695 | (59,074 | ) | -7 | % | |||||||
Restructuring expenses | - | 12,027 | (12,027 | ) | -100 | % | |||||||
Commission expenses | 138,064 | 116,132 | 21,932 | 19 | % | ||||||||
Cost of sales | 77,617 | 87,023 | (9,406 | ) | -11 | % | |||||||
Benefits and losses | 104,194 | 169,801 | (65,607 | ) | -39 | % | |||||||
Amortization of deferred policy acquisition costs | 24,015 | 28,886 | (4,871 | ) | -17 | % | |||||||
Lease expense | 115,389 | 101,716 | 13,673 | 13 | % | ||||||||
Depreciation, net (a) | 86,214 | 113,356 | (27,142 | ) | -24 | % | |||||||
Total costs and expenses | 1,394,114 | 1,536,636 | (142,522 | ) | -9 | % | |||||||
Earnings from operations | 195,672 | 173,520 | 22,152 | 13 | % | ||||||||
Interest expense | 53,995 | 92,839 | (38,844 | ) | -42 | % | |||||||
Litigation settlement received | 51,341 | - | 51,341 | 100 | % | ||||||||
Pretax earnings | 193,018 | 80,681 | 112,337 | 139 | % | ||||||||
Income tax benefit (expense) | (73,994 | ) | (30,587 | ) | (43,407 | ) | 142 | % | |||||
Net earnings | 119,024 | 50,094 | 68,930 | 138 | % | ||||||||
Less: Preferred stock dividends | 9,723 | 9,723 | - | 0 | % | ||||||||
Earnings available to common shareholders | $ | 109,301 | $ | 40,371 | $ | 68,930 | 171 | % |
Nine Months Ended December 31, | |||||||
2004 | 2003 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Depreciation expense | $ | 85,030 | $ | 107,485 | |||
Loss on disposals | 1,184 | 5,871 | |||||
Depreciation, net | $ | 86,214 | $ | 113,356 |
Quarter Ended June 30, | |||||||
2005 | 2004 | ||||||
(unaudited) | |||||||
(In thousands) | |||||||
Self-moving equipment rentals | $ | 401,260 | $ | 389,742 | |||
Self-storage revenues | 28,768 | 30,575 | |||||
Self-moving and self-storage products and service sales | 66,563 | 61,364 | |||||
Property management fees | 4,440 | 2,982 | |||||
Life insurance premiums | 29,589 | 33,259 | |||||
Property and casualty insurance premiums | 4,824 | 9,802 | |||||
Net investment and interest income | 13,714 | 17,576 | |||||
Other revenue | 10,300 | 7,645 | |||||
Consolidated revenue | $ | 559,458 | $ | 552,945 | |||
Quarter Ended June 30, | |||||||
2005 | 2004 | ||||||
(unaudited) | |||||||
(In thousands) | |||||||
Moving and storage | |||||||
Revenues | $ | 507,563 | $ | 492,376 | |||
Earnings from operations | 108,965 | 88,136 | |||||
Property and casualty insurance | |||||||
Revenues | 8,309 | 14,339 | |||||
Earnings from operations | 1,582 | 366 | |||||
Life insurance | |||||||
Revenues | 38,073 | 42,641 | |||||
Earnings from operations | 3,440 | 3,673 | |||||
SAC Holding II | |||||||
Revenues | 12,059 | 11,346 | |||||
Earnings from operations | 4,051 | 3,061 | |||||
Eliminations | |||||||
Revenues | (6,546 | ) | (7,757 | ) | |||
Earnings from operations | (5,478 | ) | (4,048 | ) | |||
Consolidated Results | |||||||
Revenues | 559,458 | 552,945 | |||||
Earnings from operations | 112,560 | 91,188 |
Quarter Ended June 30, | |||||||
2005 | 2004 | ||||||
(unaudited) | |||||||
(In thousands) | |||||||
Self-moving equipment rentals | $ | 401,260 | $ | 389,742 | |||
Self-storage revenues | 24,248 | 26,310 | |||||
Self-moving and self-storage products and service sales | 61,798 | 57,027 | |||||
Property management fees | 5,168 | 3,654 | |||||
Net investment and interest income | 6,154 | 10,754 | |||||
Other revenue | 8,935 | 4,889 | |||||
Segment revenue | $ | 507,563 | $ | 492,376 | |||
Quarter Ended December 31, | Changes | Changes | |||||||||||
2004 | 2003 | Dollar | Percentage | ||||||||||
U-Haul International | (In thousands) | ||||||||||||
Rental revenue | $ | 362,427 | $ | 356,803 | $ | 5,624 | 2 | % | |||||
Net sales | 39,404 | 36,655 | 2,749 | 7 | % | ||||||||
Net investment and interest income | 5,270 | 6,908 | (1,638 | ) | -24 | % | |||||||
Total revenues | 407,101 | 400,366 | 6,735 | 2 | % | ||||||||
Operating expenses | 276,504 | 283,936 | (7,432 | ) | -3 | % | |||||||
Commission expenses | 41,286 | 38,123 | 3,163 | 8 | % | ||||||||
Cost of sales | 19,254 | 19,684 | (430 | ) | -2 | % | |||||||
Lease expense | 38,656 | 36,224 | 2,432 | 7 | % | ||||||||
Depreciation, net (a) | 27,725 | 32,799 | (5,074 | ) | -15 | % | |||||||
Total costs and expense | 403,425 | 410,766 | (7,341 | ) | -2 | % | |||||||
Earnings (losses) from operations | 3,676 | (10,400 | ) | 14,076 | -135 | % | |||||||
Interest expense, net | (6,354 | ) | (2,868 | ) | (3,486 | ) | 122 | % | |||||
Pretax earnings (loss) | 10,030 | (7,532 | ) | 17,562 | -233 | % | |||||||
Income tax benefit (expense) | (3,665 | ) | 3,238 | (6,903 | ) | -213 | % | ||||||
Net earnings (loss) | $ | 6,365 | $ | (4,294 | ) | $ | 10,659 | -248 | % |
Quarter Ended December 31, | |||||||
2004 | 2003 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Depreciation expense | $ | 25,937 | $ | 30,992 | |||
Loss on disposals | 1,788 | 1,807 | |||||
Depreciation, net | $ | 27,725 | $ | 32,799 |
Nine Months Ended December 31, | Changes | Changes | |||||||||||
2004 | 2003 | Dollar | Percentage | ||||||||||
U-Haul International | (In thousands) | ||||||||||||
Rental revenue | $ | 1,253,643 | $ | 1,220,036 | $ | 33,607 | 3 | % | |||||
Net sales | 149,844 | 142,375 | 7,469 | 5 | % | ||||||||
Net investment and interest income | 16,569 | 22,740 | (6,171 | ) | -27 | % | |||||||
Total revenues | 1,420,056 | 1,385,151 | 34,905 | 3 | % | ||||||||
Operating expenses | 832,195 | 817,768 | 14,427 | 2 | % | ||||||||
Commission expenses | 145,233 | 139,065 | 6,168 | 4 | % | ||||||||
Cost of sales | 72,489 | 70,099 | 2,390 | 3 | % | ||||||||
Lease expense | 115,823 | 110,758 | 5,065 | 5 | % | ||||||||
Depreciation, net (a) | 81,576 | 93,693 | (12,117 | ) | -13 | % | |||||||
Total costs and expense | 1,247,316 | 1,231,383 | 15,933 | 1 | % | ||||||||
Earnings from operations | 172,740 | 153,768 | 18,972 | 12 | % | ||||||||
Interest expense, net | (13,258 | ) | (8,018 | ) | (5,240 | ) | 65 | % | |||||
Pretax earnings | 185,998 | 161,786 | 24,212 | 15 | % | ||||||||
Income tax benefit (expense) | (70,554 | ) | (58,184 | ) | (12,370 | ) | 21 | % | |||||
Net earnings | $ | 115,444 | $ | 103,602 | $ | 11,842 | 11 | % |
Nine Months Ended December 31, | |||||||
2004 | 2003 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Depreciation expense | $ | 77,086 | $ | 86,472 | |||
Loss on disposals | 4,490 | 7,221 | |||||
Depreciation, net | $ | 81,576 | $ | 93,693 | |||
Quarter Ended December 31, | Changes | Changes | |||||||||||
2004 | 2003 | Dollar | Percentage | ||||||||||
SAC Holdings * | (In thousands) | ||||||||||||
Rental revenue | $ | 6,875 | $ | 43,257 | $ | (36,382 | ) | -84 | % | ||||
Net sales | 3,231 | 10,542 | (7,311 | ) | -69 | % | |||||||
Total revenues | 10,106 | 53,799 | (43,693 | ) | -81 | % | |||||||
Operating expenses | 5,226 | 24,926 | (19,700 | ) | -79 | % | |||||||
Cost of sales | 2,115 | 4,219 | (2,104 | ) | -50 | % | |||||||
Depreciation, net | 627 | 5,147 | (4,520 | ) | -88 | % | |||||||
Total costs and expenses | 7,968 | 34,292 | (26,324 | ) | -77 | % | |||||||
Earnings from operations | 2,138 | 19,507 | (17,369 | ) | -89 | % | |||||||
Interest expense | 3,710 | 20,052 | (16,342 | ) | -81 | % | |||||||
Pretax income (loss) | (1,572 | ) | (545 | ) | (1,027 | ) | -188 | % | |||||
Income tax benefit | 667 | 761 | (94 | ) | -12 | % | |||||||
Net earnings (loss) | $ | (905 | ) | $ | 216 | $ | (1,121 | ) | 519 | % | |||
Nine Months Ended December 31, | Changes | Changes | |||||||||||
2004 | 2003 | Dollar | Percentage | ||||||||||
SAC Holdings * | (In thousands) | ||||||||||||
Rental revenue | $ | 21,389 | $ | 127,415 | $ | (106,026 | ) | -83 | % | ||||
Net sales | 11,839 | 39,621 | (27,782 | ) | -70 | % | |||||||
Total revenues | 33,228 | 167,036 | (133,808 | ) | -80 | % | |||||||
Operating expenses | 16,615 | 81,541 | (64,926 | ) | -80 | % | |||||||
Cost of sales | 5,128 | 16,903 | (11,775 | ) | -70 | % | |||||||
Depreciation, net | 1,887 | 16,007 | (14,120 | ) | -88 | % | |||||||
Total costs and expenses | 23,630 | 114,451 | (90,821 | ) | -79 | % | |||||||
Earnings from operations | 9,598 | 52,585 | (42,987 | ) | -82 | % | |||||||
Interest expense | 10,941 | 61,273 | (50,332 | ) | -82 | % | |||||||
Pretax loss | (1,343 | ) | (8,688 | ) | 7,345 | 85 | % | ||||||
Income tax benefit | 515 | 2,877 | (2,362 | ) | -82 | % | |||||||
Net earnings (loss) | $ | (828 | ) | $ | (5,811 | ) | $ | 4,983 | 86 | % | |||
Quarter Ended December 31, | Changes | Changes | |||||||||||
2004 | 2003 | Dollar | Percentage | ||||||||||
Amerco Real Estate | (In thousands) | ||||||||||||
Rental revenue | $ | 14,136 | $ | 15,404 | $ | (1,268 | ) | -8 | % | ||||
Net sales | (15 | ) | 15 | (30 | ) | -200 | % | ||||||
Net investment and interest income | 22 | 2,017 | (1,995 | ) | -99 | % | |||||||
Total revenues | 14,143 | 17,436 | (3,293 | ) | -19 | % | |||||||
Operating expenses | 1,657 | 1,972 | (315 | ) | -16 | % | |||||||
Cost of sales | (8 | ) | 5 | (13 | ) | -260 | % | ||||||
Lease expense | 4 | 124 | (120 | ) | -97 | % | |||||||
Depreciation, net (a) | 63 | 926 | (863 | ) | -93 | % | |||||||
Total costs and expenses | 1,716 | 3,027 | (1,311 | ) | -43 | % | |||||||
Earnings from operations | 12,427 | 14,409 | (1,982 | ) | -14 | % | |||||||
Interest expense | 4,013 | 8,127 | (4,114 | ) | -51 | % | |||||||
Pretax earnings | 8,414 | 6,282 | 2,132 | 34 | % | ||||||||
Income tax expense | (3,298 | ) | (2,557 | ) | (741 | ) | 29 | % | |||||
Net earnings | $ | 5,116 | $ | 3,725 | $ | 1,391 | 37 | % | |||||
Quarter Ended December 31, | |||||||
2004 | 2003 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Depreciation expense | $ | 2,144 | 2,151 | ||||
Gain on disposals | (2,081 | ) | (1,225 | ) | |||
Depreciation, net | $ | 63 | 926 | ||||
Nine Months Ended December 31, | Changes | Changes | |||||||||||
2004 | 2003 | Dollar | Percentage | ||||||||||
Amerco Real Estate | (In thousands) | ||||||||||||
Rental revenue | $ | 43,499 | $ | 45,544 | $ | (2,045 | ) | -4 | % | ||||
Net sales | - | 52 | (52 | ) | -100 | % | |||||||
Net investment and interest income | 76 | 6,012 | (5,936 | ) | -99 | % | |||||||
Total revenues | 43,575 | 51,608 | (8,033 | ) | -16 | % | |||||||
Operating expenses | 5,304 | 5,615 | (311 | ) | -6 | % | |||||||
Cost of sales | - | 21 | (21 | ) | -100 | % | |||||||
Lease expense | 31 | 399 | (368 | ) | -92 | % | |||||||
Depreciation, net (a) | 3,147 | 5,092 | (1,945 | ) | -38 | % | |||||||
Total costs and expenses | 8,482 | 11,127 | (2,645 | ) | -24 | % | |||||||
Earnings from operations | 35,093 | 40,481 | (5,388 | ) | -13 | % | |||||||
Interest expense | 10,637 | 23,965 | (13,328 | ) | -56 | % | |||||||
Pretax earnings | 24,456 | 16,516 | 7,940 | 48 | % | ||||||||
Income tax expense | (9,678 | ) | (6,781 | ) | (2,897 | ) | 43 | % | |||||
Net earnings | $ | 14,778 | $ | 9,735 | $ | 5,043 | 52 | % | |||||
Nine Months Ended December 31, | |||||||
2004 | 2003 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Depreciation expense | $ | 6,453 | 6,442 | ||||
Gain on disposals | (3,306 | ) | (1,350 | ) | |||
Depreciation, net | $ | 3,147 | 5,092 | ||||
Quarter Ended June 30, | |||||||
2005 | 2004 | ||||||
(unaudited) | |||||||
(In thousands) | |||||||
Self-moving equipment rentals | $ | 401,260 | $ | 389,663 | |||
Self-storage revenues | 23,793 | 25,642 | |||||
Self-moving and self-storage products and service sales | 61,798 | 57,012 | |||||
Property management fees | 5,168 | 3,654 | |||||
Net investment and interest income | 4,738 | 5,960 | |||||
Other revenue | 10,016 | 6,303 | |||||
U-Haul International, Inc. revenue | $ | 506,773 | $ | 488,234 | |||
Quarter Ended September 30, | Changes | Changes | |||||||||||
2004 | 2003 | Dollar | Percentage | ||||||||||
Life Insurance | (In thousands) | ||||||||||||
Premiums | $ | 31,603 | $ | 36,427 | $ | (4,824 | ) | -13 | % | ||||
Net investment income | 6,299 | 4,743 | 1,556 | 33 | % | ||||||||
Total revenue | 37,902 | 41,170 | (3,268 | ) | -8 | % | |||||||
Operating expenses | 12,656 | 6,020 | 6,636 | 110 | % | ||||||||
Benefits and losses | 22,683 | 24,359 | (1,676 | ) | -7 | % | |||||||
Amortization of deferred policy acquisition costs | 6,003 | 6,351 | (348 | ) | -5 | % | |||||||
Total expenses | 41,342 | 36,730 | 4,612 | 13 | % | ||||||||
Earnings (loss) from operations | (3,440 | ) | 4,440 | (7,880 | ) | -177 | % | ||||||
Income tax benefit (loss) | 1,119 | (2,058 | ) | 3,177 | -154 | % | |||||||
Net earnings (loss) | $ | (2,321 | ) | $ | 2,382 | $ | (4,703 | ) | -197 | % |
Nine Months Ended September 30, | Changes | Changes | |||||||||||
2004 | 2003 | Dollar | Percentage | ||||||||||
Life Insurance | (In thousands) | ||||||||||||
Premiums | $ | 97,640 | $ | 112,852 | $ | (15,212 | ) | -13 | % | ||||
Net investment income | 17,960 | 15,420 | 2,540 | 16 | % | ||||||||
Total revenue | 115,600 | 128,272 | (12,672 | ) | -10 | % | |||||||
Operating expenses | 23,907 | 23,173 | 734 | 3 | % | ||||||||
Benefits and losses | 70,377 | 80,207 | (9,830 | ) | -12 | % | |||||||
Amortization of deferred policy acquisition costs | 18,586 | 17,044 | 1,542 | 9 | % | ||||||||
Total expenses | 112,870 | 120,424 | (7,554 | ) | -6 | % | |||||||
Earnings from operations | 2,730 | 7,848 | (5,118 | ) | -65 | % | |||||||
Income tax expense | 1,033 | 2,876 | (1,843 | ) | -64 | % | |||||||
Net earnings | $ | 1,697 | $ | 4,972 | $ | (3,275 | ) | -66 | % | ||||
Quarter Ended September 30, | Changes | Changes | |||||||||||
2004 | 2003 | Dollar | Percentage | ||||||||||
Property and Casualty Insurance | (In thousands) | ||||||||||||
Premiums | $ | 3,975 | $ | 20,106 | $ | (16,131 | ) | -80 | % | ||||
Net investment income | 6,827 | 7,258 | (431 | ) | -6 | % | |||||||
Total revenues | 10,802 | 27,364 | (16,562 | ) | -61 | % | |||||||
Operating expenses | 3,824 | 3,460 | 364 | 11 | % | ||||||||
Benefits and losses | 15,920 | 26,597 | (10,677 | ) | -40 | % | |||||||
Amortization of deferred policy acquisition costs | 276 | 4,676 | (4,400 | ) | -94 | % | |||||||
Total expenses | 20,020 | 34,733 | (14,713 | ) | -42 | % | |||||||
Loss from operations | (9,218 | ) | (7,369 | ) | (1,849 | ) | 25 | % | |||||
Income tax benefit | 3,219 | 2,573 | 646 | 25 | % | ||||||||
Net earnings (loss) | $ | (5,999 | ) | $ | (4,796 | ) | $ | (1,203 | ) | 25 | % | ||
Nine Months Ended September 30, | Changes | Changes | |||||||||||
2004 | 2003 | Dollar | Percentage | ||||||||||
Property and Casualty Insurance | (In thousands) | ||||||||||||
Premiums | $ | 20,815 | $ | 78,247 | $ | (57,432 | ) | -73 | % | ||||
Net investment income | 15,063 | 19,180 | (4,117 | ) | -21 | % | |||||||
Total revenues | 35,878 | 97,427 | (61,549 | ) | -63 | % | |||||||
Operating expenses | 5,381 | 17,761 | (12,380 | ) | -70 | % | |||||||
Benefits and losses | 33,817 | 89,594 | (55,777 | ) | -62 | % | |||||||
Amortization of deferred policy acquisition costs | 5,429 | 11,842 | (6,413 | ) | -54 | % | |||||||
Total expenses | 44,627 | 119,197 | (74,570 | ) | -63 | % | |||||||
Loss from operations | (8,749 | ) | (21,770 | ) | 13,021 | -60 | % | ||||||
Income tax benefit | 3,062 | 7,619 | (4,557 | ) | -60 | % | |||||||
Net earnings (loss) | $ | (5,687 | ) | $ | (14,151 | ) | $ | 8,464 | -60 | % |
Quarter Ended June 30, | |||||||
2005 | 2004 | ||||||
(unaudited) | |||||||
(In thousands) | |||||||
Self-moving equipment rentals | $ | 2,488 | $ | 2,409 | |||
Self-storage revenues | 4,520 | 4,265 | |||||
Self-moving and self-storage products and service sales | 4,765 | 4,337 | |||||
Other revenue | 286 | 335 | |||||
Segment revenue | $ | 12,059 | $ | 11,346 | |||
Name | Cash Bonus Amount | |||
Gary B. Horton | $ | 500,000 | ||
John C. Taylor | $ | 200,000 | ||
Jack A. Peterson | $ | 35,000 | ||
Ronald C. Frank | $ | 17,437 |
Exhibit Number | Description | Page or Method of Filing |
2.1 | Joint Plan of Reorganization of AMERCO and Amerco Real Estate Company | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed October 20, 2003, file no. 1-11255 |
2.2 | Disclosure Statement Concerning the Debtors’ Joint Plan of Reorganization | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed October 20, 2003, file no. 1-11255 |
2.3 | Amended Joint Plan of Reorganization of AMERCO and Amerco Real Estate Company | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2003, file No. 1-11255 |
3.1 | Restated Articles of Incorporation of AMERCO | Incorporated by reference to AMERCO’s Registration Statement on form S-4 filed March 30, 2004, file number 1-11255 |
3.2 | Restated By-Laws of AMERCO | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1996, file No. 1-11255 |
3.3 | Restated Articles of Incorporation of U-Haul International, Inc. | Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2003, file no. 1-11255 |
3.4 | Bylaws of U-Haul International, Inc. | Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2003, file no. 1-11255 |
10.1 | ||
10.2 | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed July 6, 2005, file no. 1-11255 | |
10.3 | Guarantee, dated June 28, 2005, made by U-Haul International, Inc. in favor of Merrill Lynch Commercial Finance Corporation. | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed July 6, 2005, file no. 1-11255 |
10.4 | Amended and | |
10.5 | Security Agreement, dated June 8, 2005, by Amerco Real Estate Company, Amerco Real Estate Company of Texas, Inc., Amerco Real Estate Company of Alabama, Inc., U-Haul Co. of Florida, Inc., U-Haul International, Inc. and the Marketing Grantors named therein in favor of Merrill Lynch Commercial Finance Corp. | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005, file no. 1-11255 |
10.6 | Guarantee, dated June 8, 2005, by U-Haul International, Inc. in favor of Merrill Lynch Commercial Finance Corp. | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005, file no. 1-11255 |
10.7 | Promissory Note, dated June 8, 2005 by Amerco Real Estate Company, Amerco Real Estate Company of Texas, Inc., Amerco Real Estate Company of Alabama, Inc., U-Haul Co. of Florida, Inc. and U-Haul International, Inc. | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005, file no. 1-11255 |
10.8 | Form of Mortgage, Security Agreement, Assignment of Rents and Fixture Filing, dated June 8, 2005, in favor of Morgan Stanley Mortgage Capital Inc. | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005, file no. 1-11255 |
10.9 | Form of Promissory Note, dated June 8, 2005, in favor of Morgan Stanley Mortgage Capital Inc. | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005, file no. 1-11255 |
10.10 | Form of Mortgage, Security Agreement, Assignment of Rents and Fixture Filing, dated June 8, 2005, in favor of Merrill Lynch Mortgage Lending, Inc. | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005, file no. 1-11255 |
10.11 | Form of Promissory Note, dated June 8, 2005, in favor of Merrill Lynch Mortgage Lending, Inc. | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed June 14, 2005, file no. 1-11255 |
31.1 | Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO and U-Haul International, Inc. | Filed herewith |
31.2 | Rule 13a-14(a)/15d-14(a) Certificate of | Filed herewith |
31.3 | Rule 13a-14(a)/15d-14(a) | Filed herewith |
32.1 | Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO and U-Haul International, Inc. pursuant to Section 906 of the Sabanes-Oxley Act of 2002 | Filed herewith |
32.2 | Certificate of | Filed herewith |
32.3 | Certificate of Robert T. Peterson, Chief Financial Officer of U-Haul International, Inc. pursuant to Section 906 of the Sabanes-Oxley Act of 2002 | Filed herewith |