AMERCO Reports Second Quarter Fiscal Year 2004 Results
RENO, Nev., Nov. 14, 2003 -- AMERCO , with the inclusion of SAC Holding Corporation and its wholly owned subsidiaries (combined group), today reported net earnings of $44.0 million or $1.99 per share for the quarter ended September 30, 2003, compared with net earnings of $22.1 million, or $0.91 per share, for the same quarter last year. Net earnings for the past six months increased to $71.8 million, or $3.18 per share, as compared with $45.9 million or $1.90 per share for the same period last year.
Total revenues for the quarter were $627.5 million compared with $617.5 million for the same quarter one year ago. Total revenues for the past six months were $1.2 billion as compared with $1.2 billion for the same period last year.
"These positive results for the quarter and the first six months of our fiscal year reflect the solid foundation of our core U-Move and U-Store business. We continue to demonstrate improved rental fleet utilization and improved pricing. Additionally, self storage occupancy continues to increase," stated Joe Shoen, chairman of AMERCO.
"As we announced earlier this week, we have reached an agreement with the Official Committee of Unsecured Creditors. Our restructuring efforts are on track and we continue to expect to successfully emerge from Chapter 11 in January of 2004," Shoen concluded.
AMERCO will hold its investor call on Thursday, November 20, 2003 at 10:30 a.m. Mountain Standard Time (MST). To hear a simulcast of the call over the Internet, or a replay, visit www.amerco.com .
Certain of the statements made in this press release regarding general revenues, income and general growth of our business constitute forward-looking statements contemplated under the Private Securities Litigation Reform Act of 1995 and certain factors could cause actual results to differ materially from those projected. For a brief discussion of the risks and uncertainties that may affect AMERCO's business and future operating results, please refer to form 10-Q for the quarter ended September 30, 2003 which has been filed with the SEC.
AMERCO (Debtor in Possession) AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES
Condensed Consolidated Statements of Operations
Quarter Ended
September 30
2003 2002
(Restated)
(Unaudited)
(In thousands, except
per share data)
Revenues $627,457 $617,509
Earnings from operations $98,990 $62,869
Net earnings $44,025 $22,128
Earnings available to common shareholders $40,784 $18,887
Basic and Diluted EPS $1.99 $.91
Average shares outstanding 20,514,958 20,804,016
Six Months Ended
September 30
2003 2002
(Restated)
(Unaudited)
(In thousands, except
per share data)
Revenues $1,207,573 $1,197,008
Earnings from operations $174,550 $126,466
Net earnings $71,761 $45,907
Earnings available to common shareholders $65,279 $39,425
Basic and Diluted EPS $3.18 $1.90
Average shares outstanding 20,514,958 20,779,543