AMERCO Reports Fiscal 2015 Financial Results

RENO, Nev., May 27, 2015 /PRNewswire/ -- AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to shareholders for the year ended March 31, 2015, were $356.7 million, or $18.21 per share, compared with $342.4 million, or $17.51 per share for the same period last year. Included in the results for the year ended March 31, 2015, was an after-tax expense of $1.96 per share associated with our fourth quarter accrual of $60.7 million for the PEI litigation. Excluding this after-tax expense, adjusted earnings were $20.17 per share for the year ended March 31, 2015.

For the quarter ended March 31, 2015, the Company reported net earnings available to shareholders of $9.5 million, or $0.47 per share compared with net earnings of $39.2 million, or $2.00 per share for the same period last year. Included in the results for the fourth quarter ended March 31, 2015, was an after-tax expense of $1.96 per share associated with our fourth quarter accrual of $60.7 million for the PEI litigation. Excluding this after-tax expense, adjusted earnings were $2.43 per share for the quarter ended March 31, 2015.

"U-Haul Team members and Dealers have continued to step up and provide increased service to our customers," stated Joe Shoen, chairman of AMERCO.  "Our fleet of U-Haul trucks and trailers is in the most rentable condition I have ever experienced. The combination of the two gave us a year over year increase despite the PEI jury verdict.  We continue to benefit from favorable interest rates, fleet increases, storage occupancy increases and a robust truck resale market."

Highlights of Fiscal Year and Fourth Quarter 2015 Results

• Self-moving equipment rental revenues increased $31.3 million or 7.9% in the fourth quarter of fiscal 2015 compared with the fourth quarter of fiscal 2014, and finished the full year up $191.0 million or 9.8% compared with fiscal 2014. During fiscal 2015 we continued to broaden our retail distribution network through the expansion of our independent dealer network combined with the acquisition and development of new Company owned and operated locations. Our rental equipment fleet expanded as we increased the number of trucks, trailer and towing devices available for customer use.
• Self-storage revenues increased $7.5 million or 15.6% in the fourth quarter of fiscal 2015 compared with the fourth quarter of fiscal 2014 and for the full year increased $29.3 million or 16.1% compared with fiscal 2014. Recent acquisitions, new development, occupancy improvements at existing locations and improvement in overall rates across our portfolio contributed to the increase in storage revenue. During both fiscal 2015 and fiscal 2014 we added approximately 2.1 million square feet of owned net rentable storage for each year.
• During the fourth quarter of fiscal 2015 the Company recorded an accrual related to the PEI litigation resulting in an increase in operating expenses of $60.7 million. The accrual represents the Judgment as entered by the Court in favor of PEI. Post judgment motions have been filed by both parties. 
• Operating earnings at our Moving and Storage operating segment, excluding the PEI litigation accrual increased $9.6 million in the fourth quarter of fiscal 2015 compared with the same period last year and for the full year increased $86.4 million.
• Operating earnings at our Life Insurance segment increased $3.1 million for fiscal year 2015 compared with fiscal 2014 while operating earnings at our Property and Casualty Insurance segment increased $4.1 million for the same time periods.
• Gross truck and trailer capital expenditures for fiscal 2015 were approximately $959 million compared with approximately $776 million for fiscal 2014. Proceeds from the sales of rental equipment were $407 million for fiscal 2015 compared with $258 million in fiscal 2014. Spending on real estate related acquisitions and projects increased approximately $54 million to $375 million in fiscal 2015 compared with fiscal 2014.

AMERCO will hold its investor call for fiscal 2015 on Thursday, May 28, 2015, at 8 a.m. Arizona Time (11 a.m. Eastern). The call will be broadcast live over the Internet at www.amerco.com. To hear a simulcast of the call, or a replay, visit www.amerco.com.  

About AMERCO

AMERCO is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect AMERCO's business and future operating results, please refer to our Form 10-K for the quarter ended March 31, 2015, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2015 and 2014.

Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2015 and 2014.

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned storage locations follows:

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SOURCE AMERCO