AMERCO Reports Fiscal 2011 Financial Results.

RENO, Nev., June 8, 2011 /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 common shareholders for the year ended March 31, 2011 were $171 million, or $8.80 per share, compared with $53.2 million, or $2.74 per share for the same period last year.

For the quarter ended March 31, 2011, the Company reported net earnings available to common shareholders of $10.2 million, or $0.52 per share, compared with a net loss of $8.2 million, or $0.43 per share for the same period last year.

"We are pleased with our operating results for fiscal 2011," according to Joe Shoen, chairman of AMERCO. "Throughout the year we made significant progress towards our goals of improving customer service and have continued to make the delivery of our products and services more efficient."

Highlights of Full-Year and Fourth-Quarter 2011 Results

* Self-moving equipment rental revenue increased $19.2 million in the fourth quarter of fiscal 2011 compared with the fourth quarter of fiscal 2010, and finished the full year up $127.3 million compared with the full year of fiscal 2010. We experienced strong growth in transactions during the year and achieved record equipment rental revenues.

* Self-storage revenues for Moving and Storage segment increased $3.2 million for the fourth quarter of fiscal 2011 compared with the fourth quarter of fiscal 2010 and finished the full year up $10.3 million compared with fiscal 2010. Our average occupancy during the fourth quarter of fiscal 2011 increased just over 665,000 square feet compared with the fourth quarter of fiscal 2010. During fiscal 2011 we added over 820,000 of net rentable square feet to the storage portfolio.

* For the fourth quarter of fiscal 2011 net gains on the disposal of property, plant and equipment were $4.1 million compared with $0.5 million in fiscal 2010. For the full year in fiscal 2011 these gains were $23.1 million compared with $2.0 million in fiscal 2010. Excluding these disposal gains and losses, total depreciation decreased $1.3 million for the fourth quarter of 2011 and $17.3 million for the full year.

* Gross truck and trailer capital expenditures for the fiscal 2011 were approximately $387 million compared with $218 million in fiscal 2010. Proceeds from the sales of rental equipment increased $37 million to $177.5 million for fiscal 2011 compared with fiscal 2010.

AMERCO will hold its investor call for the fiscal year 2011 on Thursday, June 9, 2011, 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. 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.

Since 1945, U-Haul has been the choice for the do-it-yourself mover, with a network of more than 16,300 locations in all 50 States and 10 Canadian provinces. U-Haul customers' patronage has enabled the Company to maintain the largest rental fleet in the "do-it-yourself" moving industry with approximately 101,000 trucks, 82,000 trailers and 33,000 towing devices. U-Haul offers nearly 411,000 rooms and approximately 36.3 million square feet of storage space at nearly 1,115 owned and managed facilities throughout North America. U-Haul is the consumer's number one choice as the largest installer of permanent trailer hitches in the automotive aftermarket industry. The Company supplies alternative-fuel for vehicles and backyard barbecues as one of the nation's largest retailers of propane.

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 Form 10-K for the year ended March 31, 2011, which is on file with the SEC.

Report on Business Operations Listed on a consolidated basis are revenues for our major product lines for the fourth quarter and the full year of fiscal 2011 and fiscal 2010.
		Quarter Ended Mar. 31,			Twelve Months Ended Mar. 31,
		2011	2010		2011	2010
		(In thousands)
Self-moving equipment rentals		$317,471	$298,307		$1,547,015	$1,419,726
Self-storage revenues		31,186	28,022		120,698	110,369
Self-moving and self-storage
products and service sales		43,926	44,364		205,570	198,785
Property management fees		7,887	7,200		22,132	21,632
Life insurance premiums		54,861	38,992		206,992	134,345
Property and casualty
insurance premiums		7,227	6,554		30,704	27,625
Net investment and interest income		13,219	11,081		52,661	49,989
Other revenue		12,593	9,274		55,503	39,534
Consolidated revenue		$488,370	$443,794		$2,241,275	$2,002,005

Listed below are revenues and earnings from operations at each of our operating segments for the fourth quarter and the full year of fiscal 2011 and fiscal 2010.
		Quarter Ended Mar. 31,			Twelve Months Ended Mar. 31
		2011	2010		2011	2010
Moving and storage		(In thousands)
Revenues		$419,690	$393,268		$1,977,826	$1,816,322
Earnings from operations		38,066	7,537		370,100	185,329
Property and casualty insurance
Revenues		9,056	7,838		38,663	34,390
Earnings from operations		358	1,593		5,638	6,279
Life insurance
Revenues		60,812	43,729		229,911	155,725
Earnings from operations		5,879	4,807		17,435	16,858
Eliminations
Revenues		(1,188)	(1,041)		(5,125)	(4,432)
Earnings from operations		(4,115)	(3,972)		(15,478)	(14,929)
Consolidated results
Revenues		488,370	443,794		2,241,275	2,002,005
Earnings from operations		40,188	9,965		377,695	193,537

AMERCO AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
		March 31,
		2011		2010
ASSETS		(In thousands)
Cash and cash equivalents		$375,496		$244,118
Reinsurance recoverables and trade receivables, net		205,371		198,283
Inventories, net		59,942		52,837
Prepaid expenses		57,624		53,379
Investments, fixed maturities and marketable equities		659,809		549,318
Investments, other		201,868		227,486
Deferred policy acquisition costs, net		52,870		39,194
Other assets		166,633		147,325
Related party assets		301,968		302,126
		2,081,581		1,814,066
Property, plant and equipment, at cost:
Land		239,177		224,904
Buildings and improvements		1,024,669		970,937
Furniture and equipment		310,671		323,334
Rental trailers and other rental equipment		249,700		244,131
Rental trucks		1,611,763		1,529,817
		3,435,980		3,293,123
Less: Accumulated depreciation		(1,341,407)		(1,344,735)
Total property, plant and equipment		2,094,573		1,948,388
Total assets		$4,176,154		$3,762,454
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses		$304,006		$296,057
Notes, loans and leases payable		1,397,842		1,347,635
Policy benefits and losses, claims and loss expenses payable		927,376		816,909
Liabilities from investment contracts		246,717		268,810
Other policyholders' funds and liabilities		8,727		8,155
Deferred income		27,209		25,207
Deferred income taxes		271,257		186,770
Total liabilities		3,183,134		2,949,543
Stockholders' equity:
Common stock		10,497		10,497
Additional paid-in capital		418,023		419,811
Accumulated other comprehensive loss		(46,467)		(56,207)
Retained earnings		1,140,002		969,017
Cost of common shares in treasury, net		(525,653)		(525,653)
Unearned employee stock ownership plan shares		(3,382)		(4,554)
Total stockholders' equity		993,020		812,911
Total liabilities and stockholders' equity		$4,176,154		$3,762,454

AMERCO AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		Quarter Ended March 31,
		2011		2010
		(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals		$317,471		$298,307
Self-storage revenues		31,186		28,022
Self-moving and self-storage products and service sales		43,926		44,364
Property management fees		7,887		7,200
Life insurance premiums		54,861		38,992
Property and casualty insurance premiums		7,227		6,554
Net investment and interest income		13,219		11,081
Other revenue		12,593		9,274
Total revenues		488,370		443,794
Costs and expenses:
Operating expenses		250,198		245,117
Commission expenses		38,832		35,621
Cost of sales		22,170		24,443
Benefits and losses		47,312		33,645
Amortization of deferred policy acquisition costs		2,945		1,202
Lease expense		37,020		39,205
Depreciation, net of (gains) losses on disposals		49,705		54,596
Total costs and expenses		448,182		433,829
Earnings from operations		40,188		9,965
Interest expense		(22,893)		(22,671)
Pretax earnings (loss)		17,295		(12,706)
Income tax benefit (expense)		(4,049)		7,686
Net earnings (loss)		13,246		(5,020)
Excess (loss) of carrying amount of preferred stock over consideration paid		(7)		7
Less: Preferred stock dividends		(3,076)		(3,198)
Earnings (loss) available to common shareholders		$10,163		$(8,211)
Basic and diluted earnings (loss) per common share		$0.52		$(0.43)
Weighted average common shares outstanding: Basic and diluted		19,449,243		19,402,035

AMERCO AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
	Twelve Months Ended March 31,
		2011			2010
	(In thousands, except share and per share amounts)
Revenues:
Self-moving equipment rentals			$1,547,015		$1,419,726
Self-storage revenues			120,698		110,369
Self-moving and self-storage products and service sales			205,570		198,785
Property management fees			22,132		21,632
Life insurance premiums			206,992		134,345
Property and casualty insurance premiums			30,704		27,625
Net investment and interest income			52,661		49,989
Other revenue			55,503		39,534
Total revenues			2,241,275		2,002,005
Costs and expenses:
Operating expenses			1,026,577		1,022,061
Commission expenses			190,981		169,104
Cost of sales			106,024		104,049
Benefits and losses			190,429		121,105
Amortization of deferred policy acquisition costs			9,494		7,569
Lease expense			150,809		156,951
Depreciation, net of (gains) losses on disposals			189,266		227,629
Total costs and expenses			1,863,580		1,808,468
Earnings from operations			377,695		193,537
Interest expense			(88,381)		(93,347)
Pretax earnings			289,314		100,190
Income tax expense			(105,739)		(34,567)
Net earnings			183,575		65,623
Excess (loss) of carrying amount of preferred stock over consideration paid			(178)		388
Less: Preferred stock dividends			(12,412)		(12,856)
Earnings available to common shareholders			$170,985		$53,155
Basic and diluted earnings per common share			$8.80		$2.74
Weighted average common shares outstanding: Basic and diluted			19,432,781		19,386,791

SOURCE AMERCO