latest news releases from the newsroom
Overseas Shipholding Group, Inc.
OSG and DHT Announce Sale of DHT Shares
NEW YORK, Jun 06, 2007 -- Overseas Shipholding Group, Inc. and Double Hull Tankers, Inc. jointly announced today the sale of five million shares of common stock of Double Hull Tankers pursuant to an underwriting agreement with Merrill Lynch & Co. and UBS Investment Bank. OSG has granted the underwriters a 30-day over-allotment option to purchase up to an additional 750,000 shares of DHT common stock at the agreed price. The shares of common stock will be offered by the underwriters from time to time to purchasers directly or through agents, or through brokers in brokerage transactions on the New York Stock Exchange, or to dealers in negotiated transactions or in a combination of such methods of sale, at a fixed price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. OSG expects to recognize a gain from the transaction of approximately $15 million in the second quarter of 2007.
AMERCO / U-Haul
U-Haul Closes On $303.6 Million Rental Truck Securitization Financing
RENO, Nev., June 6, 2007 (PRIME NEWSWIRE) -- AMERCO (Nasdaq:UHAL) today announced that certain of its subsidiaries have established a rental truck fleet securitization program under which they have issued an aggregate of $303.6 million of asset-backed notes to acquire new box trucks, cargo vans and pickup trucks. A portion of the proceeds will be used to finance truck purchases throughout fiscal 2008.
AMERCO / U-Haul
AMERCO Reports Fiscal 2007 Financial Results
RENO, Nev., June 6, 2007 (PRIME NEWSWIRE) -- AMERCO (Nasdaq:UHAL), parent of U-Haul International, Inc., North America's largest "do-it-yourself" moving and storage operator, today reported that net earnings available to common shareholders for the year ended March 31, 2007 were $77.6 million, or $3.72 per share, compared with net earnings of $108.2 million, or $5.19 per share for the same period last year. Included in the fiscal 2007 results is a nonrecurring after-tax charge of $0.20 per share related to the Company's second quarter fiscal 2007 refinancing and included in the fiscal 2006 results is a nonrecurring after-tax charge of $1.08 per share associated with the Company's first quarter fiscal 2006 refinancing. Taking into account the refinancing costs, adjusted earnings per share were $3.92 for fiscal 2007 compared with $6.27 for fiscal 2006.