AMERCO Reports Fiscal 2006 Financial Results

Phoenix, Arizona, UNITED STATES


RENO, Nev., June 12, 2006 (PRIMEZONE) -- 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, 2006 were $108.2 million, or $5.19 per share, compared with net earnings of $76.5 million, or $3.68 per share for the same period last year. Included in the fiscal 2006 results is a nonrecurring after-tax charge of $1.08 per share associated with the Company's first quarter refinancing. The fiscal 2005 results included nonrecurring, after-tax litigation settlement proceeds of $1.56 per share. Taking into account the refinancing costs and litigation settlement proceeds, adjusted earnings per share was $6.27 for fiscal 2006 compared with $2.12 for fiscal 2005.

For the quarter ending March 31, 2006, net loss available to common shareholders was $1.4 million, or $0.07 per share, compared with a net loss of $32.8 million, or $1.57 per share for the same period last year.

According to Joe Shoen, chairman of AMERCO, "We continue to invest strongly in our truck rental fleet to further strengthen our 'do-it-yourself' moving and storage business. Over the past twelve months, we have placed over 15,600 rental trucks and 3,000 rental trailers into service to support the moving needs of our customers. This investment is expected to reduce current spending on truck-maintenance costs."

Highlights of Full-Year and Fourth-Quarter 2006 Results



  --  Gross revenues from the moving and storage business increased
      $108.8 million or 6.1% for the full year of fiscal 2006 compared
      to fiscal 2005.
  --  Over the past year we have placed over 15,600 rental trucks in
      service along with 3,000 new trailers.  The rotation of the
      fleet has resulted in positive earnings implications through the
      reduction of repair and maintenance costs.
  --  Self-storage occupancy rates at Company owned and managed
      locations have increased from approximately 81% in fiscal 2005
      to 86 % in fiscal 2006.
  --  Retail sales increases have increased for the full year and the
      quarter as customer demand for our propane, towing accessories
      and moving support items continues to grow.  The Company remains
      the single largest retail provider of propane and towing
      accessories in the United States.
  --  In June 2005 the Company refinanced its debt.  The new structure
      reduced borrowing costs and provides the Company with the
      capital necessary for continued investment and sustainable
      growth.  The structure of the new loan facilities provide
      increased flexibility to the Company to manage its operations
      and finances.
  --  The insurance companies operating earnings have improved from
      $12.7 million in losses in fiscal 2005 to $15.1 million in
      earnings for fiscal 2006.  For the fourth quarter of fiscal
      2006, operating earnings improved to $4.0 million from a loss of
      $6.7 million in the fourth quarter of fiscal 2005.

Fiscal 2007 Outlook

We have had many developments which we believe will positively affect performance in fiscal 2007 and beyond. We believe the momentum in our moving and storage operations will continue. The addition of new rental equipment is being well received in our marketplace.

In fiscal 2007 we are working toward increasing transaction volume and utilization for self-moving equipment rentals. Investing in our truck fleet is a key initiative to reach this goal. We continue to manufacture our vans and expect to produce thousands of additional vans and trailers during the next year. This investment is expected to increase the number of rentable equipment days available to meet our customer demands and to reduce future spending on repair costs and equipment downtime. In fiscal 2007 we are working toward increasing our storage occupancy at existing sites, adding new affiliates and building new locations. We believe that additional occupancy gains in our current portfolio of locations can be realized in fiscal 2007. We will continue to add new storage affiliates through our eMove Storage Affiliate Program and plan for growth in this program in fiscal 2007. Additionally, we are developing new facilities that will increase our overall capacity in future years.

At RepWest, our plans to exit non U-Haul related lines are progressing. Additionally, RepWest will continue to provide loss adjusting and claims handling for U-Haul and will underwrite components of the Safemove, Safetow and Safestor protection packages to U-Haul customers.

At Oxford, the ratings upgrade by A.M. Best in October 2005 to B+ should support the expansion of its distribution capabilities.

AMERCO will hold its investor call for the fiscal year 2006 on Wednesday, June 14, 2006, at 9 a.m. Pacific Time (12 p.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.

Use of Non-GAAP Financial Information

The company reports its financial results in accordance with generally accepted accounting principles (GAAP). However, the Company uses certain non-GAAP performance measures including adjusted earnings per share to provide a better understanding of the Company's underlying operational results. The Company uses adjusted earnings per share to present the impact of certain transactions or events that management expects to occur only infrequently.

AMERCO is the parent company of U-Haul International, Inc., North America's largest do-it-yourself moving and storage operator, AMERCO Real Estate Company, Republic Western Insurance Company and Oxford Life Insurance Company. With a network of over 15,400 locations in all 50 United States and 10 Canadian provinces, the Company has the largest consumer truck-rental fleet in the world, with over 93,000 trucks, 80,675 trailers and 33,500 towing devices.

U-Haul has also been a leader in the storage industry since 1974, with more than 377,000 rooms, approximately 33 million square feet of storage space at nearly 1,050 owned and managed facilities throughout North America.

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, 2006, 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 2006 and fiscal 2005.



                          Quarter Ended         Twelve Months Ended
                             Mar. 31,                 Mar. 31,
                          2006     2005          2006          2005
                        ------------------    -----------------------
                                     (In thousands)
 Self-moving equipment
  rentals               $302,195  $290,526    $1,503,569   $1,437,895
 Self-storage revenues    29,966    25,796       122,119      114,155
 Self-moving and
  self-storage
  products and
  service sales           47,350    44,131       223,721      206,098
 Property management fees  8,637     2,868        21,195       11,839
 Life insurance premiums  28,783    29,701       118,833      126,236
 Property & casualty
  insurance premiums       5,829     4,172        26,001       24,987
 Net investment & interest
  income                  14,221    10,579        53,094       56,739
 Other revenue             9,001     6,486        38,094       30,172
                        ------------------    -----------------------
 Consolidated revenue    445,982   414,259     2,106,626    2,008,121
                        ==================    =======================

Listed below are revenues and earnings from operations at each of our four operating segments for the fourth quarter and the full year of fiscal 2006 and fiscal 2005



                         Quarter Ended          Twelve Months Ended
                            Mar. 31,                 Mar. 31,
                          2006     2005         2006        2005
                        ------------------    -----------------------
 Moving and storage                  (In thousands)
  Revenues              $395,797  $367,696    $1,900,468   $1,791,667
  Earnings from
   operations             16,547   (27,112)      292,774      165,985
 Property and casualty
  insurance
  Revenues                 8,165     5,539        37,358       41,417
  Earnings from
   operations               (583)   (6,065)        1,144      (14,814)
 Life insurance
  Revenues                36,673    36,990       148,080      159,484
  Earnings from
   operations              4,576      (665)       13,933        2,065
 SAC Holding II
  Revenues                10,698     9,944        46,239       43,172
  Earnings from
   operations              2,913       868        13,643       10,466
 Eliminations
  Revenues                (5,351)   (5,910)      (25,519)     (27,619)
  Earnings from
   operations             (4,289)    4,298       (16,113)       3,294
 Consolidated results
  Revenues               445,982   414,259     2,106,626    2,008,121
  Earnings from
   operations             19,164   (28,676)      305,381      166,996


                    AMERCO AND CONSOLIDATED ENTITIES
                      CONSOLIDATED BALANCE SHEETS

                                                Mar. 31,   Mar. 31,
                                                 2006        2005
                                               ---------   ---------
 Assets                                           (In thousands)
  Cash and cash equivalents                    $ 155,459  $   55,955
  Reinsurance recoverables & trade
   receivables, net                              230,179     240,593
  Notes and mortgage receivables, net              2,532       1,965
  Inventories, net                                64,919      63,658
  Prepaid expenses                                53,262      29,045
  Investments, fixed maturities                  695,958     635,178
  Investments, other                             209,361     345,207
  Deferred policy acquisition costs, net          47,821      52,543
  Other assets                                   102,094      84,895
  Related party assets                           270,468     252,666
                                               ---------   ---------
     Total                                     1,832,053   1,761,705
                                               ---------   ---------
   Property, plant and equipment, at cost;
    Land                                         175,785     151,145
    Buildings and improvements                   739,603     686,225
    Furniture and equipment                      281,371     265,216
    Rental trailers and other rental equipment   201,273     199,461
    Rental trucks                              1,331,891   1,252,018
    SAC Holding II - PP&E                         79,217      77,594
                                               ---------   ---------
       Subtotal                                2,809,140   2,631,659
   Less: Accumulated depreciation             (1,273,975) (1,277,191)
                                               ---------   ---------
     Total property, plant and equipment       1,535,165   1,354,468
                                               ---------   ---------
   Total assets                                3,367,218   3,116,173
                                               =========   =========

 Liabilities & stockholders' equity
 Liabilities:

  Accounts payable & accrued expenses          $ 235,878   $ 237,134
  AMERCO notes and loans payable                 965,634     780,008
  SAC Holding II notes & loans payable            76,232      77,474
  Policy benefits & losses, claims & loss
   expenses payable                              800,413     805,330
  Liabilities from investment contracts          449,149     503,838
  Other policyholders' funds & liabilities         7,705      11,613
  Deferred income                                 21,346      38,743
  Deferred income taxes                          108,092      78,124
  Related party liabilities                        7,165      11,070
                                               ---------   ---------
 Total liabilities                             2,671,614   2,543,334
 Stockholders' Equity:
  Series A common stock                              929         929
  Common stock                                     9,568       9,568
  Additional paid-in-capital                     367,655     350,344
  Accumulated other comprehensive income         (28,902)    (24,612)
  Retained earnings                              773,784     665,593
  Cost of common shares in treasury, net        (418,092)   (418,092)
  Unearned employee stock ownership plan shares   (9,338)    (10,891)
                                               ---------   ---------
 Total stockholders' equity                      695,604     572,839
                                               ---------   ---------
     Total liabilities & stockholders' equity  3,367,218   3,116,173
                                               =========   =========


                 AMERCO AND CONSOLIDATED ENTITIES
         CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


                                            Quarter Ended March 31,
                                            2006               2005
                                       ------------       -----------
                                        (In thousands, except share
                                            and per share amounts)
 Revenues:

   Self-moving equipment rentals        $   302,195       $   290,526
   Self-storage revenues                     29,966            25,796
   Self-moving and self-storage
    products and service sales               47,350            44,131
   Property management fees                   8,637             2,868
   Life insurance premiums                   28,783            29,701
   Property and casualty insurance
    premiums                                  5,829             4,172
   Net investment and interest income        14,221            10,579
   Other revenue                              9,001             6,486
                                         ----------        ----------
   Total revenues                       $   445,982       $   414,259

 Costs and expenses:
   Operating expenses                       253,129           276,321
   Commission expenses                       36,338            34,238
   Cost of sales                             27,798            27,692
   Benefits and losses                       27,935            29,333
   Amortization of deferred policy
    acquisition costs                         6,455             4,497
   Lease expense                             35,726            35,965
   Depreciation, net                         39,437            34,889
                                         ----------       -----------
     Total costs and expenses           $   426,818      $    442,935
                                         ----------       -----------

 Earnings from operations                    19,164          (28,676)
   Interest expense                         (16,809)         (19,210)
   Litigation settlement                         --               --
                                         ----------       -----------
 Pretax earnings                              2,355          (47,886)
   Income tax (expense)/benefit                (555)          18,286
                                         ----------       -----------
 Net earnings                                 1,800          (29,600)
   Less: Preferred stock dividends           (3,240)          (3,240)
                                         ----------       -----------
 Loss available to common shareholders  $    (1,440)     $   (32,840)
                                         ==========       ===========
 Basic and diluted loss per common
  share                                 $     (0.07)     $     (1.57)
                                         ==========       ===========
 Weighted average common shares
  outstanding:

   Basic and diluted shares              20,887,258        20,824,296
                                         ==========        ==========


                   AMERCO AND CONSOLIDATED ENTITIES
                 CONSOLIDATED STATEMENTS OF OPERATIONS

                                       Twelve Months Ended March 31,
                                           2006              2005
                                       ------------     ------------
                                       (In thousands, except share
                                         and per share amounts)
 Revenues:
   Self-moving equipment rentals        $ 1,503,569     $  1,437,895
   Self-storage revenues                    122,119          114,155
   Self-moving and self-storage
    products and service sales              223,721          206,098
   Property management fees                  21,195           11,839
   Life insurance premiums                  118,833          126,236
   Property and casualty insurance
    premiums                                 26,001           24,987
   Net investment and interest income        53,094           56,739
   Other revenue                             38,094           30,172
                                         ----------      ------------
   Total revenues                         2,106,626        2,008,121

 Costs and expenses:
   Operating expenses                     1,080,990        1,122,197
   Commission expenses                      180,101          172,307
   Cost of sales                            113,135          105,309
   Benefits and losses                      117,160          140,343
   Amortization of deferred policy
    acquisition costs                        24,261           28,512
   Lease expense                            142,781          151,354
   Depreciation, net                        142,817          121,103
                                         ----------      ------------
     Total costs and expenses             1,801,245        1,841,125
                                         ----------      ------------

 Earnings from operations                   305,381          166,996
   Interest expense                         (69,481)         (73,205)
   Fees on early extinguishment of
    debt                                    (35,627)             --
   Litigation settlement                         --           51,341
                                         ----------      ------------
 Pretax earnings                            200,273          145,132
   Income tax expense                       (79,119)         (55,708)
                                         ----------      ------------
 Net earnings                               121,154           89,424
   Less: Preferred stock dividends          (12,963)         (12,963)
                                         ----------      ------------
 Earnings available to common
  shareholders                         $    108,191    $      76,461
                                         ==========      ============
 Basic and diluted earnings per
  common share                         $       5.19    $        3.68
                                         ==========      ============
 Weighted average common shares
 outstanding:

   Basic and diluted shares              20,857,108       20,804,773
                                         ==========      ============


            NON-GAAP FINANCIAL RECONCILIATION SCHEDULE


                                                     Year Ended
                                                   March 31, 2006
                                                  ---------------
 (In thousands, except share and per share amounts)

 AMERCO and Consolidated Entities
  Earnings per common share basic and
   diluted                                          $       5.19
  Non-recurring refinancing charges,
   net of taxes                                             1.08
                                                    ------------

  Earnings per common share basic and
   diluted before non-recurring
   refinancing charges                              $       6.27
                                                    ============

  Nonrecurring fees on early extinguishment
   of debt                                          $    (35,627)
  Income tax benefit                                      13,101
                                                    ------------

  Nonrecurring fees on early extinguishment
   of debt, net of taxes                            $    (22,526)
                                                    ============

  Nonrecurring fees on early extinguishment
   of debt, net of taxes, per common
   share basic and diluted                          $      (1.08)
                                                    ============

  Weighted average shares outstanding:
   basic and diluted                                  20,857,108
                                                    ============


                                                     Year Ended
                                                   March 31, 2005
                                                   --------------
 (In thousands, except share and per share
  amounts)

 AMERCO and Consolidated Entities
  Earnings per common share basic and
   diluted                                          $       3.68
  Non-recurring litigation proceeds, net of taxes          (1.56)
                                                    ------------

  Earnings per common share basic and
   diluted before non-recurring
   litigation proceeds                              $       2.12
                                                    ============



  Nonrecurring litigation proceeds                  $     51,341
  Income tax expense                                     (18,853)
                                                    ------------
  Nonrecurring litigation proceeds, net
   of taxes                                         $     32,488
                                                    ============

  Nonrecurring litigation proceeds, net of taxes,
   per common share basic and diluted               $       1.56
                                                    ============

  Weighted average shares outstanding:
   basic and diluted                                  20,804,773
                                                    ============


        

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