AMERCO Reports Fiscal 2007 Financial Results

Phoenix, Arizona, UNITED STATES


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.

For the quarter ending March 31, 2007, the company reported a net loss to common shareholders of $18.9 million, or $0.89 per share, compared with a net loss of $1.4 million, or $0.07 per share for the same period last year.

"While earnings have been negatively impacted by general softness in our one-way truck pricing, we believe the Company is on the proper course to better serve our customers," stated Joe Shoen, chairman of AMERCO. "We expect to continue to purchase new equipment and add storage capacity in fiscal 2008. Our confidence in the future is clearly reflected in the common stock repurchase program," Shoen concluded.

Highlights of Full-Year and Fourth-Quarter 2007 Results



 * The Company added over 22,500 new trucks and nearly 2,000 new
   trailers to our existing rental fleet in fiscal 2007.  As these new 
   trucks were added, older trucks were rotated out of the fleet.  The 
   Company currently has plans for acquiring approximately 21,000 new 
   rental trucks into the fleet for fiscal 2008.

 * On June 1, 2007 a subsidiary of the Company completed a
   $303.6 million truck securitized financing.  The Company believes that 
   this is one of the first truck-fleet term ABS transactions to be 
   completed in the United States where rental trucks have been the 
   primary collateral.  

 * As part of our program to minimize financing costs (including
   current taxes) approximately 70 percent measured on the cost of
   these new trucks were purchased as opposed to leased.  Accelerated
   depreciation has the effect of increasing depreciation charges in
   the earlier years of ownership. Depreciation expense on rental
   equipment, before gains and losses on sales, increased
   $14.9 million for the fourth quarter of fiscal 2007 compared with
   the fourth quarter of fiscal 2006, and $51.2 million for fiscal
   2007 compared with fiscal 2006.

 * The Company's Board authorized a stock repurchase of up to
   $115 million of Common Stock.  As of March 31, 2007 the Company
   repurchased 739,291 shares at a cost of $49.1 million.  Per the
   terms of the stock repurchase plan, the Company may continue to
   repurchase shares through October 31, 2007 or until total purchases
   reach $115 million.

 * The Company finished fiscal 2007 with a 1.8% decrease in Self-
   moving equipment rental revenues compared with fiscal 2006 and a
   2.2% decrease in the fourth quarter of fiscal 2007 compared with
   the fourth quarter of fiscal 2006.  Average revenue per transaction
   for one-way moves, lower than expected utilization, and a shortage
   of mid-size trucks during the spring and summer months of fiscal
   2007 account for the majority of the decrease.  Offsetting these
   negative factors are increases in one-way transactions along with
   increases in the average inventory of the rental truck fleet.

 * The Company has added to its owned and managed self-storage portfolio 
   through the acquisition of new facilities and the expansion of existing
   facilities, adding nearly 490,000 square feet and over 5,200 rooms
   in fiscal 2007.

 * Earnings from operations at the insurance companies improved
   $5.2 million for fiscal 2007 compared with fiscal 2006 and
   $0.5 million for the fourth quarter of fiscal 2007 compared with
   fiscal 2006.

Fiscal 2008 Outlook

We are continuing to implement programs today that we believe will benefit us in the coming years. Our continued investment in the rotation of fleet will position us well for years to come. Our goals are to increase transaction volume, improve pricing, fine tune product mix and maximize utilization for self-moving equipment rentals. The Company remains committed to expanding its self-storage presence through direct investment in new properties, locations, and build-outs along with partnering with other operators as part of the eMove program.

AMERCO will hold its investor call for the fiscal year 2007 on Thursday, June 7, 2007, at 8 a.m. Pacific 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.

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.

Since 1945, U-Haul has been the undisputed choice for the do-it-yourself mover, with a network of more than 15,950 locations in all 50 United States and 10 Canadian provinces. U-Haul customers' patronage has enabled the U-Haul fleet to grow to more than 100,000 trucks, 78,500 trailers and 31,100 towing devices. As a result, U-Haul offers more than 383,000 rooms and more than 33.7 million square feet of storage space at more than 1,055 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. U-Haul supplies alternative-fuel for vehicles and backyard barbecues as one of the nation's largest retailer 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, 2007, 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 2007 and fiscal 2006.



                           Quarter Ended       Twelve Months Ended
                              Mar. 31,               Mar. 31,
                           2007      2006         2007        2006
                         -------------------   ----------------------
                                         (In thousands)
 Self-moving equipment
  rentals                 $295,476  $302,195   $1,476,579  $1,503,569
 Self-storage revenues      31,812    29,966      126,424     119,742
 Self-moving and
  self-storage products
  and service sales         49,004    47,350      224,722     223,721
 Property management
  fees                       7,407     8,637       21,154      21,195
 Life insurance
  premiums                  28,906    28,783      120,399     118,833
 Property & casualty
  insurance premiums         5,928     5,829       24,335      26,001
 Net investment &
  interest income           18,336    14,221       61,093      53,094
 Other revenue               8,328     9,001       30,891      40,471
                         -------------------   ----------------------
   Consolidated revenue    445,197   445,982    2,085,597   2,106,626
                         ===================   ======================

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 2007 and fiscal 2006.



                           Quarter Ended        Twelve Months Ended
                              Mar. 31,               Mar. 31,
                           2007       2006        2007       2006
                         -------------------   ----------------------
 Moving and storage                      (In thousands)
  Revenues               $390,908   $395,797   $1,875,860  $1,900,468
  Earnings (loss) from
   operations             (15,326)    16,547      217,937     292,774
 Property and casualty
  insurance
  Revenues                  9,491      8,165       38,486      37,358
  Earnings (loss) from
   operations               1,638       (583)       5,741       1,144
 Life insurance
  Revenues                 36,117     36,673      148,820     148,080
  Earnings from
   operations               2,834      4,576       14,521      13,933
 SAC Holding II
  Revenues                 10,779     10,698       46,603      46,239
  Earnings from
   operations               2,581      2,913       13,854      13,643
 Eliminations
  Revenues                 (2,098)    (5,351)     (24,172)    (25,519)
  Earnings from
   operations                (501)    (4,289)     (16,505)    (16,113)
 Consolidated results
  Revenues                445,197    445,982    2,085,597   2,106,626
  Earnings (loss) from
   operations              (8,774)    19,164      235,548     305,381



                   AMERCO AND CONSOLIDATED ENTITIES
                      CONSOLIDATED BALANCE SHEETS
                                              Mar. 31,      Mar. 31,
                                                2007          2006
                                            ----------   -----------
 Assets                                          (In thousands)
  Cash and cash equivalents                $    75,272     $ 155,459
  Reinsurance recoverables & trade
   receivables, net                            184,617       230,179
  Notes and mortgage receivables, net            1,669         2,532
  Inventories, net                              67,023        64,919
  Prepaid expenses                              52,080        53,262
  Investments, fixed maturities                681,801       695,958
  Investments, other                           178,699       209,361
  Deferred policy acquisition costs, net        44,514        47,821
  Other assets                                  95,123       102,094
  Related party assets                         245,179       270,468
                                            ----------   -----------
     Total                                   1,625,977     1,832,053
                                            ----------   -----------
 Property, plant and equipment, at cost;
  Land                                         202,917       175,785
  Buildings and improvements                   802,289       739,603
  Furniture and equipment                      301,751       281,371
  Rental trailers and other rental
   equipment                                   200,208       201,273
  Rental trucks                              1,604,123     1,331,891
  SAC Holding II - PP&E                         80,349        79,217
                                            ----------   -----------
     Subtotal                                3,191,637     2,809,140
   Less: Accumulated depreciation           (1,294,566)   (1,273,975)
                                            ----------   -----------
     Total property, plant and equipment     1,897,071     1,535,165
                                            ----------   -----------
     Total assets                           $3,523,048   $3,367,218
                                            ==========   ===========
 Liabilities & stockholders' equity
 Liabilities:
  Accounts payable & accrued expenses      $   251,197     $ 235,878
  AMERCO notes and loans payable             1,181,165       965,634
  SAC Holding II notes & loans payable          74,887        76,232
  Policy benefits & losses, claims & loss
   expenses payable
                                               768,751       800,413
  Liabilities from investment contracts        386,640       449,149
  Other policyholders' funds & liabilities      10,563         7,705
  Deferred income                               16,478        21,346
  Deferred income taxes                        113,170       108,092
  Related party liabilities                      2,099         7,165
                                            ----------   -----------
 Total liabilities                           2,804,950     2,671,614
                                            ----------   -----------
 Stockholders' Equity:
  Series A common stock                             --           929
  Common stock                                  10,497         9,568
  Additional paid-in-capital                   375,412       367,655
  Accumulated other comprehensive loss         (41,779)      (28,902)
  Retained earnings                            849,300       773,784
  Cost of common shares in treasury, net      (467,198)     (418,092)
  Unearned employee stock ownership
   plan shares                                  (8,134)       (9,338)
                                            ----------   -----------
 Total stockholders' equity                    718,098       695,604
                                            ----------   -----------
     Total liabilities & stockholders'
      equity                                $3,523,048   $ 3,367,218
                                            ==========   ===========



                   AMERCO AND CONSOLIDATED ENTITIES
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                              Quarter Ended March 31,
                                               2007          2006
                                            ----------    ----------
                                            (In thousands, except
                                          share and per share amounts)
 Revenues:
  Self-moving equipment rentals             $  295,476    $  302,195
  Self-storage revenues                         31,812        29,966
  Self-moving and self-storage products and
   service sales                                49,004        47,350
  Property management fees                       7,407         8,637
  Life insurance premiums                       28,906        28,783
  Property and casualty insurance premiums       5,928         5,829
  Net investment and interest income            18,336        14,221
  Other revenue                                  8,328         9,001
                                            ----------    ----------
    Total revenues                             445,197       445,982

 Costs and expenses:
  Operating expenses                           266,819       253,129
  Commission expenses                           34,551        36,338
  Cost of sales                                 28,914        27,798
  Benefits and losses                           27,816        27,935
  Amortization of deferred policy
   acquisition costs                             2,467         6,455
  Lease expense                                 36,949        35,726
  Depreciation, net                             56,455        39,437
                                            ----------    ----------
    Total costs and expenses                   453,971       426,818
                                            ----------    ----------
 Earnings (loss) from operations                (8,774)       19,164
  Interest expense                             (21,100)      (16,809)
                                            ----------    ----------
 Pretax earnings (loss)                        (29,874)        2,355
  Income tax (expense)/benefit                  14,214          (555)
                                            ----------    ----------
 Net earnings (loss)                           (15,660)        1,800
  Less: Preferred stock dividends               (3,240)       (3,240)
                                            ----------    ----------
 Loss available to common shareholders      $  (18,900)   $   (1,440)
                                            ==========    ==========
 Basic and diluted loss per common share    $    (0.89)   $    (0.07)
                                            ==========    ==========
 Weighted average common shares outstanding:
  Basic and diluted shares                  20,682,087    20,887,258
                                            ==========    ==========





                   AMERCO AND CONSOLIDATED ENTITIES
                CONSOLIDATED STATEMENTS OF OPERATIONS

                                          Twelve Months Ended March 31,
                                              2007         2006
                                            ----------    ----------
                                             (In thousands, except
                                          share and per share amounts)
 Revenues:
  Self-moving equipment rentals            $ 1,476,579   $ 1,503,569
  Self-storage revenues                        126,424       119,742
  Self-moving and self-storage products
   and service sales
                                               224,722       223,721
  Property management fees                      21,154        21,195
  Life insurance premiums                      120,399       118,833
  Property and casualty insurance premiums      24,335        26,001
  Net investment and interest income            61,093        53,094
  Other revenue                                 30,891        40,471
                                            ----------    ----------
    Total revenues                           2,085,597     2,106,626

 Costs and expenses:
  Operating expenses                         1,080,897     1,080,990
  Commission expenses                          177,008       180,101
  Cost of sales                                117,648       113,135
  Benefits and losses                          118,725       117,160
  Amortization of deferred policy
   acquisition costs                            17,138        24,261
  Lease expense                                149,044       142,781
  Depreciation, net                            189,589       142,817
                                            ----------    ----------
    Total costs and expenses                 1,850,049     1,801,245
                                            ----------    ----------
 Earnings from operations                      235,548       305,381
  Interest expense                             (82,756)      (69,481)
  Fees on early extinguishment of debt          (6,969)      (35,627)
                                            ----------    ----------
 Pretax earnings                               145,823       200,273
  Income tax expense                           (55,270)      (79,119)
                                            ----------    ----------
 Net earnings                                   90,553       121,154
  Less: Preferred stock dividends              (12,963)      (12,963)
                                            ----------    ----------
 Earnings available to common shareholders $    77,590   $   108,191
                                            ==========    ==========
 Basic and diluted earnings per
  common share                             $      3.72   $      5.19
                                            ==========    ==========
 Weighted average common shares
  outstanding:
  Basic and diluted shares                  20,838,570    20,857,108
                                            ==========    ==========



              NON-GAAP FINANCIAL RECONCILIATION SCHEDULE

                                                       Year Ended
                                                     March 31, 2007
                                                    ---------------
 (In thousands, except share and per share amounts)

 AMERCO and Consolidated Entities
   Earnings per common share basic and diluted        $       3.72
   Non-recurring refinancing charges, net of taxes            0.20
                                                    ---------------
 Earnings per common share basic and diluted
      before non-recurring refinancing charges        $       3.92
                                                    ===============

 Nonrecurring fees on early extinguishment of debt    $     (6,969)
 Income tax benefit                                          2,718
                                                    ---------------
 Nonrecurring fees on early extinguishment of debt,
  net of taxes                                        $     (4,251)
                                                    ===============
 Non recurring fees on early extinguishment of debt,
   net of taxes, per common
 share basic and diluted                              $      (0.20)
                                                    ===============
 Weighted average shares outstanding:
  basic and diluted                                     20,838,570
                                                    ===============


                                                       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
                                                    ===============
                                                           (35,627)
 Nonrecurring fees on early extinguishment of debt
 Income tax benefit                                   $     13,101
                                                    --------------
 Nonrecurring fees on early extinguishment of debt,
  net of taxes                                             (22,526)
                                                    ---------------
 Non recurring 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
                                                    ===============


        

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