U-Haul 2004 Annual Report Download - page 4
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Please find page 4 of the 2004 U-Haul annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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The following is what I call “AMERCO’s Shareholder Value Proposition.” It says a lot about who we are and what
you might expect in the future.
It is our intent to be a medium-size company with an entrepreneurial, aggressive management team, relatively immune
to the potholes of corporate bureaucracy. Our plans include the following.
• Operating in a specialty niche, where our success is dependent more on how we treat our customers than
on competitive or market conditions
• Developing a self-funding balance sheet. Expand by using our own profits.
• Maintaining substantial insider ownership. This includes Shoen interests, ESOP and individual ownership
by directors, employees, dealers and vendors.
• Continuing with a North American orientation. Remain relatively insulated from political changes and
currency valuations.
• Maintaining constructive labor relations. Management free to make decisions independent of outside
groups. Encourage a coincidence of interest between ownership, management, operative U-Haul System
members and dealers.
• Maintaining a reasonable price/earnings ratio on our common stock. Emphasize the strength of the
company, not the strength of the stock price.
• Employing people who are high in integrity. Successful companies are composed of people with integrity at
all levels of the company.
We owe our accomplishments to a strong organization of U-Haul team members, dealers and affiliates, who have a
compelling desire to provide and to improve a much-needed service. This team is looking forward. Our focus is on
providing reliable products and services to families across North America at an affordable cost. I am proud to work
with such a dedicated group. I am optimistic about our future. We have the people, the tools, the programs and the
financial resources to succeed, and I look forward to our continued success.
I ask for your continued support and your patronage of our products and services.
Sincerely,
E.J. (Joe) Shoen