U-Haul 2006 Annual Report Download - page 11

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AMERCO AND CONSOLIDATED ENTITIES
CONSOLIDATED STATEMENTS OF OPERATIONS
2006 2005 2004
Revenues:
Self-moving equipment rentals $ 1,503,569 $ 1,437,895 $ 1,381,208
Self-storage revenues 122,119 114,155 247,640
Self-moving and self-storage products and service sales 223,721 206,098 232,965
Property management fees 21,195 11,839 259
Life insurance premiums 118,833 126,236 145,082
Property and casualty insurance premiums 26,001 24,987 92,036
Net investment and interest income 53,094 56,739 38,281
Other revenue 38,094 30,172 38,523
Total revenues 2,106,626 2,008,121 2,175,994
Costs and expenses:
Operating expenses 1,080,990 1,122,197 1,179,996
Commission expenses 180,101 172,307 147,010
Cost of sales 113,135 105,309 111,906
Benefits and losses 117,160 140,343 217,447
Amortization of deferred policy acquisition costs 24,261 28,512 39,083
Lease expense 142,781 151,354 160,727
Depreciation, net of (gains) losses on disposals 142,817 121,103 148,813
Restructuring expenses - - 44,097
Total costs and expenses 1,801,245 1,841,125 2,049,079
Earnings from operations 305,381 166,996 126,915
Interest expense (69,481) (73,205) (121,690)
Fees on early extinguishment of debt (35,627) - -
Litigation settlement, net of costs, fees and expenses - 51,341 -
Pretax earnings 200,273 145,132 5,225
Income tax expense (79,119) (55,708) (8,077)
Net earnings (loss) 121,154 89,424 (2,852)
Less: Preferred stock dividends (12,963) (12,963) (12,963)
Earnings (loss) available to common shareholders $ 108,191 $ 76,461 $ (15,815)
Basic and diluted earnings (loss) per common share $ 5.19 $ 3.68 $ (0.76)
Weighted average common shares outstanding:
Basic and diluted 20,857,108 20,804,773 20,749,998
Years Ended March 31,
(In thousands, except share and per share data)
Related party revenues for fiscal 2006, 2005 and 2004, net of eliminations, were $29.2 million, $25.8 million and $0.2
million, respectively.
Related party costs and expenses for fiscal 2006, 2005 and 2004, net of eliminations, were $32.6 million, $26.1 million
and $0.3 million, respectively.
The accompanying notes are an integral part of these consolidated financial statements.