U-Haul 2006 Annual Report Download - page 115
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Fiscal 2005 Compared with Fiscal 2004
Listed below are revenues for the major product lines at U-Haul International, Inc. for fiscal 2005 and fiscal 2004:
2005 2004
Self-moving equipment rentals $ 1,437,895 $ 1,380,991
Self-storage revenues 94,431 118,335
Self-moving and self-storage product and service sales 191,078 182,327
Property management fees 14,434 12,974
Net investment and interest income 22,030 21,504
Other revenue 27,489 35,580
U-Haul International, Inc. revenue $ 1,787,357 $ 1,751,711
Year Ended March 31,
(In thousands)
During fiscal 2005, self-moving equipment rentals increased $56.9 million with increases in truck, trailer, and
support rental items. The increases are due to improved equipment utilization, pricing, and product mix.
Self-storage revenues decreased $23.9 million for fiscal 2005, compared to fiscal 2004 due to the W.P Carey
transaction (see footnote 9 for a more detailed discussion of the W.P. Carey Transaction), while storage revenues at
remaining properties grew as a result of an increase in the number of rooms available for rent, higher occupancy
rates and modest price increases.
Sales of self-moving and self-storage products and service sales increased $8.8 million for fiscal 2005, compared
to fiscal 2004 generally following the growth in self-moving equipment rentals. Support sales items, hitches, and
propane all had increases for the year.
Total costs and expenses increased $35.7 million for fiscal 2005, compared to fiscal 2004. Commissions on self-
moving equipment rentals and cost of sales increased in proportion to the related revenues. Operating expenses
increased $38.0 million for fiscal 2005, compared to fiscal 2004, due primarily to increased repair and maintenance
costs and personnel and benefit expense.
As a result of the above mentioned changes in revenues and expenses, earnings from operations remained constant
at $140.5 million for fiscal 2005 and 2004, respectively.
Republic Western Insurance Company
2005 Compared with 2004
Premium revenues were $26.0 million and $25.0 million for the years ended December 31, 2005 and 2004,
respectively. U-Haul related premiums were $20.2 million and $18.9 million for the years ended December 31, 2005
and 2004, respectively. Other non U-Haul lines of business were $5.8 million and $6.1 million for the years ended
December 31, 2005 and 2004, respectively.
Net investment income was $11.4 million and $16.4 million for 2005 and 2004, respectively. The reduction was
due to a decrease in RepWest’ s invested asset base and gains on capital assets sold in 2004.
Benefits and losses incurred were $22.6 million and $39.7 million for 2005 and 2004, respectively. The decrease
resulted from reduced exposure to non U-Haul policies combined with the absence of approximately $8.5 million of
incurred losses in 2004 due to hurricane claims.
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