U-Haul 2006 Annual Report Download - page 55

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
F-48
Consolidating income statements by industry segment for period ending March 31, 2004 are as follows
AMERCO U-Haul Real Estate Eliminations
Moving &
Storage
Consolidated
Property &
Casualty
Insurance (a)
Life
Insurance (a) Eliminations
AMERCO
Consolidated SAC Holdings Eliminations
Total
Consolidated
Revenues:
Self-moving equipment rentals -$ 1,380,991$ 217$ -$ 1,381,208$ -$ -$ -$ 1,381,208$ 29,155$ (29,155)$ (b) 1,381,208$
Self-storage revenues - 118,335 2,869 - 121,204 - - - 121,204 126,436 - 247,640
Self-moving & self-storage products & service sales - 182,327 61 - 182,388 - - - 182,388 50,577 - 232,965
Property management fees - 12,974 - - 12,974 - - - 12,974 - (12,715) (g) 259
Life insurance premiums - - - - - - 147,753 (2,671) (c) 145,082 - - 145,082
Property and casualty insurance premiums - - - - - 93,242 - (1,206) (c) 92,036 - - 92,036
Net investment and interest income 866 21,504 16,089 - 38,459 21,699 19,046 (4,088) (d) 75,116 - (36,835) (d) 38,281
Other revenue 1,550 35,580 56,668 (61,159) (b) 32,639 - 11,013 (2,497) (b) 41,155 12,787 (15,419) (b) 38,523
Total revenues 2,416 1,751,711 75,904 (61,159) 1,768,872 114,941 177,812 (10,462) 2,051,163 218,955 (94,124) 2,175,994
Costs and expenses:
Operating expenses 37,080 1,062,695 8,063 (61,159) (b) 1,046,679 27,403 38,111 (15,056) (b,c) 1,097,137 108,412 (25,553) (g) 1,179,996
Commission expenses - 176,165 - - 176,165 - - - 176,165 - (29,155) (b) 147,010
Cost of sales - 87,430 26 - 87,456 - - - 87,456 24,450 - 111,906
Benefits and losses - - - - - 109,362 103,491 4,594 (c) 217,447 - - 217,447
Amortization of deferred policy acquisition costs - - - - - 14,126 24,957 - 39,083 - - 39,083
Lease expense 786 159,869 2,653 - 163,308 - - - 163,308 - (2,581) (b) 160,727
Depreciation, net of (gains) losses on disposals 39 125,093 4,209 - 129,341 - - - 129,341 21,400 (1,928) (e) 148,813
Restructuring expenses 44,097 - - 44,097 - - - 44,097 - - 44,097
Total costs and expenses 82,002 1,611,252 14,951 (61,159) 1,647,046 150,891 166,559 (10,462) 1,954,034 154,262 (59,217) 2,049,079
Equity in earnings of subsidiaries 98,368 - - (115,050) (f) (16,682) - - 16,682 (f) - - - -
Equity in earnings of SAC Holdings (11,551) - - - (11,551) - - - (11,551) - 11,551 (f) -
Total - equity in earnings of subsidiaries and SAC Holdings 86,817 - - (115,050) (28,233) - - 16,682 (11,551) - 11,551 -
Earnings (loss) from operations 7,231 140,459 60,953 (115,050) 93,593 (35,950) 11,253 16,682 85,578 64,693 (23,356) 126,915
Interest income (expense) (56,968) 8,560 (29,154) - (77,562) - - - (77,562) (80,963) 36,835 (d) (121,690)
Pretax earnings (loss) (49,737) 149,019 31,799 (115,050) 16,031 (35,950) 11,253 16,682 8,016 (16,270) 13,479 5,225
Income tax benefit (expense) 45,690 (52,992) (12,776) - (20,078) 12,508 (4,493) - (12,063) 4,719 (733) (e) (8,077)
Net earnings (loss) (4,047) 96,027 19,023 (115,050) (4,047) (23,442) 6,760 16,682 (4,047) (11,551) 12,746 (2,852)
Less: Preferred stock dividends (12,963) - - - (12,963) - - - (12,963) - - (12,963)
Earnings (loss) available to common shareholders (17,010)$ 96,027$ 19,023$ (115,050)$ (17,010)$ (23,442)$ 6,760$ 16,682$ (17,010)$ (11,551)$ 12,746$ (15,815)$
(a) Balances for the year ended December 31, 2003
(b) Eliminate intercompany lease income and commission income
(c ) Eliminate intercompany premiums
(d) Eliminate intercompany interest on debt
(e) Eliminate gain on sale of surplus property from U-Haul to SAC Holdings
(f) Eliminate equity in earnings of subsidiaries and equity in earnings of SAC Holdings
(
g
)
Eli
m
i
nate management
f
ees c
h
arge
d
to
SAC
H
o
ldi
ngs an
d
ot
h
er
i
ntercompany operat
i
ng expenses
(In thousands)
Moving & Storage AMERCO Legal Group AMERCO as Consolidated