U-Haul 2007 Annual Report Download - page 114

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
F-49
Consolidating statements of operations by industry segment for period ending March 31, 2007 are as follows:
AMERCO U-Haul Real Estate Eliminations
Moving &
Storage
Consolidated
Property &
Casualty
Insurance (a)
Life
Insurance (a) Eliminations
AMERCO
Consolidated SAC Holding II Eliminations
Total
Consolidated
Revenues:
Self-moving equipment rentals -$ 1,476,579$ -$ -$ 1,476,579$ -$ -$ -$ 1,476,579$ 9,225$ (9,225)$ (b) 1,476,579$
Self-storage revenues - 104,725 1,773 - 106,498 - - - 106,498 19,926 - 126,424
Self-moving & self-storage products & service sales - 208,677 - - 208,677 - - - 208,677 16,045 - 224,722
Property management fees - 23,951 - - 23,951 - - - 23,951 - (2,797) (g) 21,154
Life insurance premiums - - - - - - 121,590 (1,191) (c) 120,399 - - 120,399
Property and casualty insurance premiums - - - - - 24,335 - - 24,335 - - 24,335
Net investment and interest income 4,867 29,294 - - 34,161 14,151 22,490 (2,674) (d) 68,128 - (7,035) (d) 61,093
Other revenue 204 31,403 67,436 (73,049) (b) 25,994 - 4,740 (540) (b) 30,194 1,407 (710) (b) 30,891
Total revenues 5,071 1,874,629 69,209 (73,049) 1,875,860 38,486 148,820 (4,405) 2,058,761 46,603 (19,767) 2,085,597
Costs and expenses:
Operating expenses 12,096 1,085,619 8,843 (73,049) (b) 1,033,509 8,787 30,871 (12,046) (b,c) 1,061,121 22,573 (2,797) (g) 1,080,897
Commission expenses - 186,233 - - 186,233 - - - 186,233 - (9,225) (b) 177,008
Cost of sales - 110,163 - - 110,163 - - - 110,163 7,485 - 117,648
Benefits and losses - - - - - 21,901 88,347 8,477 (c) 118,725 - - 118,725
Amortization of deferred policy acquisition costs - - - - - 2,057 15,081 - 17,138 - - 17,138
Lease expense 88 149,649 853 - 150,590 - - (836) (b) 149,754 - (710) (b) 149,044
Depreciation, net of (gains) losses on disposals 293 180,560 6,605 - 187,458 - - - 187,458 2,691 (560) (e) 189,589
Total costs and expenses 12,477 1,712,224 16,301 (73,049) 1,667,953 32,745 134,299 (4,405) 1,830,592 32,749 (13,292) 1,850,049
Equity in earnings of subsidiaries 35,269 - - (25,766) (f) 9,503 - - (9,503) (f) - - - -
Equity in earnings of SAC Holding II 527 - - - 527 - - - 527 - (527) (f) -
Total - equity in earnings of subsidiaries and SAC Holding II 35,796 - - (25,766) 10,030 - - (9,503) 527 - (527) -
Earnings (loss) from operations 28,390 162,405 52,908 (25,766) 217,937 5,741 14,521 (9,503) 228,696 13,854 (7,002) 235,548
Interest income (expense) 89,026 (114,051) (51,704) - (76,729) - - - (76,729) (13,062) 7,035 (d) (82,756)
Fees and amortization on early extinguishment of debt - (302) (6,667) - (6,969) - - - (6,969) - - (6,969)
Pretax earnings (loss) 117,416 48,052 (5,463) (25,766) 134,239 5,741 14,521 (9,503) 144,998 792 33 145,823
Income tax benefit (expense) (27,211) (17,948) 1,125 - (44,034) (5,896) (4,863) - (54,793) (265) (212) (e) (55,270)
Net earnings (loss) 90,205 30,104 (4,338) (25,766) 90,205 (155) 9,658 (9,503) 90,205 527 (179) 90,553
Less: Preferred stock dividends (12,963) - - - (12,963) - - - (12,963) - - (12,963)
Earn
i
ngs
(l
oss
)
ava
il
a
bl
e to common s
h
are
h
o
ld
ers 77,242$ 30,104$ (4,338)$ (25,766)$ 77,242$ (155)$ 9,658$ (9,503)$ 77,242$ 527$ (179)$ 77,590$
(a) Balances for the year ended December 31, 2006
(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 Holding II
(f) Eliminate equity in earnings of subsidiaries and equity in earnings of SAC Holding II
(
g
)
Eli
m
i
nate management
f
ees c
h
arge
d
to
SAC
H
o
ldi
ng
II
an
d
ot
h
er
i
ntercompany operat
i
ng expenses
(In thousands)
Moving & Storage AMERCO Legal Group AMERCO as Consolidated