U-Haul 2007 Annual Report Download - page 13

7
P
’ s Series A 8½ % Preferred Stock. The dividend was paid on June 1, 2007 to
.
F
urpose subsidiaries. These special-purpose subsidiaries will be consolidated into U-
ts.
R
07, A.M. Best Co. upgraded the financial strength ratings of RepWest to B (Fair) and set the
C
oking statements, whether in response to
een events, changed circumstances or otherwise.
It
related notes. These risk factors may be important in understanding this Annual Report on Form 10-K or elsewhere.
Recent Developments
referred Stock Dividends
On May 4, 2007, the Board of Directors of AMERCO (the “Board”) declared a regular quarterly cash dividend of
$0.53125 per share on the Company
holders of record on May 15, 2007
leet Securitization Transaction
The Company has entered into a securitized financing, as of June 1, 2007, through an offer by certain new special-
purpose entities of up to $217.0 million of Fixed Rate Series 2007-1-BT Notes and $86.6 million of Fixed Rate
Series 2007-1-CP Notes in a private placement transaction exempt from registration under the Securities Act of
1933, as amended. The new special-purpose entities that will issue the notes will be indirect subsidiaries of
AMERCO. These new special-purpose subsidiaries will use the net proceeds from the sale of the notes to, among
other things, acquire box trucks, cargo vans and pickup trucks from the manufacturers as well as from other
subsidiaries of AMERCO. The new special-purpose subsidiaries will generate income from truck and trailer rentals
to be used to service and repay the notes. The notes will not be obligations of AMERCO or any of its subsidiaries
other than the new special-p
Haul’ s financial statemen
epWest was upgraded
On May 30, 20
outlook as stable.
autionary Statement Regarding Forward-Looking Statements
This Annual Report on Form 10-K, contains “forward-looking statements” regarding future events and our future
results. We may make additional written or oral forward-looking statements from time to time in filings with the
SEC or otherwise. We believe such forward-looking statements are within the meaning of the safe-harbor provisions
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Such statements may include, but are not limited to, projections of revenues, earnings or loss; estimates
of capital expenditures, plans for future operations, products or services; financing needs and plans; our perceptions
of our legal positions and anticipated outcomes of government investigations and pending litigation against us;
liquidity; goals and strategies; plans for new business; growth rate assumptions, pricing, costs, and access to capital
and leasing markets as well as assumptions relating to the foregoing. The words “believe”, “expect”, “anticipate”,
“estimate”, “project” and similar expressions identify forward-looking statements, which speak only as of the date
the statement was made. Forward-looking statements are inherently subject to risks and uncertainties, some of which
cannot be predicted or quantified. Factors that could significantly affect results include, without limitation, the risk
factors enumerated at the end of this section, as well as the following: the Company’ s ability to operate pursuant to
the terms of its credit facilities; the Company’ s ability to maintain contracts that are critical to its operations; the
costs and availability of financing; the Company’ s ability to execute its business plan; the Company’ s ability to
attract, motivate and retain key employees; general economic conditions; fluctuations in our costs to maintain and
update our fleet and facilities; our ability to refinance our debt; changes in government regulations, particularly
environmental regulations; our credit ratings; the availability of credit; changes in demand for our products; changes
in the general domestic economy; the degree and nature of our competition; the resolution of pending litigation
against the Company; changes in accounting standards and other factors described in this report or the other
documents we file with the SEC. The above factors, the following disclosures, as well as other statements in this
report and in the Notes to Consolidated Financial Statements, could contribute to or cause such risks or
uncertainties, or could cause our stock price to fluctuate dramatically. Consequently, the forward-looking statements
should not be regarded as representations or warranties by the Company that such matters will be realized. The
Company assumes no obligation to update or revise any of the forward-lo
new information, unfores
em 1A.
Risk Factors
The following discussion of risk factors should be read in conjunction with Management’ s Discussion and
Analysis of Financial Condition and Results of Operations (“MD&A”), the consolidated financial statements and