U-Haul 2007 Annual Report Download - page 37

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During fiscal 2006, the Company received insurance proceeds of $4.8 million, of this amount $4.5 million was
applied to the losses incurred on trucks and trailers and $0.3 million was applied to the losses sustained at operating
facilities. The net book value of the trucks and trailers lost during the 2005 hurricanes ap
31
proximates $1.1 million.
A
ngs from operations increased to
, compared with $166.0 million for fiscal 2005.
F
dditional insurance recoveries are expected as facilities are restored and claims are filed.
As a result of the above mentioned changes in revenues and expenses, earni
$292.8 million in fiscal 2006
U-Haul International, Inc.
iscal 2007 Compared with Fiscal 2006
Listed below are revenues for the major product lines at U-Haul International, Inc. for fiscal 2007 and fiscal 2006:
2007 2006
Self-moving equipment rentals $ 1,476,579 $ 1,503,569
Self-storage revenues 104,725 99,060
Self-moving and self-storage product and service sales 208,677 207,119
Property management fees 23,951 23,988
Net investment and interest income 29,294 24,894
Other revenue 31,403 39,303
U-Haul International, Inc. revenue $ 1,874,629 $ 1,897,933
(In thousands)
Year Ended March 31,
transaction; however,
if
otage available period over period through
th
self-storage products and service sales increased by $1.6 million for fiscal 2007,
co
partially offset by the cost of re-imaging portions of the existing rental fleet
al
earnings from operations decreased to
$162.4 million in fiscal 2007, compared with $241.7 million for fiscal 2006.
During fiscal 2007, self-moving equipment rentals decreased $27.0 million, compared with fiscal 2006 with the
majority of the variance occurring during the second half of the year. The Company finished fiscal 2007 with
increases in one-way transactions along with increases in the average inventory of the entire fleet. However,
offsetting these factors were a decrease in average revenue per transaction primarily due to one-way pricing, the lack
of certain mid-size trucks during the spring and summer months of fiscal 2007 and decreased fleet utilization. The
Company’ s response to competitive pricing issues has further lowered self-moving rental revenues. The Company
now has a better inventory of certain mid-size trucks and is attempting to improve revenue per
these issues continue our revenues may continue to be negatively impacted in the future.
Self-storage revenues increased $5.7 million for fiscal 2007, compared with fiscal 2006 due largely to improved
pricing. The Company has increased the number of rooms and square fo
e expansion of existing facilities and the acquisition of new facilities.
Sales of self-moving and
mpared with fiscal 2006.
Total costs and expenses increased $56.0 million for fiscal 2007, compared with fiscal 2006. This is primarily
due to increases in lease and depreciation expenses related to the rotation of the rental fleet. Reductions in
maintenance and repair expense were
ong with freight and licensing costs.
As a result of the above mentioned changes in revenues and expenses,