U-Haul 2011 Annual Report Download - page 103

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AMERCO AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
F-47
Consolidating statements of operations by industry segment for period ending March 31, 2009 are as follows:
AMERCO U-Haul Real Estate Eliminations
Moving &
Storage
Consolidated
Property &
Casualty
Insurance (a)
Life
Insurance (a) Eliminations
AMERCO
Consolidated
Revenues:
Self-moving equipment rentals -$ 1,423,330$ -$ -$ 1,423,330$ -$ -$ (308)$ (c) 1,423,022$
Self-storage revenues - 108,859 1,689 - 110,548 - - - 110,548
Self-moving & self-storage products & service sales - 199,394 - - 199,394 - - - 199,394
Property management fees - 23,192 - - 23,192 - - - 23,192
Life insurance premiums - - - - - - 109,572 - 109,572
Property and casualty insurance premiums - - - - - 28,337 - - 28,337
Net investment and interest income 4,389 25,441 35 - 29,865 9,082 20,402 (1,328) (b,d) 58,021
Other revenue - 42,379 70,949 (76,608) (b) 36,720 - 5,082 (1,622) (b) 40,180
Total revenues 4,389 1,822,595 72,673 (76,608) 1,823,049 37,419 135,056 (3,258) 1,992,266
Costs and expenses:
Operating expenses 8,873 1,080,255 10,166 (76,608) (b) 1,022,686 15,863 21,348 (2,017) (b,c,d) 1,057,880
Commission expenses - 171,303 - - 171,303 - - - 171,303
Cost of sales - 114,387 - - 114,387 - - - 114,387
Benefits and losses - - - - - 14,029 83,588 - 97,617
Amortization of deferred policy acquisition costs - - - - - 22 12,372 - 12,394
Lease expense 91 153,534 7 - 153,632 - - (1,208) (b) 152,424
Depreciation, net of (gains) losses on disposals 18 254,960 10,235 - 265,213 - - - 265,213
Total costs and expenses 8,982 1,774,439 20,408 (76,608) 1,727,221 29,914 117,308 (3,225) 1,871,218
Equity in earnings of subsidiaries (41,557) - - 57,809 (e) 16,252 - - (16,252) (e) -
Earnings (loss) from operations (46,150) 48,156 52,265 57,809 112,080 7,505 17,748 (16,285) 121,048
Interest income (expense) 92,854 (151,163) (40,194) - (98,503) - - 33 (d) (98,470)
Pretax earnings (loss) 46,704 (103,007) 12,071 57,809 13,577 7,505 17,748 (16,252) 22,578
Income tax benefit (expense) (33,294) 38,827 (5,700) - (167) (2,494) (6,507) - (9,168)
Net earnings (loss) 13,410 (64,180) 6,371 57,809 13,410 5,011 11,241 (16,252) 13,410
Less: Preferred stock dividends (12,963) - - - (12,963) - - - (12,963)
E
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(a) Balances for the year ended December 31, 2008
(b) Eliminate intercompany lease income
(
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Eli
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(d) Eliminate intercompany interest on debt
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Moving & Storage AMERCO Legal Group
(In thousands)