U-Haul 2011 Annual Report Download - page 2

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July 11, 2011
Dear Fellow Shareholders,
AMERCO reported the attached results for Fiscal 2011 as we continued to work to serve the Customer.
Like yourself, more than 7,600 full- and part-time AMERCO Team members are shareholders. Many of the
Company’s personnel consider that they have personal equity in the organization, and thus a heightened
interest in its success.
Many things came together well in Fiscal 2011. Most were programs that had been worked on for years. While
convention requires that AMERCO report on an annual basis, in fact most Company activity occurs on a longer
cycle. Because of this, I am always tentative about crowing over, or crying about, annual financial reporting.
We had a good year and we are in position to continue to serve our customers. As our service grows, so will
our customer base.
Our U-Move and U-Store products remain healthy. Our expansions into eMove, Moving Help, U-Box, U-Haul
Car Share and College Boxes continue. The plan is to grow each program to the extent that separate reporting
for their results becomes appropriate.
The rental truck fleet remains in excellent shape as we continue to add new trucks. I expect to maintain the
pace of this fleet rotation program into Fiscal 2012.
Our self-storage product continues measured growth. In Fiscal 2011, we added more than 820,000 square feet
of rental space, bringing our total portfolio of owned and managed self-storage space to just over 36,300,000
square feet.
Our presence in the portable-storage market continues to grow with our U-Box product offering. We now offer
this product and service from more than 1,300 outlets across the United States and Canada, and intend to add
more outlets throughout Fiscal 2012.
My expectation is that we will continue to prudently manage our financial resources to meet our obligations
and also allow for growth of the business. The plan is to achieve profitable growth over the long term.
Our Primary Service Objective remains, “To provide a better and better product and service to more and more
people at a lower and lower cost.” We are committed to continuing on this path.
I extend thanks to our customers, team members, U-Haul dealers, shareholders and lenders for their support.
Sincerely,
E.J. “Joe” Shoen