U-Haul 2011 Annual Report Download - page 30

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Results of Operations
AMERCO and Consolidated Subsidiaries
Fiscal 2010 Compared with Fiscal 2009
Listed below, on a consolidated basis, are revenues for our major product lines for fiscal 2010 and fiscal
2009:
2010 2009
Self-moving equipment rentals $ 1,419,726 $ 1,423,022
Self-storage revenues 110,369 110,548
Self-moving and self-storage products and service sales 198,785 199,394
Property management fees 21,632 23,192
Life insurance premiums 134,345 109,572
Property and casualty insurance premiums 27,625 28,337
Net investment and interest income 49,989 58,021
Other revenue 39,534 40,180
Consolidated revenue $ 2,002,005 $ 1,992,266
(In thousands)
Year Ended March 31,
Self-moving equipment rental revenues decreased $3.3 million for fiscal 2010, compared with fiscal
2009. Self-moving equipment rental revenues declined $29.1 million during the first six months of fiscal
2010 due to declines in one-way truck rental revenue caused by fewer transactions and lower revenue
per transaction. Conversely, during the second six months of fiscal 2010 self-moving equipment rental
revenues increased $25.8 million from both In-Town and one-way revenue and transaction growth. This
improvement in revenue resulted from growth in transactions which were tempered with lower average
revenue per transactions due to a shift in usage towards smaller equipment models, an increased ratio of
In-Town moves compared with one-way moves, and continued price competition.
Self-storage revenues decreased $0.2 million for fiscal 2010, compared with fiscal 2009. Average
rooms occupied during fiscal 2010 were essentially flat in comparison with fiscal 2009. Self-storage
revenue during the first six months of fiscal 2010 had decreased $1.0 million while it increased $0.8
million during the second six months in comparison with fiscal 2009. During fiscal 2010, we added over
580,000 net rentable square feet to the storage portfolio.
Sales of self-moving and self-storage products and services decreased $0.6 million for fiscal 2010,
compared with fiscal 2009. The annual decline was due to the reduced cost of propane compared with
fiscal 2009, despite an increase in gallons sold. Self-moving and self-storage product and service sales
decreased $7.5 million during the first six months of fiscal 2010, while such sales increased $6.9 million
over the last six months of fiscal 2010 compared with comparable periods in fiscal 2009.
Life insurance premiums increased $24.8 million for fiscal 2010, compared with fiscal 2009 primarily as
a result of continued expansion of Oxford’s final expense life insurance business combined with the
launch of its new single premium whole life product.
Net investment and interest income decreased $8.0 million for fiscal 2010, compared with fiscal 2009
due to reduced yields earned on short-term investments.
As a result of the items mentioned above, revenues for AMERCO and its consolidated subsidiaries
were $2,002.0 million for fiscal 2010, compared with $1,992.3 million for fiscal 2009.
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