U-Haul 2005 Annual Report Download - page 59
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Please find page 59 of the 2005 U-Haul annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.58 I AMERCO ANNUAL REPORT
No.151”)effectiveforfiscalyearsbeginningafterJune
15,2005.This Statementamendsthe guidancein ARB
No. 43, Chapter 4, “Inventory Pricing,” to clarify the
accountingforabnormalamountsofidlefacilityexpense,
freight, handling costs, and wasted material (spoilage).
This Statement requires that those items be recognized
as current-period charges. In addition, this Statement
requiresthatallocationoffixedproductionoverheadsto
thecostsofconversionbebasedonthenormalcapacity
of the production facilities. We do not believe that the
adoptionofSFASNo.151willhaveamaterialeffecton
ourresultsofoperationsorfinancialposition.
AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)
Note 4: Earnings Per Share
Net income for purposes of computing earnings per common share is net income minus preferred stock
dividends. Preferred stock dividends include accrued dividends of AMERCO.
The shares used in the computation of the Company's basic and diluted earnings per common share were
as follows:
Years Ended March 31,
2005 2004 2003
Basic and diluted earnings (loss) per common share $ 3.68 $ (0.76) $ (1.82)
Weighted average common share outstanding:
Basic and diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20,804,773 20,749,998 20,824,618
The weighted average common shares outstanding listed above exclude post-1992 shares of the employee
stock ownership plan that have not been committed to be released as of March 31, 2005, 2004, and 2003,
respectively.
6,100,000 shares of preferred stock have been excluded from the weighted average shares outstanding
calculation because they are not common stock and they are not convertible into common stock.
Note 5: Trade Receivables, Net
Trade receivables at fiscal year-ends were as follows:
March 31,
2005 2004
(In thousands)
Reinsurance recoverable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $190,840 $180,481
Paid losses recoverable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 15,764 25,418
Trade accounts receivable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9,847 5,080
Accrued investment income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,703 9,645
Premiums and agents' balances ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,799 9,091
E&O Recovery receivableÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,200 Ì
Independent dealer receivable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 864 1,054
Other receivable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,191 39,629
238,208 270,398
Less allowance for doubtful accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (1,391) (2,012)
$236,817 $268,386
Note 6: Notes and Mortgage Receivables, Net
Notes and mortgage receivables at fiscal year-ends were as follows:
March 31,
2005 2004
(In thousands)
Notes, mortgage receivables and other, net of discount ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 4,589 $ 5,924
Less allowance for doubtful accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (2,624) (2,624)
$ 1,965 $ 3,300
F-15
AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)
Note 4: Earnings Per Share
Net income for purposes of computing earnings per common share is net income minus preferred stock
dividends. Preferred stock dividends include accrued dividends of AMERCO.
The shares used in the computation of the Company's basic and diluted earnings per common share were
as follows:
Years Ended March 31,
2005 2004 2003
Basic and diluted earnings (loss) per common share $ 3.68 $ (0.76) $ (1.82)
Weighted average common share outstanding:
Basic and diluted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 20,804,773 20,749,998 20,824,618
The weighted average common shares outstanding listed above exclude post-1992 shares of the employee
stock ownership plan that have not been committed to be released as of March 31, 2005, 2004, and 2003,
respectively.
6,100,000 shares of preferred stock have been excluded from the weighted average shares outstanding
calculation because they are not common stock and they are not convertible into common stock.
Note 5: Trade Receivables, Net
Trade receivables at fiscal year-ends were as follows:
March 31,
2005 2004
(In thousands)
Reinsurance recoverable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $190,840 $180,481
Paid losses recoverable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 15,764 25,418
Trade accounts receivable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 9,847 5,080
Accrued investment income ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,703 9,645
Premiums and agents' balances ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,799 9,091
E&O Recovery receivableÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,200 Ì
Independent dealer receivable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 864 1,054
Other receivable ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 7,191 39,629
238,208 270,398
Less allowance for doubtful accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (1,391) (2,012)
$236,817 $268,386
Note 6: Notes and Mortgage Receivables, Net
Notes and mortgage receivables at fiscal year-ends were as follows:
March 31,
2005 2004
(In thousands)
Notes, mortgage receivables and other, net of discount ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 4,589 $ 5,924
Less allowance for doubtful accounts ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (2,624) (2,624)
$ 1,965 $ 3,300
F-15
Amerco and Consolidated Entities
Notes to Consolidated Financial Statements, continued
Note 4: Earnings Per Share
Net income for purposes of computing earnings per common share is net income minus preferred stock dividends.
PreferredstockdividendsincludeaccrueddividendsofAMERCO.
ThesharesusedinthecomputationoftheCompany’sbasicanddilutedearningspercommonsharewereasfollows:
The weighted average common shares outstanding
listed above exclude post-1992 shares of the employee
stock ownership plan that have not been committed
to be released as of March 31, 2005, 2004, and 2003,
respectively.
6,100,000 sharesofpreferredstockhavebeenexcluded
fromtheweightedaveragesharesoutstandingcalculation
because they are not common stock and they are not
convertibleintocommonstock.
Note 5: Trade Receivables, Net
Tradereceivablesatfiscalyear-endswereasfollows: