U-Haul 2008 Annual Report Download - page 37

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Fiscal 2007 Compared with Fiscal 2006
Listed below are revenues for the major product lines at SAC Holding II for fiscal 2007 and fiscal 2006:
2007 2006
Self-moving equipment rentals $ 9,225 $ 9,498
Self-storage revenues 19,926 18,869
Self-moving and self-storage product and service sales 16,045 16,602
Other revenue 1,407 1,270
Segment revenue $ 46,603 $ 46,239
Year Ended March 31,
(In thousands)
Total revenues were $46.6 million in fiscal 2007, compared with $46.2 million in fiscal 2006 due primarily to
increases in self-storage revenues.
Total costs and expenses were $32.7 million in fiscal 2007, compared with $32.6 million in fiscal 2006.
Earnings from operations were $13.9 million in fiscal 2007, compared with $13.6 million in fiscal 2006.
Liquidity and Capital Resources
We believe our current capital structure is a positive factor that will enable us to pursue our operational plans and
goals, and provide us with sufficient liquidity for the next three to five years. The majority of our obligations
currently in place mature at the end of fiscal years 2014, 2015 or 2018. As a result, we believe that our liquidity is
sufficient for our current and foreseeable needs. However, there is no assurance that future cash flows will be
sufficient to meet our outstanding debt obligations and our other future capital needs.
At March 31, 2008, cash and cash equivalents totaled $206.6 million, compared with $75.3 million on March 31,
2007. The assets of our insurance subsidiaries are generally unavailable to fulfill the obligations of non-insurance
operations (AMERCO, U-Haul and Real Estate). As of March 31, 2008 (or as otherwise indicated), cash and cash
equivalents, other financial assets (receivables, short-term investments, other investments, fixed maturities, and
related party assets) and obligations of each operating segment were:
Moving & Storage RepWest (a) Oxford (a)
Cash & cash equivalents $ 191,250 $ 6,848 $ 8,524
Other financial assets 343,358 402,329 590,320
Debt obligations 1,504,677 - -
(a) As of December 31, 2007
(In thousands)
At March 31, 2008, our Moving and Storage operations (AMERCO, U-Haul and Real Estate) had cash available
under existing credit facilities of $164.2 million and were comprised of:
March 31, 2008
(In millions)
Real estate loan (revolving credit) $ 100.0
Construction loan (revolving credit) 9.2
Working capital loan (revolving credit) 35.0
Fleet loan (amortizing loan) 20.0
$1 64.2
32