U-Haul 2009 Annual Report Download - page 11

7
Cautionary Statement Regarding Forward-Looking Statements
This Annual Report on Form 10-K, contains “forward-looking statements” regarding future events and our future
results of operations. We may make additional written or oral forward-looking statements from time to time in
filings with the SEC or otherwise. We believe such forward-looking statements are within the meaning of the safe-
harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934. Such statements may include, but are not limited to, projections of revenues, earnings or
loss; estimates of capital expenditures, plans for future operations, products or services; financing needs and plans;
our perceptions of our legal positions and anticipated outcomes of government investigations and pending litigation
against us; liquidity; goals and strategies; plans for new business; growth rate assumptions, pricing, costs, and access
to capital and leasing markets as well as assumptions relating to the foregoing. The words “believe,” “expect,”
“anticipate,” “estimate,” “project” and similar expressions identify forward-looking statements, which speak only as
of the date the statement was made.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or
quantified. Factors that could significantly affect results include, without limitation, the risk factors enumerated at
the end of this section, as well as the following: the Company’s ability to operate pursuant to the terms of its credit
facilities; the Company’s ability to maintain contracts that are critical to its operations; the costs and availability of
financing; the Company’s ability to execute its business plan; the Company’s ability to attract, motivate and retain
key employees; general economic conditions; fluctuations in our costs to maintain and update our fleet and facilities;
our ability to refinance our debt; changes in government regulations, particularly environmental regulations; our
credit ratings; the availability of credit; changes in demand for our products; changes in the general domestic
economy; the degree and nature of our competition; the resolution of pending litigation against the Company;
changes in accounting standards and other factors described in this report or the other documents we file with the
SEC. The above factors, the following disclosures, as well as other statements in this report and in the Notes to
Consolidated Financial Statements, could contribute to or cause such risks or uncertainties, or could cause our stock
price to fluctuate dramatically. Consequently, the forward-looking statements should not be regarded as
representations or warranties by the Company that such matters will be realized. The Company assumes no
obligation to update or revise any of the forward-looking statements, whether in response to new information,
unforeseen events, changed circumstances or otherwise.
Item 1A.
Risk Factors
The following discussion of risk factors should be read in conjunction with Management’s Discussion and
Analysis of Financial Condition and Results of Operations (“MD&A”), the Consolidated Financial Statements and
related notes. These risk factors may be important in understanding this Annual Report on Form 10-K or elsewhere.
We operate in a highly competitive industry.
The truck rental industry is highly competitive and includes a number of significant national, regional and local
competitors. Competition is generally based on convenience of rental locations, availability of quality rental moving
equipment, breadth of essential services and products, and price. Financial results for the Company can be adversely
impacted by aggressive pricing from our competitors. Some of our competitors may have greater financial resources
than we have. We can not assure you that we will be able to maintain existing rental prices or implement price
increases. Moreover, if our competitors reduce prices and we are not able or willing to do so as well, we may lose
rental volume, which would likely have a materially adverse affect on our results of operations.
The self-storage industry is large and highly fragmented. We believe the principal competitive factors in this
industry are convenience of storage rental locations, cleanliness, security and price. Competition in the market areas
in which we operate is significant and affects the occupancy levels, rental rates and operating expenses of our
facilities. Competition might cause us to experience a decrease in occupancy levels, limit our ability to raise rental
rates or require us to offer discounted rates that would have a material affect on operating results.
Entry into the self-storage business may be accomplished through acquisition of existing facilities and for persons
or institutions with the required initial capital. Development of new self-storage facilities is more difficult however,
due to land use, environmental and other regulatory requirements. The self-storage industry has in the past
experienced overbuilding in response to perceived increases in demand. We cannot assure you that we will be able
to successfully compete in existing markets or expand into new markets.