U HAUL INTERNATIONAL INC - 10-Q Quarterly Report

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o.

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ.

20,514,958 shares of AMERCO Common Stock, $0.25 par value were outstanding at June 30, 2003.

5,385 shares of U-Haul International, Inc. Common Stock, $0.01 par value, were outstanding at September 8, 2003.


(1)	Property, plant and equipment totaled $984.9 million and $1,015.6 million before eliminations; intercompany eliminations were $258.3 million at June 30, 2003 and March 31, 2003.

The accompanying notes are an integral part of these condensed consolidated financial statements.

On June 20, 2003, AMERCO (the “Debtor”) filed a petition for relief under Chapter 11 of the federal bankruptcy laws in the United States Bankruptcy Court for the District of Nevada. On August 13, 2003, the company’s wholly owned subsidiary Amerco Real Estate Company (“AREC”) filed a petition for relief under Chapter 11 of the federal bankruptcy laws of the United States Bankruptcy Court for the District of Nevada. Under Chapter 11, certain claims against the Debtor in existence prior to the filing of the petition for relief under the federal bankruptcy laws are stayed while the Debtor continues business operations as Debtor–in-possession. These claims are reflected in the June 30, 2003, balance sheet as “liabilities subject to compromise.” Additional claims (liabilities subject to compromise) may arise subsequent to the filing date resulting from rejection of executory contracts, including leases, and from the determination by the court (or agreed to by parties in interest) of allowed claims for contingencies and other disputed amounts. Claims secured against the Debtor’s assets (“secured claims”) also are stayed, although the holders of such claims have the right to move the court for relief from the stay. Secured claims are secured primarily by liens of the Debtor’s property, plant and equipment.

AMERCO, a Nevada corporation (“AMERCO”), is the holding company for U-Haul International, Inc. (“U-Haul”), Amerco Real Estate Company (“Real Estate”), Republic Western Insurance Company (“RepWest”) and Oxford Life Insurance Company (“Oxford”). Throughout this Form 10-Q, unless the context otherwise requires, the term “Company” refers to AMERCO and all of its legal subsidiaries. The Company has four industry segments represented by Moving and Storage Operations (U-Haul), Real Estate, Property and Casualty Insurance (RepWest) and Life Insurance (Oxford).

SAC Holding Corporation and SAC Holding Corporation II, Nevada corporations (collectively, “SAC Holdings”), are the holding companies for several individual corporations that own self-storage properties managed by AMERCO subsidiaries in the ordinary course of business. Mark V. Shoen, a significant shareholder and executive officer of AMERCO, owns all of the equity interest of SAC Holdings.

The condensed consolidated financial statements presented here include the accounts of AMERCO and its wholly owned subsidiaries and SAC Holdings and their subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. SAC Holdings has been classified as a special purpose entity that meets the criteria for consolidation and therefore the accounts of SAC Holdings are included in the consolidated financial statements. AMERCO has concluded that SAC Holdings qualifies as a Variable Interest Entity, as defined by FIN 46, and will continue to be included in the consolidation. SAC Holdings are not legal subsidiaries of AMERCO. AMERCO is not liable for the debts of SAC Holdings and there are no default provisions in AMERCO indebtedness that cross-default to SAC Holdings’ obligations. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain certain information included in AMERCO’s annual financial statements and notes. For a more detailed presentation of the accounts and transactions of AMERCO, refer to AMERCO’s Form 10-K.

The condensed consolidated balance sheet as of June 30, 2003 and the related condensed consolidated statements of operations, comprehensive income, and cash flows for the quarters ended June 30, 2003 and 2002 are unaudited. In our opinion, all adjustments necessary for a fair presentation of such condensed

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited)

consolidated financial statements have been included. Such adjustments consist only of normal recurring items. Interim results are not necessarily indicative of results for a full year.

The operating results and financial position of RepWest and Oxford have been consolidated on the basis of a calendar year and, accordingly, are determined on a one-quarter lag for financial reporting purposes. There were no effects related to intervening events, which would materially affect the consolidated financial position or results of operations for the financial statements presented herein, with the exception of various Agreements of Exchange entered into between SAC Holdings and RepWest and SAC Holdings and Oxford. The exchanges were effective June 30, 2003, were non-monetary and were recorded on the basis of the book values of the assets exchanged. Under the terms of these Agreements of Exchange, RepWest and Oxford exchanged their respective interests in Private Mini Storage Realty, L.P., a Texas based self-storage operator, for real estate owned by SAC Holdings. For the purposes of consolidating the operations of RepWest and Oxford and to facilitate proper eliminations among the various entities as of and for the quarter ended June 30, 2003, the transaction was accounted for as if it were effective March 31, 2003 with respect to RepWest and Oxford.

Revenues, expenses (including professional fees), realized gains and losses, and provisions for losses directly associated with the reorganization and restructuring of the business are reported as part of operating expenses in the Condensed Consolidated Statements of Operations. The Condensed Consolidated Balance Sheets distinguish pre-petition liabilities subject to compromise from both those pre-petition liabilities that are not subject to compromise and from post-petition liabilities. Liabilities subject to compromise are reported at the amounts expected to be allowed, even if they may be settled for lesser amounts.

On June 20, 2003 (the “Petition Date”), AMERCO filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court, District of Nevada (the “Bankruptcy Court”) (Case No. 0352103). AMERCO will continue to manage its properties and operate its businesses as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. In general, as debtor-in-possession, AMERCO is authorized under Chapter 11 to continue to operate as an ongoing business, but may not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. Specific information pertaining to the bankruptcy filing may be obtained from the website www.amerco.com. The Bankruptcy filing and the events of default on substantially all of the Company’s debt raises substantial doubt about the ability of the Company to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect future effects on the recoverability and classification of assets or the amount and classification of liabilities that might result from these uncertainties.

In connection with the recently completed audit of the Company’s financial statement for the year ended March 31, 2003, it was determined that there was a need for the Company to record adjustments that resulted in the restatement of the Company’s financial statements, including financial statements for the quarter ended June 30, 2002. The condensed consolidated statement of operations, comprehensive income and cash flows for the quarter ended June 30, 2002 contained in this report have been restated. Net income for the three months ended June 30, 2002 as originally reported was $40.5 million, or $1.81 per basic and diluted share. Net income for this period as restated is $23.8 million or $1.00 per basic and diluted share. The major components of the restatement were related to an adjustment to accrue for fully-developed actuarial estimates of the Company’s insurance reserves and to recognize equity-method losses relating to the Company’s investments in Private Mini Storage Realty, L.P. For a detailed discussion of the adjustments to our financial statements for the fiscal

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited)

years ended March 31, 2002 and 2001, see footnote 2 to the consolidated financial statements contained in our Annual Report on Form 10-K.

A comparison of amortized cost to estimated market value for fixed maturities is as follows:

In the normal course of business, AMERCO is a defendant in a number of suits and claims. AMERCO is also a party to several administrative proceedings arising from state and local provisions that regulate the removal and/or clean up of underground fuel storage tanks. In our opinion, none of such suits, claims or proceedings involving AMERCO, individually, or in the aggregate, are expected to result in a material loss.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited)

Compliance with environmental requirements of federal, state and local governments significantly affects Real Estate’s business operations. Among other things, these requirements regulate the discharge of materials into the water, air and land and govern the use and disposal of hazardous substances. Real Estate is aware of issues regarding hazardous substances on some of its properties. Real Estate regularly makes capital and operating expenditures to stay in compliance with environmental laws and has put in place a remedial plan at each site where it believes such a plan is necessary. Since 1988, Real Estate has managed a testing and removal program for underground storage tanks. Under this program we have spent $43.7 million.

A subsidiary of U-Haul, INW Company (INW), owns one property located within two different state hazardous substance sites in the State of Washington. The sites are referred to as the “Yakima Valley Spray Site” and the “Yakima Railroad Area.” INW has been named as a “potentially liable party” under state law with respect to this property as it relates to both sites. As a result of the cleanup costs of approximately $5.0 million required by the State of Washington, INW filed for reorganization under federal bankruptcy laws in May of 2001. The potential liability to INW could be in the range of $750,000 to $1.25 million.

Based upon the information currently available, compliance with the environmental laws and the costs of investigation and cleanup of known hazardous waste sites are not expected to have a material adverse affect on AMERCO’s financial position of operating results.

In connection with the resolution of litigation with certain members of the Shoen family and their corporations, AMERCO has deducted for income tax purposes approximately $372.0 million of the payments made to plaintiffs in a lawsuit. While AMERCO believes that such income tax deductions are appropriate, there can be no assurance that such deductions ultimately will be allowed in full. The IRS has proposed adjustments to the Company’s 1997 and 1996 tax returns. Nearly all of the adjustments are attributable to denials of deductions claimed for certain payments made in connection with this litigation. We believe these income tax deductions are appropriate and are vigorously contesting the IRS adjustments. No additional taxes have been provided in the accompanying financial statements, as management believes that none will result.

On July 20, 2000, Charles Kocher (“Kocher”) filed suit in Wetzel County, West Virginia, Civil Action No. 00-C-51-K, entitled Charles Kocher v. Oxford Life Insurance Co. (“Oxford”) seeking compensatory and punitive damages for breach of contract, bad faith and unfair claims settlement practices arising from an alleged failure of Oxford to properly and timely pay a claim under a disability and dismemberment policy. On March 22, 2002, the jury returned a verdict of $5 million in compensatory damages and $34 million in punitive damages. On November 5, 2002, the trial court entered an Order (“Order”) affirming the $39 million jury verdict and denying Oxford’s motion for New Trial Or, in The Alternative, Remittitur. Oxford has perfected its appeal to the West Virginia Supreme Court. Oral argument on the appeal petition occurred on September 9, 2003. Management does not believe that the Order is sustainable and expects the Order to be overturned by the West Virginia Supreme Court, in part because the jury award has no reasonable nexus to the actual harm suffered by Kocher. The Company has accrued $725,000, which represents management’s best estimate of the costs associated with legal fees to appeal and re-try the case and the company’s uninsured exposure to an unfavorable outcome.

As previously discussed, on June 20, 2003, AMERCO filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. As debtor-in-possession, AMERCO is authorized under Chapter 11 to continue to operate as an ongoing business, but may not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. As of the Petition Date, virtually all pending litigation against AMERCO is stayed, and absent further order of the Bankruptcy Court, no party, subject to certain exceptions, may take any action, again subject to certain exceptions, to recover on pre-petition claims against AMERCO. The automatic stay, however, does not apply to AMERCO’s subsidiaries, other than Amerco Real Estate Company, which filed for protection under Chapter 11, on August 13, 2003.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited)

On September 24, 2002, Paul F. Shoen filed a derivative action in the Second Judicial District Court of the State of Nevada, Washoe County, captioned Paul F. Shoen vs. SAC Holding Corporation et al, CV02-05602, seeking damages and equitable relief on behalf of AMERCO from SAC Holdings and certain current and former members of the AMERCO Board of Directors, including Edward J. Shoen, Mark V. Shoen and James P. Shoen as defendants. AMERCO is named a nominal defendant for purposes of the derivative action. The complaint alleges breach of fiduciary duty, self-dealing, usurpation of corporate opportunities, wrongful interference with prospective economic advantage and unjust enrichment and seeks the unwinding of sales of self-storage properties by subsidiaries of AMERCO to SAC Holdings over the last several years. The complaint seeks a declaration that such transfers are void as well as unspecified damages. On October 28, 2002, AMERCO, the Shoen directors, the non-Shoen directors and SAC Holdings filed Motions to Dismiss the complaint. In addition, on October 28, 2002, Ron Belec filed a derivative action in the Second Judicial District Court of the State of Nevada, Washoe County, captioned Ron Belec vs. William E. Carty, et al, CV 02-06331 and on January 16, 2003, M.S. Management Company, Inc. filed a derivative action in the Second Judicial District Court of the State of Nevada, Washoe County, captioned M.S. Management Company, Inc. vs. William E. Carty, et. al, CV 03-00386. Two additional derivative suits were also filed against these parties. These additional suits are substantially similar to the Paul F. Shoen derivative action. The five suits assert virtually identical claims. In fact, three of the five plaintiffs are parties who are working closely together and chose to file the same claims multiple times. The court consolidated all five complaints before dismissing them on May 8, 2003. Plaintiffs have filed a notice of appeal. These lawsuits falsely alleged that the AMERCO Board lacked independence. In reaching his decision to dismiss these claims, the court determined that the AMERCO Board of Directors had the requisite level of independence required in order to have these claims resolved by the Board.

The Securities and Exchange Commission (“SEC”) has issued a formal order of investigation to determine whether the Company has violated the Federal securities laws. On January 7, 2003, the Company received the first of four subpoenas issued by the SEC. SAC Holdings, the Company’s current and former auditors, and others have also received one or more subpoenas relating to this matter. The Company is cooperating fully with the SEC and is facilitating the expeditious review of its financial statements and any other issues that may arise. The Company has produced a large volume of documents and other materials in response to the subpoenas, and the Company is continuing to assemble and produce additional documents and materials for the SEC. Although the Company has fully cooperated with the SEC in this matter and intends to continue to fully cooperate, the SEC may determine that the Company has violated Federal securities laws. We cannot predict when this investigation will be completed or its outcome. If the SEC makes a determination that we have violated Federal securities laws, we may face sanctions, including, but not limited to, significant monetary penalties and injunctive relief.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited)

February 12, 1998 and September 26, 2002. The Klug action asserts claims under section 10(b) and Rule 10b-5 and section 20(a) of the Securities Exchange Act. IG Holdings v. AMERCO, et al., United States District Court, District of Nevada, Case No. CV-N-03-0199. IG Holdings, an AMERCO bondholder, commenced this putative class action on behalf of all persons and entities who purchased, acquired, or traded AMERCO bonds between February 12, 1998 and September 26, 2002, alleging claims under section 11 and section 12 of the Securities Act of 1933 and section 10(b) and Rule 10b-5, and section 20(a) of the Securities Exchange Act. Each of these four securities class actions allege that AMERCO engaged in transactions with SAC entities that falsely improved AMERCO’s financial statements, and that AMERCO failed to disclose the transactions properly. The actions are at a very early stage. The Klug action has not been served. In the other three actions, AMERCO does not currently have a deadline by which it must respond to the complaints. Management has stated that it intends to defend these cases vigorously. We have filed a notice of AMERCO’s bankruptcy petition and the automatic stay in each of the Courts where these cases are pending.

The United States Department of Labor (“DOL”) is presently investigating whether there were violations of the Employee Retirement Income Security Act of 1974 (“ERISA”) involving the AMERCO Employee Savings, Profit Sharing, and Employee Stock Ownership Plan (the “Plan”). The DOL has interviewed a number of Company representatives as well as the Plan fiduciaries and has issued a subpoena to the Company and a subpoena to SAC Holdings. At the present time, the Company is unable to determine whether the DOL will assert any claims against the Company, SAC Holdings, or the Plan fiduciaries. The DOL has asked AMERCO and its current directors as well as the Plan Trustees to sign an agreement tolling the statute of limitations with respect to any claims arising out of certain transactions between AMERCO or any affiliate of AMERCO and SAC Holdings or any of its affiliates and such persons have done so. The DOL recently asked such parties to extend the tolling agreement. The DOL has not advised the Company that it believes that any violations of ERISA have in fact occurred. Instead, the DOL is simply investigating potential violations. The Company intends to take any corrective action that may be needed in light of the DOL’s ultimate findings. Although the Company has fully cooperated with the DOL in this matter and intends to continue to fully cooperate, the DOL may determine that the Company has violated ERISA. In that event, the Company may face sanctions, including, but not limited to, significant monetary penalties and injunctive relief.

Statement of Financial Accounting Standards No. 143 (“SFAS 143”), Accounting for Asset Retirement Obligations, requires recognition of the fair value of liabilities associated with the retirement of long-lived assets when a legal obligation to incur such costs arises as a result of the acquisition, construction, development and/or the normal operation of a long-lived asset. Upon recognition of the liability, a corresponding asset is recorded at present value and accreted over the life of the asset and depreciated over the remaining life of the long-lived asset. SFAS 143 defines a legal obligation as one that a party is required to settle as a result of an existing or enacted law, statute, ordinance, or written or oral contract or by legal construction of a contract under the doctrine of promissory estoppel. SFAS 143 is effective for fiscal years beginning after June 15, 2002. We adopted this statement effective April 1, 2003, and it did not affect our consolidated financial position or results of operations.

In April 2002, the FASB issued SFAS No. 145 (“SFAS 145”), Rescission of No. 4, (Reporting Gains and Losses from Extinguishment of Debt), No. 44 (Accounting for Intangible Assets of Motor Carriers), No. 64, (Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements), Amendment of FASB Statement No. 13 (Accounting for Leases) and Technical Corrections. This statement eliminates the current requirement that gains and losses on debt extinguishment must be classified as extraordinary items in the income statement. Instead, such gains and losses will be classified as extraordinary items only if they are

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited)

deemed to be unusual and infrequent, in accordance with the current GAAP criteria for extraordinary classification. In addition, SFAS 145 eliminates an inconsistency in lease accounting by requiring that modification of capital leases that result in reclassification as operating leases be accounted for consistent with sale-leaseback accounting rules. The statement also contains other nonsubstantive corrections to authoritative accounting literature. The changes related to debt extinguishment will be effective for fiscal years beginning after May 15, 2002. We previously reclassified all extraordinary loss on debt extinguishment to interest expense. The changes related to lease accounting will be effective for transactions occurring after May 15, 2002. We have adopted the lease accounting provisions effective May 16, 2002 and it did not affect our consolidated financial position or results of operations.

In June 2002, the FASB issued Statement of Financial Accounting Standards No. 146, (“SFAS 146”) Accounting for Costs Associated with Exit or Disposal Activities, which addresses accounting for restructuring and similar costs. SFAS 146 supersedes previous accounting guidance, principally Emerging Issues Task Force (EITF) Issue No. 94-3. SFAS 146 requires that the liability for costs associated with an exit or disposal activity be recognized when the liability is incurred. Under EITF No. 94-3, a liability for an exit cost was recognized at the date of a company’s commitment to an exit plan. SFAS 146 also establishes that the liability should initially be measured and recorded at fair value. Accordingly, SFAS 146 may affect the timing of recognizing future restructuring costs as well as the amount recognized. The provisions of this Statement are effective for exit or disposal activities that are initiated after December 31, 2002. We have adopted the Statement effective January 1, 2003 and it did not affect our consolidated financial position or results of operations.

In November 2002, the FASB issued FASB Interpretation No. 45 (“FIN 45”), Guarantor’s Accounting for Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others, an interpretation of FASB Statements No. 5, 57, and 107 and rescission of FASB Interpretation No. 34, Disclosure of Indirect Guarantees of Indebtedness of Others. FIN 45 clarifies the requirements for a guarantor’s accounting for and disclosure of certain guarantees issued and outstanding. It also requires a guarantor to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. This Interpretation also incorporates without reconsideration the guidance in FASB Interpretation No. 34, which is being superseded. As a result of FIN 45, the Company has recorded a $70 million liability at March 31, 2003 and June 30, 2003, which is management’s estimate of the liability associated with the guarantee of the indebtedness of an affiliate of Private Mini Storage Realty, L.P. which was entered into in February 2003.

In December 2002, the FASB issued Statement of Financial Accounting Standards No. 148 (“SFAS 148”), “Accounting for Stock-Based Compensation — Transition and Disclosure”, which amends Statement of Financial Accounting Standards No. 123 (“SFAS 123”), “Accounting for Stock-Based Compensation”. SFAS 148 provides alternative methods of transition for a voluntary change to the fair value based method of accounting for stock-based employee compensation. In addition, SFAS 148 amends the disclosure requirement of SFAS 123 to require more prominent and more frequent disclosures in financial statements of the effects of stock-based compensation. The transition guidance and annual disclosure provisions of SFAS 148 are effective for fiscal years ending after December 15, 2002. The interim disclosure provisions are effective for financial reports containing condensed financial statements for interim periods beginning after December 15, 2002. We have adopted this statement and it did have a material impact on the Company’s consolidated balance sheet or results of operations.

In April 2003, the FASB issued Statement of Financial Accounting Standards No. 149 (“SFAS 149”), “Amendment of Statement 133 on Derivative Instruments and Hedging Activities.” This Statement amends and clarifies the accounting for derivative instruments, including certain derivative instruments embedded in

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited)

other contracts and for hedging activities under SFAS No. 133. In particular, SFAS 149 (1) clarifies under what circumstances a contract with an initial net investment meets the characteristic of a derivative as discussed in SFAS No. 133, (2) clarifies when a derivative contains a financing component, (3) amends the definition of an underlying derivative to conform it to the language used in FIN 45, and (4) amends certain other existing pronouncements. SFAS 149 is generally effective for contracts entered into or modified after June 30, 2003. The Company does not believe the adoption of SFAS No. 149 will have a material impact on the Company’s financial position, results of operations or cash flows.

In May 2003, the FASB issued SFAS 150 (“SFAS 150”), “Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity.” This Statement establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. SFAS No. 150 is effective at the beginning of the first interim period beginning after June 15, 2003; including all financial instruments created or modified after May 31, 2003. SFAS 150 currently has no impact on the Company.

In January 2003, the FASB issued FASB Interpretation No. 46 (“FIN 46”), Consolidation of Variable Interest Entities, an interpretation of Accounting Research Bulletins (“ARB”) No. 51, Consolidated Financial Statements). FIN 46 applies immediately to variable interest entities created after January 31, 2003, and in the first interim period beginning after June 15, 2003 for variable interest entities created prior to January 31, 2003. The interpretation explains how to identify variable interest entities and how an enterprise assesses its interests in a variable interest entity to decide whether to consolidate that entity. The interpretation requires existing unconsolidated variable interest entities to be consolidated by their primary beneficiaries if the entities do not effectively disperse risks among parties involved. Variable interest entities that effectively disperse risks will not be consolidated unless a single party holds an interest or combination of interests that effectively recombines risks that were previously dispersed. SAC Holdings has determined that Private Mini is a Variable Interest Entity and will need to be consolidated beginning in July 2003. Based on December 31, 2002 financial information for Private Mini, the impact of this on the consolidated financial statements is to increase assets by approximately $320.0 million and increase debt by approximately $308.0 million.

AMERCO has four industry segments represented by moving and storage operations (AMERCO and U-Haul), real estate (Real Estate), property and casualty insurance (RepWest), and life insurance (Oxford). SAC Holdings consist of one moving and storage industry segment.

6. Consolidating balance sheets by industry segment as of June 30, 2003 are as follows:


						U-Haul
						Moving and						Property and
						Storage						Casualty		Life
			AMERCO			Operations			Real Estate			Insurance(1)		Insurance(1)		Eliminations


			(In thousands)
ASSETS
Cash and cash equivalents			$	32,741			41,245			272			3,310		2,687		—
Trade receivables, net				—			16,339			13,739			229,145		22,827		—
Notes and mortgages receivables, net				—			34,887			5,771			—		—		—
Inventories, net				—			49,944			4			—		—		—
Prepaid expenses				84			24,512			11			—		—		—
Investments, fixed maturities				—			—			—			238,291		601,278		—
Investments, other				135,000			171,241			217,618			110,706		255,224		(50,027	)
Deferred policy acquisition costs, net				—			—			—			12,815		90,892		—
Other assets				514,578			212,435			3,990			105,586		1,476		(773,922	)

				682,403			550,603			241,405			699,853		974,384		(823,949	)
Investment in Subsidiaries				1,066,859			—			—			—		—		(1,066,859	)
Investment in SAC				(43,771	)		—			—			—		—		—
Property, plant and equipment, at cost:
	Land			—			19,418			139,165			—		—		—
	Buildings and improvements			—			148,359			603,242			—		—		—
	Furniture and equipment			460			273,718			18,040			—		—		—
	Rental trailers and other rental equipment			—			152,573			—			—		—		—
	Rental trucks			—			1,177,683			—			—		—		—
	SAC Holdings– property, plant and equipment			—			—			—			—		—		—

				460			1,771,751			760,447			—		—		—
	Less accumulated depreciation			(318	)		(1,012,129	)		(256,559	)		—		—		—

		Total property, plant and equipment		142			759,622			503,888			—		—		—

TOTAL ASSETS				1,705,633			1,310,225			745,293			699,853		974,384		(1,890,808	)

(1) Balance as of March 31, 2003

[Continued from above table, first column(s) repeated]


						SAC Moving
			AMERCO			and Storage						Total
			Consolidated			Operations			Eliminations			Consolidated


			(In thousands)
ASSETS
Cash and cash equivalents				80,255			5,205			—			85,460
Trade receivables, net				282,050			—			(19,842	)		262,208
Notes and mortgages receivables, net				40,658			—			(30,127	)		10,531
Inventories, net				49,948			4,302			—			54,250
Prepaid expenses				24,607			973			(5,220	)		20,360
Investments, fixed maturities				839,569			—			(5,039	)		834,530
Investments, other				839,762			1,701			(400,694	)		440,769
Deferred policy acquisition costs, net				103,707			—			—			103,707
Other assets				64,143			55,574			(31,585	)		88,132

				2,324,699			67,755			(492,507	)		1,899,947
Investment in Subsidiaries				—			—			—			—
Investment in SAC				(43,771	)		—			43,771			—
Property, plant and equipment, at cost:
	Land			158,583			—			—			158,583
	Buildings and improvements			751,601			—			—			751,601
	Furniture and equipment			292,218			—			—			292,218
	Rental trailers and other rental equipment			152,573			—			—			152,573
	Rental trucks			1,177,683			—			—			1,177,683
	SAC Holdings– property, plant and equipment			—			984,939			(258,271	)		726,668

				2,532,658			984,939			(258,271	)		3,259,326
	Less accumulated depreciation			(1,269,006	)		(65,607	)		7,098			(1,327,515	)

		Total property, plant and equipment		1,263,652			919,332			(251,173	)		1,931,811

TOTAL ASSETS				3,544,580			987,087			(699,909	)		3,831,758

(1) Balance as of March 31, 2003

6. Consolidating Balance Sheets by Industry Segment and Geographic Area Data, Continued:

Consolidating balance sheets by industry segment as of June 30, 2003 are as follows — Continued:


					Moving
					and
					Storage					Property and
					Operations					Casualty			Life
		AMERCO			U-Haul			Real Estate		Insurance(1)			Insurance(1)			Eliminations


		(In thousands)
LIABILITIES
Accounts payable and accrued expenses		$	181,545			295,656			3,800		—			666			(101,326	)
AMERCO’s notes and loans payable			—			31,693			101,503		—			—			(39,219	)
SAC Holdings’ notes and loans payable			—			—			—		—			—			—
Policy benefits and losses, claims and loss expenses payable			—			182,254			—		483,128			181,623			—
Liabilities from investment contracts			—			—			—		—			641,257			—
Other policyholders’ funds and liabilities			—			—			—		17,105			7,327			—
Deferred income			—			31,214			1,009		17,306			14,279			—
Deferred income taxes			125,686			222,519			94,914		—			11,730			(346,669	)
Other liabilities			—			—			325,565		—			11,170			(336,735	)
Liabilities subject to compromise			861,058			—			—		—			—			—

	Total liabilities		1,168,289			763,336			526,791		517,539			868,052			(823,949	)
Minority Interest			—			—			—		—			—			—
STOCKHOLDERS’ EQUITY
Serial preferred stock-			—			—			—		—			—			—
	Series A preferred stock		—			—			—		—			—			—
	Series B preferred stock		—			—			—		—			—			—
Serial common stock-			—			—			—		—			—			—
	Series A common stock		1,441			—			—		—			—			—
Common stock			9,122			540			1		3,300			2,500			(6,341	)
Additional paid-in- capital			396,048			121,230			147,481		70,023			16,435			(355,169	)
Additional paid-in- capital-SAC			3,199			—			—		—			—			—
Accumulated other comprehensive loss			(40,139	)		(35,796	)		—		(3,058	)		(1,308	)		40,162
Accumulated other comprehensive loss-
	SAC Holdings		212			—			—		—			—			—
Retained earnings			585,619			473,737			71,020		112,049			88,705			(745,511	)
Cost of common shares in treasury, net			(418,178	)		—			—		—			—			—
Unearned ESOP shares			20			(12,822	)		—		—			—			—

	Total stockholders’ equity		537,344			546,889			218,502		182,314			106,332			(1,066,859	)

Total Liabilities and Stockholders’ Equity			1,705,633			1,310,225			745,293		699,853			974,384			(1,890,808	)

(1) Balance as of March 31, 2003

[Continued from above table, first column(s) repeated]


					SAC Moving
		AMERCO			and Storage						Total
		Consolidated			Operations			Eliminations			Consolidated


		(In thousands)
LIABILITIES
Accounts payable and accrued expenses			380,341			49,403			(49,971	)		379,773
AMERCO’s notes and loans payable			93,977			—			—			93,977
SAC Holdings’ notes and loans payable			—			982,728			(393,087	)		589,641
Policy benefits and losses, claims and loss expenses payable			847,005			—			—			847,005
Liabilities from investment contracts			641,257			—			—			641,257
Other policyholders’ funds and liabilities			24,432			—			—			24,432
Deferred income			63,808			10,069			(36,805	)		37,072
Deferred income taxes			108,180			(20,790	)		(98,005	)		(10,615	)
Other liabilities			—			—			—			—
Liabilities subject to compromise			861,058			—			—			861,058

	Total liabilities		3,020,058			1,021,410			(577,868	)		3,463,600
Minority Interest			—			12,646			(12,646	)		—
STOCKHOLDERS’ EQUITY
Serial preferred stock-			—			—			—			—
	Series A preferred stock		—			—			—			—
	Series B preferred stock		—			—			—			—
Serial common stock-			—			—			—			—
	Series A common stock		1,441			—			—			1,441
Common stock			9,122			—			—			9,122
Additional paid-in- capital			396,048			—			(160,264	)		235,784
Additional paid-in- capital-SAC			3,199			3,199			(3,199	)		3,199
Accumulated other comprehensive loss			(40,139	)		—			—			(40,139	)
Accumulated other comprehensive loss-
	SAC Holdings		212			212			(212	)		212
Retained earnings			585,619			(47,182	)		54,280			592,717
Cost of common shares in treasury, net			(418,178	)		(3,198	)		—			(421,376	)
Unearned ESOP shares			(12,802	)		—			—			(12,802	)

	Total stockholders’ equity		524,522			(46,969	)		(109,395	)		368,158

Total Liabilities and Stockholders’ Equity			3,544,580			987,087			(699,909	)		3,831,758

(1) Balance as of March 31, 2003

Consolidating balance sheets by industry segment as of March 31, 2003 are as follows:


						U-Haul
						Moving
						and						Property and
						Storage						Casualty		Life
			AMERCO			Operations			Real Estate			Insurance(1)		Insurance(1)		Eliminations


			(Unaudited)

			(In thousands)
ASSETS
Cash and cash equivalents			$	18,524			30,046			174			4,108		9,320		—
Trade receivables, net				—			22,444			1,558			224,427		23,062		—
Notes and mortgage receivable, net				—			10,462			17,285			—		—		—
Inventories, net				—			49,229			4			—		—		—
Prepaid expenses				87			27,400			11			—		—		—
Investments, fixed maturities				—			—			—			253,871		613,206		—
Investments, other				135,000			170,886			217,619			120,372		224,604		(79,707	)
Deferred policy acquisition costs													13,206		91,894		—
Other assets				471,884			161,825			3,991			88,660		2,289		(689,684	)

				625,495			472,292			240,642			704,644		964,375		(769,391	)
Investment in Subsidiaries				1,037,756			—			—			—		—		(1,037,756	)
Investment in SAC				(41,938	)		—			—			—		—		—
Property, plant and equipment, at cost:
	Land			—			18,849			139,138			—		—		—
	Buildings and improvements			—			145,177			602,676			—		—		—
	Furniture and equipment			459			272,884			18,040			—		—		—
	Rental trailers and other rental equipment			—			149,707						—		—		—
	Rental trucks			—			1,140,294			—			—		—		—
	SAC Holdings — property, plant and equipment			—			—			—			—		—		—

				459			1,726,911			759,854			—		—		—
	Less accumulated depreciation			(315	)		(990,412	)		(254,409	)		—		—		—

		Total property, plant and equipment		144			736,499			505,445			—		—		—

TOTAL ASSETS				1,621,457			1,208,791			746,087			704,644		964,375		(1,807,147	)

[Continued from above table, first column(s) repeated]


						SAC Moving
			AMERCO			and Storage						Total
			Consolidated			Operations			Eliminations			Consolidated


			(Unaudited)

			(In thousands)
ASSETS
Cash and cash equivalents				62,172			4,662			—			66,834
Trade receivables, net				271,491			—			(7,754	)		263,737
Notes and mortgage receivable, net				27,747			—			(24,879	)		2,868
Inventories, net				49,233			4,037			—			53,270
Prepaid expenses				27,498			811			(6,463	)		21,846
Investments, fixed maturities				867,077			—			(6,477	)		860,600
Investments, other				788,774			—			(399,522	)		389,252
Deferred policy acquisition costs				105,100			—			—			105,100
Other assets				38,965			24,635			—			63,600

				2,238,057			34,145			(445,095	)		1,827,107
Investment in Subsidiaries				—			—			—			—
Investment in SAC				(41,938	)		—			41,938			—
Property, plant and equipment, at cost:
	Land			157,987			—			—			157,987
	Buildings and improvements			747,853			—			—			747,853
	Furniture and equipment			291,383			—			—			291,383
	Rental trailers and other rental equipment			149,707			—			—			149,707
	Rental trucks			1,140,294			—			—			1,140,294
	SAC Holdings — property, plant and equipment			—			1,015,563			(258,271	)		757,292

				2,487,224			1,015,563			(258,271	)		3,244,516
	Less accumulated depreciation			(1,245,136	)		(59,679	)		6,616			(1,298,199	)

		Total property, plant and equipment		1,242,088			955,884			(251,655	)		1,946,317

TOTAL ASSETS				3,438,207			990,029			(654,812	)		3,773,424

6. Consolidating Balance Sheets By Industry Segment And Geographic Area Data, Continued:

Consolidating balance sheets by industry segment as of March 31, 2003 are as follows — Continued:


					Moving and
					Storage					Property and
					Operations					Casualty		Life
		AMERCO			U-Haul			Real Estate		Insurance(1)		Insurance(1)		Eliminations


		(Unaudited)

		(In thousands)
LIABILITIES
Accounts payable and accrued expenses		$	139,496			263,394			7,892		—		570		(39,735	)
AMERCO’s notes and loans payable			861,158			31,693			101,505		—		—		(39,500	)
SAC Holdings’ notes and loans payable			—			—			—		—		—		—
Policy benefits and losses, claims and loss expenses payable			—			168,666			—		485,383		182,583		—
Liabilities from investment contracts			—			—			—		—		639,998		—
Other policyholders’ funds and liabilities			—			—			—		20,164		10,145		—
Deferred income			2,863			30,943			1,011		—		—		—
Deferred income taxes			120,446			214,715			94,914		—		8,664		(353,058	)
Other liabilities			—			—			325,783		—		11,315		(337,098	)

	Total liabilities		1,123,963			709,411			531,105		505,547		853,275		(769,391	)
Minority Interest			—			—			—		—		—		—
STOCKHOLDERS’ EQUITY
Serial preferred stock —			—			—			—		—		—		—
	Series A preferred stock		—			—			—		—		—		—
	Series B preferred stock		—			—			—		—		—		—
Serial common stock —			—			—			—		—		—		—
	Series A common stock		1,441			—			—		—		—		—
Common stock			9,122			540			1		3,300		2,500		(6,341	)
Additional paid-in- capital			396,050			121,230			147,481		70,023		16,435		(355,169	)
Additional paid-in- capital — SAC			3,199			—			—		—		—		—
Accumulated other comprehensive loss			(54,278	)		(39,849	)		—		13,589		4,166		22,094
Accumulated other comprehensive loss — SAC			(1,487	)		—			—		—		—		—
Retained earnings			561,606			430,656			67,500		112,185		87,999		(698,340	)
Cost of common shares in treasury			(418,179	)		—			—		—		—		—
Unearned ESOP shares			20			(13,197	)		—		—		—		—

	Total stockholders’ equity		497,494			499,380			214,982		199,097		111,100		(1,037,756	)

Total Liabilities and stockholders’ equity		$	1,621,457			1,208,791			746,087		704,644		964,375		(1,087,147	)

[Continued from above table, first column(s) repeated]


					SAC Moving
					and
		AMERCO			Storage						Total
		Consolidated			Operations			Eliminations			Consolidated


		(Unaudited)

		(In thousands)
LIABILITIES
Accounts payable and accrued expenses			371,617			48,033			(32,633	)		387,017
AMERCO’s notes and loans payable			954,856			—			—			954,856
SAC Holdings’ notes and loans payable			—			983,190			(394,171	)		589,019
Policy benefits and losses, claims and loss expenses payable			836,632			—			—			836,632
Liabilities from investment contracts			639,998			—			—			639,998
Other policyholders’ funds and liabilities			30,309			—			—			30,309
Deferred income			34,817			12,033			(6,463	)		40,387
Deferred income taxes			85,681			(19,918	)		(98,005	)		(32,242	)
Other liabilities			—			—			—			—

	Total liabilities		2,953,910			1,023,338			(531,272	)		3,445,976
Minority Interest			—			11,828			(11,828	)		—
STOCKHOLDERS’ EQUITY
Serial preferred stock —			—			—			—			—
	Series A preferred stock		—			—			—			—
	Series B preferred stock		—			—			—			—
Serial common stock —			—			—			—			—
	Series A common stock		1,441			—			—			1,441
Common stock			9,122			—			—			9,122
Additional paid-in- capital			396,050			—			(160,266	)		235,784
Additional paid-in- capital — SAC			3,199			3,199			(3,199	)		3,199
Accumulated other comprehensive loss			(54,278	)		—			—			(54,278	)
Accumulated other comprehensive loss — SAC			(1,487	)		(1,487	)		1,487			(1,487	)
Retained earnings			561,606			(43,650	)		50,266			568,222
Cost of common shares in treasury			(418,179	)		(3,199	)		—			(421,378	)
Unearned ESOP shares			(13,177	)		—			—			(13,177	)

	Total stockholders’ equity		484,297			(45,137	)		(111,712	)		327,448

Total Liabilities and stockholders’ equity			3,438,207			990,029			(654,812	)		3,773,424

Consolidating statements of operations by industry segment for the quarter ended June 30, 2003 are as follows:


						U-Haul Moving						Property and
						and Storage						Casualty			Life
			AMERCO			Operations			Real Estate			Insurance(1)			Insurance(1)			Eliminations


			(Unaudited)

			(In thousands)
Revenues
	Rental revenue		$	—			407,047			14,828			—			—			(15,319	)
	Net sales			—			54,276			15			—			—			—
	Premiums			—			—			—			28,567			38,084			(2,195	)
	Net investment and interest income			244			8,028			1,992			5,804			5,353			—

		Total revenues		244			469,351			16,835			34,371			43,437			(17,514	)
Costs and expenses
	Operating expenses			11,530			262,735			(2,534	)		5,278			8,650			(17,514	)
	Commission expenses			—			47,153			—			—			—			—
	Cost of sales			—			25,627			6			—			—			—
	Benefits and losses			—			—			—			25,582			27,817			—
	Amortization of deferred policy acquisition costs			—			—			—			3,710			5,390			—
	Lease expense			230			37,520			4,444			—			—			—
	Depreciation, net			3			30,580			2,171			—			—			—

		Total costs and expenses		11,763			403,615			4,087			34,570			41,857			(17,514	)

Equity in Earnings of Subsidiary				47,171			—			—			—			—			(47,171	)
Equity in Earning of SAC				(3,532	)		—			—			—			—			—

Earnings (loss) from operations				32,120			65,736			12,748			(199	)		1,580			(47,171	)
	Interest expense			14,375			(1,069	)		6,797			—			—			—

Pretax earnings (loss)				17,745			66,805			5,951			(199	)		1,580			(47,171	)
Income tax benefit (expense)				9,509			(23,724	)		(2,431	)		63			(874	)		—

	Net earnings/(loss)			27,254			43,081			3,520			(136	)		706			(47,171	)

Less: Preferred stock dividends				(3,241	)		—			—			—			—			—

Earnings (loss) available to common shareholders			$	24,013			43,081			3,520			(136	)		706			(47,171	)

[Continued from above table, first column(s) repeated]


						SAC Moving
			AMERCO			and Storage						Total
			Consolidated			Operations			Eliminations			Consolidated


			(Unaudited)

			(In thousands)
Revenues
	Rental revenue			406,556			42,300			(13,814	)		435,042
	Net sales			54,291			14,918			—			69,209
	Premiums			64,456			—			—			64,456
	Net investment and interest income			21,421			—			(10,012	)		11,409

		Total revenues		546,724			57,218			(23,826	)		580,116
Costs and expenses
	Operating expenses			268,145			28,122			(3,291	)		292,976
	Commission expenses			47,153			—			(6,959	)		40,194
	Cost of sales			25,633			6,586			—			32,219
	Benefits and losses			53,399			—			—			53,399
	Amortization of deferred policy acquisition costs			9,100			—			—			9,100
	Lease expense			42,194			—			(3,564	)		38,630
	Depreciation, net			32,754			5,766			(482	)		38,038

		Total costs and expenses		478,378			40,474			(14,296	)		504,556

Equity in Earnings of Subsidiary				—			—			—			—
Equity in Earning of SAC				(3,532	)		—			3,532			—

Earnings (loss) from operations				64,814			16,744			(5,998	)		75,560
	Interest expense			20,103			20,807			(10,012	)		30,898

Pretax earnings (loss)				44,711			(4,063	)		4,014			44,662
Income tax benefit (expense)				(17,457	)		531			—			(16,926	)

	Net earnings/(loss)			27,254			(3,532	)		4,014			27,736

Less: Preferred stock dividends				(3,241	)		—			—			(3,241	)

Earnings (loss) available to common shareholders				24,013			(3,532	)		4,014			24,495

Consolidating statements of operations by industry segment for the restated quarter ended June 30, 2002 are as follows:


						U-Haul Moving						Property and
						and Storage						Casualty			Life
			AMERCO			Operations			Real Estate			Insurance(1)			Insurance(1)			Eliminations


			(Unaudited)

			(In thousands)
Revenues
	Rental revenue		$	—			383,709			15,384			—			—			(15,695	)
	Net sales			—			53,624			16			—			—			—
	Premiums			—			—			—			46,609			39,658			(1,614	)
	Net investment and interest income			811			7,589			2,777			7,568			5,384			—

		Total revenues		811			444,922			18,177			54,177			45,042			(17,309	)
Costs and expenses
	Operating expenses			1,079			257,788			(588	)		5,210			8,363			(17,309	)
	Commission expenses			—			49,039			—			—			—			—
	Cost of sales			—			29,448			7			—			—			—
	Benefits and losses			—			—			—			45,647			30,771			—
	Amortization of deferred acquisition costs			—			—			—			5,309			5,025			—
	Lease expense			230			41,219			1,962			—			—			—
	Depreciation, net			4			27,421			2,125			—			—			—

		Total costs and expenses		1,313			404,915			3,506			56,166			44,159			(17,309	)

Equity in Earnings of Subsidiary				30,024			—			—			—			—			(30,024	)
Equity in Earning of SAC				(389	)		—			—			—			—			—
Earnings (loss) from operations				29,133			40,007			14,671			(1,989	)		883			(30,024	)
	Interest expense			9,249			3,751			5,302			—			—			—

Pretax earnings (loss)				19,884			36,256			9,369			(1,989	)		883			(30,024	)
Income tax benefit (expense)				3,413			(11,917	)		(3,279	)		1,005			(304	)		—

	Net earnings/(loss)			23,297			24,339			6,090			(984	)		579			(30,024	)

Less: Preferred stock dividends				(3,241	)		—			—			—			—			—

Earnings (loss) available to common shareholders			$	20,056			24,339			6,090			(984	)		579			(30,024	)

[Continued from above table, first column(s) repeated]


						SAC Moving
						and
			AMERCO			Storage						Total
			Consolidated			Operations			Eliminations			Consolidated


			(Unaudited)

			(In thousands)
Revenues
	Rental revenue			383,398			40,198			(12,019	)		411,577
	Net sales			53,640			14,549			—			68,189
	Premiums			84,653			—			—			84,653
	Net investment and interest income			24,129			—			(9,254	)		14,875

		Total revenues		545,820			54,747			(21,273	)		579,294
Costs and expenses
	Operating expenses			254,543			24,732			(3,055	)		276,220
	Commission expenses			49,039			—			(6,909	)		42,130
	Cost of sales			29,455			6,072			—			35,527
	Benefits and losses			76,418			—			—			76,418
	Amortization of deferred acquisition costs			10,334			—			—			10,334
	Lease expense			43,411			—			(2,055	)		41,356
	Depreciation, net			29,550			4,644			(482	)		33,712

		Total costs and expenses		492,750			35,448			(12,501	)		515,697

Equity in Earnings of Subsidiary				—			—			—			—
Equity in Earning of SAC				(389	)		—			389			—
Earnings (loss) from operations				52,681			19,299			(8,383	)		63,597
	Interest expense			18,302			19,647			(9,254	)		28,695

Pretax earnings (loss)				34,379			(348	)		871			34,902
Income tax benefit (expense)				(11,082	)		(41	)		—			(11,123	)

	Net earnings/(loss)			23,297			(389	)		871			23,779

Less: Preferred stock dividends				(3,241	)		—			—			(3,241	)

Earnings (loss) available to common shareholders				20,056			(389	)		871			20,538

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2003 are as follows:


					U-Haul Moving						Property and
					and Storage						Casualty			Life
			AMERCO		Operations			Real Estate			Insurance(1)			Insurance(1)			Eliminations


			(Unaudited)

			(In thousands)
Net cash flows provided by (used in) operating activities			$	14,217		48,133			604			(28,193	)		(1,233	)		—

Cash flows from investing activities:
	Purchases of investments:
		Property, plant and equipment		—		(41,895	)		—			—			—			—
		Fixed maturities		—		—			—			(70	)		(13,847	)		—
		Common Stock		—		—			—			—			—			—
		Preferred Stock		—		—			—			—			—			—
		Other asset investment		—		—			—			9,386			(34,860	)		—
		Real estate		—		—			—			—			—			—
		Mortgage loans		—		—			—			—			—			—
	Proceeds from sale of investments:								—			—			—
		Property, plant and equipment		—		4,513			(634	)		—			—			—
		Fixed maturities		—		—			—			17,597			35,553			—
		Common Stock		—		—			—			—			—			—
		Preferred Stock		—		—			—			—			—			—
		Real estate		—		—			—			482			5,862			—
		Mortgage loans		—		73			130			—			—			—
	Changes in other investments			—		—			—			—			1,114			—

Net cash provided by (used in) investing activities				—		(37,309	)		(504	)		27,395			(6,178	)		—

Cash flows from financing activities:
	Net change in short-term borrowings			—		—			—			—			—			—
	Proceeds from notes			—		—			—			—			—			—
	Debt issuance costs			—		—			—			—			—			—
	Leveraged ESOP:			—		—			—			—			—			—
		Purchase of shares		—					—			—			—			—
		Payments on loans		—		375			—			—			—			—
	Principal payments on notes			—		—			(2	)		—			—			—
	Preferred stock dividends paid			—		—			—			—			—			—
	Treasury stock acquisitions, net			—		—			—			—			—			—
	Dividends paid			—		—			—			—			—			—
	Investment contract deposits			—		—			—			—			20,334			—
	Investment contract withdrawals			—		—			—			—			(19,556	)		—

Net cash provided by (used in) financing activities				—		375			(2	)		—			778			—

Increase (decrease) in cash and cash equivalents				14,217		11,199			98			(798	)		(6,633	)		—
Cash and cash equivalents at the beginning of period				18,524		30,046			174			4,108			9,320			—

Cash and cash equivalents at the end of period			$	32,741		41,245			272			3,310			2,687			—

[Continued from above table, first column(s) repeated]


						SAC Moving
						and
			AMERCO			Storage						Total
			Consolidated			Operations			Eliminations			Consolidated


			(Unaudited)

			(In thousands)
Net cash flows provided by (used in) operating activities				33,528			(27,569	)		36,669			42,628

Cash flows from investing activities:
	Purchases of investments:
		Property, plant and equipment		(41,895	)		(6,242	)		—			(48,137	)
		Fixed maturities		(13,917	)		—			—			(13,917	)
		Common Stock		—			—			—			—
		Preferred Stock		—			—			—			—
		Other asset investment		(25,474	)		—			—			(25,474	)
		Real estate		—			—			—			—
		Mortgage loans		—			—			—			—
	Proceeds from sale of investments:			—
		Property, plant and equipment		3,879			37,029			(37,751	)		3,157
		Fixed maturities		53,150			—			—			53,150
		Common Stock		—			—			—			—
		Preferred Stock		—			—			—			—
		Real estate		6,344			—			—			6,344
		Mortgage loans		203			—			—			203
	Changes in other investments			1,114			—						1,114

Net cash provided by (used in) investing activities				(16,596	)		30,787			(37,751	)		(23,560	)

Cash flows from financing activities:
	Net change in short-term borrowings			—			—			—			—
	Proceeds from notes			—			357			(357	)		—
	Debt issuance costs			—			—			—			—
	Leveraged ESOP:			—			—			—			—
		Purchase of shares
		Payments on loans		375			—			—			375
	Principal payments on notes			(2	)		(3,032	)		1,439			(1,595	)
	Preferred stock dividends paid			—			—			—			—
	Treasury stock acquisitions, net			—			—			—			—
	Dividends paid			—			—			—			—
	Investment contract deposits			20,334			—			—			20,334
	Investment contract withdrawals			(19,556	)		—			—			(19,556	)

Net cash provided by (used in) financing activities				1,151			(2,675	)		1,082			(442	)

Increase (decrease) in cash and cash equivalents				18,083			543			—			18,626
Cash and cash equivalents at the beginning of period				62,172			4,662			—			66,834

Cash and cash equivalents at the end of period				80,255			5,205			—			85,460

Consolidating cash flow statements by industry segment for the quarter ended June 30, 2002 are as follows:


						U-Haul Moving						Property and
						and Storage						Casualty			Life
			AMERCO			Operations			Real Estate			Insurance(1)			Insurance(1)			Eliminations


			(Unaudited)

			(In thousands)
Net cash flows provided by (used in) operating activities			$	208,844			49,252			(99,525	)		(27,956	)		(16,869	)		—

Cash flows from investing activities:
	Purchases of investments:
		Property, plant and equipment		—			(55,735	)		(445	)		—			—			—
		Fixed maturities		—			—			—			—			(60,986	)		—
		Common Stock		—			—			—			—			—			—
		Preferred Stock		—			—			—			—			—			—
		Other asset investment		—			—			—			—			(362	)		—
		Real estate		—			—			—			—			—			—
		Mortgage loans		—			—			—			—			—			—
	Proceeds from sale of investments:												—			—
		Property, plant and equipment		3			—			—			—			—			—
		Fixed maturities		—			—			—			20,745			49,579			—
		Common Stock		—			—			—			—			—			—
		Preferred Stock		—			—			—			—			2,578			—
		Real estate		—			—			—			—			4,545			—
		Mortgage loans		—			—			—			560			—			—
	Changes in other investments			—			—			—			11,376			(4,028	)		—

Net cash provided by (used in) investing activities				3			(55,735	)		(445	)		32,681			(8,674	)		—

Cash flows from financing activities:
	Net change in short-term borrowings			(100,485	)		—			—			—			—			—
	Proceeds from notes			—			—			99,991			—			—			—
	Debt issuance costs			—			—			—			—			—			—
	Leveraged ESOP:			—			—			—			—			—			—
		Purchase of shares		—			(84	)		—			—			—			—
		Payments on loans		—			—			—			—			—			—
	Principal payments on notes			(107,290	)		—			—			—			—			—
	Preferred stock dividends paid			—			—			—			—			—			—
	Treasury stock acquisitions, net			(572	)		—			—			—			—			—
	Dividends paid			—			—			—			—			—			—
	Investment contract deposits			—			—			—			—			36,628			—
	Investment contract withdrawals			—			—			—			—			(19,211	)		—

Net cash provided by (used in) financing activities				(208,347	)		(84	)		99,991			—			17,417			—

Increase (decrease) in cash and cash equivalents				500			(6,567	)		21			4,725			(8,126	)		—
Cash and cash equivalents at the beginning of period				71			25,719			576			5,912			9,158			—

Cash and cash equivalents at the end of period			$	571			19,152			597			10,637			1,032			—

[Continued from above table, first column(s) repeated]


						SAC Moving
			AMERCO			and Storage						Total
			Consolidated			Operations			Eliminations			Consolidated


			(Unaudited)

			(In thousands)
Net cash flows provided by (used in) operating activities				113,746			5,146			(1,564	)		117,328

Cash flows from investing activities:
	Purchases of investments:
		Property, plant and equipment		(56,180	)		(5,035	)		—			(61,215	)
		Fixed maturities		(60,986	)		—			—			(60,986	)
		Common Stock		—			—			—			—
		Preferred Stock		—			—			—			—
		Other asset investment		(362	)		—			—			(362	)
		Real estate		—			—			—			—
		Mortgage loans		—			—			—			—
	Proceeds from sale of investments:			—									—
		Property, plant and equipment		3			—			—			3
		Fixed maturities		70,324			—			—			70,324
		Common Stock		—			—			—			—
		Preferred Stock		2,578			—			—			2,578
		Real estate		4,545			—			—			4,545
		Mortgage loans		560			—			—			560
	Changes in other investments			7,348			—			—			7,348

Net cash provided by (used in) investing activities				(32,170	)		(5,035	)		—			(37,205	)

Cash flows from financing activities:
	Net change in short-term borrowings			(100,485	)		—			—			(100,485	)
	Proceeds from notes			99,991			(1,564	)		1,564			99,991
	Debt issuance costs			—			—			—			—
	Leveraged ESOP:			—			—			—			—
		Purchase of shares		(84	)		—			—			(84	)
		Payments on loans		—			—			—			—
	Principal payments on notes			(107,290	)		1,453			—			(105,837	)
	Preferred stock dividends paid			—			—			—			—
	Treasury stock acquisitions, net			(572	)		—			—			(572	)
	Dividends paid			—			—			—			—
	Investment contract deposits			36,628			—			—			36,628
	Investment contract withdrawals			(19,211	)		—			—			(19,211	)

Net cash provided by (used in) financing activities				(91,023	)		(111	)		1,564			(89,570	)

Increase (decrease) in cash and cash equivalents				(9,447	)		—			—			(9,447	)
Cash and cash equivalents at the beginning of period				41,436			10			—			41,446

Cash and cash equivalents at the end of period				31,989			10			—			31,999

Under the Bankruptcy Code certain claims against AMERCO in existence prior to the Petition Date are stayed while AMERCO continues operating as a debtor-in-possession. AMERCO has received approval from the Court to (a) pay pre-petition and post-petition employee wages, salaries, benefits and other employee obligations; (b) pay vendors and other providers in the ordinary course for goods and services received from and after the Petition Date. Substantially all other pre-petition liabilities of AMERCO have been classified as liabilities subject to compromise in the unaudited Condensed Consolidated Balance Sheets. Adjustments to these liabilities may result from negotiations, payments authorized by Court order, additional rejection of executory contracts including leases, or other events.

Shortly after the Chapter 11 filing, AMERCO began notifying all known or potential creditors of the filing for the purpose of identifying all pre-petition claims against the Company. Amounts that AMERCO has recorded may be different than amounts filed by its creditors. The number and amount of allowable claims cannot be presently ascertained. The claims reconciliation process may result in adjustments to allowable claims.

The following table summarizes the components of Liabilities subject to compromise included in AMERCO’s Condensed Consolidated Balance Sheets as of June 30, 2003 (in thousands):

Reorganization items represent amounts incurred as a direct result of the Company’s Chapter 11 filing and are included in operating expenses and interest expense in the Company’s Statement of Operations. Professional fees of $8.8 million and default interest payments of $4.4 million were paid during the quarter ended June 30, 2003.

During the quarter ended June 30, 2003, the Company purchased $140,280, of printing from Form Builders, Inc. Mark V. Shoen, his daughter and Edward J. Shoen’s sons are major stockholders of Form Builders, Inc. The Company ceased doing business with Form Builders on April 18, 2003.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Quarterly Report on Form 10-Q contains forward-looking statements. We may make additional written or oral forward-looking statements from time to time in filings with the Securities and Exchange Commission or otherwise. We believe such forward-looking statements are within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, projections of revenues, income or loss, estimates of capital expenditures, our plans and intentions regarding the recapitalization of our balance sheet and the payment of dividends arrearages, plans for future operations, products or services and financing needs and plans, our perceptions of our legal positions and anticipated outcomes of pending litigation against us, liquidity, expected outcomes of the Chapter 11 proceeding 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 DIP facility; the Company’s ability to obtain court approval with respect to motions in the Chapter 11 proceeding prosecuted by it from time to time; the Company’s ability to develop, prosecute, confirm, and consummate a plan of reorganization with respect to the Chapter 11 case; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm a plan of reorganization, for the appointment of a Chapter 11 trustee or to convert the case to a Chapter 7 case; the Company’s ability to obtain and maintain normal terms with vendors and service providers; the Company’s ability to maintain contracts that are critical to its operations; the potential adverse impact of the Chapter 11 case on the Company’s liquidity or results of 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; weather conditions; fluctuations in our costs to maintain and update our fleet and facilities; our ability to refinance our debt; our ability to successfully recapitalize our balance sheet and cure existing defaults of our debt agreements; our ability to continue as a going concern; 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; 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 Securities Exchange Commission. The above factors, the following disclosures, as well as other statements in this report and in the Notes to AMERCO’s Consolidated Financial Statements, could contribute to or cause such differences, or could cause AMERCO’s 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 disclaims any intent or obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise.

Information on industry segments is incorporated by reference from — Notes 1 and 6 of Notes to Condensed Consolidated Financial Statements. The notes discuss the principles of consolidation, summarized consolidated financial information and industry segment and geographical area data, respectively. In consolidation, all intersegment premiums are eliminated and the benefits, losses and expenses are retained by the insurance companies.

Management’s discussion and analysis of financial condition and results of operations are based upon the consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of our financial statements requires the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses,

and related disclosure of contingent assets and liabilities. On an ongoing basis, estimates are reevaluated, including those related to areas that require a significant level of judgment or are otherwise subject to an inherent degree of uncertainty. These areas include allowances for doubtful accounts, depreciation of revenue earning vehicles and buildings, self-insured liabilities, impairments of assets, insurance reserves, premiums and acquisition cost amortization, income taxes and commitments and contingencies. Our estimates are based on historical experience, observance of trends in particular areas, information and/ or valuations available from outside sources and on various other assumptions that we believe to be reasonable under the circumstances and which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts may differ from these estimates under different assumptions and conditions. Such differences may be material.

Accounting policies are considered critical when they are significant and involve difficult, subjective or complex judgments or estimates. We consider the following to be critical accounting policies:

Principles of consolidation — The consolidated financial statements include the accounts of AMERCO and its wholly owned subsidiaries and SAC Holdings and its wholly owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. SAC Holdings has been classified as a special purpose entity that meets the criteria for consolidation and therefore the accounts of SAC Holdings are included in the consolidated financial statements. AMERCO has concluded that SAC Holdings qualifies as a Variable Interest Entity, as defined by FIN 46, and will continue to be included in the consolidation. AMERCO does not have an equity ownership interest in SAC Holdings or any of SAC Holdings’ subsidiaries, except for investments made by RepWest and Oxford in a SAC Holdings-controlled limited partnership, which holds Canadian self-storage properties. SAC Holdings are not legal subsidiaries of AMERCO. AMERCO is not liable for the debts of SAC Holdings and there are no default provisions in AMERCO indebtedness that cross-default to SAC Holdings’ obligations. SAC Holdings has concluded that a conglomerate of entities, known as Private Mini Storage Realty, L.P. (“Private Mini”), qualifies as a Variable Interest Entity and will be included in the consolidation beginning July 1, 2003. As of June 30, 2003 and for the period then ended, Private Mini is accounted for on the equity method of accounting.

Revenue earning vehicles and buildings — Depreciation is recognized in amounts expected to result in the recovery of estimated residual values upon disposal (i.e. no gains or losses). In determining the depreciation rate, historical disposal experience and holding periods, and trends in the market for vehicles are reviewed. Due to longer holding periods on trucks and the resulting increased possibility of changes in the economic environment and market conditions, these estimates are subject to a greater degree of risk.

Long-lived assets and intangible assets — The carrying value is reviewed whenever events or circumstances indicate the carrying values may not be recoverable through projected undiscounted future cash flows. The events could include significant underperformance relative to expected, historical or projected future operating results, significant changes in the manner of using the assets, overall business strategy, significant negative industry or economic trends and an unexpected non-compliance with significant debt agreements.

Investments — For investments accounted for under SFAS 115, in determining if and when a decline in market value below amortized cost is other than temporary, quoted market prices, dealer quotes or discounted cash flows are reviewed. Other-than-temporary declines in value are recognized in the current period operating results to the extent of the decline.

Insurance revenue and expense recognition — Premiums are recognized as revenue and earned over the terms of the respective policies. Benefits and expenses are matched with recognized premiums to result in revenue and expense recognition over the life of the contracts. This match is accomplished by recording a provision for future policy benefits and unpaid claims and claim adjustment expenses and by amortizing deferred policy acquisition costs. Charges related to services to be performed are deferred until earned. The amounts received in excess of premiums and fees are included in other policyholder funds in the consolidated balance sheets.

Unearned premiums represent the portion of premiums written which relate to the unexpired term of policies. Liabilities for health and disability and other policy claims and benefits payable represent estimates of payments to be made on insurance claims for reported losses and estimates of losses incurred but not yet reported. These estimates are based on past claims experience and current claim trends as well as social and economic conditions such as changes in legal theories and inflation. Due to the nature of underlying risks and the high degree of uncertainty associated with the determination of the liability for future policy benefits and claims, the amounts to be ultimately paid to settle liabilities cannot be precisely determined and may vary significantly from the estimated liability.

Acquisition costs related to insurance contracts have been deferred to accomplish matching against future premium revenue. The costs are charged to current earnings to the extent it is determined that future premiums are not adequate to cover amounts deferred.

U-Haul insurance expense — Expense is recognized annually based on reported claims and an estimate of future claims. A reserve is booked for unpaid losses. U-Haul’s self-insured retention is paid out over time as claims are settled, relieving the reserve for unpaid losses.

Revenues consist of rental revenues, net sales and investment earnings. Rental revenue was $407.0 million and $383.7 million for the quarter ended June 30, 2003 and 2002. The increase was due to a 6% increase in the rental transactions of trucks and trailers.

Net sales revenues were $54.3 million and $53.6 million for the quarter ended June 30, 2003 and 2002. The increase in sales was due to increased volume.

Cost of sales were $25.6 million and $29.4 million for the quarter ended June 30, 2003 and 2002. The decrease was due to better material cost margins and increased labor efficiency.

Operating expenses before inter-company eliminations were $262.7 million and $257.8 million for the quarter ended June 30, 2003 and 2002.

Lease expense was $37.5 million and $41.2 million for the quarter ended June 30, 2003 and 2002. This decrease reflects a decline in the number of leased rental trucks.

Net depreciation expense was $30.6 million and $27.4 million for the quarter ended June 30, 2003 and 2002.

Operating profit before inter-company eliminations was $65.7 million and $40.0 million for the quarter ended June 30, 2003 and 2002.

Total revenues consist of storage rental revenues, vehicle rental commissions and net sales. Total rental revenue was $42.3 million and $40.2 million for the quarter ended June 30, 2003 and 2002. The increase is due to a 9% increase in storage rental transactions.

Net sales revenues were $14.9 million and $14.5 million for the quarter ended June 30, 2003 and 2002. Net sales stayed about constant for the same time period.

Operating expenses before inter-company eliminations were $28.1 million and $24.7 million for the quarter ended June 30, 2003 and 2002. Increased expenses were the result of increased property taxes, management fees, and utilities.

Cost of sales were $6.6 million and $6.1 million for the quarter ended June 30, 2003 and 2002. The increase is proportional to increases in net sales.

Net depreciation expense was $5.8 million and $4.6 million for the quarter ended June 30, 2003 and 2002.

Operating profits were $16.7 million and $19.3 million for the quarter ended June 30, 2003 and 2002.

Rental revenue before inter-company eliminations was $14.8 million and $15.4 million for the quarter ended June 30, 2003 and 2002. Intercompany revenue was $14.0 and $14.7 million for the quarter ended June 30, 2003 and 2002.

Net investment and interest income was $2.0 million and $2.8 million for the quarter ended June 30, 2003 and 2002.

Lease expense was $4.4 million and $2.0 for the quarter ended June 30, 2003 and 2002. The increase is a result of the increase in synthetic lease expense.

Net depreciation expense was $2.2 million and $2.1 million for the quarter ended June 30, 2003 and 2002. The increase in net depreciation expense is the result of a decline in gross profits recognized on the sales of surplus properties.

Operating profit before inter-company eliminations was $12.7 million and $14.7 million for the quarter ended June 30, 2003 and 2002.

RepWest’s earned premiums were $28.6 million and $46.6 million for the quarter ended March 31, 2003 and 2002 respectively. General agency premiums were $21.0 million and 28.1 million for the quarters ended March 31, 2003 and March 31, 2002, respectively. The decrease in 2003 is due to the reduction of the Company’s non-core lines of business. Assumed treaty reinsurance premium was $2.0 million and $9.3 million for the quarters ended March 31, 2003 and March 31, 2002, respectively. The decrease from 2002 to 2003 is due to the non-renewal and cancellation of Company’s assumed treaty business. Rental industry earnings were $5.5 million and $9.2 million for the quarters ended March 31, 2003 and March 31, 2002, respectively. The 2003 decrease was from a change in policy structure on U-Haul business effective April 1, 2002. Under the new policy U-Haul is now responsible for the losses from $0 — $2,000,000.

Net investment income was $5.8 million and $7.6 million for the quarter ended March 31, 2003 and 2002. The decrease is primarily attributable to lower annual average invested assets.

Operating expenses were $5.3 million and $5.2 million for the quarter ended March 31, 2003 and 2002.

Benefits and losses incurred were $25.6 million and $45.6 million for the quarter ended March 31, 2003 and 2002. The decrease in 2003 is due to decreased underwritings in all segments of the Company’s business.

The amortization of deferred acquisition costs (DAC) was $3.7 million and $5.3 million for the quarter ended March 31, 2003 and 2002. The 2003 decrease is due to the Company’s premium writings.

Operating loss before inter-company eliminations was $0.2 million and $2.0 million for the quarter ended March 31, 2003 and 2002. The decrease is due to the cancellation of multiple unprofitable lines of business.

In April 2003, RepWest announced that in connection with the Company’s overall restructuring efforts, it is redirecting its operating focus. In particular, RepWest is exiting non-U-Haul related lines of business. Management estimates that approximately 78% of net earned premium and balance sheet reserves relate to the operations being discontinued. The process will be conducted in a fashion to help insure an orderly transition and minimize related costs. However, this exit may result in near term losses.

Net premiums were $38.1 million and $39.7 million for the quarter ended March 31, 2003 and 2002, respectively. Oxford increased Medicare supplement premiums by $0.3 million through direct writings and rate management activity. Credit insurance premiums decreased $1.0 million for the quarter. Other health premiums decreased $0.6 million from terminated programs. Other lines had premium decreases totaling $0.3 million.

Net investment income before inter-company eliminations increased $0.02 million to $5.4 million from $5.4.

Operating expenses were $8.7 million and $8.4 million for the quarter ended March 31, 2003 and 2002. Non-deferrable commissions have increased $0.9 million from 2002 primarily due to the increase in Medicare supplement and life premiums. General and administrative expenses net of fees collected decreased $0.6 million.

Benefits incurred were $27.8 million and $30.8 million for the quarter ended March 31, 2003 and 2002. Medicare supplement incurred claims decreased $1.4 million for the quarter and Credit incurred claims decreased $1.3 million. Other lines had decreases of $0.3 million.

Amortization of deferred acquisition cost (“DAC”) and the value of business acquired (“VOBA”) was $5.4 million and $5.0 million for the quarter ended March 31, 2003 and 2002.

Operating profit/(loss) before tax and inter-company eliminations was $1.6 million and $0.9 million for the quarter ended March 31, 2003 and 2002. The increase from 2002 is due primarily to improved loss ratios in Medicare supplement.

Interest expense was $30.9 million and $28.7 million for the quarter ended June 30, 2003 and 2002, respectively.

Interest expense of SAC Holdings on third party debt was $10.8 million and $10.4 million for the quarter ended June 30, 2003 and 2002, respectively. AMERCO’s interest expense on third party debt was $20.1 and $18.3 million for the quarter ended June 30, 2003 and 2002, respectively.

Pretax earnings were $44.7 million and $34.9 million for the quarter ended June 30, 2003 and 2002, respectively. After providing for income taxes, net earnings were $27.7 million and $23.8 million for the quarter ended June 30, 2003 and 2002, respectively.

The matters described in “Liquidity and Capital Resources” to the extent that they relate to future events or expectations, may be significantly affected by the Chapter 11 case. That proceeding will involve, or may result in, various restrictions on the Company’s activities, limitations on financing, the need to obtain Bankruptcy Court approval for various matters and uncertainty as to relationships with vendors, suppliers, customers and others with whom the Company may conduct or seek to conduct business.

Generally, under the Bankruptcy Code, most of a debtor’s liabilities must be satisfied in full in order to preserve the value of the debtor’s preferred and common stock. The rights and claims of the Company’s various creditors and security holders will be determined by the plan of reorganization to be filed by AMERCO. Although AMERCO expects to file and consummate a “full value” plan of reorganization that provides creditors with a combination of cash and new debt securities equal to the full amount of their allowed claims and also preserves the value of AMERCO’s common and preferred stock, no assurance can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies.

The Company’s total of cash, cash equivalents and short-term investments was $85.5 million at June 30, 2003, compared to $66.8 million at March 31, 2003.

To meet the needs of its customers, U-Haul must maintain a large inventory of fixed asset rental items. In fiscal year 2003, capital expenditures were $182.4 million, as compared to $248.7 million and $411.9 million in fiscal years 2002 and 2001, respectively. These expenditures primarily reflect the renewal of the rental truck fleet. The capital required to fund these expenditures was obtained through internally generated funds from operations and lease financings.

During each of the fiscal years ending March 31, 2004, 2005 and 2006, U-Haul estimates gross capital expenditures will average approximately $150 million to maintain the rental fleet at current levels. This level of capital expenditures, combined with a potential level of debt amortization of approximately $100 million, are expected to create average annual funding needs of approximately $250 million. Management estimates that U-Haul will fund these requirements entirely with internally generated funds and proceeds from the sale of trucks and surplus assets. The level of capital expenditures will be dependent upon the amount of internally generated funds and proceeds from the sale of assets.

The DIP Facility consists of a $300 million credit facility with an interest rate option of LIBOR plus 3.5% or the prime rate plus 1.0%. The DIP Facility will mature on the earlier of (i) 12 months following the Bankruptcy Court’s order approving the facility; (ii) ten days following the date of entry of an order confirming AMERCO’s plan of reorganization; and (iii) the conversion of the Chapter 11 case to a case under Chapter 7. In order to facilitate a drawing on the DIP Facility, Real Estate filed for Chapter 11. This filing was needed to facilitate granting security to the lending group in the real estate assets owned by Real Estate. The DIP Facility was approved on an interim basis by the Bankruptcy Court on August 14, 2003.

The terms of the DIP Facility include covenants that require AMERCO to maintain agreed upon minimum levels of EBITDA, EBITDAR and fixed charge coverage ratios. The DIP Facility also contains a limitation on capital expenditures. All such financial covenants will be tested quarterly. Other customary covenants (both positive and negative) are included in the DIP Facility.

In addition, AMERCO has entered into a restructuring agreement with the revolver lenders and Amerco Real Estate Company has entered into a restructuring agreement with the holders of $100 million of its notes. Both agreements govern the consensual treatment of such creditors under AMERCO’s contemplated Plan of Reorganization and such creditors have agreed to support confirmation of the Plan. These agreements are filed as exhibits to this report.

AMERCO’s operations were previously funded by various credit and financing arrangements, including unsecured long-term borrowings, unsecured medium-term notes and revolving lines of credit with domestic and foreign banks. To finance its fleet of trucks and trailers, U-Haul routinely enters into sale and leaseback transactions. As of June 30, 2003, AMERCO had $954.9 million in total notes and loans outstanding.

Certain of AMERCO’s credit agreements contained restrictive financial and other covenants, including, among others, covenants with respect to incurring additional indebtedness, making third party guarantees, entering into contingent obligations, maintaining certain financial ratios and placing certain additional liens on its properties and assets and restricting the issuance of certain types of preferred stock AMERCO’s various credit and financing arrangements are affected by its credit ratings. When AMERCO experienced the credit downgrade, certain interest rates that were being charged were increased.

On October 15, 2002, AMERCO failed to make a $100 million principal payment due to the Series 1997-C Bond Backed Asset Trust. On that date, AMERCO also failed to pay a $26.6 million obligation to Citibank and Bank of America in connection with the BBATs. As a result of the foregoing, AMERCO is in default with respect to its other credit arrangements that contain cross-default provisions, including its Revolver in the amount of $205 million. In addition to the cross-default under the Revolver, AMERCO is also in default under that agreement as a result of its failure to obtain incremental net cash proceeds and/or availability from additional financings in the aggregate amount of at least $150 million prior to October 15, 2002. In addition, Amerco Real Estate Company has defaulted on a $100 million loan by failing to grant mortgages required by the loan agreement in a timely manner. The obligations of AMERCO currently in default (either directly or as a result of a cross-default) are approximately $1,178.1 million.

In February 1997, AMERCO, through its insurance subsidiaries, invested in the equity of Private Mini. During 1997, Private Mini secured a line of credit in the amount of $225 million with a financial institution, which was subsequently reduced in accordance with its terms to $125 million in December 2001. Under the terms of this credit facility AMERCO entered into a support party agreement with Private Mini and the financial institution whereby upon certain defaults or noncompliance with debt covenants by Private Mini, AMERCO could be required to assume responsibility in fulfilling all payment obligations and certain covenant obligations related to this credit facility. Private Mini defaulted on the credit facility due to AMERCO’s default under the support party agreement, which support party agreement default was triggered by virtue of cross-defaults to certain other AMERCO obligations. Additionally, Private Mini defaulted under the credit facility by virtue of non-payment of the outstanding balance at maturity. In December 2002, the financing institution exercised its option to require AMERCO to purchase all commitments under the credit facility. In March, 2003 AMERCO and the financial institution entered a standstill agreement with respect to this obligation, which standstill agreement expired by its terms on April 30, 2003. Since April 30, 2003, the financial institution has not re-issued any default notices to AMERCO with respect to this obligation or otherwise required AMERCO to purchase all commitments under the credit facility. AMERCO has not purchased any commitments under the credit facility and, as of March 31, 2003, AMERCO has recorded a liability for the $55 million remaining balance under the credit facility with a corresponding increase to its receivable from Private Mini.

In February 2003, an entity affiliated with Private Mini closed on a $255 million financing and $70 million of these proceeds were used to pay down the $125 million line of credit described above. The aggregate amount of support provided by AMERCO remains unchanged at $125 million ($55 million to the

lenders under the Amended and Restated loan agreement with the 1997 lenders and $70 million under the new $255 million financing). Under the terms of the support party agreement for the $255 million financing, following certain events of default, AMERCO would assume responsibility for $70 million of the obligations under this financing. AMERCO has recorded a liability for the $70 million obligation with a corresponding increase to its receivable from Private Mini.

SAC Holdings intends to meet its current debt obligations through cash flows, generated from its operating activities. SAC Holdings intends to continue to purchase storage properties during the next year using financing arrangements.

At June 30, 2003, U-Haul Moving and Storage notes and loans payable due in less than one year total $31.7 million and its accounts payable and accrued expenses total $295.7 million. U-Haul Moving and Storage financial assets (cash, receivables, inventories, and short term investments) at June 30, 2003 were $142.4 million. These assets, if converted to cash, are available to meet the financial obligations of AMERCO.

At June 30, 2003, SAC Holdings notes and loans payable due in less than one year total $80.0 million and its accounts payable and accrued expenses total $49.4 million. SAC Holdings financial assets (cash, receivables, inventories, and short term investments) at June 30, 2003 were $9.5 million. Because AMERCO does not have any equity ownership in SAC Holdings (other than investments made by RepWest and Oxford in a SAC Holdings-controlled limited partnership which holds Canadian self-storage properties), these assets are not available to meet the obligations of AMERCO.

At June 30, 2003, Real Estate had $101.5 million of notes and loans payable due in less than one year and its accounts payable and accrued expenses total $3.8 million. Real Estate financial assets (cash, receivables, inventories, and short term investments) at June 30, 2003 were $19.8 million. These assets, if converted to cash, are available to meet the obligations of AMERCO to the extent such cash exceeds current obligations of Real Estate.

At March 31, 2003, Property and Casualty had no notes and loans due in less than one year and its accounts payable and accrued expenses were $17.1 million. Property and Casualty financial assets (cash, receivables, inventories, and short term investments) at March 31, 2003 were $343.2 million. Because of state insurance regulations that restrict the amount of dividends that can be paid to stockholders of insurance companies, these assets are generally not available to meet the obligations of AMERCO. Reference is made to “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Insurance Operations.”

At March 31, 2003, Life Insurance had no notes and loans payable due in less than one year and its accounts payable and accrued expenses total $0.7 million. Life Insurance financial assets (cash, receivables, inventories, and short term investments) at March 31, 2003 were $280.7 million. Because of state insurance regulations that restrict the amount of dividends that can be paid to stockholders of insurance companies, these assets are generally not available to meet the obligations of AMERCO. Reference is made to “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Insurance Operations.”

At June 30, 2003, total outstanding notes and mortgages payable for AMERCO and consolidated subsidiaries was $955.0 million compared to $954.9 million at March 31, 2003.

At June 30, 2003, total outstanding notes and mortgages payable for SAC Holdings and consolidated subsidiaries, before intercompany eliminations were $982.7 million as compared to $983.2 million at March 31, 2003. SAC Holdings’ creditors have no recourse to AMERCO. AMERCO is not liable for the debts of SAC Holdings. Further, there are no cross default provisions on indebtedness between AMERCO and SAC Holdings.

Due to the defaults and various cross defaults, the consolidated group has notes, loans and lease obligations due in one year of $1.2 billion. The group also had accounts payable and accrued expenses of $380.0 million. Liquid assets for the group totaled $412.5 million. AMERCO is in the process of refinancing and restructuring its debt to meet it’s liquidity needs.

Cash provided by operating activities was $48.1 million and $49.2 million for the quarter ended June 30, 2003 and 2002, respectively.

SAC Holdings’ operations are funded by various mortgage loans and unsecured notes, with interest rates ranging from 7.5% to 13.0%. SAC Holdings’ does not utilize revolving lines of credit to finance its operations or acquisitions. Certain of SAC Holdings’ agreements contain restrictive covenants including coverage ratios and restrictions on incurring additional subsidiary indebtedness. At June 30, 2003, SAC Holdings was in compliance with all of these covenants.

Cash used by operating activities was $28.2 million and $28.0 million for the quarter ended March 31, 2003 and 2002, respectively. The decrease is due to less change in unearned premiums offset by increased receivables.

RepWest’s cash and cash equivalents and short-term investment portfolio was $25.1 million and $11.6 million at March 31, 2003 and 2002, respectively.

RepWest maintains a diversified securities investment portfolio, primarily in bonds, at varying maturity levels with 71.2% of the fixed-income securities consisting of investment grade securities. The maturity distribution is designed to provide sufficient liquidity to meet future cash needs. Current liquidity remains stable with current invested assets equal to 72.9% of total liabilities.

The liability for reported and unreported losses based upon RepWest’s historical results and industry averages. Unpaid loss adjustment expenses are based on historical ratios of loss adjustment expenses paid to losses paid. Unpaid loss and loss expenses are not discounted.

Stockholder’s equity was $183.1 million and $199.1 million at March 31, 2003 and 2002, respectively. RepWest considers current shareholder’s equity to be adequate to support future growth and absorb unforeseen risk events.

Oxford’s primary sources of cash are premiums, receipts from interest-sensitive products, and investment income. The primary uses of cash are operating costs and benefit payments to policyholders. Matching the investment portfolio to the cash flow demands of the types of insurance being written is an important consideration. Benefit and claim statistics are continually monitored to provide projections of future cash requirements.

Cash flows used by operating activities was $1.2 million, and $16.9 million for the quarters ended March 31, 2003 and March 31, 2002. Cash flows provided by financing activities were $0.8 million, and $17.4 million for the quarters ended March 31, 2003 and 2002. Cash flows from deferred annuity sales increased investment contract deposits, which are a component of financing activities.

In addition to cash flows from operating and financing activities, a substantial amount of liquid funds is available through Oxford’s short-term portfolio. At March 31, 2003 and 2002 short-term investments amounted to $115.2 million and $57.5 million respectively. Management believes that the overall sources of liquidity will continue to meet foreseeable cash needs.

Stockholders’ equity of Oxford decreased to $106.3 million from $111.1 for the quarters ended March 31, 2003 and March 31, 2002, respectively.

Applicable laws and regulations of the State of Arizona require the Company’s insurance subsidiaries to maintain minimum capital and surplus determined in accordance with statutory accounting practices. With respect to Oxford, the amount is $0.4 million. In addition, the amount of dividends that can be paid to shareholders by insurance companies domiciled in the State of Arizona is limited. Any dividends in excess of the limit requires prior regulatory approval. As of March 31, 2003, Oxford must receive regulatory approval before any statutory surplus can be distributed as dividends. These restrictions are not expected to have a material adverse effect on the ability of the Company to meet its cash obligations.

Cash provided by operating activities was $42.6 million and $117.3 million for the quarter ended June 30, 2003 and 2002, respectively.

At June 30, 2003, total outstanding notes and mortgages payable for AMERCO and wholly owned subsidiaries was $955.0 million compared to $954.9 million at March 31, 2003. At June 30, 2003, total outstanding notes and mortgages payable for SAC Holdings and consolidated subsidiaries was $982.7 million compared to $983.2 million at March 31, 2003. SAC Holdings’ securitized loan agreements have no guarantees, or triggers that could create a guarantee, from AMERCO. There are no cross default provisions on indebtedness between AMERCO and SAC Holdings.

On October 15, 2002 the AMERCO failed to make a $100 million principal payment and a $3.6 million interest payment due to the Series 1997-C Bond Backed Asset Trust (“BBAT”) holders. On that date, the AMERCO also failed to pay a $26.6 million obligation, in the aggregate, to Citibank and Bank of America in connection with the BBATs. This expense was recognized in the third quarter of fiscal year 2003.

As a result of the foregoing, the AMERCO is in default with respect to its other credit arrangements that contain cross-default provisions, including its 3-Year Credit Agreement dated June 28, 2002 (the “Revolver”) in the amount of $205.0 million. In addition to the cross-default under the Revolver, the Company is also in default under that agreement as a result of the Company’s failure to obtain incremental net cash proceeds and/or availability from additional financings in the aggregate amount of at least $150 million prior to October 15, 2002. In addition, Amerco Real Estate Company has defaulted on a $100 million loan by failing to grant mortgages required by the loan agreement in a timely manner. The obligations of the Company currently in default (either directly or as a result of a cross-default) are approximately $1,178.1 million.

AMERCO does not have any ownership interest in SAC Holdings or its subsidiaries, except for investments made by RepWest and Oxford in a SAC Holdings — controlled limited partnership which holds Canadian self-storage properties. The presentation of the consolidated statements has no bearing on the credit agreements or the operations of either AMERCO or SAC Holdings.

Due to the defaults that exist with respect to certain obligations of the Company we suspended the dividend payment to the holders of our Series A 8 1/2% preferred stock.

Our operations are funded by various credit and financing arrangements, including unsecured long-term borrowings, unsecured medium-term notes, revolving lines of credit with banks and operating leases. The operating leases are primarily used to finance the Company’s fleet of trucks and trailers. As of June 30, 2003, we had $954.8 million in total notes and loans payable outstanding.

On June 28, 2002, AMERCO entered into an agreement replacing an existing five year $400.0 million revolving credit agreement with the Revolver.

Certain of our credit agreements contain restrictive financial and other covenants, including, among others, covenants with respect to incurring additional indebtedness, making third party guarantees, entering into contingent obligations, maintaining certain financial ratios, placing certain additional liens on our properties and assets, and restricting the issuance of certain types of preferred stock. Although AMERCO was in compliance with these covenants at September 30, 2002, we were in default as of October 15, 2002 as a result of our failure to make the principal payment due to the BBAT holders and a covenant contained in the Revolver that required the completion of a $150 million financing.

As discussed above and in Part II, Item III “Defaults Upon Senior Securities”, on October 15, 2002 we defaulted on our BBATs and related obligations. This default triggered cross-default provisions in most of

On June 20, 2003, AMERCO filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. AMERCO’s subsidiaries were not included in the initial filing. However, on August 13, 2003, Amerco Real Estate Company filed for protection under Chapter 11. AMERCO will continue to manage its properties and operate its businesses as “debtor-in-possession in” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. In order to exit Chapter 11 successfully, AMERCO will need to propose, and obtain confirmation by the Bankruptcy Court of, a plan of reorganization that satisfies the requirements of the Bankruptcy Code. Although AMERCO expects to file a “full-value” plan of reorganization that provides creditors with a combination of cash and new debt securities equal to the full amount of their allowed claims as well as AMERCO’s emergence from bankruptcy as a going concern, there can be no assurance at this time that a plan of reorganization will be confirmed by the Bankruptcy Court or that any such plan will be implemented successfully.

The U.S. Trustee has appointed a Creditors’ Committee and an Equity Committee. The Creditors’ Committee, Equity Committee and their respective legal representatives have a right to be heard on certain matters that come before the Bankruptcy Court. There can be no assurance that the Creditors’ Committee and Equity Committee will support AMERCO’s positions or AMERCO’s ultimate plan of reorganization, once proposed, and disagreements between AMERCO and the Creditors’ Committee and Equity Committee could protract the Chapter 11 case, could negatively impact AMERCO’s ability to operate during the Chapter 11 case, and could prevent AMERCO’s emergence from Chapter 11.

At this time, it is not possible to predict accurately the effect of the Chapter 11 reorganization process on the Company’s business or when AMERCO may emerge from Chapter 11. The Company’s future results depend on the timely and successful confirmation and implementation of a plan of reorganization. The rights and claims of various creditors and security holders will be determined by the plan as well. Although AMERCO expects to file and consummate a “full value” plan of reorganization that provides creditors with a combination of cash and new debt securities equal to the full amount of their allowed claims and also preserves the value of AMERCO’s common and preferred stock, no assurance can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies. Accordingly, the Company urges that appropriate caution be exercised with respect to existing and future investments in any of such securities and claims.

The truck rental industry is highly competitive and includes a number of significant national and hundreds of regional and local competitors. Competition is generally based on price, product quality, convenience, availability, brand name recognition and service. In our truck rental business, we face competition from Budget Car and Truck Rental Company and Penske Truck Leasing. Some of our competitors may have greater financial resources than we have. We cannot assure you that we will not be forced to reduce our rental prices or delay price increases.

We compete with national and regional self-storage operators as well as local operators. 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 increase rental rates and compel us to offer discounted rental rates which could have a material adverse effect on our operating results.

Entry into the self-storage business through acquisition of existing facilities is possible for persons or institutions with the required initial capital. Development of new self-storage facilities is more difficult, however, due to zoning, 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.

As of June 30, 2003, Edward J. Shoen, Chairman of the Board of Directors and President of AMERCO, James P. Shoen, a director of AMERCO, and Mark V. Shoen, an executive officer of AMERCO, collectively own 8,893,078 shares (approximately 43.1%) of the outstanding common shares of AMERCO. Accordingly, Edward J. Shoen, Mark V. Shoen and James P. Shoen will be in a position to continue to influence the election of the members of the Board of Directors and approval of significant transactions. In addition, 2,402,456 shares (approximately 11.7%) of the outstanding common shares of AMERCO, including shares allocated to employees and unallocated shares, are held by our Employee Savings and Employee Stock Ownership Trust.

Compliance with environmental requirements of federal, state and local governments significantly affects our business. Among other things, these requirements regulate the discharge of materials into the water, air and land and govern the use and disposal of hazardous substances. Under environmental laws, we can be held strictly liable for hazardous substances that are found on real property we have owned or operated. We are aware of issues regarding hazardous substances on some of our real estate and we have put in place a remedial plan at each site where we believe such a plan is necessary. We regularly make capital and operating expenditures to stay in compliance with environmental laws. In particular, we have managed a testing and removal program since 1988 for our underground storage tanks. Under this program, we spent $43.7 million between April 1988 and March 31, 2003. Despite these compliance efforts, risk of environmental liability is part of the nature of our business.

While we do not expect the future cost of compliance with environmental laws or future environmental liabilities, including compliance and remediation costs, to have a material adverse effect on our business, environmental laws and regulations are complex, change frequently and could become more stringent in the future. We cannot assure you that future compliance with these regulations or future environmental liabilities will not have a material adverse effect on our business.

Our business is seasonal and our results of operations and cash flows fluctuate significantly from quarter to quarter. Historically, revenues have been stronger in the first and second fiscal quarters due to the overall

In the last ten years, we purchased all of our rental trucks from Ford and General Motors. Although we believe that we have alternative sources of supply for our rental trucks, termination of one or more of our relationships with any of these suppliers could have a material adverse effect on our business, financial condition or results of operations.

Our property and casualty insurance business, RepWest, has experienced significant net losses totaling approximately $77.0 million for the three calendar years ended December 31, 2002. These losses are primarily attributable to business lines that were unprofitable as underwritten. To restore profitability in RepWest, we are exiting all non-U-Haul related lines and the exit may result in near term losses as these lines are eliminated. Although we believe the changes will have a positive impact on the financial position of RepWest, we cannot assure you that we will be successful in returning RepWest to sustained profitability. Our inability to sustain profitability could have a material adverse effect on our earnings and financial position.

A.M. Best has recently downgraded RepWest and Oxford. These downgrades have affected their standing in the insurance industry and caused their premiums to decrease. Ratings have become an increasingly important factor in establishing the competitive position of insurance companies. A.M. Best ratings reflect its opinion of an insurance company’s financial strength, operating performance, strategic position and ability to meet its obligations to policyholders. The A.M. Best ratings are C for RepWest and C+ for Oxford.

At June 30, 2003, we held $393.1 million of mortgage loans and notes due from SAC Holdings. Although these assets have been eliminated in the consolidated financial statements, we have significant economic exposure to SAC Holdings. SAC Holdings is highly leveraged with total outstanding indebtedness and other obligations of $982.7 million at June 30, 2003. We hold various senior and junior unsecured notes of SAC Holdings. The senior unsecured notes of SAC Holdings that we hold rank equal in right of payment with the notes of certain senior mortgage holders, but junior to the extent of the collateral securing the applicable mortgages and junior to the extent of the cash flow waterfalls that favor the senior mortgage holders. If SAC Holdings are unable to meet their obligations to their senior lenders, it could trigger a default on their obligations to us. In such an event of default, we could suffer a significant loss to the extent the value of the underlying collateral on our loans to SAC Holdings is inadequate to repay SAC Holdings’ senior lenders and us. We cannot assure you that SAC Holdings will not default on their loans to their senior lenders or that the value of SAC Holdings’ assets upon liquidation would be sufficient to repay us in full.

As a holding company with no business operations, AMERCO’s material assets consist only of the stock of its subsidiaries. AMERCO will have to rely upon dividends and other payments from its subsidiaries to generate the funds necessary to pay its obligations. AMERCO’s subsidiaries, however, are legally distinct from AMERCO and have no obligation, contingent or otherwise, to make funds available to AMERCO. The ability of AMERCO’s subsidiaries to make dividend and other payments to AMERCO is subject to, among other things, the availability of funds, the terms of the indebtedness of AMERCO’s subsidiaries and applicable state laws and insurance regulations.

The SEC has issued a formal order of investigation to determine whether we have violated the Federal securities laws. Although we have fully cooperated with the SEC in this matter and intend to continue to fully cooperate, the SEC may determine that we have violated Federal securities laws. We cannot predict when this investigation will be completed or its outcome. If the SEC makes a determination that we have violated Federal securities laws, we may face sanctions, including, but not limited to, significant monetary penalties and injunctive relief.

In addition, the Company has been named a defendant in a number of class action and related lawsuits. The findings and outcome of the SEC investigation may affect the class-action lawsuits that are pending. We are generally obliged, to the extent permitted by law, to indemnify our directors and officers who are named defendants in some of these lawsuits. We are unable to estimate what our liability in these matters may be, and we may be required to pay judgments or settlements and incur expenses in aggregate amounts that could have a material adverse effect on our financial condition or results of operations.

The DOL is presently investigating whether there were violations of ERISA involving the AMERCO Employee Savings, Profit Sharing, and Employee Stock Ownership Plan. Although the Company has fully cooperated with the DOL in this matter and intends to continue to fully cooperate, the DOL may determine that the Company has violated ERISA. In that event, the Company may face sanctions, including, but not limited to, significant monetary penalties and injunctive relief.

On June 24, 2003, we received a letter from NASDAQ indicating that, in light of AMERCO’s recent Chapter 11 filing, a NASDAQ Listing Qualifications Panel (the “Panel”) would consider such filing and associated concerns in rendering a determination regarding AMERCO’s listing status. NASDAQ has requested, and we have provided, information regarding the Chapter 11 filing and the anticipated effect of the filing on the shareholders of AMERCO. On August 13, 2003, AMERCO received a letter from Nasdaq indicating that the Panel has determined to continue the listing of AMERCO’s common stock on Nasdaq provided that: (1) on or before August 22, 2003, AMERCO files this report and its Form 10-K for the year ended March 31, 2002 with the SEC and Nasdaq (Nasdaq has been advised that this deadline was not met and further discussions with Nasdaq are anticipated); (2) on or before deadlines determined by the Panel, AMERCO submits to Nasdaq a copy of the Company’s plan of reorganization as filed with the bankruptcy court, a copy of any amendments to the plan of reorganization as submitted to the bankruptcy court; documentation evidencing that AMERCO has commenced the solicitation of votes regarding the plan of reorganization, as well as documentation evidencing that the plan of reorganization has been confirmed by the bankruptcy court; and (3) on or before January 9, 2004, AMERCO submits documentation to Nasdaq evidencing its emergence from bankruptcy. In addition to the foregoing, AMERCO must comply with all other requirements for continued listing on Nasdaq. Although we have requested a modification of the above deadlines and intend to take all actions available to maintain our Nasdaq listing, there can be no assurance that AMERCO will be able to do so.

The New York Stock Exchange has completed a review of the continued listing of the Series A 8 1/2% preferred stock of AMERCO following its filing for protection under Chapter 11. According to NYSE, this assessment has shown that the Company is currently in compliance with all of the NYSE’s quantitative continued listing standards. The NYSE will continue to closely monitor events at the Company in connection with assessing the appropriateness of continued listing of the Company’s preferred stock. The NYSE has indicated that it will give consideration to immediate suspension of the Company’s preferred stock if authoritative advice is received that the Company’s securities, including the common stock, are without value, or if the Company subsequently falls below any of the NYSE’s quantitative continued listing standards. In

addition, the NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable. Accordingly, there can be no assurance that the Company’s preferred stock will continue to be listed on NYSE.

On May 20, 2003, RepWest consented to an Order of Supervision issued by the DOI. Pursuant to this Order and Arizona law, during the period of supervision, RepWest may not engage in certain activities without the prior approval of the DOI.

The requirements to abate the order are for RepWest to eliminate the specific credit risk associated with the exposures to AMERCO and its affiliates and establish that it possesses surplus sufficient with Arizona law and as the Arizona Director of Insurance may require based on type, volume or nature of its business pursuant to Arizona law.

In addition, if RepWest fails to satisfy the requirements to abate DOI’s concerns, the DOI may take further action, including, but not limited to, commencing a conservatorship.

Reference is made to Part II, Item 7A, Quantitative and Qualitative Disclosure About Market Risk, in AMERCO’s Annual Report on Form 10-K for the fiscal year ended March 31, 2002.

We maintain disclosure controls procedures, which are designed to ensure that material information related to AMERCO and its subsidiaries and SAC Holdings and their subsidiaries, is disclosed in our public filings on a regular basis. In response to recent legislation and proposed regulations, we reviewed our internal control structure and our disclosure controls and procedures. We believe our pre-existing disclosure controls and procedures are adequate to enable us to comply with our disclosure obligations.

As of the end of the period covered by this report, members of the Company’s management, including the Company’s Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based upon that evaluation, management concluded that the Company’s disclosure controls and procedures are effective in causing material information to be recorded, processed, summarized and reported by management of the Company on a timely basis and to ensure that the quality and timeliness of the Company’s public disclosures complies with its SEC disclosure obligations.

During the period covered by this report and during our second fiscal quarter of 2003, there were significant changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. These changes are summarized below:

a. We limited access to the general ledger (posting ability) to specifically identified individuals;

c. We have hired a system administrator to document and map all accounting imports and exports to the various sub ledgers maintained throughout the organization;

d. We have initiated a formal cross training program to ensure that any unforseen loss of personnel does not adversely affect the financial reporting and disclosure processes;

f. We are implementing control procedures to verify each inter company account is reconciled prior to each month end closing process.

These changes are largely a result of a material weaknesses letter we received from our independent auditors in July. The Company is developing a plan to address these issues and implement a strategy to improve the overall control environment.

On September 24, 2002, Paul F. Shoen filed a derivative action in the Second Judicial District Court of the State of Nevada, Washoe County, captioned Paul F. Shoen vs. SAC Holding Corporation et al, CV02-05602, seeking damages and equitable relief on behalf of AMERCO from SAC Holdings and certain current and former members of the AMERCO Board of Directors, including Edward J. Shoen, Mark V. Shoen and James P. Shoen as defendants. AMERCO is named a nominal defendant for purposes of the derivative action. The complaint alleges breach of fiduciary duty, self-dealing, usurpation of corporate opportunities, wrongful interference with prospective economic advantage and unjust enrichment and seeks the unwinding of sales of self-storage properties by subsidiaries of AMERCO to SAC Holdings over the last several years. The complaint seeks a declaration that such transfers are void as well as unspecified damages. On October 28, 2002, AMERCO, the Shoen directors, the non-Shoen directors and SAC Holdings filed Motions to Dismiss the complaint. In addition, on October 28, 2002, Ron Belec filed a derivative action in the Second Judicial District Court of the State of Nevada, Washoe County, captioned Ron Belec vs. William E. Carty, et al, CV 02-06331 and on January 16, 2003, M.S. Management Company, Inc. filed a derivative action in the Second Judicial District Court of the State of Nevada, Washoe County, captioned M.S. Management Company, Inc. vs. William E. Carty, et. al, CV 03-00386. Two additional derivative suits were also filed against these parties. These additional suits are substantially similar to the Paul F. Shoen derivative action. The five suits assert virtually identical claims. In fact, three of the five plaintiffs are parties who are working closely together and chose to file the same claims multiple times. The court consolidated all five complaints before he dismissed them on May 8, 2003. Plaintiffs have filed a notice of appeal. These lawsuits falsely alleged that the AMERCO Board lacked independence. In reaching his decision to dismiss these claims, the

A subsidiary of U-Haul, INW Company (“INW”), owns one property located within two different state hazardous substance sites in the State of Washington. The sites are referred to as the “Yakima Valley Spray Site” and the “Yakima Railroad Area.” INW has been named as a “potentially liable party” under state law with respect to this property as it relates to both sites. As a result of the cleanup costs of approximately $5.0 million required by the State of Washington, INW filed for reorganization under the federal bankruptcy laws in May of 2001. A successful mediation with other liable parties has occurred and future potential liability to INW will be in the range of $750,000 to $1.25 million.

AMERCO is a defendant in four putative class action lawsuits. Article Four Trust v. AMERCO, et al., District of Nevada, United States District Court, Case No. CV-N-03-0050-DWH-VPC. Article Four Trust, a purported AMERCO shareholder, commenced this action on January 28, 2003 on behalf of all persons and entities who purchased or acquired AMERCO securities between February 12, 1998 and September 26, 2002. The Article Four Trust action alleges one claim for violation of Section 10(b) of the Securities Exchange Act and Rule 10b-5 thereunder. Mates v. AMERCO, et al., United States District Court, District of Nevada, Case No. CV-N-03-0107. Maxine Mates, an AMERCO shareholder, commenced this putative class action on behalf of all persons and entities who purchased or acquired AMERCO securities between February 12, 1998 and September 26, 2002. The Mates action asserts claims under section 10(b) and Rule 10b-5, and section 20(a) of the Securities Exchange Act. Klug v. AMERCO, et al., United States District Court of Nevada, Case No. CV-S-03-0380. Edward Klug, an AMERCO shareholder, commenced this putative class action on behalf of all persons and entities who purchased or acquired AMERCO securities between February 12, 1998 and September 26, 2002. The Klug action asserts claims under section 10(b) and Rule 10b-5 and section 20(a) of the Securities Exchange Act. IG Holdings v. AMERCO, et al., United States District Court, District of Nevada, Case No. CV-N-03-0199. IG Holdings, an AMERCO bondholder, commenced this putative class action on behalf of all persons and entities who purchased, acquired, or traded AMERCO bonds between February 12, 1998 and September 26, 2002, alleging claims under section 11 and section 12 of the Securities Act of 1933 and section 10(b) and Rule 10b-5, and section 20(a) of the Securities Exchange Act. Each of these four securities class actions allege that AMERCO engaged in transactions with SAC entities that falsely improved AMERCO’s financial statements, and that AMERCO failed to disclose the transactions properly. The actions are at a very early stage. The Klug action has not been served. In the other three actions, AMERCO does not currently have a deadline by which it must respond to the complaints. Management has stated that it intends to defend these cases vigorously. We have filed a notice of AMERCO’s bankruptcy petition and the automatic stay in each of the Courts where these cases are pending.

DOL has asked AMERCO and its current directors as well as the Plan Trustees to sign an agreement tolling the statute of limitations until December 31, 2003 with respect to any claims arising out of certain transactions between AMERCO or any affiliate of AMERCO and SAC Holdings or any of its affiliates and such persons have done so. The DOL recently asked such parties to extend the tolling agreement. The DOL has not advised the Company that it believes that any violations of ERISA have in fact occurred. Instead, the DOL is simply investigating potential violations. The Company intends to take any corrective action that may be needed in light of the DOL’s ultimate findings. Although the Company has fully cooperated with the DOL in this matter and intends to continue to fully cooperate, the DOL may determine that the Company has violated ERISA. In that event, the Company may face sanctions, including, but not limited to, significant monetary penalties and injunctive relief.

(a) On October 15, 2002, AMERCO failed to make a $100 million principal payment and a $3.6 million interest payment due to the Series 1997-C Bond Backed Asset Trust. On that date, AMERCO also failed to pay $26.6 million in the aggregate to Citibank and Bank of America in connection with the early extinguishment of the Series 1997-C bonds. As a result of the foregoing, AMERCO is in default with respect to the other contractual obligations and commercial commitments listed below, which contain cross-default provisions, including its 3-Year Credit Agreement dated June 28, 2002 (the “Revolver”). In addition to the cross-default under the Revolver, the AMERCO is also in default under that agreement as a result of its failure to obtain incremental net cash proceeds and/or availability from additional financings in an aggregate amount of at least $150.0 million prior to October 15, 2002. In addition, Amerco Real Estate Company has defaulted on a $100 million loan by failing to grant mortgages required by the loan agreement in a timely manner. The total amount of indebtedness currently in default (either directly or as a result of a cross-default) is approximately $1,178.1 million.

(b) AMERCO has not paid the December 1, 2002 or March 1, June 1, or September 1, 2003 dividend payments to holders of its Series A 8.5% Preferred Stock. Due to the Chapter 11 filing, AMERCO does not expect to make any dividend payments for the duration of such proceedings. No assurance can be given as to when or whether the payment of cumulative preferred stock dividends will resume. The total amount of Series A 8.5% Preferred Stock dividends in arrears is $12.96 million.


(1)	Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended December 31, 1992, file no. 1-11255.

(2)	Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1996, file no. 1-11255.

(3)	Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2003, file no. 1-11255.

On May 13, 2003, we filed a Form 8-K relating to a press release announcing that BDO Seidman was in the process of reauditing the financial statements of AMERCO and its subsidiaries for fiscal years 2001 and 2002; (ii) that AMERCO received notice from PricewaterhouseCoopers that its most recent audit report should no longer be associated with AMERCO’s fiscal 2001 and 2002 financial statement; and (iii) that the Securities and Exchange Commission has been conducting an investigation regarding AMERCO’s financial statements.

On June 23, 2003, we filed a Form 8-K disclosing that AMERCO filed a voluntary petition for relief under Chapter 11 of the United Bankruptcy Code.

On July 16, 2003, we filed a Form 8-K relating to a press release announcing that the filing of our Annual Report on Form 10-K had been delayed.

On August 11, 2003, we filed a Form 8-K disclosing that Andrew Stevens had relinquished his role as Chief Financial Officer of AMERCO.

On August 27, 2003, we filed a Form 8-K relating to a press release announcing our financial results for the fiscal years ended March 31, 2001, 2002 and 2003 as well as some guidance for our results for the quarter ended June 30, 2003.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


(1)	Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended December 31, 1992, file no. 1-11255.

(2)	Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1996, file no. 1-11255.

(3)	Incorporated by reference to AMERCO’s Annual Report on Form 10-K for the year ended March 31, 2003, file no. 1-11255.


(Mark One)
þ		QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

		For the quarterly period ended June 30, 2003

or


o		TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

		For the transition period from to


Commission	Registrant, State of Incorporation Address
File Number	and Telephone Number	I.R.S. Employer Identification No.

1-11255	AMERCO (A Nevada Corporation) 1325 Airmotive Way, Ste. 100 Reno, Nevada 89502-3239 Telephone (775) 688-6300	88-0106815
2-38498	U-Haul International, Inc. (A Nevada Corporation) 2727 N. Central Avenue Phoenix, Arizona 85004 Telephone (602) 263-6645	86-0663060


PART I FINANCIAL INFORMATION
	Item 1.	Financial Statements
		a) Condensed Consolidated Balance Sheets as of June 30, 2003 (unaudited) and March 31, 2003	2
		b) Condensed Consolidated Statements of Operations for the Quarters ended June 30, 2003 and 2002 (unaudited)	3
		c) Condensed Consolidated Statements of Comprehensive Income for the Quarters ended June 30, 2003 and 2002 (unaudited)	4
		d) Condensed Consolidated Statements of Cash Flows for the Quarters ended June 30, 2003 and 2002 (unaudited)	5
		e) Notes to Condensed Consolidated Financial Statements	6
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
	Item 4.	Controls and Procedures	39
PART II OTHER INFORMATION
	Item 1.	Legal Proceedings	40
	Item 2.	Not applicable
	Item 3.	Defaults Upon Senior Securities	42
	Item 5.	Not applicable
	Item 6.	Exhibits and Reports on Form 8-K	43



			Quarters Ended
			June 30,

			2003		2002

					(Restated)

			(Unaudited)

			(In thousands)
Comprehensive income:
	Net earnings		$	27,736	$	23,779
		Changes in other comprehensive income:
		Foreign currency translation		5,751		(2,277	)
		Unrealized gain/(loss) on investments		10,087		(322	)

		Total comprehensive income	$	43,574	$	21,180


			Gross		Gross
March 31, 2003	Amortized		Unrealized		Unrealized			Estimated
Consolidated Held-to-Maturity	Cost		Gains		Losses			Market Value


	(In thousands)
U.S. government agency mortgage-backed Securities	$	510	$	173	$	—		$	683
Mortgage-backed securities		12,549		420		(49	)		12,920

	$	13,059	$	593	$	(49	)	$	13,603


			June 30,			March 31,
			2003			2003
Assets
			(Unaudited)

			(In thousands)
Cash and cash equivalents			$	85,460		$	66,834
Trade receivables, net				262,208			263,737
Notes and mortgage receivables, net				10,531			2,868
Inventories, net				54,250			53,270
Prepaid expenses				20,360			21,846
Investments, fixed maturities				834,530			860,600
Investments, other				440,769			389,252
Deferred policy acquisition costs, net				103,707			105,100
Deferred income taxes				10,615			32,242
Other assets				88,132			63,600

				1,910,562			1,859,349
Property, plant and equipment, at cost:
	Land			158,583			157,987
	Building and Improvements			751,601			747,853
	Furniture and Equipment			292,218			291,383
	Rental trailers and other rental equipment			152,573			149,707
	Rental trucks			1,177,683			1,140,294
	SAC Holdings property, plant and equipment(1)			726,668			757,292

				3,259,326			3,244,516
	Less accumulated depreciation			(1,327,515	)		(1,298,199	)

		Total property, plant and equipment		1,931,811			1,946,317

		Total assets	$	3,842,373		$	3,805,666


Liabilities and Stockholders’ Equity
Liabilities:
	Accounts payable and accrued expenses					379,773			387,017
	AMERCO’s notes and loans payable, non-recourse to AMERCO					93,977			954,856
	SAC Holdings’ notes and loans payable					589,641			589,019
	Policy benefits and losses, claims and loss expenses Payable					847,005			836,632
	Liabilities from investment contracts					641,257			639,998
	Other policyholders’ funds and liabilities					24,432			30,309
	Deferred income					37,072			40,387
	Liabilities subject to compromise					861,058			—

				Total liabilities		3,474,215			3,478,218
	Commitments and Contingent Liabilities					—			—
	Stockholders’ equity:
		Serial preferred stock, with or without par value
			Series A preferred stock, with no par value
			Series B preferred stock, with no par value			—			—
		Serial common stock, with or without par value
			Series A common stock of $0.25 par value			1,441			1,441
		Common stock of $0.25 par value				9,122			9,122
		Additional paid-in capital				238,983			238,983
		Accumulated other comprehensive loss				(39,927	)		(55,765	)
		Retained earnings				592,717			568,222
		Cost of common shares in treasury, net				(421,376	)		(421,378	)
		Unearned ESOP shares				(12,802	)		(13,177	)

				Total stockholders’ equity		368,158			327,448

				Total liabilities and stockholders’ equity	$	3,842,373		$	3,805,666



			Quarters Ended June 30,

			2003			2002

						(Restated)

			(Unaudited)
			(In thousands)
Net cash provided by operating activities			$	42,628		$	117,328
Cash flows from investing activities:
	Purchases of investments:
		Property, plant and equipment		(48,137	)		(61,215	)
		Investments, fixed maturities		(13,917	)		(60,986	)
		Other asset investment		(25,474	)		(362	)
	Proceeds from sale of investments:
		Property, plant and equipment		3,157			3
		Investments, fixed maturities		53,150			70,324
		Preferred stock		—			2,578
		Real estate		6,344			4,545
		Mortgage loans		203			560
		Other investments		1,114			7,348

Net cash used by investing activities				(23,560	)		(37,205	)

Cash flows from financing activities:
	Net change in short-term borrowings			—			(100,485	)
	Proceeds from notes			—			99,991
	Leveraged employee stock ownership plan:
		Purchase of shares		—			(84	)
		Payments on loan		375			—
	Principal payments on notes			(1,595	)		(105,837	)
	Treasury stock acquisitions, net			—			(572	)
	Investment contract deposits			20,334			36,628
	Investment contract withdrawals			(19,556	)		(19,211	)

Net cash used by financing activities				(442	)		(89,570	)

Increase (decrease) in cash and cash equivalents				18,626			(9,447	)
Cash and cash equivalents at beginning of period				66,834			41,446

Cash and cash equivalents at end of period			$	85,460		$	31,999


	Lease
	Commitments
Quarter Ending June 30,

	(In thousands)
2004	$	236,793
2005		100,740
2006		85,503
2007		66,892
2008		21,941
Thereafter		7,522

	$	519,391


6.	Consolidating Industry Segment and Geographic Area Data, Continued:


Geographic Area Data —
(All amounts are in U.S. $’s)	United States			Canada		Consolidated


	Quarter Ended


	(Unaudited)

	(In thousands)
June 30, 2003
Total revenues	$	561,570		$	18,546	$	580,116
Depreciation/amortization		45,606			1,532		47,138
Interest expense		29,532			1,366		30,898
Pretax earnings		40,251			4,411		44,662
Income tax benefit (expense)		(16,926	)		—		(16,926	)
Identifiable assets		3,699,208			143,165		3,842,373

June 30, 2002
Total revenues		564,107			15,392		579,499
Depreciation/amortization		42,716			1,330		44,046
Interest expense		27,587			1,108		28,695
Pretax earnings		31,922			2,980		34,902
Income tax benefit (expense)		(11,123	)		—		(11,123	)
Identifiable assets		3,499,642			130,082		3,629,724


Debt		$	860,873
Accounts payable			185

	Total liabilities subject to compromise	$	861,058


	*Quarter Ended June 30, 2003 Versus Quarter Ended June 30, 2002*


	Net Earned		Net Earned		Outstanding		Outstanding
	Premium 03/03		Premium 03/02		Reserves 03/03		Reserves 12/02

Total Company		28,566,943		46,609,350		405,398,104		399,448,036

U-Haul business		584,004		3,108,917		77,956,115		85,196,799
Safes		3,184,075		3,291,201		2,821,145		2,698,114
Storage		1,464,553		1,871,330		6,784,737		6,871,358
NAFCIC		1,071,216		1,114,400		3,238,375		3,627,634

Total U-Haul		6,303,848		9,385,848		90,800,372		98,393,905

Agency		21,209,852		28,943,746		244,681,534		227,776,323
Assumed business		1,053,243		8,279,756		69,916,198		73,277,808

Total non-U-Haul		22,263,095		37,223,502		314,597,732		301,054,131



	Payments Due by Period (as of June 30, 2003)

				Prior to		07-01-04			07-01-06		07-01-08 and
Financial Obligations	Total			06-03-04		06/01/06			06-01-08		thereafter


	(in thousands)
AMERCO’s notes and loans	$	954,850		$	954,850	$	—		$	—	$	—
AMERCO’s operating leases		519,391			519,391		—			—		—
SAC Holdings’ financed lease obligations		122,238			48,893		73,345			—		—
SAC Holdings’ notes and loans		861,929			36,466		46,123			18,580		760,760
Elimination of SAC Holdings’ Obligations to AMERCO		(394,526	)		—		(23,618	)		—		(370,908	)

Total Contractual Obligations	$	2,063,882		$	1,559,600	$	95,850		$	18,580	$	389,852


2.	Organization and Principles of Consolidation


	*Organization*


	*Principles of Consolidation*


	*Going Concern Basis*


	(In millions)

Bank of Montreal synthetic lease	$	149.0
Citibank synthetic lease		101.7
3yr Credit Agreement		205.0
Royal Bank of Canada lease		5.7
Amerco Real Estate Notes		100.0
’03 Notes		175.0
’05 Notes		200.0
Medium Term Notes		109.5
BBAT		100.0
Bank of America Obligation (BBAT)		11.3
Citicorp Obligation (BBAT)		15.3
Bank of America Swap		2.1
JP Morgan Swap		3.5

	$	1,178.1


	*AMERCO has filed for protection under Chapter 11 of the Bankruptcy Code.*


	*Control of AMERCO remains in the hands of a small contingent.*


	*Our operations subject us to numerous environmental regulations and the possibility that environmental liability in the future could adversely affect our operations.*


	*We obtain our rental trucks from a limited number of manufacturers.*


	*Our property and casualty insurance business has suffered extensive losses.*


	*Our insurance businesses have recently suffered downgrades in their ratings from national insurance company rating agencies.*


	*Notes receivable from SAC Holdings are a significant portion of AMERCO’S total assets.*


	*AMERCO is a holding company and is dependent on its subsidiaries for cash flow.*


	*We face risks related to an SEC investigation and securities litigation.*


	*We face risks related to a Department of Labor Investigation.*


	*Our common stock may be delisted from the NASDAQ Stock Market.*


	*Our preferred stock may be delisted from the New York Stock Exchange*


	*RepWest has consented to an Order of Supervision issued by the Arizona Department of Insurance.*


Item 3.	*Quantitative and Qualitative Disclosures About Market Risk*


	*	$14.8 million of such amount is owed by U-Haul International, Inc.


Exhibit
No.		Description

	3.1	Restated Articles of Incorporation of AMERCO(1)
	3.2	Restated By-Laws of AMERCO as of August 27, 1997(2)
	3.3	Restate Articles of Incorporation of U-Haul International, Inc. (3)
	3.4	Bylaws of U-Haul International, Inc.(3)
	10.70	Senior Secured Super-Priority Debtor-In-Possession Loan and Security Agreement
	10.71	AMERCO Revolver Lenders Restructuring Agreement
	10.72	Restructuring Agreement with Amerco Real Estate Company Noteholders
	31.1	Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO and U-Haul International, Inc.
	31.2	Rule 13a-14(a)/15d-14(a) Certificate of Gary B. Horton, Treasurer of AMERCO and Assistant Treasurer of U-Haul International, Inc.
	32.1	Certificate of Edward J. Shoen, President and Chairman of the Board of U-Haul International, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
	32.2	Certificate of Gary B. Horton, Treasurer of AMERCO and Assistant Treasurer of U-Haul International, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


		AMERCO

Date: September 9, 2003		/s/ EDWARD J. SHOEN ----------------------------------------------- Edward J. Shoen President and Chairman of the Board (Duly Authorized Officer)

Date: September 9, 2003		/s/ GARY B. HORTON ----------------------------------------------- Gary B. Horton Treasurer (Principal Financial Officer)

		U-HAUL INTERNATIONAL, INC.

Date: September 9, 2003		/s/ EDWARD J. SHOEN ----------------------------------------------- Edward J. Shoen President and Chairman of the Board (Duly Authorized Officer)

Date: September 9, 2003		/s/ GARY B. HORTON ----------------------------------------------- Gary B. Horton Assistant Treasurer (Principal Financial Officer)