U-Haul Holding Co /NV/ - Quarter Report: 2002 June (Form 10-Q)

e10vq

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2002

( ) 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,	I.R.S. Employer




File Number	Address and Telephone Number	Identification No.


1-11255	AMERCO	88-0106815




	(A Nevada Corporation)




	1325 Airmotive Way, Ste. 100




	Reno, Nevada 89502-3239




	Telephone (775) 688-6300









2-38498	U-Haul International, Inc.	86-0663060




	(A Nevada Corporation)




	2727 N. Central Avenue




	Phoenix, Arizona 85004




	Telephone (602) 263-6645

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 (X) No ( ) .

20,566,308 shares of AMERCO Common Stock, $0.25 par value were outstanding at August 16, 2002.

5,385 shares of U-Haul International, Inc. Common Stock, $0.01 par value, were outstanding at August 12, 2002. U-Haul International, Inc. meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format.

TABLE OF CONTENTS


	ITEM 1. FINANCIAL STATEMENTS
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
	ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
	ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
PART II. OTHER INFORMATION
	ITEM 1. LEGAL PROCEEDINGS
	ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
SIGNATURES
Index of Exhibits
Exhibit 99.1
Exhibit 99.2
Exhibit 99.3
Exhibit 99.4

TABLE OF CONTENTS


PART I.	FINANCIAL INFORMATION




Item 1.	Financial Statements




	a) Condensed Consolidated Balance Sheets as of June 30, 2002 (unaudited) and March 31, 2002	3




	b) Condensed Consolidated Statements of Earnings for the Quarters ended June 30, 2002 and 2001 (unaudited)	5




	c) Condensed Consolidated Statements of Comprehensive Income for the Quarters ended June 30, 2002 and 2001 (unaudited)	6




	d) Condensed Consolidated Statements of Cash Flows for the Quarters ended June 30, 2002 and 2001 (unaudited)	7




	e) Notes to Condensed Consolidated Financial Statements - June 30, 2002 (unaudited), March 31, 2002 and June 30, 2001 (unaudited)	8




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




	and Results of Operations	16




Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22




PART II.	OTHER INFORMATION




Item 1.	Legal Proceedings	23




Item 6.	Exhibits and Reports on Form 8-K	24

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES

Condensed Consolidated Balance Sheets


		June 30,			March 31,
Assets		2002			2002

		(Unaudited)
					(in thousands)
Cash and cash equivalents		$	38,204			47,651




Inventories, net			66,075			76,519




Prepaid expenses			35,988			31,069




Investments, fixed maturities			968,430			994,875




Investments, other			255,438			250,458




Other assets			456,899			457,980

			1,821,034			1,858,552

Property, plant and equipment, at cost:




	Buildings and improvements		1,173,582			1,161,918




	Rental trucks		1,111,053			1,071,604




	Other property, plant, and equipment		892,701			892,563

			3,177,336			3,126,085




	Less accumulated depreciation		(1,235,435	)		(1,211,182	)

Total property, plant and equipment			1,941,901			1,914,903

Total Assets		$	3,762,935			3,773,455

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

AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES

Condensed Consolidated Balance Sheets, Continued


Liabilities and				June 30,			March 31,
Stockholders’ Equity				2002			2002

				(Unaudited)
				(in thousands)
Liabilities:




	AMERCO’s notes and loans payable			$	898,517			1,045,802




	SAC Holdings’ notes and loans payable				588,648			557,761




	Policy benefits and losses, claims and loss expenses payable				735,834			729,343




	Liabilities from premium deposits				590,523			572,793




	Other liabilities				420,673			368,650

			Total liabilities		3,234,195			3,274,349




Contingent liabilities and commitments




Stockholders’ equity:




	Serial preferred stock -				—			—




	Series A preferred stock




		Series B preferred stock			—			—




	Serial common stock -				1,441			1,441




	Series A common stock




	Common stock				9,122			9,122




	Additional paid-in capital				263,045			267,712




	Accumulated other comprehensive income				(34,687	)		(32,384	)




	Retained earnings				755,037			716,614




	Cost of common shares in treasury, net				(450,982	)		(449,247	)




	Unearned ESOP shares				(14,236	)		(14,152	)

			Total stockholders’ equity		528,740			499,106

Total Liabilities and Stockholders’ Equity				$	3,762,935			3,773,455

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

AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES

Condensed Consolidated Statements of Earnings

Quarters ended June 30,
(Unaudited)


			2002			2001

			(in thousands, except
			share and per share data)

Revenues




	Rental revenue			375,854			356,440
	Net sales			68,188			68,789




	Premiums			87,550			100,330




	Net investment and interest income			13,765			7,844

		Total revenues		545,357			533,403












Costs and expenses




	Operating expenses			262,786			262,879




	Cost of sales			33,303			36,438




	Benefits and losses			76,418			91,432




	Amortization of deferred policy acquisition costs			10,328			9,794




	Lease expense			40,823			46,641




	Depreciation, net			32,084			32,545

		Total costs and expenses		455,742			479,729












Earnings from operations				89,615			53,674












	Interest expense			26,932			20,662

Pretax earnings				62,683			33,012












Income tax expense				(22,144	)		(12,111	)





		Net earnings	$	40,539			20,901








		Less: preferred stock dividends		(3,241	)		(3,241	)

Basic and diluted earnings available to common share holders:				37,298			17,660

Basic and diluted earnings per common share:			$	1.81			0.83

Basic and diluted average common shares outstanding:				20,592,858			21,280,361

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

AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

Quarters ended June 30,
(Unaudited)


			2002			2001

			(in thousands)
Comprehensive income:




Net earnings			$	40,539			20,901




	Changes in other comprehensive income:




		Foreign currency translation		1,035			1,497




		Fair market value of cash flow hedge					357




		Unrealized gain (loss)on investments		(3,338	)		8,789

		Total comprehensive income	$	38,236			31,544

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

AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

Quarters ended June 30,
(Unaudited)


			2002			2001

			(in thousands)
Net cash provided by operating activities			$	100,347			54,107




Cash flows from investing activities:




	Purchases of investments:




		Property, plant and equipment		(70,755	)		(106,484	)




		Fixed maturities		(60,986	)		(18,652	)




		Real estate Mortgage loans		(561	)		(561	)




	Proceeds from sale of investments:




		Property, plant and equipment		16,688			13,887




		Fixed maturities		70,324			31,696




		Mortgage loans		—			3,817




	Changes in other investments			6,405			4,806

Net cash used by investing activities				(38,885	)		(71,491	)

Cash flows from financing activities:




		Net change in short-term borrowings		17,015			(13,578	)




		Principal payments on notes		(129,539	)		23,731




		Investment contract deposits		36,628			37,477




		Investment contract withdrawals		(19,211	)		(35,713	)




		Proceeds from minority interest Changes in other financing activities		24,188			(3,244	)

Net cash provided (used) by financing activities				(70,919	)		8,673

Decrease in cash and cash equivalents				(9,457	)		(8,711	)




Cash and cash equivalents at beginning of period				47,661			52,788

Cash and cash equivalents at end of period			$	38,204			44,077

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

AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

June 30, 2002, March 31, 2002 and June 30, 2001
(Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION

AMERCO, a Nevada corporation (AMERCO), is the holding company for U-Haul International, Inc. (U-Haul), which conducts moving and storage operations; Amerco Real Estate Company (Real Estate), which conducts real estate operations; Republic Western Insurance Company (RepWest), which conducts property and casualty insurance operations; and Oxford Life Insurance Company (Oxford), which conducts life insurance operations.

SAC Holdings Corporation (SAC Holdings), a Nevada corporation, is owned by Mark V. Shoen. Mark V. Shoen is the beneficial owner of 15.6% of AMERCO’s common stock and is an executive officer of U-Haul.

PRINCIPLES OF CONSOLIDATION

The condensed consolidated financial statements presented here include the accounts of AMERCO and its wholly-owned subsidiaries and SAC Holdings and its consolidated subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. AMERCO has not, and has never had any, ownership interest in SAC Holdings or any of SAC Holdings’ subsidiaries. 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 breakout of the accounts of AMERCO, refer to AMERCO’s Form 10-K.

The condensed consolidated balance sheet as of June 30, 2002 and the related condensed consolidated statements of earnings, comprehensive income, and cash flows for the quarters ended June 30, 2002 and 2001 are unaudited. In our opinion, all adjustments necessary for a fair presentation of such condensed consolidated financial statements have been included. Such adjustments consisted only of normal recurring items. Interim results are not necessarily indicative of results for a full year.

The accounts of AMERCO and SAC Holdings are consolidated due to SAC’s majority owner not qualifying as an independent third party to AMERCO and not maintaining a substantive residual equity capital investment, exclusive of unrealized appreciation of real estate held by SAC Holdings subsidiaries, in the SAC Holdings during the entire holding period.

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.

Certain reclassifications have been made to the financial statements for the quarter ended June 30, 2001 to conform with the current year’s presentation.

AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

2. INVESTMENTS

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


March 31, 2002				Gross		Gross			Estimated
Consolidated		Amortized		unrealized		unrealized			market
Held-to-Maturity		cost		gains		losses			value

				(in thousands)





	U.S. treasury securities and government obligations	$	3,223		170		—			3,393




	U.S. government agency mortgage- backed securities		7,375		254		(1	)		7,628




	Corporate securities		38,416		587		(749	)		38,254




	Mortgage-backed securities		22,097		634		(32	)		22,699




	Redeemable preferred stocks		106,323		323		(2,728	)		103,918

			177,434		1,968		(3,510	)		175,892


March 31, 2002					Gross		Gross			Estimated
Consolidated			Amortized		unrealized		unrealized			market
Available-for-Sale			cost		gains		losses			value

							(in thousands)





	U.S. treasury securities and government obligations		$	40,100		1,702		(363	)		41,439




	U.S. government agency mortgage- backed securities			19,655		616		(14	)		20,257




	Obligations of states and political subdivisions			6,595		233		(7	)		6,821




	Corporate securities			668,592		19,106		(23,576	)		664,122




	Mortgage-backed securities			27,336		2,244		(152	)		29,428




	Redeemable preferred stocks			27,415		966		(836	)		27,545




	Redeemable common stocks			2,060		—		(676	)		1,384

				791,753		24,867		(25,624	)		790,996

		Total	$	969,187		26,835		(29,134	)		966,888

AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

3. SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES

Summarized condensed consolidated balance sheets for RepWest are presented below:


		March 31,

		2002		2001

		(in thousands)
Investments, fixed maturities		$	338,489		409,210




Receivables			243,033		210,051




Due from affiliate			105,295		51,361




Other assets			129,368		71,169

	Total assets	$	816,185		741,791

Policy liabilities and accruals		$	474,052		384,635




Unearned premiums			84,242		106,203




Other policyholders’ funds and liabilities			47,323		58,539

	Total liabilities		605,617		549,377




Stockholder’s equity			210,568		192,414

	Total liabilities and stockholder’s equity	$	816,185		741,791

Summarized condensed consolidated income statements for RepWest are presented below:


		Quarters ended
		March 31,

		2002			2001

		(in thousands)
Premiums		$	46,609			62,178




Net investment income			7,568			8,416

	Total revenue		54,177			70,594




Benefits and losses			45,647			60,267




Amortization of deferred policy acquisition costs			5,303			5,040




Operating expenses			6,014			10,870

	Total expenses		56,964			76,177




Loss from operations			(2,787	)		(5,583	)




Income tax benefit			1,005			1,979

	Net loss	$	(1,782	)		(3,604	)

AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

3. SUMMARIZED CONSOLIDATED FINANCIAL INFORMATION OF INSURANCE SUBSIDIARIES, continued

Summarized condensed consolidated balance sheets for Oxford are presented below:


					March 31,

					2002			2001

					(in thousands)
Investments, fixed maturities					$	629,941			541,450




Investments, other						171,536			190,048




Receivables						35,164			28,200




Deferred policy acquisition costs						89,005			81,231




Due from affiliate						(10,878	)		(10,079	)




Other assets						5,192			16,189

		Total assets			$	919,960			847,039

Policy liabilities and accruals					$	177,540			183,936




Premium deposits						590,523			523,772




Other policyholders’ funds and liabilities						20,242			18,522




Deferred federal income taxes						8,733			14,423

	Total liabilities					797,038			740,653




Stockholder’s equity						122,922			106,386

			Total liabilities and




				stockholder’s equity	$	919,960			847,039

Summarized condensed consolidated income statements for Oxford are presented below:


				Quarters ended
				March 31,

				2002			2001

				(in thousands)
Premiums				$	39,658			39,633




Net investment income					5,331			6,208

		Total revenue			44,989			45,841




Benefits and losses					30,771			31,165




Amortization of deferred policy acquisition costs					5,025			4,754




Operating expenses					8,311			7,239

	Total expenses				44,107			43,158




Income from operations					882			2,683




Income tax expense					(304	)		(960	)

			Net income	$	578			1,723

AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

4. CONTINGENT LIABILITIES AND COMMITMENTS

During the quarter ended June 30, 2002, a subsidiary of U-Haul entered into a transaction whereby the subsidiary sold rental trucks and trailers to an unrelated third party, which were subsequently leased back. AMERCO has guaranteed $2,075,000 of residual values at June 30, 2002 for these assets at the end of the respective lease terms. Following are the lease commitments for the leases executed during the quarter ended June 30, 2002, and after quarter end which have a term of more than one year:


Year ending			Lease
March 31,			Commitments

(in thousands)


2003	$	619




2004		825




2005		825




2006		825




2007		825




Thereafter		2,683

	$	6,602

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.

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, over 3,000 tanks have been removed at a cost of $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 a 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 $5.5 to $10.0 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 $2.0 million to $5.5 million.

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

5. SUPPLEMENTAL CASH FLOWS INFORMATION

The (increase) decrease in cash flow for receivables, inventories and accounts payable and accrued liabilities net of other operating and investing activities follows:


	Quarters ended
	June 30,

	2002			2001

	(in thousands)
Receivables	$	(4,197	)		(15,178	)

Inventories	$	10,444			5,338

Accounts payable and accrued expenses	$	32,881			(16,520	)

Income taxes paid in cash amounted to $0 and $78,000 for the quarters ended June 30, 2002 and 2001, respectively.

Interest paid in cash amounted to $31,782,000 and $26,273,000 for the quarters ended June 30, 2002 and 2001, respectively.

6. EARNINGS PER SHARE OF AMERCO

The following table reflects the calculation of earnings per share:


						Weighted Average
						Common Shares
				Income		Outstanding		Per Share
				(Numerator)		(Denominator)		Amount

				(in thousands, except
				share and per share data)
Quarter ended June 30, 2002:




	Net earnings			$	40,539




	Less: preferred stock dividends				3,241





	Basic and diluted earnings




			per common share		37,298		20,592,858	$	1.81

Quarter ended June 30, 2001:




	Net earnings			$	20,901




	Less: preferred stock dividends				3,241





	Basic and diluted earnings




		per common share			17,660		21,280,361	$	0.83

7. NEW ACCOUNTING STANDARDS

In July 2002, the Financial Accounting Standards Board (“FASB”) issued Statements of Financial Accounting Standards No. 141 (SFAS 141), “Business Combinations”, and No. 142 (SFAS 142), “Goodwill and Other Intangible Assets”.

SFAS 141 supercedes Accounting Principles Board Opinion No. 16 (APB 16), “Business Combinations”. The most significant changes made by SFAS 141 are: (1) requiring that the purchase method of accounting be used for all business combinations initiated after June 30, 2001, (2) establishing specific criteria for the recognition of intangible assets separately from goodwill, and (3) requiring unallocated negative goodwill to be written off immediately as an extraordinary gain (instead of being deferred and amortized).

SFAS 142 supercedes APB 17, “Intangible Assets”. SFAS 142 primarily addresses the accounting for goodwill and intangible assets subsequent to their acquisition (i.e., the post-acquisition accounting). The provisions of SFAS 142 will be effective for fiscal years beginning after December 15, 2002. The most significant changes made by SFAS 142 are: (1) goodwill and indefinite lived intangible assets will no longer be amortized, (2) goodwill will be tested for impairment at least annually at the reporting unit level, (3) intangible assets deemed to have an indefinite life will be tested for impairment at least annually, and (4) the amortization period of intangible assets with finite lives will no longer be limited to forty years.

SFAS No. 141 and 142 did not affect the consolidated financial position or results of operations.

SFAS No. 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. The Statement 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 have not yet determined the effects of adopting this Statement on our financial position or results of operations.

In October 2001, the FASB issued SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”. SFASB 144 requires that those long-lived assets be measured at the lower of carrying amount or fair value less cost to sell, whether reported in continuing operations or in discontinued operations. Therefore, discontinued operations will no longer be measured at net realizable value or include amounts for operating losses that have not yet occurred. SFASB 144 is effective for financial statements issued for fiscal years beginning after December 15, 2001 and, generally, are to be applied prospectively. Management has not yet determined the effects of adopting this Statement on the financial position or results of operations.

In April 2002, the FASB issued SFAS No. 145, Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No.13, 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 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 modifications 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, and the changes related to lease accounting will be effective for transactions occurring after May 15, 2002. Management has not yet determined the effects of adopting this Statement on the financial position or results of operations, except for the need to reclassify debt extinguishments previously reported as extraordinary.

In June 2002, the FASB issued SFAS No. 146, Accounting for Costs Associated with Exit or Disposal Activities, which addresses accounting for restructuring and similar costs. SFAS No. 146 supersedes previous accounting guidance, principally Emerging Issues Task Force (EITF) Issue No. 94-3. SFAS No. 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 No. 146 also establishes that the liability should initially be measured and recorded at fair value. Accordingly, SFAS No. 146 may affect the timing of recognizing future restructuring costs as well as the amount recognized.

AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

8. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA

Information concerning operations by industry segment follows:


		Moving and						Property/						Adjustments			AMERCO
		Storage			Real			Casualty			Life			and			and
		Operations			Estate			Insurance			Insurance			Eliminations			SAC Holdings

		(in thousands)
Quarter ended June 30, 2002
Revenues:




	Outside	$	445,323			2,482			53,013			44,539			—			545,357




	Intersegment		—			15,695			1,164			450			(17,309	)		—

	Total revenues	$	445,323			18,177			54,177			44,989			(17,309	)		545,357




Depreciation/ amortization		$	30,329			2,151			5,553			5,770			—			43,803




Interest expense		$	26,932			5,303			—			—			(5,303	)		26,932




Pretax earnings (loss)		$	55,219			9,369			(2,787	)		882			—			62,683




Income tax benefit (expense)		$	(19,566	)		(3,279	)		1,005			(304	)		—			(22,144	)




Identifiable assets		$	1,881,536			597,118			816,185			919,960			(451,864	)		3,762,935




Quarter ended June 30, 2001
Revenues:




	Outside	$	416,034			2,415			69,485			45,469			—			533,403




	Intersegment		—			17,329			1,109			372			(18,810	)		—

	Total revenues	$	416,034			19,744			70,594			45,841			(18,810	)		533,403




Depreciation/ amortization		$	32,234			2,815			5,286			4,794			—			45,129




Interest expense		$	20,662			10,207			—			—			(10,207	)		20,662




Pretax earnings (loss)		$	31,304			4,608			(5,583	)		2,683			—			33,012




Income tax benefit (expense)		$	(11,517	)		(1,613	)		1,979			(960	)		—			(12,111	)




Identifiable assets		$	1,744,325			713,085			741,791			847,039			(362,998	)		3,683,242

AMERCO AND CONSOLIDATED SUBSIDIARIES AND
SAC HOLDING CORPORATIONS AND CONSOLIDATED SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements, Continued
(Unaudited)

8. INDUSTRY SEGMENT AND GEOGRAPHIC AREA DATA, continued


						TOTAL
Geographic Area Data						AMERCO
(All amounts are in U.S. $'s)	United					and
	States			Canada		SAC Holdings

	(in thousands)
Quarter ended June 30, 2002
Total revenues	$	529,965			15,392		545,357




Depreciation/amortization	$	42,473			1,330		43,803




Interest expense	$	25,794			1,138		26,932




Pretax earnings	$	59,709			2,974		62,683




Income tax expense	$	(22,144	)				(22,144	)




Identifiable assets	$	3,637,280			125,655		3,762,935








Quarter ended June 30, 2001
Total revenues	$	519,012			14,391		533,403




Depreciation/amortization	$	43,920			1,209		45,129




Interest expense	$	19,589			1,073		20,662




Pretax earnings	$	29,975			3,037		33,012




Income tax expense	$	(12,111	)				(12,111	)




Identifiable assets	$	3,567,013			116,229		3,683,242

9. SUBSEQUENT EVENTS OF AMERCO

On August 6, 2002, AMERCO declared a cash dividend of $3,241,000 ($0.53125 per preferred share) to preferred stockholders of record as of August 16, 2002.

10. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Information regarding certain relationships and related transactions of management is set forth in the captions “Certain Relationships and Related Transactions” in the 2002 Proxy Statement, which information is incorporated herein by reference.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

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, plans for future operations, products or services, financing needs or plans, and liquidity 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. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. Some of the important factors that could cause our actual results, performance or financial condition to differ materially from our expectations are: fluctuations in our costs to maintain and update our fleet and facilities; changes in government regulations, particularly environmental regulations; our credit ratings; the availability of credit; changes in demand for our products; changes in the general domestic economy; the degree and nature of our competition; changes in accounting standards; and other factors described in this Quarterly Report on Form 10-Q or the other documents we file with the Securities and Exchange Commission. The above factors, the following disclosures, as well as other statements in this report and in the Notes to Consolidated Financial Statements, could contribute to or cause such differences, or could cause AMERCO’s stock price to fluctuate dramatically.

GENERAL

Information on industry segments is incorporated by reference from — Notes 1, 3 and 8 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.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

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. 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 revalued, 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, revenue earning vehicles and buildings, self-insured liabilities, 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.

Accounting policies are considered critical when they are significant and involve difficult, subjective or complex judgments or estimates. We considered 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. AMERCO does not and has never had any equity ownership interest in SAC Holdings or any of SAC Holdings’ subsidiaries.

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, we review historical disposal experience and holding periods, and trends in the market. 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 – We review carrying value 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 — In determining if and when a decline in market value below amortized cost is other than temporary, we review quoted market prices, dealer quotes or discounted cash flows. Permanent 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 when due. Benefits and expenses are matched with recognized premiums to result in 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 relates 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.

RESULTS OF OPERATIONS
QUARTER ENDED JUNE 30, 2002 VERSUS QUARTER ENDED JUNE 30, 2001

Consolidated Moving and Storage Operations

Revenues consist of rental revenues and net sales. Total rental revenue was $375.9 million and $356.4 million for the quarters ended June 30, 2002 and 2001, respectively. Improved pricing has primarily attributed to the increase. Storage revenues increased $5.9 million due to increased facility capacity through the acquisition of new locations and increased storage rates.

Net sales revenues were $68.2 million and $68.8 million for the quarters ended June 30, 2002 and 2001, respectively.

Cost of sales was $33.3 million and $36.4 million for the quarters ended June 30, 2002 and 2001, respectively. The decrease results from static sales.

Operating expenses before intercompany eliminations were $266.2 million and $267.4 million for the quarters ended June 30, 2002 and 2001, respectively.

Lease expense was $38.8 million and $42.5 million for the quarters ended June 30, 2002 and 2001, respectively. This decrease reflects a decline in the number of leased rental trucks.

Net depreciation expense was $30.0 million and $29.3 million for the quarters ended June 30, 2002 and 2001, respectively.

AMERCO’s Real Estate Operations

Rental revenue before intercompany eliminations was $15.4 million and $17.9 million for the quarters ended June 30, 2002 and 2001, respectively. Intercompany revenue was $14.7 and $17.3 million for the quarters ended June 30, 2002 and 2001, respectively.

Net investment and interest income was $2.8 million and $1.9 million for the quarters ended June 30, 2002 and 2001, respectively. This decrease correlates to a reduction in Real Estate’s average note and mortgage receivables balance outstanding.

Lease expense was $2.0 million and $4.1 million for the quarters ended June 30, 2002 and 2001, respectively.

Net depreciation expense was $2.1 million and $3.2 million for the quarters ended June 30, 2002 and 2001, respectively. The decrease from 2001 to 2002 reflected a loss on the disposition of assets for 2001 of $0.6 million.

Operating profit before tax and intercompany elimination was $14.7 million and $14.8 million for the quarters ended June 30, 2002 and 2001, respectively.

Property and Casualty

RepWest’s premiums were $46.6 million and $62.2 million for the quarters ended March 31, 2002 and 2001, respectively. General agency premiums were $20.2 million and $29.6 million for the quarters ended March 31, 2002 and 2001, respectively. The decrease from 2001 to 2002 was the result of the cancellation of RepWest’s direct Non-Standard Auto and Homeowners business, as well as additional quota share reinsurance on Transportation business. Assumed treaty reinsurance premium was $9.3 millions and $15.7 million for the quarters ended March 31, 2002 and 2001, respectively. Rental industry premiums were $9.2 million and $8.5 million for the quarters ended March 31, 2002 and 2001, respectively.

Net investment income was $7.6 million and $8.4 million for the quarters ended March 31, 2002 and 2001, respectively. The decrease is attributable to lower annual average invested assets as well as reduced cash flow from operations.

Benefits and losses incurred were $45.6 million and $60.3 million for the quarters ended March 31, 2002 and 2001, respectively. This decrease is attributable to lowered premium writings resulting in less exposure primarily in the non-standard auto and home lines.

The amortization of deferred acquisition costs (DAC) was $5.3 million and $5.0 million for the quarters ended March 31, 2002 and 2001, respectively.

Operating expenses were $6.0 million and $10.9 million for the quarters ended March 31, 2002 and 2001, respectively. The decrease is a result of decreased commissions on decreased premium writings as well as decreased general and administrative expenses.

Operating loss before tax and intercompany elimination was $2.8 million and $5.6 million for the quarters ended March 31, 2002 and 2001, respectively. The decreased loss is the result of decreased expenses and the cancellation of unprofitable lines of business.

Life Insurance

Net premiums were $39.7 million and $39.6 million for the quarters ended March 31, 2002 and 2001, respectively. Oxford increased Medicare supplement premiums by $1.0 million through direct writings and rate management activity. Whole life sales increased $0.6 million from the same quarter of 2001. Credit insurance premiums decreased $1.3 million for the quarter from the previous year. Other business segments had premium decreases totaling $0.2 million.

Net investment income before intercompany eliminations decreased $0.9 million to $5.3 million from $6.2 million for the quarters ended March 31, 2002 and 2001, respectively, due to realized losses on fixed maturities.

Benefits incurred were $30.8 million and $31.2 million for the quarters ended March 31, 2002 and 2001, respectively. This was primarily due to fewer annuitizations.

Amortization of deferred acquisition costs (DAC) and the value of business acquired (VOBA) was $5.0 million and $4.8 million for the quarters ended March 31, 2002 and 2001, respectively.

Operating expenses were $8.3 million and $7.2 million for the quarters ended March 31, 2002 and 2001, respectively. Commissions have increased $0.4 million from 2001 primarily due to the increase in Medicare supplement premiums. General and administrative expenses net of fees collected increased $0.7 million.

Operating profit before tax and intercompany eliminations was $0.9 million and $2.7 million for the quarters ended March 31, 2002 and 2001, respectively. The decrease from 2001 is due primarily to realized investment losses and loss experience in the credit insurance segments.

Interest Expense
Consolidated Group

Interest expense was $26.9 million and $20.7 million for the quarters ended June 30, 2002 and 2001, respectively. The increase can be attributed to a higher debt level outstanding for SAC Holdings due its the acquisition of additional storage properties.

Consolidated Group

As a result of the foregoing, pretax earnings were $62.7 million and $33.0 million for the quarters ended June 30, 2002 and 2001, respectively. After providing for income taxes, net earnings were $40.5 million and $20.9 million for the quarters ended June 30, 2002 and 2001, respectively.

LIQUIDITY AND CAPITAL RESOURCES

Moving and Storage Operations

To meet the needs of its customers, U-Haul must maintain a large inventory of fixed asset rental items. At June 30, 2002, net property, plant and equipment represented approximately 97.3% of total assets from non-insurance operations and approximately 52.4% of consolidated assets. In the quarters ended June 30, 2002 and 2001, capital expenditures were $46.5 million and $143.0 million, respectively. These expenditures primarily reflect the replacement of the rental truck fleet.

Cash provided by operating activities was $71.0 million and $21.1 million for the quarters ended June 30, 2002 and 2001, respectively. The increase resulted primarily from a decrease in notes and mortgage receivable partially offset by decreases in the accounts payable and intercompany payable balances along with increased earnings.

AMERCO’s Real Estate Operations

Cash used by operating activities was $0.2 million and $20.8 million for the quarters ended June 30, 2002 and 2001, respectively. The reduction of the amount used mainly resulted from a decrease in the intercompany payable balance.

Property and Casualty

Cash used by operating activities was $28.0 million and $17.8 million for quarters ended March 31, 2002 and 2001, respectively. This change resulted from decreased unearned premium, a decrease in the change in premiums receivable from period to period, along with an increase in due from affiliate.

RepWest’s cash and cash equivalents and short-term investment portfolio were $11.6 million and $4.3 million at March 31, 2002 and 2001, respectively. The increase is a result of a shifting of investments to cash and cash equivalents to fund claim payments generated by new business.

RepWest maintains a diversified securities investment portfolio, primarily in bonds, at varying maturity levels with 87.5% 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 71.4% of total liabilities.

Life Insurance

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 provided (used) by operating activities was $(5.6) million and $1.5 million for the quarters ended March 31, 2002 and 2001, respectively. The decrease in cash flows from operating activities in 2002 relates to paid loss experience. Cash flows provided by financing activities were $1.8 million and $3.1 million for the quarters ended March 31, 2002 and 2001, respectively. Cash flows from deferred annuity sales increase investment contract deposits, which are a component of financing activities. The decrease in 2002 from 2001 is due to a higher ratio of annuity withdrawals versus deposits on our annuity contracts.

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, 2002 and 2001, short-term investments were $67.0 million and $65.1 million, respectively. Management believes that the overall sources of liquidity will continue to meet foreseeable cash needs.

Consolidated group

At June 30, 2002, total outstanding notes and mortgages payable for AMERCO and wholly owned subsidiaries was $898.5 million compared to $1,045.8 million at March 31, 2002. At June 30, 2002, total outstanding notes and mortgages payable for SAC Holdings and consolidated subsidiaries was $960.7 million compared to $957.4 million at March 31, 2002. SAC Holdings’ securitized loan agreements have no guarantees, or triggers that could create a guarantee, from AMERCO. With the exception of a Merrill Lynch transaction, a sellers warranty of value, for $2.0 million, SAC Holdings’ creditors have no recourse to AMERCO. The sellers warranty will be eliminated when occupancy reaches 74.9%. AMERCO is not liable for the debts of SAC Holdings. Further, there are no cross default provisions on indebtedness between AMERCO and SAC Holdings.

AMERCO has no (and has never had any) ownership interest in SAC Holdings or its subsidiaries. The presentation of the consolidated statements has no bearing on the credit agreements or the operations of either AMERCO or SAC Holdings. The accounts of AMERCO and SAC Holdings are presented as consolidated due to a revised interpretation of EITF 90-15 by the Company’s former independent public accountants during the year ended March 31, 2002, which concluded that SAC Holdings’ majority owner did not qualify as an independent third party to AMERCO.

During each of the fiscal years ended March 31, 2003, 2004 and 2005, we estimate gross capital expenditures will average approximately $289.0 million primarily reflecting rental fleet rotation. This level of capital expenditures, combined with a potential range of $150 — $205 million in annual long-term debt maturities, are expected to create annual average funding needs of approximately $466.0 million. We estimate that U-Haul will fund these requirements with leases, internally generated funds, including the proceeds from the disposition of older trucks and other asset sales, and to a lesser extent, by refinancing a portion of existing indebtedness. The sale of assets is dependant upon economic conditions, the amount and nature of sale and leaseback transactions and our fleet rotation program. Operating leases on rental equipment result from sale-lease back transactions whereby as part of the agreement, residual value guarantees were provided. We believe the market value of the trucks upon the lease maturity will be greater than the residual value guarantees. In many cases, a decline in asset sales is accompanied by a decrease in capital expenditures. Depending on the results of our operations and general economic and competitive conditions, many of which we cannot control, we may take certain actions, including delaying or reducing capital expenditures.

From time to time, Real Estate sells storage properties to SAC Holdings. These sales have in the past provided significant cash flows to the Company. The ability of the Company to engage in similar transactions in the future is dependent to a large degree on the ability of SAC Holdings to obtain third party financing for its acquisition of properties from Real Estate and, in general, its willingness to engage in such transactions.

Credit Agreements

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, 2002, we had $898.5 million in total notes and loans payable outstanding and total unutilized lines of credit of approximately $65.8 million. In addition to economic pressures, there has been a reduction in the number of leasing companies and banks, which has had a negative impact on financial markets. This has led to less availability of financing and higher cost of credit. We believe there are enough leasing companies and banks to meet our financing needs. However, no assurance can be provided that we will be able to secure additional borrowings on satisfactory terms or in a timely manner.

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. At June 30, 2002, AMERCO was in compliance with these covenants.

SAC Holdings’ operations are funded by various mortgage loans and unsecured notes, with interest rates ranging from 8.0% to 13.0%. SAC does not utilize revolving lines of credit to finance its operations or acquisitions. Certain of SAC’s agreements contain restrictive covenants including coverage ratios and restrictions on incurring additional subsidiary indebtedness. At June 30, 2002, SAC Holdings was in compliance with all of these covenants.

On June 28, 2002, AMERCO entered into an agreement replacing an existing 5 year $400.0 million revolver agreement with a 3 year $205.0 million revolver agreement.

Reference is made to Note 5 of Notes to Consolidated Financial Statements in AMERCO’s Annual Report on Form 10-K for the fiscal year ended March 31, 2002 for additional information about our credit agreements.

Disclosures about Contractual Obligations and Commercial Commitments


	Payments due by Period
Contractual Obligations	Total		Less than		1-3		4-5		After 5
			1 year		years		years		years

AMERCO’s notes and loans payable	$	898,517		195,593		514,554		17,253		171,117




SAC Holdings’ notes and loans payable	$	588,659		144,919		135,286		13,762		294,692




Lease obligations	$	503,369		107,892		219,996		137,722		37,759

Total Contractual Obligations	$	1,990,545		448,404		869,836		168,737		503,568

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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 cleanup of underground fuel storage tanks. It is the opinion of management that none of the suits, claims or proceedings involving AMERCO, individually or in the aggregate, are expected to result in a material loss.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits


Exhibit No.		Description

3.1		Restated Articles of Incorporation (1)




3.2		Restated By-Laws of AMERCO as of August 27, 1997 (2)




99.1		Certificate of Edward J. Shoen, President of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002




99.2		Certificate of Gary B. Horton, Treasurer of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002




99.3		Certificate of Edward J. Shoen, President of U-Haul International, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002




99.4		Certificate of Gary B. Horton, Treasurer of U-Haul International, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(b) Reports on Form 8-K.

On July 23, 2002 the Company filed a report on Form 8-K to disclose the dismissal of PricewaterhouseCoopers. On August 12, 2002, the Company filed a report on Form 8-K to disclose the engagement of BDO Seidman, LLP, as the Company’s new independent auditor. On August 14, 2002, the Company filed a report on Form 8-K to disclose that the Principal Executive Officer, Edward J. Shoen, and Principal Financial Officer, Gary B. Horton, submitted to the SEC sworn statements pursuant to Securities and Exchange Commission Order No. 4-460.

(1)		Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2002, file no. 1-11255.




(2)		Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended December 31, 1997, file no. 1-11255.

SIGNATURES

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.


		AMERCO

		(Registrant)









Dated: August 16, 2002		By: /S/ GARY B. HORTON

		Gary B. Horton, Treasurer (Principal Financial Officer)

SIGNATURES

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.


		U-Haul International, Inc.

		(Registrant)









Dated: August 16, 2002		By: /S/ GARY B. HORTON

		Gary B. Horton, Assistant Treasurer (Principal Financial Officer)

INDEX OF EXHIBITS


Exhibit No.		Description

3.1		Restated Articles of Incorporation (1)




3.2		Restated By-Laws of AMERCO as of August 27, 1997 (2)




99.1		Certificate of Edward J. Shoen, President of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002




99.2		Certificate of Gary B. Horton, Treasurer of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002




99.3		Certificate of Edward J. Shoen, President of U-Haul International, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002




99.4		Certificate of Gary B. Horton, Treasurer of U-Haul International, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(1)		Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2002, file no. 1-11255.




(2)		Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended December 31, 1997, file no. 1-11255.

U-Haul Holding Co /NV/ - Quarter Report: 2002 June (Form 10-Q)

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