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<SEC-DOCUMENT>0000950153-03-001030.txt : 20030513
<SEC-HEADER>0000950153-03-001030.hdr.sgml : 20030513
<ACCEPTANCE-DATETIME>20030512194343
ACCESSION NUMBER:		0000950153-03-001030
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030512
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20030513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERCO /NV/
		CENTRAL INDEX KEY:			0000004457
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
		IRS NUMBER:				880106815
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11255
		FILM NUMBER:		03693770

	BUSINESS ADDRESS:	
		STREET 1:		1325 AIRMOTIVE WAY STE 100
		CITY:			RENO
		STATE:			NV
		ZIP:			89502
		BUSINESS PHONE:		7756886300

	MAIL ADDRESS:	
		STREET 1:		1325 AIRMOTIVE WAY
		STREET 2:		SUITE 100
		CITY:			RENO
		STATE:			NV
		ZIP:			89502

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERCO
		DATE OF NAME CHANGE:	19770926
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>p67853e8vk.htm
<DESCRIPTION>8-K
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</FONT>

<DIV align="center"><FONT size="3"><B>WASHINGTON, DC 20549</B>
</FONT>
</DIV>

<P align="center"><HR align="center" size="1" width="20%" noshade>

<P align="center"><FONT size="5"><B>FORM 8-K</B>
</FONT>

<P align="center"><FONT size="3"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</FONT>

<P align="center"><FONT size="2"><B>Date of report (Date of earliest event reported): May&nbsp;12, 2003</B>
</FONT>

<P align="center"><FONT size="6"><B>AMERCO</B>
</FONT>

<DIV align="center"><FONT size="2"><B>(Exact Name of Registrant as Specified in Charter)</B>
</FONT>
</DIV>

<CENTER>
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    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
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    <TD width="28%">&nbsp;</TD>
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    <TD align="center" valign="top"><FONT size="2"><B>Nevada</B><BR>
<HR align="center" size="1" width="100%" noshade>
<B>(State or Other Jurisdiction<BR>
of Incorporation)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>1-11255</B><BR>
<HR align="center" size="1" width="100%" noshade>
<B>(Commission<BR>
File Number)</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>88-0106815</B><BR>
<HR align="center" size="1" width="100%" noshade>
<B>(IRS Employer<BR>
Identification No.)</B></FONT></TD>
</TR>
</TABLE>
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<P align="center"><FONT size="2"><B>1325 Airmotive Way, Ste. 100 Reno, Nevada 89502-3239</B>
</FONT>

<DIV align="center"><FONT size="2"><HR align="center" size="1" width="50%" noshade>
<B>(Address of Principal Executive Offices) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</B>
</FONT>
</DIV>

<P align="center"><FONT size="2"><B>(775)&nbsp;688-6300</B>
</FONT>

<DIV align="center"><FONT size="2"><HR align="center" size="1" width="40%" noshade>
<B>(Registrant&#146;s telephone number, including area code)</B>
</FONT>
</DIV>

<P align="center"><FONT size="2"><B>Not applicable</B>
</FONT>

<DIV align="center"><FONT size="2"><HR align="center" size="1" width="50%" noshade>
<B>(Former Name or Former Address, if Changed Since Last Report)</B>
</FONT>
</DIV>

<P align="center"><FONT size="2">&nbsp;</FONT>
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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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<TR><TD></TD><TD colspan="8"><A HREF="#000">ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">ITEM 7. FINANCIAL STATEMENTS, PRO FORM FINANCIAL INFORMATION AND EXHIBITS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002"> ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004"> EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="p67853exv99w1.htm">EX-99.1</A></TD></TR>
</TABLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="left"><FONT size="2">ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;12, 2003, we announced in a press release that (i)&nbsp;BDO Seidman is
in the process of re-auditing the financial statements of AMERCO and its
subsidiaries for fiscal years 2001 and 2002; (ii)&nbsp;BDO Seidman has identified
audit adjustments that could potentially require restatement of prior period
financial information; (iii)&nbsp;AMERCO received notice from PricewaterhouseCoopers
that its most recent audit report should no longer be associated with AMERCO&#146;s
fiscal 2001 and 2002 financial statements; and (iv)&nbsp;the Securities and Exchange
Commission has been conducting an investigation regarding AMERCO&#146;s financial
statements. A copy of this press release is attached hereto as Exhibit&nbsp;99.1.
</FONT>
<!-- link2 "ITEM 7. FINANCIAL STATEMENTS, PRO FORM FINANCIAL INFORMATION AND EXHIBITS." -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="left"><FONT size="2">ITEM 7. FINANCIAL STATEMENTS, PRO FORM FINANCIAL INFORMATION AND EXHIBITS.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Exhibits
</FONT>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
99.1</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Press Release dated May&nbsp;12, 2003.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 " ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="left"><FONT size="2">ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Item&nbsp;5 above.
</FONT>
<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 hereunto duly authorized.
</FONT>
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<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD valign="top"><FONT size="2">Dated: May&nbsp;12, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
AMERCO</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/s/ &nbsp;&nbsp;&nbsp;&nbsp;Gary V. Klinefelter
<HR align="left" size="1" width="75%" noshade>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;Gary V. Klinefelter, Secretary</FONT></TD>
</TR>
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</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 " EXHIBIT INDEX" -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

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    <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
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<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release dated May&nbsp;12, 2003</FONT></TD>
</TR>
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<P align="center"><FONT size="2">&nbsp;</FONT>




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<TYPE>EX-99.1
<SEQUENCE>3
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<DESCRIPTION>EX-99.1
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="45%">&nbsp;</TD>
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    <TD valign="top"><FONT size="2"><B>For Immediate Release</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Contact:</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><B>Jeffrey Lloyd<br>
Sitrick and Company Inc.<br></B>
Jeff_lloyd@sitrick.com<B><br>
(310)&nbsp;788-2850</B></FONT></TD>
</TR>
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<P align="center"><FONT size="2"><B>AMERCO RE-AUDITING WORK PERFORMED BY PwC<BR>
Potential Exists for Restatement of Prior Periods<BR>
Cooperating with SEC Fact Finding Investigation</B>
</FONT>

<P align="left"><FONT size="2">Reno, Nev. May&nbsp;12, 2003 &#151; AMERCO <B>(Nasdaq: UHAL</B>), parent company of U-Haul
International, Inc., re-confirmed today that the Audit Committee of the
Company&#146;s Board of Directors has requested that BDO Seidman (BDO), the audit
firm that replaced PricewaterhouseCoopers (PwC), re-audit the financial
statements of AMERCO and its subsidiaries for the fiscal years 2001 and 2002.
</FONT>
<P align="left"><FONT size="2">In connection with this re-audit, BDO has identified prior period adjustments
related to insurance reserves at AMERCO and its subsidiary, Republic Western
Insurance Company (RepWest), as well as other insurance company related
adjustments. This process is well underway, and it is anticipated that any
adjustments will be determined over the next few weeks with the final
adjustments and resulting restatements, if required, reported in the Form&nbsp;10-K,
which will be filed by the Company in late June 2003 for the fiscal year-ended
March&nbsp;31, 2003. As previously announced, RepWest is exiting non-U-Haul-related
lines of business, which may result in near term losses at RepWest as those
lines are eliminated.
</FONT>
<P align="left"><FONT size="2">On May&nbsp;7, 2003, AMERCO received notice from PwC that PwC&#146;s most recent audit
report should no longer be associated with AMERCO&#146;s fiscal 2001 and 2002
financial statements. PwC has informed AMERCO that this action is required
under accounting profession independence standards as a result of AMERCO&#146;s
claims against PwC, and PwC has identified no issues regarding the accuracy of
the subject financial statements.
</FONT>
<P align="left"><FONT size="2">AMERCO believes this action by PwC is clearly not required, and that it has
been undertaken by PwC in retaliation for AMERCO&#146;s assertion of claims against
PWC, consistent with PwC&#146;s pattern of protecting its own interests at the
expense of AMERCO. In any event, PwC&#146;s most recent audit report will be
superseded by BDO&#146;s report on the restated financial statements for fiscal 2001
and 2002.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;18, 2003, the Company filed a lawsuit against PwC claiming
damages in excess of $2.5&nbsp;billion as a result of the negligent, fraudulent and
tortuous conduct of PwC during the last seven years of its audit engagement.
The Company&#146;s claims against PwC may be expanded if the financial statement
adjustments and potential restatements are realized<B>. </B>AMERCO terminated PwC as
its auditor on July&nbsp;17, 2002.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dr.&nbsp;Douglas Carmichael, prior to his recent appointment as Chief Auditor
and Director of Professional Standards for the Public Company Accounting
Oversight Board, reviewed the conduct of PwC and its relationship with AMERCO.
Dr.&nbsp;Carmichael
</FONT>
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<P align="left"><FONT size="2">concluded that &#147;PwC improperly placed its own interests ahead of its
client&#146;s in violation of the industry&#146;s ethical and professional principles&#148;
and &#147;violated each and every duty owed to AMERCO, its lenders, governmental
agencies and the public.&#148;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMERCO also said today that the Securities and Exchange Commission (&#147;SEC&#148;)
has been conducting what the SEC has referred to as a &#147;fact-finding inquiry&#148;
regarding its financial statements. The Company believes that this
investigation is a result of erroneous advice that it accepted from PwC. Joe
Shoen, AMERCO&#146;s Chairman of the Board, said 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.
</FONT>
<P align="left"><FONT size="2">AMERCO is represented in the SEC investigation by Theodore Sonde, a former
senior SEC enforcement official, now with the Washington, DC law firm of
Crowell &#038; Moring, LLP. Mr.&nbsp;Sonde stated that the SEC investigation was &#147;not
surprising, given that the Company had restated certain financial statements,
discharged its former auditors and retained new independent accountants, all
within the past year.&#148;
</FONT>
<P align="left"><FONT size="2">The Company does not believe that the SEC investigation will have a material
adverse impact on its financial condition or results of operations. The SEC
has issued subpoenas to the Company requesting that it produce documents and
other materials, and the Company is assembling and producing those materials to
the Staff. The SEC began its investigation by issuing a subpoena to PwC two
months before prior to requesting information from the Company.
</FONT>
<P align="left"><FONT size="2">AMERCO is the parent company of U-Haul International, Inc., Republic Western
Insurance Company, Oxford Life Insurance Company and Amerco Real Estate
Company. For more information about AMERCO, visit http://www.uhaul.com/.
</FONT>
<P align="left"><FONT size="2">Certain of the statements made in this press release constitute forward-looking
statements contemplated under the Private Securities Litigation Reform Act of
1995. Forward-looking statements in this press release include statements
related to the SEC investigation and the ultimate outcome of the re-audit. The
results of the SEC investigation and the re-audit could differ materially from
that currently anticipated, since the re-audit has not yet been completed and
the results of any government investigations are difficult to ascertain in
advance.
</FONT>

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