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Not on time, and with a few bumps along the way, I’ve completed Inktober 2018! You can see the originals on Instagram. What’s Inktober you say? It’s a challenge to make 31 illustrations in the month of October from a … Continue reading →
“Why”, you might ask, “are you putting unopened popsicles in that $1000 superautomatic espresso machine?” Good question! The answer begins with me finding this $1000 Saeco Intelia superautomatic espresso machine for $25 at a thrift store! I couldn’t test it … Continue reading →
After starting with useless, blown speakers, Junior’s stereo is now capable of causing both psychotic joy and physical injury. I started with static, and ended with Bluetooth, USB, integrated Pandora, full stereo and 200 watts of Bose sub! The story … Continue reading →
Zacks Small Cap Research - UHAL : Third quarter moving & storage revenue beats expectations as did operating income
On Feb. 7, 2018 AMERCO (NASDAQ:UHAL) reported its third quarter numbers followed by a conference the following morning. Moving and Storage revenue beat our forecast as did operating income. Adjusting for the sales of assets pretax income was slightly below our estimate.
The gain in moving revenue of 6.15% was almost entirely based on transaction growth fueled mainly by the increase in fleet size and occurred in both the one-way and point to point markets. All of the operating metrics improved with gains in fleet size (as well as trailers and hitches) , Company owned locations and dealer locations. Since Company owned storage locations are also truck leasing locations the acquisitions of existing buildings that are then converted to storage facilities benefits both parts of operations.
Maintenance and repair cost continue to hamper the growth in earnings. Over $32 million additional expenses, as compared to the prior year, in this area had a significant impact on operating margins based on moving and storage revenue. Much of this increase was due to retention of older trucks that would normally be sold. Truck sales in the third quarter were $389 million as compared to $403 million a year ago.
AMERCO reported the sale of the Chelsea NY property for $191 million (and purchased offsetting properties so deferring any federal tax on the sale) and other properties for $1.4 million. We have excluded this from our normalized earnings.
The impact of the Tax Reform Act was a non-cash profit of $339 million. The cash on the balance sheet now exceeds $1022 million.
(Washington, DC) – On Tuesday, Rep. Steve Knight (R-CA) and Rep. Adriano Espaillat (D-NY) introduced H.R. 5337, the Accelerated Payments for Small Businesses Act of 2018. This bill would require the government establish a goal of paying all small business contractors within 15 days of receiving a proper invoice. The bill also establishes a similar goal for government contractors that have small business sub-contractors. H.R. 5337 is cosponsored by House Small Business Committee Chairman Steve Chabot (R-OH) and Ranking Member Nydia Velázquez (D-NY).
“Small business contractors rely on a consistent and reliable flow of income in order to keep their operations running smoothly,” said Rep. Knight “The Accelerated Payments for Small Businesses Act will help ensure these businesses receive their payments in a timely and accountable manner. This consistency will enable businesses to focus on improving their services and expanding production. I want to thank Representative Espaillat, Chairman Chabot, and Ranking Member Velásquez for their help in introducing this bipartisan legislation.”
“Delays in payments to federal contracts are often untenable for small business contractors and their employees,” said Rep. Espaillat. “I am proud to co-sponsor the Accelerated Payments for Small Businesses Act to ensure that all transactions among small business contractors are treated with the respect and equity they deserve. Making this commitment will yield a tremendous return further incorporating small businesses including those that are women-owned, minority-owned, veteran-owned, and HUBZone contractors.”
“While the Office of Management and Budget’s (OMB) accelerated policy of making sure small businesses get paid by the federal government within 15 days was a critical decision, we now need to ensure it stays in place. That way, small business prime contractors and prime contractors that subcontract with small businesses can continue to do business and not pass on any unnecessary costs to the taxpayer,” said Chairman Chabot “I’d like to thank Subcommittee Chairman Knight and my colleagues for their work on this vital piece of legislation.”
“Time and again, we’ve heard from entrepreneurs that needlessly suffer delays when trying to receive payment for federal contracts,” said Ranking Member Velázquez “For small companies, payment delays can mean cash flow problems, constraining their expansion and slowing job growth. By accelerating payments to small companies, this legislation will help small contractors meet payroll, reinvest in their operations and create good paying jobs along the way.”
Representative Knight is a member of the House Small Business Committee and serves as Chairman of the Subcommittee on Contracting & the Workforce. The Accelerated Payments for Small Businesses Act is endorsed by the National Defense Industrial Association and the Professional Services Council.
San Diego CA - The Sierra Club announced today that it has endorsed the San Diego State University (SDSU) West Initiative and will oppose a competing initiative, Soccer City...In announcing its support, the Sierra Club stated that it supports SDSU West because the initiative requires San Diego State University to be fully compliant with all aspects of the California Environmental Quality Act (CEQA) including a comprehensive and full Environmental Impact Report and open public hearings. Additionally, the SDSU West initiative ensures San Diego State University will deliver on its vision of nearly 90 acres of public parks including a 50- acre River Park in Mission Valley.
Measure G, the SDSU West initiative, was endorsed by a diverse collection of San Diego’s education advocates and students on Monday, including City Councilmember Barbara Bry, SDSU Immediate Past President Sally Roush, Dr. Brian Spitzberg and Former District Attorney Bonnie Dumanis.
Three weeks before competing ballot measures go head-to-head to redevelop the Mission Valley stadium site, a majority of San Diegans said they’re voting yes on Measure G and no on Measure E in a new SurveyUSA poll commissioned by the Union-Tribune and 10News.
San Diego’s leading voices in environmental conservation, including the Endangered Habitats League, San Diego Audubon Society, Sierra Club and San Diego County Democrats for Environmental Action, joined together Friday to call for support of Measure G, the SDSU West initiative, and opposition to Measure E, the dangerously flawed SoccerCity initiative.