Operator: Good morning, my name is Brooke, and I'll be your conference operator today. At this time, I would like to welcome everyone to the AMERCO First Quarter 2013 Investor Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thanks you.
Ms. Jennifer Flachman, you may begin your conference.
Jennifer Flachman - Director of IR: Good morning everyone and thank you for joining us today. Welcome to the AMERCO first quarter and fiscal 2013 investor call. Before we begin, I would like to remind everyone that certain of the statements during this call regarding general revenues, income and general growth of our business constitute forward-looking statements contemplated under the Private Securities Litigation Reform Act of 1995 and certain factors could cause actual results to differ materially from those projected. For a brief discussion of the risks and uncertainties that may affect AMERCO's business and future operating results, please refer to Form 10-Q for the quarter ended June 30, 2012, which is on file with the Securities and Exchange Commission.
Participating in the call today will be Jason Berg.
I'll now turn the call over to Jason.
Jason A. Berg - Principal Accounting Officer of AMERCO: Thanks Jennifer. Good morning everyone. I'm speaking to you today from Phoenix, Arizona. Also on the call with me today from our offices in Reno in Nevada are Gary Horton, AMERCO's Treasurer and Rocky Wardrip, AMERCO's Assistant Treasurer. All three of us will be available for questions after the prepared remarks. Joe Shoen, our Chairman is travelling and unable to participate in today's call.
Yesterday we reported first quarter earnings of $4.13 a share as compared with $3.56 a share for the same period in fiscal 2012. It's worthwhile to recall that last year's results included a $0.30 per share one-time charge related to the redemption of our preferred stock as well as the $0.16 per share charge for our last preferred stock dividend payment which happened at the same time.
For this third year in a row, we reported record first quarter U-Move revenues. We had a $20 million increase compared to the first quarter of last year. The majority of the increase this quarter was driven by transactions. Both our in-town and one-way businesses are continuing to experience growth. In fact during the month of June, we experienced our highest, one-day in-town transactions volumes in the history of the Company. This growth in transactions and revenue was supported by the increase in the size of our fleet which is up about 4% compared to last year at this time.
We have not noticed any significant changes in the overall competitive environment with regard to pricing. It's also worth mentioning that addition to the increases that we're seeing in truck rental transactions and revenue we're seeing similar increases in our trailer and towing equipment programs.
In factoring the first quarter, we added several thousand new trailers to the fleet to better serve our customers. Overall, on the topic of CapEx, for the first quarter capital expenditures on new rental trucks and trailers were $196 million, that's about a $25 million increase compared to the first quarter of last year, while the proceeds from the sales of retired equipment were $62 million during the quarter.