UTI revenue rises as enrollment drops
August 10, 2007
Filed under Features
Universal Technical Institute Inc. reported its third quarter financial results in a press release and conference call Aug. 7.
The technical education company’s net revenues for the third quarter of fiscal 2007 were $85.2 million, a 1.2 percent increase, compared with $84.1 million for the same period in the previous year. Net income was $3.9 million, down compared with $4.5 million in the third quarter a year ago.
UTI attributed the net revenue increase to higher tuition prices. The increase was partially offset by a decrease in average undergraduate student enrollment and an increase in need-based tuition scholarships, higher military and veteran discounts and other minor reductions.
Average undergraduate enrollment for the third quarter of fiscal 2007 was 14,630 students, a 3.5 percent decrease, compared with 15,166 students for the same period a year ago. Lower starts were the primary contributor to declines in the third quarter undergraduate enrollment statistics, the company said.