Sept. 3, 2007 – Finance Digest
September 3, 2007
Filed under Features
UTI reports increase revenue
Universal Technical Institute (UTI), a provider of technical education training, reported an increase in net revenue for the first nine months of its fiscal year but a drop in student enrollment.
UTI’s average undergraduate enrollment for its third quarter was 14,630 students, a drop of 3.5 percent compared to the year-ago period.
UTI also said its net profit for its first nine months dropped 26.8 percent — to $16.9 million — compared to a year ago.
For its third quarter, which ended June 30, the company reported higher net revenues of 1.2 percent and a 15 percent decrease in net income to $3.9 million.
In late July, the company said it sold its newly constructed campus facilities in Sacramento, Calif., to a subsidiary of W. P. Carey & Co. for approximately $41 million.
Concurrent with the transaction, UTI entered into a long-term deal with the purchaser to lease the campus facilities for an initial term of 15 years with the option to extend the lease for up to an additional 20 years. The transaction will not impact UTI’s operations or course offerings.
RpmOne adds three to key positions
RpmOne Inc., a provider of F&I products and dealer development services, expanded the company’s team with the appointment of three individuals to key positions.
The company named Jason Bremer as vice president of sales and dealer development, Steve Dodds as the central U.S. director of dealer development and Brittni Floyd as the West Coast regional sales manager.
Bremer joins RpmOne from Retail Powersports Management Group where he served in numerous capacities since 2005. During his tenure with RPM Group, Bremer managed its member services, served as the lead trainer for management development programs, moderated 20 clubs, taught seminars and led on-site training courses for dealers throughout the country. Prior to 2005, Bremer worked in management positions with marquee powersports and Harley-Davidson dealerships.?
As RpmOne’s central U.S. director of dealer development, Dodds will be responsible for managing and executing RpmOne’s dealer development programs for dealers in this territory. Dodds brings more than 15 years of powersports industry knowledge and experience to RpmOne. Most recently, he was a trainer with RPM Group.
In her role as RpmOne’s West Coast regional sales manager, Floyd will leverage her experience as a finance manager for various top-tier, APS-owned dealers to help powersports dealers in Western states.
Bell Industries reports drop in recreational sales
Bell Industries’ recreational products division, which provides aftermarket parts to primarily Midwest dealerships, is reporting reduced revenue for its second quarter and first half.
Bell Industries’ first-half sales of $24.6 million was down 2 percent compared to the year-ago period while its second-quarter revenue of nearly $14 million decreased 3.6 percent.
Overall, Bell Industries is reporting a doubling of its revenue (to $102.1 million from $56.1 million) for its first half thanks in part to its January 2007 acquisition of SkyTel.
For its first-half, Bell incurred a net loss of $6.3 million compared to a net gain of $3.9 million last year at this time. That gain included the sale of discontinued operations.