Oct. 15, 2007 – Finance Digest
October 15, 2007
Filed under Features
UTI makes personnel changes, layoffs
Universal Technical Institute Inc. has restructured its management and reduced its workforce by more than 200, the company said in press releases Sept. 13 and Sept. 14.
As part of the restructuring, David Miller, senior vice president of campus admissions, and Shawn Alexander and John Palumbo, vice presidents of campus admissions, will be leaving.
Robert Adler will assume the role of vice president, campus admissions, reporting directly to Kimberly McWaters, president and CEO.
Universal Technical Institute released roughly 225 employees across the country. The company’s nationwide employee total following the recent terminations is now approximately 2,080, compared to 2,368 on Sept. 30, 2006.
“Given our lower average student population and current utilization rates, we continue to make appropriate, yet difficult choices,” McWaters said in the Sept. 14 press release. “These choices allow UTI to operate as cost effectively and efficiently as possible, without compromising the quality of our training and customer service.”
Fairchild reports increase in revenue
Fairchild, which designs and sells motorcycle protective apparel, helmets and technical accessories, reported an increase in revenue of $12.3 million, according to a company press release.
The preliminary report stated the increase was 11.7 percent from April-June over the same period last year. Its quarterly report will be released in early to mid-October.
In addition to the financial statement, Fairchild also reported it has replaced KPMG LLP as its principal accountants with BDO Seidman LLP for the fiscal year ending Sept. 30.
The change is effective immediately.
Piaggio eight-month sales rise, report says
Through August of this year, Piaggio sales have increased 6.8 percent to euro 1.2 billion ($1.709 billion) compared to the same period last year, Thomas Financial reported.
Piaggio’s volumes increased 4.2 percent to 510,165 units.
Roberto Colaninno, Piaggio’s chairman and CEO, said Piaggio will reach its goals for the 2007-2009 period this year.
NEW AGENCY OFFERS MOTORCYCLE INSURANCE
The owners of Classic Automobile Insurance Agency, an insurance agency offering coverage for classic and collector cars, announced the development of a new agency specializing in motorcycle and recreation vehicle insurance programs.
Tach Agency will provide full coverage insurance designed specifically for the motorcycle enthusiast.
The agency delivers risk-specific rating, broad coverages and discounts for all vehicle types, including ATVs, scooters, high-performance bikes and custom bikes. Tach Agency offers liability-only policies and liability limits up to $100,000/$300,000 for nearly any driving record.
“Tach Agency is a way to help independent agents offer their customers full service by providing coverage specifically designed for the bike enthusiast,” said Dan Yagodnik, president of Classic Automobile Insurance Agency and Tach Agency.
Although covering the actual bike and driver is ultimately the goal, Tach Agency’s programs also include a wide range of additional options, including replacement cost, accessories, cycle safety apparel, travel loss reimbursement and trike conversions.
“We know motorcycle enthusiasts need more than just coverage for the basic bike. The program provides peace of mind for the customers’ safety and the security of their investment,” added Yagodnik.
For more information on Tach Agency or the motorcycle insurance program, please go to www.tachagency.com or call 800/636-4580.
Dover realigns into four new business segments
Dover Corp., the owners of aftermarket companies Wiseco and Warn among other manufacturers, has split up its business structure into four new segments and six market platforms.The new segments include Industrial Products, which includes Warn and Wiseco, Engineered Systems, Fluid Management and Electronic Technologies.
Dover CEO?Ronald Hoffman said in a press release the move “is the logical extension of the strategic portfolio review we initiated in 2005 and accomplishes several important objectives.” Those objectives include allowing the company to enhance the sharing of best practices, providing increased direction for Dover’s acquisition program;and also creating additional leadership opportunities within the company.
Dover has restated its financials for the past three years and its 2006 and 2007 quarterly results to reflect the new structure.
Polaris Industries chooses software platform
Polaris Industries purchased aPriori Enterprise Cost Management Software Platform, a provider of enterprise cost management solutions for discrete product and manufacturing companies, aPriori said in its press release.
Polaris will set up the software globally for its snowmobile, ATV, Polaris Ranger and Victory motorcycle product lines.
Polaris Industry Chief Technical Officer Dave Longren says aPriori is cost efficient. “It enables us to understand the cost of parts before they’re manufactured, reduce our design cycle time and allows our purchasing department fact-based negotiations with suppliers,” he said.