UTI reports improved fourth-quarter net income
November 26, 2008
Filed under Features
Universal Technical Institute (UTI) reported net income of $600,000 for the fourth quarter, which ended Sept. 30. Last year’s fourth quarter had a net loss of $1.3 million.
The company’s fourth quarter net revenues were $84.6 million, which is a 2.7 percent decrease from 2007. The decrease in revenues is primarily due to a decline in average undergraduate full-time student enrollment and an increase in need-based tuition scholarships and higher military and veteran discounts. These decreases were partially offset by higher tuition prices and one additional revenue-earning day during the fourth quarter.
Operating income for the fourth was $500,0000 compared to an operating loss of $1.9 million in the same period last year.
Net income for the year was $8.2 million compared to $15.6 million during last year’s period. Net revenues for the year were $343.5 million. That was a 2.8 percent decrease from 2007.