Universal Technical Institute, Inc. (NYSE: UTI), a provider of technical education training, announced net income for the year ended September 30, 2004, was $28.8 million, or $1.04 per diluted share, a 41.4% increase from net income of $20.4 million, or $0.79 per diluted share, for the fiscal year ended September 30, 2003.
UTI’s net revenues for the year ended September 30 were $255.1 million, a 29.9% increase from $196.5 million for the same period in the previous year.
Income from operations was $50.1 million, up 38.6%, compared to $36.2 million for the previous year.
On December 17, 2003, the company completed its initial public offering of common stock, raising net proceeds of approximately $59.0 million. During April 2004, the company completed a follow-on offering of common stock. The company did not receive any proceeds from the follow-on offering.
UTI leaders say the year over year increase relates primarily to growth in overall revenue and efficiencies in selling, general and administrative costs.
"Fiscal 2004 was a year of solid execution and growth for UTI," said Kimberly McWaters, UTI President and Chief Executive Officer. “During this period of growth, we successfully opened our Exton, Penn. campus, launched a new automotive training program at our Orlando campus and increased capacity at four of our existing campuses.”
UTI offers undergraduate degree, diploma and certificate programs at eight campuses across the United States, and manufacturer-sponsored advanced programs at 22 dedicated training centers. The company functions under the banner of several well-known brands, including Universal Technical Institute (UTI), Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI) and NASCAR Technical Institute (NTI).
Average undergraduate enrollment for the year ended September 30 was 13,076 students, an increase of 23.7% from 10,568 students for the same period a year ago.
The company is targeting a 20% to 22% increase in net revenue for the year ending September 30, 2005 as compared to the prior year, and plans to open a new campus in Boston in the fourth quarter of fiscal 2005, and a campus in Sacramento in the first half of fiscal 2006.
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