UTI enrollment up 15.1 percent in Q1
Feb. 2, 2010--Universal Technical Institute Inc. on Tuesday reported record enrollment and revenue for the first quarter of 2010.
Average student enrollment for the first quarter of this year was 18,782, up 15.1 percent from 16,323 students for first quarter 2009.
Net revenue for the first quarter, which ended Dec. 31, was $103.5 million, a 14.9 percent increase from $90.1 million for the first quarter of the prior year.
Net income for the first quarter was $9.3 million, or 38 cents per diluted share, as compared to net income of $2.3 million, or 9 cents per diluted share, for the first quarter of the prior year.
“We achieved the highest net income for an individual quarter since fiscal 2006,” said Kimberly McWaters, president and chief executive officer of UTI. “Capacity utilization increased 900 basis points, helping us further leverage our fixed costs, and driving our operating margins up to 14.5 percent."
UTI, based in Houston, has collision repair programs at both its Houston and its Sacramento, Calif. campuses.
See our Q&A with Kelley Lowery, education manager for UTI’s Collision Repair and Refinish Technology Training Program.