Universal Technical Institute Inc. (UTI, Financial) filed Quarterly Report for the period ended 2011-06-30.
Universal Technical Institute Inc. has a market cap of $447.9 million; its shares were traded at around $18.32 with a P/E ratio of 14.8 and P/S ratio of 1.1.
We opened a new campus in Dallas/Ft. Worth, Texas in June 2010. For the three months and nine months ended June 30, 2011, this campus had revenues of $3.1 million and $7.4 million, respectively, and operating expenses of $3.6 million and $10.5 million, respectively, including corporate allocations of $1.5 million and $4.6 million, respectively. For the three months and nine months ended June 30, 2010, this campus had revenues of $0.1 million, operating expenses of $2.5 million and $4.0 million, respectively, including corporate allocations of $1.0 million and $2.0 million, respectively.
Educational services and facilities expenses. Our educational services and facilities expenses for the three months and nine months ended June 30, 2011 were $58.0 million and $169.5 million, respectively, an increase of $4.3 million and $15.3 million, respectively, as compared to $53.7 million and $154.2 million for the three months and nine months ended June 30, 2010, respectively. Our educational services and facilities expenses for the three months and nine months ended June 30, 2011 for our Dallas/Ft. Worth, Texas campus were $2.1 million and $5.7 million, respectively, including corporate allocations of $0.3 million and $0.8 million, respectively; for the three months and nine months ended June 30, 2010, the expenses were $1.1 million and $1.5 million, respectively, including corporate allocations of $0.1 million and $0.2 million, respectively.
Compensation and related costs increased $4.0 million and $11.3 million during the three months and nine months ended June 30, 2011, respectively. The increase was primarily due to approximately $2.3 million of compensation related costs in connection with our reduction in workforce, hiring additional staff dedicated to student employment, the addition of instructors to support our higher average undergraduate full-time student enrollments that occurred earlier in the fiscal year, and an increase in self-insured employee benefit plans as well as the modifications to our compensation plans discussed previously. Compensation and related costs for our Dallas/Ft. Worth, Texas campus were $0.8 million and $2.3 million for the three months and nine months ended June 30, 2011, including corporate allocations of $0.1 million and $0.3 million, respectively; compensation and related costs were $0.2 million, including minimal corporate allocations for the Dallas/Ft. Worth, Texas campus for the three months and nine months ended June 30, 2010.
Depreciation expense increased $1.1 million and $3.2 million for the three months and nine months ended June 30, 2011, respectively, and was primarily due to the addition of assets related to our Automotive Technology and Diesel Technology II curriculum project and the opening of our Dallas/Ft. Worth, Texas campus in June 2010. Depreciation expense related to our Automotive Technology and Diesel Technology II curriculum was $0.7 million and $2.1 million for the three months and nine months ended June 30, 2011, respectively and for our Dallas/Ft. Worth, Texas campus was $0.3 million and $0.9 million for the three months and nine months ended June 30, 2011, respectively.
Selling, general and administrative expenses. Our selling, general and administrative expenses for the three months and nine months ended June 30, 2011 were $44.2 million and $136.1 million, respectively, representing an increase of $0.3 million and $8.4 million, respectively, as compared to $44.0 million and $127.6 million for the three months and nine months ended June 30, 2010, respectively. Our selling, general and administrative expenses for the three months and nine months ended June 30, 2011 for our Dallas/Ft. Worth, Texas campus were $1.6 million and $4.8 million, respectively, including corporate allocations of $1.2 million and $3.8 million, respectively; for the three months and nine months ended June 30, 2010, the expenses were $1.4 million and $2.5 million, respectively, including corporate allocations of $0.9 million and $1.8 million, respectively.
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Universal Technical Institute Inc. has a market cap of $447.9 million; its shares were traded at around $18.32 with a P/E ratio of 14.8 and P/S ratio of 1.1.
Highlight of Business Operations:
Our revenues for the three months ended June 30, 2011 were $108.9 million, an increase of $1.4 million, or 1.3%, from the prior year. The minimal increase was a result of an increase in tuition rates, offset by a decrease in our average undergraduate full-time student enrollment of 3.8% to 17,200 students for the three months ended June 30, 2011. Our revenues for the nine months ended June 30, 2011 were $340.5 million, an increase of $23.8 million, or 7.5%, from the prior year. This increase was a result of an increase in our average undergraduate full-time student enrollment of 2.7% to 18,800 students for the nine months ended June 30, 2011. Tuition rates increased between 4% and 7%, depending on the program, which contributed to revenue growth for the three months and nine months ended June 30, 2011, respectively. Our net income for the three months and nine months ended June 30, 2011 was $4.0 million and $21.3 million, respectively, decreases of $2.3 million and $0.3 million, respectively, from the prior year. Our revenues for the three months and nine months ended June 30, 2011 excluded $1.7 million and $5.0 million, respectively, of tuition related to students participating in our proprietary loan program.We opened a new campus in Dallas/Ft. Worth, Texas in June 2010. For the three months and nine months ended June 30, 2011, this campus had revenues of $3.1 million and $7.4 million, respectively, and operating expenses of $3.6 million and $10.5 million, respectively, including corporate allocations of $1.5 million and $4.6 million, respectively. For the three months and nine months ended June 30, 2010, this campus had revenues of $0.1 million, operating expenses of $2.5 million and $4.0 million, respectively, including corporate allocations of $1.0 million and $2.0 million, respectively.
Educational services and facilities expenses. Our educational services and facilities expenses for the three months and nine months ended June 30, 2011 were $58.0 million and $169.5 million, respectively, an increase of $4.3 million and $15.3 million, respectively, as compared to $53.7 million and $154.2 million for the three months and nine months ended June 30, 2010, respectively. Our educational services and facilities expenses for the three months and nine months ended June 30, 2011 for our Dallas/Ft. Worth, Texas campus were $2.1 million and $5.7 million, respectively, including corporate allocations of $0.3 million and $0.8 million, respectively; for the three months and nine months ended June 30, 2010, the expenses were $1.1 million and $1.5 million, respectively, including corporate allocations of $0.1 million and $0.2 million, respectively.
Compensation and related costs increased $4.0 million and $11.3 million during the three months and nine months ended June 30, 2011, respectively. The increase was primarily due to approximately $2.3 million of compensation related costs in connection with our reduction in workforce, hiring additional staff dedicated to student employment, the addition of instructors to support our higher average undergraduate full-time student enrollments that occurred earlier in the fiscal year, and an increase in self-insured employee benefit plans as well as the modifications to our compensation plans discussed previously. Compensation and related costs for our Dallas/Ft. Worth, Texas campus were $0.8 million and $2.3 million for the three months and nine months ended June 30, 2011, including corporate allocations of $0.1 million and $0.3 million, respectively; compensation and related costs were $0.2 million, including minimal corporate allocations for the Dallas/Ft. Worth, Texas campus for the three months and nine months ended June 30, 2010.
Depreciation expense increased $1.1 million and $3.2 million for the three months and nine months ended June 30, 2011, respectively, and was primarily due to the addition of assets related to our Automotive Technology and Diesel Technology II curriculum project and the opening of our Dallas/Ft. Worth, Texas campus in June 2010. Depreciation expense related to our Automotive Technology and Diesel Technology II curriculum was $0.7 million and $2.1 million for the three months and nine months ended June 30, 2011, respectively and for our Dallas/Ft. Worth, Texas campus was $0.3 million and $0.9 million for the three months and nine months ended June 30, 2011, respectively.
Selling, general and administrative expenses. Our selling, general and administrative expenses for the three months and nine months ended June 30, 2011 were $44.2 million and $136.1 million, respectively, representing an increase of $0.3 million and $8.4 million, respectively, as compared to $44.0 million and $127.6 million for the three months and nine months ended June 30, 2010, respectively. Our selling, general and administrative expenses for the three months and nine months ended June 30, 2011 for our Dallas/Ft. Worth, Texas campus were $1.6 million and $4.8 million, respectively, including corporate allocations of $1.2 million and $3.8 million, respectively; for the three months and nine months ended June 30, 2010, the expenses were $1.4 million and $2.5 million, respectively, including corporate allocations of $0.9 million and $1.8 million, respectively.
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