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Universal Technical Institute Inc. (UTI) filed Annual Report for the period ended 2011-09-30.
Universal Technical Institute Inc. has a market cap of $298.9 million; its shares were traded at around $12.16 with a P/E ratio of 9.7 and P/S ratio of 0.7.
This is the annual revenues and earnings per share of UTI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of UTI.
Highlight of Business Operations:
We opened a new campus in Dallas/Ft. Worth, Texas in June 2010. For the years ended September 30, 2011, and 2010, this campus had revenues of $10.9 million and $1.2 million, operating expenses of $14.4 million and $8.3 million, and corporate allocations of $6.4 million and $3.5 million, respectively.Revenues. Our revenues for the year ended September 30, 2011 were $451.9 million, representing an increase of $16.0 million, or 3.7%, as compared to revenues of $435.9 million for the year ended September 30, 2010. The increase was due to tuition rate increases between 4% and 7%, depending on the program, offset by an increase of $1.2 million in tuition scholarships. The increase in revenues is also attributable to an increase in average undergraduate full-time student enrollment during the first three quarters of the year. Our revenues excluded $7.0 million and $9.7 million of tuition related to students participating in our proprietary loan program. In accordance with our accounting policy, we will recognize the related revenue as payments are received from the students participating in this program. As a result of collections under our proprietary loan program, our revenues included $0.8 million and $0.2 million for the years ended September 30, 2011 and September 2010, respectively.
Revenues. Our revenues for the year ended September 30, 2010 were $435.9 million, representing an increase of $69.3 million, or 18.9%, as compared to revenues of $366.6 million for the year ended September 30, 2009. The increase was due to a 17.0% increase in the average undergraduate full-time student enrollment, tuition rate increases between 3% and 5%, depending on the program, and a decrease of approximately $1.1 million in tuition scholarships. Our revenues for the year ended September 30, 2010 excluded $9.7 million of tuition related to students participating in our proprietary loan program. In accordance with our accounting policy, we will recognize the related revenue as payments are received from the students participating in this program. Additionally, industry training revenue decreased by $6.5 million due to reductions in and discontinuation of training for certain manufacturer specific training programs.
Our net cash provided by operating activities was $58.1 million, $67.5 million and $49.5 million for the years ended September 30, 2011, 2010 and 2009, respectively. The cash provided by in 2011 was primarily attributable to changes in our operating assets and liabilities and increased revenues resulting from an increase in tuition rates as well as an increase in average undergraduate full-time student enrollment that occurred during the first three quarters of the year. The increase from 2009 to 2010 was primarily attributable to higher net income resulting from increased revenues due to an increase in our average undergraduate full-time student enrollment.
During the year ended September 30, 2010, the changes in our operating assets and liabilities resulted in cash inflows of $10.0 million. The inflows were a result of a $15.1 million increase in deferred revenue primarily due to the timing of student starts, the number of students in school and where they were at year end in relation to the completion of their program coupled with an increase in average undergraduate full-time student enrollment at September 30, 2010 compared to September 30, 2009. The inflows were also due to a $6.0 million increase in accounts payable and accrued expenses primarily attributable to an increase in accrued bonuses as a result of improved operating results. There was a use of cash as a result of an increase in receivables by $9.9 million due to an increase in our average undergraduate full-time student enrollment.
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