Universal Technical Institute Inc. (UTI, Financial) filed Annual Report for the period ended 2012-09-30.
Universal Technical Institute, Inc. has a market cap of $306.7 million; its shares were traded at around $8.8 with a P/E ratio of 23.8 and P/S ratio of 0.7. The dividend yield of Universal Technical Institute, Inc. stocks is 3.2%. Universal Technical Institute, Inc. had an annual average earning growth of 12.6% over the past 5 years.
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 was 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.
Our net cash provided by operating activities was $18.5 million, $58.1 million and $67.5 million for the years ended September 30, 2012, 2011 and 2010, respectively. The cash provided by operating activities in 2012 was primarily attributable to net income of $9.0 million and adjustments of $28.3 million for non-cash and other items, partially offset by $18.8 million related to the change in our operating assets and liabilities. The decrease from 2011 to 2012 was primarily attributable to lower net income resulting from decreased revenues due to a decrease in our average undergraduate full-time student enrollment.
The increase in receivables resulted in a cash outflow of $10.1 million and was related to the timing of Title IV disbursements and other cash receipts on behalf of our students. The decrease in deferred revenue resulted in a cash outflow of $8.8 million was primarily attributable to the timing of student starts, the lower number of students in school and where they were at period end in relation to the completion of their program at September 30, 2012 compared to September 30, 2011. The increase in prepaid expenses and other current assets resulted in a cash outflow of $3.5 million and was primarily related to a $2.0 million prepaid to fund project plan modifications related to the relocation of our Glendale Heights, Illinois campus to, and the design and construction of a new campus in, Lisle, Illinois. We experienced a cash outflow of $1.3 million due to a decrease in the income taxes payable at September 30, 2012, as compared to September 30, 2011, which was attributable to the decrease in income before taxes.
During the year ended September 30, 2010, the changes in our operating assets and liabilities resulted in cash inflows of $8.9 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 $6.5 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 $10.3 million due to an increase in our average undergraduate full-time student enrollment.
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Universal Technical Institute, Inc. has a market cap of $306.7 million; its shares were traded at around $8.8 with a P/E ratio of 23.8 and P/S ratio of 0.7. The dividend yield of Universal Technical Institute, Inc. stocks is 3.2%. Universal Technical Institute, Inc. had an annual average earning growth of 12.6% over the past 5 years.
Highlight of Business Operations:
Revenues. Our revenues for the year ended September 30, 2012 were $413.6 million, representing a decrease of $38.3 million, or 8.5%, as compared to revenues of $451.9 million for the year ended September 30, 2011. The decrease in revenues is attributable to a decrease in average undergraduate full-time student enrollment during the year. Offsetting this decrease was an increase in tuition rates of 3% to 5%, depending on the program. Our revenues excluded $14.1 million and $7.0 million of tuition related to students participating in our proprietary loan program for the years ended September 30, 2012 and September 30, 2011, respectively. 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 $1.5 million and $0.8 million for the years ended September 30, 2012 and September 30, 2011, 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 was 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.
Our net cash provided by operating activities was $18.5 million, $58.1 million and $67.5 million for the years ended September 30, 2012, 2011 and 2010, respectively. The cash provided by operating activities in 2012 was primarily attributable to net income of $9.0 million and adjustments of $28.3 million for non-cash and other items, partially offset by $18.8 million related to the change in our operating assets and liabilities. The decrease from 2011 to 2012 was primarily attributable to lower net income resulting from decreased revenues due to a decrease in our average undergraduate full-time student enrollment.
The increase in receivables resulted in a cash outflow of $10.1 million and was related to the timing of Title IV disbursements and other cash receipts on behalf of our students. The decrease in deferred revenue resulted in a cash outflow of $8.8 million was primarily attributable to the timing of student starts, the lower number of students in school and where they were at period end in relation to the completion of their program at September 30, 2012 compared to September 30, 2011. The increase in prepaid expenses and other current assets resulted in a cash outflow of $3.5 million and was primarily related to a $2.0 million prepaid to fund project plan modifications related to the relocation of our Glendale Heights, Illinois campus to, and the design and construction of a new campus in, Lisle, Illinois. We experienced a cash outflow of $1.3 million due to a decrease in the income taxes payable at September 30, 2012, as compared to September 30, 2011, which was attributable to the decrease in income before taxes.
During the year ended September 30, 2010, the changes in our operating assets and liabilities resulted in cash inflows of $8.9 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 $6.5 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 $10.3 million due to an increase in our average undergraduate full-time student enrollment.
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