Tuesday, May 5, 2009, 1:57pm MST | Modified: Tuesday, May 5, 2009, 5:27pm
Phoenix Business Journal
Universal Technical Institute posted a slight increase in revenue for the three months ended March 31, but its bottom line turned red.
The Phoenix-based chain of automotive and marine technical schools (NYSE:UTI) reported Tuesday second fiscal quarter revenue of $89.1 million, up from $88.2 million in the same quarter last year. The net loss of $80,000 compares with net income of $1.91 million, or 7 cents a share, a year ago.
“Continued double-digit growth in lead generation and student contracts resulted in nearly 20 percent growth in starts this quarter, driving an increase in our average student population for the first time in over two years,” said CEO Kimberly McWaters. “During fiscal 2008, we invested in our advertising campaign and sales force to rebuild our student pipeline; now we are investing in our financial aid and student services departments to assist those students to get to school.”
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