Universal Technical Institute, Inc. (NYSE: UTI), the provider of transportation technician training, reported financial results for the fiscal 2018 third quarter ended June 30,.
Revenues for the quarter were $74.9 million, down 1.8 percent compared to $76.3 million for the prior year period. The year-over-year revenue variance was primarily attributable to a 5.1 percent decrease in UTI’s average student population.
Operating expenses for the quarter were $86.7 million, compared to $79.0 million for the prior year period. The increase was primarily attributable to increases in contract services, advertising, goodwill and intangible asset impairment expense, compensation and occupancy costs. The operating