Universal Technical Institute, Inc. (NYSE:UTI), announced that, effective May 14, Scott Yessner assumed the role of interim chief financial officer of the company and will report to UTI’s President and CEO Kim McWaters. Yessner succeeds Bryce Peterson, who has left the company by mutual agreement to pursue other interests. Peterson’s departure was not the result […]
Universal Technical Institute Reports Revenue Down 4.4% in Fiscal Second Quarter
Universal Technical Institute, Inc. (NYSE: UTI) reported financial results for the fiscal 2018 second quarter ended March 31, 2018. Revenues for the quarter were $80.7 million, compared to $82.5 million for the prior year period. The year-over-year revenue variance was primarily attributable to a 4.4 percent decrease in UTI’s average student population. Operating expenses for […]
Universal Technical Institute Announces Strategic Transformation Plan
Universal Technical Institute, Inc. (NYSE:UTI) announced a multi-year transformation plan designed to generate approximately $30 million of incremental operating income in fiscal 2020. Developed to drive new student starts, completions and enhance student success, the Plan is expected to be implemented over 12 to 18 months, with significant benefits to UTI’s financial performance starting in […]
Universal Technical Institute Launches Free Summer Training Program for High School Juniors
Universal Technical Institute (NYSE:UTI) is launching “Ignite,” a free summer program to train high school juniors in fundamental transportation technician skills including collision repair. Participating students receive intensive, hands-on training and are prepared for testing to receive UTI course credit once enrolled. Ignite will be offered at each of UTI’s 12 campuses nationwide. “There is […]
UTI to Open Campus in New Jersey in Fall 2018
New campus will offer automotive and diesel training in New York City metropolitan area. Universal Technical Institute, Inc. (NYSE: UTI) plans to open a new campus in Bloomfield, New Jersey, in fall 2018. The new location underscores UTI’s commitment to providing more students with convenient and affordable training and more skilled technicians to its industry […]
UTI Expands Welding Technology Program to Arizona Campus
Universal Technical Institute (NYSE:UTI) announced the expansion of its new Welding Technology program to the UTI-Avondale campus in the Phoenix area. Classes are scheduled to begin in January 2018. “UTI-Avondale will be the second UTI campus to offer the Welding Technology program, and more will follow,” said Michael Romano, UTI-Avondale campus president. “This is an […]
Universal Technical Institute Fiscal 2016 Revenue Down 4.3%
Universal Technical Institute, Inc. (UTI), the leading provider of automotive technician training, today reported revenues for the fourth quarter ended September 30, 2016 of $86.9 million, a 4.1 percent decrease from $90.7 million for the fourth quarter of the prior year. The Net loss for the fourth quarter ended September 30, 2016 was $8.9 million […]
mikeroweWORKS Foundation and Universal Technical Institute Award Scholarships
Universal Technical Institute (NYSE:UTI) announced that it supplemented its initial contribution of $100,000 to mikeroweWORKS’ 2016 Work Ethic Scholarship Program with an extra $52,250 donation. UTI also directly awarded additional scholarships of $141,500 in the form of tuition reductions to applicants pursuing careers across the transportation segment, including collision repair. The students will study to […]
Universal Technical Institute Raises $70 Million in Private Placement
Universal Technical Institute, Inc. (NYSE:UTI), the provider of technician training for the auto, diesel, motorcycle, marine and collision repair industry, has entered into an agreement to sell 700,000 shares of Series A 7.5% convertible preferred stock to Coliseum Holdings I, LLC, an affiliate of Coliseum Capital Management for $70 million. Each share of preferred stock […]