Universal Technical Institute, Inc.. a provider of technical education training for several industries, including powersports, reported a 15 percent drop in net income for its year that ended Sept. 30. Net income was $30.4 million in 2006 compared to $35.8 million a year ago. Net income margin also was lower, at 8.7 percent for 2006 compared to 11.5 percent the previous year.
The company said the decrease in income comes from higher operating costs and lower capacity utilization that occurred because of capacity added during the 2006 fiscal year.
Net revenues, however, increased nearly 12 percent from a year ago to $347 million. Early signs indicate a prosperous fiscal 2007 first quarter for the company.