Universal Technical Institute reported net income of $7.6 million for this year’s fourth quarter — a significant improvement over net income of $0.6 million for the fourth quarter of last year. The company's fiscal year ended Sept. 30.
Net income for the year was $11.7 million compared with $8.2 million for the year ended Sept. 30, 2008.
“The positive momentum we have created throughout the year culminated in the fourth quarter with record level student enrollment of 18,800 students and a return to double-digit operating margins. This solid performance provides a great beginning for 2010 with 2,300 more students in school than a year ago,” Kimberly McWaters, president and CEO, said in a company release.
The increase in net revenues resulted from an increase in average undergraduate full-time student enrollment, higher tuition prices and a decrease in tuition discounts.