Universal Technical Institute, Inc., parent company of the Motorcycle Mechanics Institute, reported net revenues for the first quarter ended Dec. 31, of $106.4 million, a 9.4 percent decrease from $117.4 million for the first quarter of the prior year.
Net income for the first quarter was $4 million, a decrease of 60.6 percent from $10.3 million for the first quarter of the prior year. Earnings per share for the first quarter was 16 cents per diluted share as compared to 42 cents per diluted share for the first quarter ended.
Return on equity for the trailing four quarters ended Dec. 31, was 15.6 percent compared to 21.4 percent for the trailing four quarters ended Sept. 30.
“As expected, with our lower student population levels, we experienced negative operating leverage across our campuses during the first quarter,” CEO Kim McWaters said. “We remain focused on cost containment while rebuilding our student population and are encouraged by improvements in our leading indicators. We are cautiously optimistic that we will continue to gain momentum in rebuilding our student population levels during the second half of the year. Additionally, we expect to continue to see variability in new student starts among quarters.”
For the first quarter of 2011, revenues were $106.4 million, a 9.4 percent decrease from $117.4 million for last year’s first quarter.