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UTI reports fiscal year results

Universal Technical Institute, Inc. reported revenues for the fourth quarter ended Sept. 30 of $90.7 million, a 4.9 percent decrease from $95.3 million for the fourth quarter of the prior year.

Including the impact of a $12.4 million goodwill impairment charge, net loss for the fourth quarter was $9.8 million, or a loss of 41 cents per diluted share, compared to net income of $1.6 million, or 6 cents per diluted share, for the fourth quarter ended Sept. 30, 2014.

Revenues for the year ended Sept. 30, 2015, were $362.7 million, a 4.2 percent decrease from $378.4 million for the year ended Sept. 30, 2014. Net loss for the year was $9.1 million, or a loss of 38 cents per diluted share, compared to net income of $2.0 million, or 8 cents per diluted share, for the 2014 year.

A goodwill impairment expense of $12.4 million (pre-tax) impacted diluted loss per share by approximately 32 cents for the quarter and year. UTI’s new campus in Long Beach, Calif., which opened during the fourth quarter, impacted earnings by $2.8 million (pre-tax) or 8 cents per diluted share for the quarter and $4.6 million (pre-tax) or 12 cents per diluted share for the year.

 

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