$UTI
UNIVERSAL TECHNICAL INSTITUTE INC

2013 Q1 Form 10-Q Financial Statement

#000119312513188497 Filed on May 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $95.09M $106.2M
YoY Change -10.49% -6.97%
Cost Of Revenue $24.00M $53.40M
YoY Change -55.06% -7.45%
Gross Profit $71.00M $52.80M
YoY Change 34.47% -6.55%
Gross Profit Margin 74.67% 49.7%
Selling, General & Admin $46.56M $49.80M
YoY Change -6.52% 14.75%
% of Gross Profit 65.57% 94.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.627M $5.983M
YoY Change -5.95% -2.72%
% of Gross Profit 7.93% 11.33%
Operating Expenses $97.01M $103.2M
YoY Change -6.02% 128.88%
Operating Profit -$1.907M $3.015M
YoY Change -163.25% -73.55%
Interest Expense $100.0K $100.0K
YoY Change 0.0% 0.0%
% of Operating Profit 3.32%
Other Income/Expense, Net $317.0K $271.0K
YoY Change 16.97% 171.0%
Pretax Income -$1.622M $3.286M
YoY Change -149.36% -71.67%
Income Tax -$702.0K $1.354M
% Of Pretax Income 41.21%
Net Earnings -$901.0K $1.932M
YoY Change -146.64% -72.4%
Net Earnings / Revenue -0.95% 1.82%
Basic Earnings Per Share -$0.04 $0.08
Diluted Earnings Per Share -$0.04 $0.08
COMMON SHARES
Basic Shares Outstanding 24.40M shares 24.69M shares
Diluted Shares Outstanding 24.40M shares 24.85M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.30M $102.7M
YoY Change -22.78% 17.64%
Cash & Equivalents $28.54M $58.28M
Short-Term Investments $50.80M $44.50M
Other Short-Term Assets $22.30M $18.90M
YoY Change 17.99% 9.88%
Inventory
Prepaid Expenses
Receivables $12.04M $11.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $113.6M $132.9M
YoY Change -14.54% -1.12%
LONG-TERM ASSETS
Property, Plant & Equipment $92.13M $92.20M
YoY Change -0.07% -13.18%
Goodwill $20.58M $20.58M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $15.00M $14.20M
YoY Change 5.63% 215.56%
Other Assets $8.932M $7.600M
YoY Change 17.53% 65.22%
Total Long-Term Assets $143.5M $134.7M
YoY Change 6.54% -0.88%
TOTAL ASSETS
Total Short-Term Assets $113.6M $132.9M
Total Long-Term Assets $143.5M $134.7M
Total Assets $257.1M $267.6M
YoY Change -3.93% -1.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.046M $9.400M
YoY Change -46.32% 80.77%
Accrued Expenses $7.858M $35.20M
YoY Change -77.68% -27.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $84.33M $100.8M
YoY Change -16.34% -17.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.119M $19.00M
YoY Change -57.27% 21.79%
Total Long-Term Liabilities $8.119M $19.00M
YoY Change -57.27% 21.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.33M $100.8M
Total Long-Term Liabilities $8.119M $19.00M
Total Liabilities $115.7M $119.8M
YoY Change -3.44% -14.85%
SHAREHOLDERS EQUITY
Retained Earnings $60.77M
YoY Change
Common Stock $169.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $89.29M
YoY Change
Treasury Stock Shares 5.887M shares
Shareholders Equity $141.4M $147.7M
YoY Change
Total Liabilities & Shareholders Equity $257.1M $267.5M
YoY Change -3.89% -1.04%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$901.0K $1.932M
YoY Change -146.64% -72.4%
Depreciation, Depletion And Amortization $5.627M $5.983M
YoY Change -5.95% -2.72%
Cash From Operating Activities $9.210M $10.00M
YoY Change -7.9% -41.62%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M -$2.020M
YoY Change -30.69% -82.68%
Acquisitions
YoY Change
Other Investing Activities -$7.110M $2.820M
YoY Change -352.13% -123.98%
Cash From Investing Activities -$8.510M $810.0K
YoY Change -1150.62% -103.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.350M -3.600M
YoY Change -34.72% -820.0%
NET CHANGE
Cash From Operating Activities 9.210M 10.00M
Cash From Investing Activities -8.510M 810.0K
Cash From Financing Activities -2.350M -3.600M
Net Change In Cash -1.650M 7.210M
YoY Change -122.88% -224.53%
FREE CASH FLOW
Cash From Operating Activities $9.210M $10.00M
Capital Expenditures -$1.400M -$2.020M
Free Cash Flow $10.61M $12.02M
YoY Change -11.73% -58.25%

Facts In Submission

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UNIVERSAL TECHNICAL INSTITUTE INC
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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1.&#xA0;&#xA0;&#xA0;&#xA0;Nature of the Business</b></font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 7%; MARGIN-BOTTOM: 0px" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">We are the leading provider of postsecondary education for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians as measured by total average undergraduate full-time student enrollment and graduates. We offer undergraduate degree, diploma and certificate programs at 11 campuses across the United States under the banner of several well-known brands, including Universal Technical Institute, Motorcycle Mechanics Institute and Marine Mechanics Institute and NASCAR Technical Institute. We also offer manufacturer-specific training programs including student paid electives at our campuses and manufacturer or dealer sponsored training at certain campuses and dedicated training centers.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 7%; MARGIN-BOTTOM: 0px" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">Our business model provides benefits for multiple distinct groups: our company, our students, our industry relationships and employers and the communities in which we operate. We benefit from the high standards and the material and consultative support of our industry relationships which are key contributors to the overall quality of training and also to our market appeal to prospective students. Students benefit from our specialized education while improving their opportunities for employment through our direct relationships with these employers. Our industry relationships and employers benefit from a steady flow of well-trained entry-level technicians which is the ultimate driver of the dynamics of our business model.</font></p> </div>
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uti Deposit Related To Proprietary Loan Program
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EducationalServicesAndFacilities
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208000
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ProprietaryLoanProgramInterestAccruedDuringPeriod
1860000
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TrainingEquipmentCreditsEarnedUsed
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399000
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1065000
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10858000
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103000
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OperatingExpenses
202325000
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159000
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24692000 shares
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-70000
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-1025000
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-2338000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1471900 shares
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NetIncomeLoss
6411000
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516000
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159000
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SellingGeneralAndAdministrativeExpense
97171000
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IncreaseDecreaseInReceivables
3204000
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IncomeTaxExpenseBenefit
4447000
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PaymentsOfDividends
2463000
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-1627000
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
37502000
uti Change In Accrued Capital Expenditures
ChangeInAccruedCapitalExpenditures
255000
uti Aggregate Tuition And Interest Income Excluded During Period
AggregateTuitionAndInterestIncomeExcludedDuringPeriod
2230000
uti Educational Services And Facilities
EducationalServicesAndFacilities
105154000
uti Loans Extended During Period Under Our Proprietary Loan Program
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10880000
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1314000
uti Training Equipment Credits Earned Used
TrainingEquipmentCreditsEarnedUsed
-941000
uti Training Equipment Obtained In Exchange For Services
TrainingEquipmentObtainedInExchangeForServices
1429000
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TuitionAndInterestAmountsWrittenOff
4698000
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730000
uti Tuition And Interest Income Excluded
TuitionAndInterestIncomeExcluded
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uti Increase Decrease In Accrued Tool Sets And Other Current Liabilities
IncreaseDecreaseInAccruedToolSetsAndOtherCurrentLiabilities
29000
CY2012Q3 uti Number Of Impacted Employees Due To Reduction In Workforce
NumberOfImpactedEmployeesDueToReductionInWorkforce
50 Employee
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
7200000
us-gaap Treasury Stock Acquired Average Cost Per Share
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us-gaap Stock Repurchased During Period Shares
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5627000
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IncomeTaxExpenseBenefit
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EducationalServicesAndFacilities
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TuitionAndInterestAmountsWrittenOff
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5983000
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EarningsPerShareDiluted
0.08
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CommonStockDividendsPerShareDeclared
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CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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153000 shares
CY2012Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
58000
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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24845000 shares
CY2012Q1 us-gaap Sales Revenue Net
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106240000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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3286000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2012Q1 us-gaap Loan Processing Fee
LoanProcessingFee
400000
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
103225000
CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1219721 shares
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
1932000
CY2012Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
271000
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
49803000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1354000
CY2012Q1 uti Aggregate Tuition And Interest Income Excluded During Period
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2118000
CY2012Q1 uti Educational Services And Facilities
EducationalServicesAndFacilities
53422000
CY2012Q1 uti Tuition And Interest Amounts Written Off
TuitionAndInterestAmountsWrittenOff
1899000
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TuitionAndInterestIncomeActualCashReceipts
409000
CY2012Q1 uti Tuition And Interest Income Excluded
TuitionAndInterestIncomeExcluded
4426000
CY2012Q2 uti Pre Tax Immaterial Error For Compensation Related Situations
PreTaxImmaterialErrorForCompensationRelatedSituations
300000
CY2011Q4 uti Pre Tax Immaterial Error Related To Excess Funds Received
PreTaxImmaterialErrorRelatedToExcessFundsReceived
800000

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