2015 Q1 Form 10-Q Financial Statement

#000126165415000023 Filed on May 01, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $91.24M $94.71M
YoY Change -3.67% -0.4%
Cost Of Revenue $22.40M $23.90M
YoY Change -6.28% -0.42%
Gross Profit $68.80M $70.80M
YoY Change -2.82% -0.28%
Gross Profit Margin 75.41% 74.75%
Selling, General & Admin $40.69M $45.55M
YoY Change -10.66% -2.17%
% of Gross Profit 59.14% 64.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.380M $4.770M
YoY Change -8.18% -15.23%
% of Gross Profit 6.37% 6.74%
Operating Expenses $88.83M $96.32M
YoY Change -7.78% -0.71%
Operating Profit $2.402M -$1.612M
YoY Change -249.01% -15.47%
Interest Expense -$300.0K -$400.0K
YoY Change -25.0% -500.0%
% of Operating Profit -12.49%
Other Income/Expense, Net -$212.0K -$259.0K
YoY Change -18.15% -181.7%
Pretax Income $2.190M -$1.871M
YoY Change -217.05% 15.35%
Income Tax $1.635M -$251.0K
% Of Pretax Income 74.66%
Net Earnings $555.0K -$1.620M
YoY Change -134.26% 79.8%
Net Earnings / Revenue 0.61% -1.71%
Basic Earnings Per Share $0.02 -$0.07
Diluted Earnings Per Share $0.02 -$0.07
COMMON SHARES
Basic Shares Outstanding 24.46M shares 24.66M shares
Diluted Shares Outstanding 24.55M shares 24.66M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.60M $89.90M
YoY Change -28.14% 13.37%
Cash & Equivalents $16.37M $33.57M
Short-Term Investments $48.20M $55.60M
Other Short-Term Assets $30.20M $27.50M
YoY Change 9.82% 23.32%
Inventory
Prepaid Expenses
Receivables $9.864M $10.47M
Other Receivables $0.00 $0.00
Total Short-Term Assets $104.7M $127.8M
YoY Change -18.1% 12.53%
LONG-TERM ASSETS
Property, Plant & Equipment $113.4M $105.0M
YoY Change 7.93% 14.02%
Goodwill $20.58M $20.58M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $3.946M $4.208M
YoY Change -6.23% -71.95%
Other Assets $10.53M $9.836M
YoY Change 7.09% 10.12%
Total Long-Term Assets $167.2M $157.4M
YoY Change 6.22% 9.67%
TOTAL ASSETS
Total Short-Term Assets $104.7M $127.8M
Total Long-Term Assets $167.2M $157.4M
Total Assets $271.9M $285.2M
YoY Change -4.68% 10.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.14M $13.84M
YoY Change 2.15% 174.26%
Accrued Expenses $5.365M $7.373M
YoY Change -27.23% -6.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $600.0K $500.0K
YoY Change 20.0%
Total Short-Term Liabilities $91.01M $95.43M
YoY Change -4.63% 13.17%
LONG-TERM LIABILITIES
Long-Term Debt $32.10M $32.80M
YoY Change -2.13%
Other Long-Term Liabilities $9.085M $10.10M
YoY Change -10.09% 24.45%
Total Long-Term Liabilities $9.085M $10.10M
YoY Change -10.09% 24.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.01M $95.43M
Total Long-Term Liabilities $9.085M $10.10M
Total Liabilities $143.9M $149.5M
YoY Change -3.79% 29.26%
SHAREHOLDERS EQUITY
Retained Earnings $48.34M $52.25M
YoY Change -7.49% -14.02%
Common Stock $176.5M $173.2M
YoY Change 1.93% 1.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $96.89M $89.76M
YoY Change 7.95% 0.52%
Treasury Stock Shares 6.761M shares 5.923M shares
Shareholders Equity $128.0M $135.7M
YoY Change
Total Liabilities & Shareholders Equity $271.9M $285.2M
YoY Change -4.68% 10.94%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $555.0K -$1.620M
YoY Change -134.26% 79.8%
Depreciation, Depletion And Amortization $4.380M $4.770M
YoY Change -8.18% -15.23%
Cash From Operating Activities $6.740M $6.530M
YoY Change 3.22% -29.1%
INVESTING ACTIVITIES
Capital Expenditures -$12.49M -$2.560M
YoY Change 387.89% 82.86%
Acquisitions
YoY Change
Other Investing Activities -$2.220M -$3.450M
YoY Change -35.65% -51.48%
Cash From Investing Activities -$14.70M -$6.000M
YoY Change 145.0% -29.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.710M -3.040M
YoY Change 186.51% 29.36%
NET CHANGE
Cash From Operating Activities 6.740M 6.530M
Cash From Investing Activities -14.70M -6.000M
Cash From Financing Activities -8.710M -3.040M
Net Change In Cash -16.67M -2.510M
YoY Change 564.14% 52.12%
FREE CASH FLOW
Cash From Operating Activities $6.740M $6.530M
Capital Expenditures -$12.49M -$2.560M
Free Cash Flow $19.23M $9.090M
YoY Change 111.55% -14.33%

Facts In Submission

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us-gaap Share Based Compensation
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us-gaap Stock Repurchased During Period Shares
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us-gaap Treasury Stock Acquired Average Cost Per Share
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q3 uti Amounts Outstanding Under Our Proprietary Loan Program
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uti Training Equipment Credits Earned Used
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uti Training Equipment Obtained In Exchange For Services
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the Financial Accounting Standards Board (FASB) issued guidance related to customer&#8217;s accounting for fees paid in a cloud computing arrangement. The guidance provides clarification on whether a cloud computing arrangement includes a software license. If an arrangement includes a software license, then the software license element is accounted for consistent with the acquisition of other such licenses. If the arrangement does not include a software license, the arrangement is accounted for as a service contract. Entities have the option of adopting the guidance retrospectively or prospectively. The guidance is effective for annual and interim reporting periods beginning after December 15, 2015 with early adoption permitted. We are currently evaluating both the adoption method and the impact that the update will have on our results of operations, financial condition and the financial statement disclosures. </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the FASB issued guidance which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, the amendments (1) modify the evaluation of whether limited partnerships with similar legal entities are variable interest entities (VIEs) or voting interest entities, (2) eliminate the presumption that a general partner should consolidate a limited partnership, (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. Entities have the option of using a full or modified retrospective approach to adopt the guidance. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. We are currently evaluating both the adoption method and the impact that the update will have on our results of operations, financial condition and the financial statement disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued guidance which outlines a single comprehensive revenue model for entities to use in accounting for revenue arising from contracts with customers. The guidance supersedes most current revenue recognition guidance, including industry-specific guidance, and requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Entities have the option of using either a full retrospective or modified approach to adopt the guidance. This guidance is effective for annual and interim reporting periods beginning after December&#160;15, 2016; early adoption is not permitted. Accordingly, the standard will be effective for us starting with our fiscal year beginning October 1, 2017. We are currently evaluating the adoption methods and the impact that the update will have on our results of operations, financial condition and financial statement disclosures.</font></div></div>
us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 and diploma programs at </font><font style="font-family:inherit;font-size:10pt;">11</font><font style="font-family:inherit;font-size:10pt;"> 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 (MSAT) programs, including student paid electives, at our campuses and manufacturer or dealer sponsored training at certain campuses and dedicated training centers.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We work closely with leading original equipment manufacturers (OEMs) in the automotive, diesel, motorcycle and marine industries to understand their needs for qualified service professionals. Revenues generated from our schools consist primarily of tuition and fees paid by students. To pay for a substantial portion of their tuition, the majority of students rely on funds received from federal financial aid programs under Title IV Programs of the Higher Education Act of 1965, as amended (HEA), as well as from various veterans benefits programs. For further discussion, see Note 2 "Summary of Significant Accounting Policies - Concentration of Risk" and Note 19 &#8220;Government Regulation and Financial Aid&#8221; included in our 2014 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on December 3, 2014.</font></div></div>

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