PHOENIX -- Universal Technical Institute (UTI), a leading provider of automotive technician training, has reported net income for the fourth quarter ended Sept. 30 of $7.6 million, or 32 cents per diluted share, as compared to net income of $0.6 million, or 2 cents per diluted share, for the fourth quarter of the prior year. Net income for the year ended Sept. 30 was $11.7 million, or 48 cents per diluted share, compared with $8.2 million, or 32 cents per diluted share, 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. Increasing utilization rates and continued focus on cost management should drive meaningful improvement to the bottom line in 2010," said Kimberly McWaters, president and chief executive officer.

For the fourth quarter of fiscal 2009, net revenues were $99.5 million, a 17.6 percent increase from $84.6 million for last year's fourth quarter. 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. These increases in net revenues were partially offset by an increase of $2 million primarily related to tuition revenue and loan origination fees financed under the proprietary loan program which will be recognized as tuition revenue when such amounts have been collected.

Net revenues for the year were $366.6 million, a 6.7 percent increase, compared with $343.5 million for the year ended Sept. 30, 2008. Approximately $8 million of revenue funded under UTI’s proprietary loan program was not recognized during the year ended Sept. 30. These amounts will be recognized when cash has been collected.

Operating income for the year was $18.6 million compared with $10.7 million for the year ended Sept. 30, 2008 resulting from the increase in net revenues as previously described and decreases in advertising and contract services expenses, partially offset by increases in compensation and benefits expense and bad debt expense.

Net income for the year was $11.7 million, or 48 cents per diluted share, as compared to $8.2 million, or 32 cents per diluted share for the year ended Sept. 30, 2008.

During fiscal 2010, UTI said it anticipates positive momentum in its key leading indicators to continue and anticipate student contracts, student starts and average undergraduate full-time student enrollment for the full year to grow year-over-year on a percentage basis in the low- to mid-teens. Due to the seasonality of the business and normal fluctuations in student populations, UTI said it expects volatility in its quarterly results.