PHOENIX -- Universal Technical Institute (UTI) has reported net revenues for the second quarter ended March 31 of $114.2 million, an 8.1 percent increase from $105.6 million for the second quarter of the prior year.  

Net income for the second quarter was $7 million, an increase of 15.7 percent from $6 million for the second quarter of the prior year. Earnings per share for the second quarter were 28 cents per diluted share as compared to 25 cents per diluted share for the second quarter ended March 31, 2010.

Net revenues for the six months ended March 31 were $231.6 million, a 10.7 percent increase from $209.2 million for the six months ended March 31, 2010. Net income for the six months ended March 31 was $17.3 million, an increase of 12.6 percent as compared to net income of $15.3 million for the six months ended March 31, 2010. Earnings per share for the six months ended March 31 was 70 cents per diluted share as compared to 63 cents per diluted share for the six months ended March 31, 2010.

"We continue to evaluate and adjust to both the macroeconomic and regulatory environments," said Kimberly McWaters, CEO. "Additionally, we are focused on improving efficiencies and aligning our cost structure with our student populations and resulting revenue. While our emphasis on graduate placement is proving effective, we believe there is still work to be done and further improvement to be seen."

2011 Outlook
Given challenges presented by the economic and regulatory environment, McWaters added that UTI anticipates new students for the year will be below fiscal 2010 levels producing low single-digit revenue growth for the year.

"Given the lower than anticipated student populations, we are evaluating implementing meaningful cost structure changes during the second half of the year," she said. "With a heightened focus on improving efficiencies and cost containment we still expect operating margins for the year in the range of 11 percent to 13 percent. This guidance excludes any impact from charges for any cost reductions as well as from new regulations which we cannot fully estimate at this time. Due to the seasonality of our business and normal fluctuations in student populations, we would expect volatility in our quarterly results."