In the second quarter that continued with a year-over-year growth rate of 14 percent. PHOENIX, July 19, 2021 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE: UTI), the nation's leading provider of transportation technician training, today announced that it plans to report results for the third quarter of fiscal 2021 ended June 30, 2021 on Monday, August 2, 2021, after market close. It remains a challenge the school must solve if it is to have a chance of even remaining at current student levels, let alone growing. With the addition of Concorde and the broadening of our program offerings, we will accelerate Universal Technical Institute's revenue, profitability, and cash flow growth over the next several years. Given the changing regulatory landscape and revenue decline in addition to UTIs mountain of off-balance sheet debt, it seems more likely that this company will go out of business than be bought out. Figure 2: Overvalued and Underperforming in a Struggling Industry, Competition from Free Alternatives Is A Killer. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. The rate includes graduates who completed manufacturer-specific advanced training programs and those employed in positions that were obtained before or during their UTI education, where the primary job duties after graduation align with the educational and training objectives of the program. 2) For important information about the educational debt, earnings and completion rates of students who attended this program, and to review the applicable Gainful Employment disclosure, visit our website at www.uti.edu/disclosures. All statements contained in this press release, other than statements of historical fact, are "forward-looking" statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Find out what some of our graduates are doing today in pursuing their successful careers. Whether or not UTI is truly guilty of any wrongdoing, the presence of these allegations against it and for-profit schools, in general, serves as a deterrent to potential students. UTI is an educational institution and cannot guarantee employment or salary. About Universal Technical Institute, Inc. Universal Technical Institute (NYSE: UTI) was founded in 1965 and is a leading workforce solutions provider of transportation, skilled trades and healthcare education programs, whose mission is to serve students, partners, and communities by providing quality education and support services for in-demand . SeeTable 1.10 Occupational separations and openings, projected 2021-31, U.S. Bureau of Labor Statistics,www.bls.gov, viewed October 13, 2022. Other than cutting variable costs, the other major thing UTI must do is build back its student population. Find the campus that matches your career goals here. In the 3Q14 earnings conference call, McWaters acknowledged that Since there isn't much else the company can do, as it must increase student starts, it apparently is a risk it's willing to take to stem the steep decline in its student body. What type of Diploma or Certificate will/did you obtain? For the second quarter the company lost $900,000, or negative $0.04 per share. [20] In Spring of 2022, UTI opened the Austin, Texas campus. The private educational sector continues to face a lot of headwind, and UTI hasn't done very well at successfully implementing new strategies to deal with the realities of the market they serve. Universal Technical Institute serves three student segments: high school, veterans, and adult. Even so, it's the converting of applications to students that counts, and the jury is still out on whether or not that will be the outcome. On the state level, Tennessee recently made waves bymaking two-year community colleges freeto all high school graduates. Concorde Career Colleges is a leading provider of healthcare education programs focused on preparing students for successful professions in the healthcare sector, which is expected to add about 2.6 million new jobs over the next decade due to attrition in the workforce along with an aging population that is expected to drive increased demand for healthcare services.1 The company offers diploma and degree programs across nursing, dental hygiene, and other direct patient care fields including physical therapy assistant and respiratory therapy, as well as allied health including medical and dental assisting and healthcare administration. Concorde's programs, geographic footprint, solid leadership team, exemplary faculty and staff, diverse student body, tight industry alignment, and strong alumni network make this acquisition a great fit. Classes start on average every 3 to 6 weeks. out by completing and submitting the form below. This suggests some credibility amongst professional investors. I further understand and agree that I may instead call MIAT at 1-800-477-1310 for Canton, MI and 1-888-547-7047 for Houston, TX or UTI at 1-800-913-7524 to request admission information. The Obama administration continues to push for regulations that willlimit the amount of debt that students can take on in career-training programs. If you have an ad-blocker enabled you may be blocked from proceeding. Universal Technical Institute will support Concorde's existing efforts to expand the healthcare opportunities for students and alumni, including adding new programs (pending regulatory approval), growing existing online offerings, and optimizing the current campus locations to enhance the opportunity for past, current and future students to increase their skills. In fiscal 2022, Universal Technical Institute completed the acquisition of MIAT College of Technology, which brought 2 campuses and 8 unique programs. This may not be consistent with full year annual report figures. UTI has not entirely avoided allegations of wrongdoing either. Positions Universal Technical Institute to Seize Opportunity in High-Growth, High-Demand Healthcare Education Market, Significantly Accelerates Ongoing Growth and Diversification Efforts in Conjunction with Existing Initiatives to Meet Increasing Demand from Employers and Students, Universal Technical Institute and Concorde Career Colleges Together Now Serve 20,000+ Students Across 14 States and 33Locations with Significant Opportunitiesto Expand to Meet Varied Workforce-Training Needs, Concorde CEO Jami Frazier Joins the Universal Technical Institute Senior Leadership Team as President of the Healthcare Division. But to understand Universal Technical Institute better, we need to consider many other factors. In 1998, it opened a campus in Rancho Cucamonga, California. They aren't always helpful and tuition way overpriced. Terms of the transaction have been disclosed in Universal Technical Institute's Form 8-K and completion of the acquisition will occur pending customary closing conditions and regulatory approvals. [7], On September 27, 2016, UTI reported that its president and CFO, Eugene Putnam, was removed as part of a financial improvement plan and that Kim McWaters replaced him as president. UTI expressly disclaims any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, changes in expectations, any changes in events, conditions, or circumstances, or otherwise. If they do, the company may get a bump up in share price because of low expectations. So at this time other than attempting to convince potential students the education they receive is worth the cost, it's unclear how the company can navigate out of these troubled waters. As it is, it has the same old manager in a declining industry that must come up with new ideas. All statements contained in this press release, other than statements of historical fact, are "forward-looking" statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Get in touch with us directly. Forward-looking statements are neither historical facts nor assurances of future performance. Upon completion of the Concorde acquisition, the company will serve over 20,000 students across 14 states and 312locations. All shareholders and investors need to watch to evaluate the company is its success or failure at growing its student population. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Due to an increase in customer demand and shortage of skilled technicians, jobs are growing in the skilled trades. So while increasing inquiries is a good strategy, it's unclear and very uncertain with the current headwinds whether or not that can be improved in any way. In 2011, a former employee filed a lawsuit against the company accusing it of violating Title IV regulations in its compensation incentives for admissions representatives. Further information on these and other potential factors that could affect the financial results or condition may be found in the company's filings with the SEC. We choose to disclose this non-GAAP financial measure for Concorde because it provides an additional performance measure. If you opt out, you may still see ads, but they will not be personalized based on your online activity. PTA organized lecture training seminars in markets similar to NTT. Since 1965, more than 230,000 students have graduated from UTI's . Concorde offers over 20 programs across the Allied Health, Dental, Nursing, Patient Care, and Diagnostic fields. Important factors that could affect UTI's actual results include, among other things, changes to federal and state educational funding, changes to regulations or agency interpretation of such regulations affecting the for-profit education industry, possible failure or inability to obtain regulatory consents and certifications for new or modified campuses or instruction, potential increased competition, impacts related to the COVID-19 pandemic, changes in demand for the programs UTI offers, increased investment in management and capital resources, the effectiveness of UTI student recruiting, advertising and promotional efforts, changes to interest rates and unemployment, general economic and political conditions, the adoption of new accounting standards, and other risks that are described from time to time in UTI's public filings. Finally concerning the strategy of the company is an adjustment in its fee structure and a boost in scholarships. I generally consider insider ownership to be a good thing. 14) Incentive programs and employee eligibility are at the discretion of the employer and available at select locations. [2], In January 1998, UTI acquired Clinton Harley Corporation and Clinton Education Group, Inc. for $26.3 million. Now is an exciting time to pursue a career in the industry, as new vehicle technology and high-tech systems are now considered standard equipment. Access your no-cost report to get info on jobs in demand in your area, industry insight from top employers, and more. Once completed, the acquisition will add Concorde Career Colleges to Universal Technical Institute, Inc.'s brand family, which currently includes Universal Technical Institute, Motorcycle Mechanics Institute, Marine Mechanics Institute, NASCAR Technical Institute, and MIAT College of Technology. UTI is an educational institution and cannot guarantee employment or salary. Jerome Grant will continue to directly lead this division until a Divisional President is named. The concern to me is the overall trend concerning education, which is one that the general population believes isn't worth the cost and accompanying huge debt associated with it. This rate excludes graduates not available for employment because of continuing education, military service, health, incarceration, death or international student status. Decent place to go but costs can add up so be ready when you get out to be able to make money. Click the button and tell us what program you're interested in! UTI expressly disclaims any obligation to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, changes in expectations, any changes in events, conditions, or circumstances, or otherwise. 4 out of 5 UTI graduates find employment in careers within their field of study within 1 year of graduation. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. Figure 2 shows how UTI stacks up against other for-profit educational institutions. Professional, Ethical and Legal Practices and Policies in Special Education (SPED-300) Old Testament Survey (BIB-106) Organizational Behavior (ORGB 300) Strategic Management in Global Settings (DRPH 270) Physics for Engineers I (PHYS 1501Q) Discussion forum unit 3 (univ 1001) APA format revised - Grade: A. "The $50 million purchase price provides a compelling enterprise value to adjusted EBITDA multiple and an opportunity to significantly increase our shareholder value. Student-Paid vs. Manufacturer-Paid Programs, Table 1.10 Occupational separations and openings, projected 2021-31, Table 1.2 Employment by detailed occupation, 2021 and projected 2031. Divided Government And The Way Forward For The Markets, How Negativity Bias Leads To Mistakes In Portfolios, Transforming The Wealth Management Experience For Todays Client, MoneyStamps Of South America - As Investments, Theyre Different Part 1, Covid-19 Related Municipal Defaults Begin, The Dynamics Of Price Discovery In The Stamp Market, limit the amount of debt that students can take on in career-training programs, grow NOPAT by 17% compounded annually for 12 years. Since that time UTI has purchased $8.8 million in shares under the program at an average price of $11-$12 per share, which gives a buyback yield of 3.8%. For the trailing twelve months ended September 30, 2022, Concorde reported unaudited revenue of approximately $200 million and adjusted EBITDA of approximately $17 million. 14) Incentive programs and employee eligibility are at the discretion of the employer and available at select locations. The acquisition of NTT and PTA was completed for approximately $50.2 million. rate. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of UTI's control. I look forward to collaborating with Jerome and his team as we work to help students and employers close the gap between the need for well-trained and skilled workers and the availability of quality programs designed to meet the needs of employers across a variety of industries.". In this case, in addition to its dividend, UTI repurchased overvalued stock. Shareholders would probably be interested to learn that insiders own shares in Universal Technical Institute, Inc.. As individuals, the insiders collectively own US$8.6m worth of the US$238m company. I also look forward to welcoming Jami Frazier and her talented team to the company. "On behalf of the Concorde team, I am excited to be joining Universal Technical Institute," said Concorde Chief Executive Officer Jami Frazier. I have no business relationship with any company whose stock is mentioned in this article. The problem with this strategy is that demand for UTIs education appears to be highly elastic. Let's delve deeper into each type of owner of Universal Technical Institute, beginning with the chart below. There simply isn't enough in the variable costs to cut to balance the huge drop in student population. Under Jami's leadership, UTI's first step into healthcare will serve as a solid cornerstone for some of our key future growth and diversification efforts.". Contact an Admissions Representative to begin the enrollment process. That included fewer students applying and a 60-basis-point drop in the show rate. whale wars crew death dropping out of universal technical institute. "We take the responsibility of becoming one of this country's leading workforce solutions providers seriously, and entering the healthcare space allows us to help even more students and support employers as they seek to solve some of their toughest workforce-related challenges. Media Contactavitucci@uti.edu480.710.6843. "We are pleased to welcome Concorde's leadership team, faculty and staff, and, most importantly its students, to the Company," said Universal Technical Institute Chief Executive Officer Jerome Grant. We won't find out until next quarter whether or not that has actually translated into new student applications or not. Please disable your ad-blocker and refresh. Adjusted EBITDA is a non-GAAP financial measure which is provided to supplement, but not substitute for, the most directly comparable GAAP measure. Some UTI graduates get jobs within their field of study in positions other than as a technician, such as: parts associate, service writer, fabricator, paint and paint prep, and shop owner/operator. At the time of its initial public offering, UTI carried a debt load of $57.3 million. [18][19], Since December 2018, Universal Technical Institute has seen a significant drop in the number of students enrolled. Universal Technical Institute will post an updated presentationregarding its growth and diversification strategy on its investor relations website. Note that UTI scores second lowest in profit margins, profit growth, and is the most highly valued company on the list. Management understands what must be done, but the overwhelming negative trend in the market will be hard to overcome no matter what changes are made. Of course, keep in mind that there are other factors to consider, too. The high school segment is made up largely of males as it relates to UTI, and it's working on engaging that tough demographic by building relationships with the students while they're in high school. For those that are open to it, it is difficult for many to obtain the student financing needed to go to school. Analysts are somewhat down on the company, as they are looking for the company to lose $0.02 in earnings for the next quarter, and to drop from a prior estimate of a profit of $0.25 a share to a profit of $0.21 for the year. The usual mantra that it'll take time to implement the measures to combat the changing market conditions isn't believable with McWaters, who has seen the share price and value of the company erode exponentially under her 10-year watch. MIAT College of Technology has joined UTIs family of schools! For one, the desirability of a career in auto maintenance seems to be declining. Concorde ended 2021 with approximately 7,400 students and delivered approximately. I further understand and agree that I may instead call MIAT at 1-800-477-1310 for Canton, MI and 1-888-547-7047 for Houston, TX or UTI at 1-800-913-7524 to request admission information. In response, UTI has increased its scholarship opportunities to attract new students but it has also been forced to raise tuition to prevent revenues from falling in the face of declining enrollment. Growing Distrust Deters Potential Students.
By submitting this form, I agree that MIAT College of Technology, Universal Technical Institute, Inc., Custom Training Group, Inc. and their representatives may email, call, and / or text me with marketing messages about educational programs and services, as well as for school-related communications, at any phone number I provide, including a wireless number, using prerecorded calls or automated technology. The definition of company insiders can be subjective and does vary between jurisdictions. PHOENIX, Nov. 1, 2021 / PRNewswire / -- Universal Technical Institute, Inc. (NYSE: UTI), the nation's leading provider of trained technicians to the transportation industry, has completed its acquisition of MIAT College of Technology for a purchase price of $26 million in cash. Dividends Cannot Protect You From A Big Drop In the Stock Price. Given the vast amount of money and research capacities at their disposal, institutional ownership tends to carry a lot of weight, especially with individual investors. We can see that Universal Technical Institute does have institutional investors; and they hold a good portion of the company's stock. Learn more about how we assist our veterans from VA funding to exclusive scholarships. Bulls focus on UTI's assets and clean balance sheet but overlook the company's. Previous guidance from UTI was confirmed in its latest earnings report, with the company expecting revenues to drop into the high single-digits in 2013. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of UTI's control. For more information about cookies you can visit https://www.allaboutcookies.org. I wrote this article myself, and it expresses my own opinions. A drop to the mid-to-high single digits for new student starts is the reasoning there. UTI has relationships with manufacturers of more than 35 leading brands. Simply Wall St has no position in any stocks mentioned. So they usually pay more attention to companies that are included in major indices. PHOENIX, May 3, 2022 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE: UTI), a leading provider of transportation and technical training programs, has entered into a definitive agreement to acquire Concorde Career Colleges, Inc.from Liberty Partners LLC. Sam McBride and Andr Rouillard contributed to this report. That said, the strategy of UTI is to cut advertising expenses while increasing inquiry volume. SOURCE Universal Technical Institute, Inc. Concorde Career Colleges, Inc. ("Concorde"), 2022 full year and fourth quarter earnings call on, https://www.prnewswire.com/news-releases/universal-technical-institute-expands-platform-of-workforce-solutions-offerings-with-completion-of-concorde-career-colleges-inc-acquisition-301692062.html, Stock market news live updates: Stock futures stagnant as earnings season picks up, Who's to blame? Visit School's Website Universal Technical Institute - Lisle Cost Value B minus Based on average net price, earnings potential, student and alumni reviews, and additional factors. The fall in revenue was directly tied to the decline in students attending the school. As at March 2021, Universal Technical Institute had cash of US$78m and no debt. Also provided by the company are customized training programs specific to manufacturer or dealer requests. This scenario assumes a consistent level of profitability as the company achieved over the past two years, as UTI would continue to earn its current 6% return on invested capital (ROIC). New rulesrelated to the Telephone Consumer Protection Act (TCPA) went into effect in October 2013 that have made it more difficult for telemarketers to reach consumers that have not given prior consent to receive calls. We aim to bring you long-term focused analysis driven by fundamental data. Sign up here. Universal Technical is adjusting its own loan programs to make it easier for students to qualify by lower eligibility restrictions and making them more accessible to students. This is a BETA experience. The problem with that is there were eligibility requirements in place for a reason, and it could result in a negative reputation for the company over time if more students gain admittance but struggle with paying back loans they possibly shouldn't have received. Those numbers are likely to fall. See some of the exciting things our graduates are doing today. easier for students to qualify by lower eligibility restrictions and making them more accessible to students. Lincoln Education and Corinthian colleges are the other schools on the list with automotive technology programs. I also cant see any reason why another firm would buy out UTI. [21] A planned Miramar, Florida campus opened in Summer of 2022. Job openings include openings due to net employment changes and net replacements. UTI's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Second Quarter Fiscal Year 2022 Results conference call, https://www.bls.gov/ooh/healthcare/home.htm. See our latest analysis for Universal Technical Institute. Investors impressed by UTIs job placement rates need also to look at the quality of the jobs the graduates are getting. UTI cannot guarantee employment or salary. Since the items excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be an alternative to net income (loss) or any other measures derived in accordance with GAAP as a measure of operating performance or profitability. There was an operating loss of $1.9 million for the quarter compared to operating income of $3 million in the same period last year. The staff here is friendly,, YL M. said: After seeing the reviews posted here, some with no merit on the actual, Kelvin P. said: This school really teaches you the ins and outs of welding not just, Tommy L. said: This is an honest opinion about the school, not a fake review like you. The acquisition adds campuses in Texas and Michigan and eight new . Choose from a range of programs you need to get the technical career you want. $ 50.2 million tell us what program you 're interested in statements are neither facts... 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