Universal Technical Institute, Inc. (UTI) 2005年年度报告「NYSE」.pdf

1、shifting intohigh gear2005 Annual ReportFiscal 2005 was a landmark year for Universal Technical Institute,Inc.We celebrated the Company s 40th anniversary with another year of double-digit growth.We strengthened our industry relationships by renewing contracts with numerous leading automotive,truck,

2、motorcycle and marine manufacturers,as well as by increasing the scope of training and services offered to these industries.We expanded the Collision Repair and Refi nishing program at our Houston campus and opened a new campus in Norwood,Massachusetts,which is located in the Boston metropolitan are

3、a.Shortly after our fi scal year-end we opened our tenth campus,which is located in Sacramento,California.The impact of many of these achievements will be fully realized in the years ahead.As UTI has done for the past 40 years,we paved the way for continued progress by strengthening our foundation f

4、or the future.The Company s 2005 net revenues increased 21.8 percent over the previous year to$311 million.Net income grew at an even greater rate of 24.3 percent to$36 million.Even during this period of signifi cant growth,we achieved a 20 basis point margin improvement.These results were drivenpri

5、marily by a 17.7 percent increase in average undergraduate enrollment as well as improved operat-ing results.Using cash generated from operations,we invested$47 million in property and equipment to build new campuses and expand existing locations.In addition,we strengthened our balancesheet by incre

6、asing our cash and cash equivalents by$9 million,ending fi scal 2005 with$52 millionin available cash.The UTI business model identifi es our primary customers as the end markets we servethe manufacturers and employers who hire our graduates.Responding to the needs of our industry customers and makin