Universal Technical Institute, Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2012. For the quarter, revenues were $98,441,000 against $106,427,000 for the same period a year ago, the decrease in revenues primarily related to a decrease in average undergraduate full-time student enrollment of 9.8%, the decrease was partially offset by an increase in tuition rates. Income from operations was $6,006,000 against $7,327,000 for the same period a year ago, the decrease in operating income was primarily attributable to the decrease in revenues and was partially offset by decreases in compensation and advertising expense. Income before income taxes was $6,172,000 against $7,572,000 for the same period a year ago. Net income was $3,562,000 or $0.14 basic and diluted per share against $4,479,000 or $0.18 basic and diluted per share for the same period a year ago. Net cash used in operating activities was $1,591,000 against net cash provided by $5,571,000 for the same period a year ago. Purchase of property and equipment was $2,756,000 against $1,498,000 for the same period a year ago. EBITDA was $12,110,000 against $14,003,000 for the same period a year ago.

The company expects new student starts to be down for much of 2013, before possibly showing year over year improvement in the fourth quarter. While that trend would prove positive for 2014, the company do anticipate full year new student starts for 2013 to be down mid to high single digits resulting in a lower average student population this year. These lower levels of enrollment will most likely result in a high single digit decline in revenue in 2013 and an overall decline in operating margin and net income compared to 2012.