Universal Technical Institute, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2013. For the quarter, the company reported revenues of USD 97.029 million compared to USD 98.441 million a year ago. Income from operations was USD 3.003 million compared to USD 6.006 million a year ago. Income before income taxes was USD 3.227 million compared to USD 6.172 million a year ago. Net income was USD 1.660 million compared to USD 3.562 million a year ago. Basic and diluted earnings per share were USD 0.07 compared to USD 0.14 a year ago. Net cash provided by operating activities was USD 9.410 million compared to net cash used in operating activities of USD 1.591 million a year ago. That was primarily due to lower bonus payments, as well as a timing of some balance sheet items. Purchase of property and equipment was USD 2.927 million compared to USD 2.756 million a year ago. Purchase of investments was USD 11.354 million compared to USD 21.975 million a year ago. EBITDA was USD 8.877 million compared to USD 12.110 million a year ago.

The company anticipated high single digit start growth in the three months ending March 31, 2014 and low single digit start growth over the nine months ending September 30, 2014. While the company is not decreasing tuition, the company continues to experiment with different investments and scholarship offers intended to improve persistence and to help students overcome macro-economic headwinds and affordability challenges. Although these efforts may temporarily impact revenue per student, the company is convinced they are necessary to attract sufficient students in order to meet industry partners' increasing demand for technicians. As a result, it could be challenging to meet or exceed last year's revenue and operating results this 2014. The company continue to be highly focused on expense management, while remaining committed to making the necessary investments in the front end of the business.