PHOENIX, Oct 12, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Universal Technical Institute, Inc. (NYSE: UTI), a provider of technical education training, today announced that the first class of approximately 60 students began training on October 10, 2005, at its temporary Sacramento campus. The temporary facility has capacity for approximately 400 students and the facility is approximately 21,000 square feet.
The permanent UTI Sacramento campus is initially planned to have 110,000 square feet of classroom and lab space and will accommodate up to approximately 1,100 students specializing in automotive training. The permanent campus will allow for expansion and will be located approximately one mile from the temporary facility.
"The opening of our Sacramento campus was a key component of our national expansion plan," said Kimberly McWaters, President and Chief Executive Officer of Universal Technical Institute, Inc. "In the next phase of our expansion plan, the Company will open campuses enabling us to tap into a commuter population that has been unable or unwilling to travel to a UTI regional campus. Each market is unique and as we expand our footprint, our schools will be sized to match the population, employer requirements and commuting preferences."
As previously announced, the Company expects to spend approximately $1 million to retrofit the temporary facility. Students in the first class are expected to train in the temporary facility for approximately nine months and then transfer to the permanent location. The use of this temporary space allows UTI to meet student expectations prior to opening the permanent campus. This follows on the successful opening of a campus in Norwood, Massachusetts in June 2005.
With the opening of the Sacramento campus, UTI now operates 10 campuses nationwide. In addition, the Company operates 22 manufacturer-specific training facilities across the United States where the company trains students on its specific industry customers' technology including Audi of America, BMW of North America, Ford Motor Co., Jaguar Cars, Mercedes-Benz USA LLC, Porsche Cars North America, Toyota Motor Corporation, Volkswagen of America and Volvo of America.
About Universal Technical Institute
Universal Technical Institute, Inc. is a provider of technical education training for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians. The company offers undergraduate degree, diploma and certificate programs at ten campuses across the United States, and manufacturer-sponsored advanced programs at 22 dedicated training centers. Through its campus-based school system, Universal Technical Institute, Inc. offers specialized technical education programs under the banner of several well-known brands, including Universal Technical Institute (UTI), Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI) and NASCAR Technical Institute (NTI). For more information, visit www.uticorp.com.
Statements in this press release concerning the future business, operating results and financial condition of the company are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current expectations and are subject to a number of uncertainties that could cause actual performance and results to differ materially from the results discussed in the forward-looking statements. Factors that could affect the company's actual results include changes to federal and state educational funding, construction delays for new or expanding campuses, possible failure or inability to obtain regulatory consents and certifications for new or expanding campuses, potential increased competition, changes in demand for the programs offered by the company, increased investment in management and capital resources, and the effectiveness of the company's recruiting, advertising and promotional efforts. Further information on these and other potential factors that could affect the company's financial results or condition may be found in the company's filings with the Securities and Exchange Commission, all of which are incorporated herein by reference. The company undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Universal Technical Institute, Inc.
Jennifer Haslip, Chief Financial Officer, +1-623-445-9402, or Jennifer Pelczarski, Director Investor Relations, +1-623-445-0727, both of Universal Technical Institute, Inc.