PHOENIX, June 8, 2005 /PRNewswire-FirstCall via COMTEX/ -- Universal Technical Institute, Inc. (NYSE: UTI), a provider of technical education training, announced today that its Chairman of the Board, Robert Hartman has advised the Board of Directors of his intention to retire from his duties as an executive officer and Chairman of the Board, effective September 30, 2005. Hartman will continue to serve as a member of UTI's Board of Directors. The company's Vice Chairman and Chief Strategic Planning Officer, John White, will assume the role of Chairman of the Board.
Hartman stated, "My decision to move into a non-executive capacity reflects my strong confidence in UTI's President and Chief Executive Officer, Kimberly McWaters, and her management team. I am pleased that I will be able to continue to serve the company as a member of the Board, and look forward to many years of continued involvement with UTI."
"All of us at UTI acknowledge the tremendous contributions made by Bob Hartman to the company. Over the last 26 years, Bob has steered UTI through a period of tremendous growth, including UTI's initial public offering, to become one of the nation's most successful providers of post-secondary education serving over 15,000 students in 2005 at eight campuses and 22 manufacturer-specific dedicated training centers throughout the country. We are pleased that we will continue to benefit from Bob's strategic thinking, industry expertise and guidance as a member of our Board of Directors and look forward to his continued involvement for years to come," said Kimberly McWaters, President and Chief Executive Officer of Universal Technical Institute, Inc.
White was previously the Chairman and Chief Executive Officer of Motorcycle and Marine Mechanics Institute for 21 years prior to its merger with UTI in 1998. White's vision and industry focus helped to establish many of the strategic relationships that differentiate UTI from other post secondary for-profit education providers. "John has been a key contributor to UTI's plans for growth during his tenure as our Vice Chairman and Chief Strategic Planning Officer. UTI will be well served by John as Chairman and I believe his leadership will be valuable in helping the company achieve its growth and financial objectives," concluded McWaters.
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 eight campuses across the United States, and manufacturer-specific 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 campuses or campus expansions, 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 of Universal Technical Institute, Inc., 623-445-9402; or Jill Fukuhara Peters, Investor