SCOTTSDALE, Ariz., Oct. 26, 2017 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE: UTI)
plans to open a new campus in Bloomfield,
New Jersey, in fall 2018. The new location underscores UTI's
commitment to providing more students with convenient and
affordable training and more skilled technicians to its industry
partners. The campus marks the company's first entry into the
New York metro area, its
thirteenth campus nationwide and its third smaller-format
campus.
The New Jersey campus is part
of UTI's strategy to develop smaller, commuter-friendly campuses in
high-demand markets, and will be patterned on similar, successful
campuses in Dallas, Texas, and
Long Beach, California. On
average, the company expects smaller-format campuses to be
accretive to earnings in the first 18 months and cash flow
breakeven by year four.
"We are excited about expanding into the New Jersey and New
York markets, where there is strong student and employer
demand," said Kimberly McWaters,
president and chief executive officer of UTI. "Like our other
smaller-format campuses in Dallas
and Long Beach, the New Jersey campus will predominantly serve a
commuter population, so students can access our quality education
without leaving home. That, combined with a more flexible
curriculum, makes it easier and more affordable to come to UTI, and
ultimately to fill good jobs in the transportation industry."
The company has entered into a 12-year lease agreement on the
approximately 102,000 square-foot facility, which is in a
high-density market and conveniently accessible from the
New York/New Jersey public transportation system. The
New Jersey campus, subject to
obtaining all necessary regulatory approvals, is anticipated to
open in fall 2018. This campus will offer the company's automotive
and diesel programs. At full capacity, it will accommodate
approximately 800 students.
"Our employer and industry partners tell us that they can't get
enough skilled technicians to meet their demand," McWaters said.
"Like our other campuses, the New
Jersey location will offer a high-quality hands-on,
STEM-based curriculum that gives students the skills needed to fill
these jobs, which offer plenty of opportunities to build rewarding,
long-term careers."
UTI campuses are supported by local employers and major
transportation manufacturers that help guide UTI programs, invest
in its facilities and give UTI students the chance to work with the
most current technology, vehicles and equipment. The company has
training partnerships with manufacturers of more than 30 of the
nation's leading transportation brands, including BMW, Cummins,
Ford, Freightliner, General Motors, Mercedes-Benz, Nissan,
Peterbilt and Porsche, as well as with NASCAR.
About Universal Technical
Institute, Inc.
Headquartered in Scottsdale,
Arizona, Universal Technical
Institute, Inc. (NYSE: UTI) is the leading provider of
post-secondary education for students seeking careers as
professional automotive, diesel, collision repair, motorcycle and
marine technicians. With more than 200,000 graduates in its 52-year
history, UTI offers undergraduate degree and diploma programs at 12
campus locations across the United
States, as well as manufacturer-specific training programs
at dedicated centers. Through its campus-based school system, UTI
provides specialized post-secondary 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 (NASCAR Tech). For more information, visit
uti.edu.
Safe Harbor Statement
All statements contained herein, other than statements of
historical fact, are "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934 and
Section 27A of the Securities Act of 1933, as amended. 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, among other
things, changes to federal and state educational funding, changes
to regulations or agency interpretation of such regulations
affecting the for-profit education industry, 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 UTI, increased investment in
management and capital resources, the effectiveness of the
recruiting, advertising and promotional efforts, changes to
interest rates and unemployment, general economic conditions of the
Company and other risks that are described from time to time in the
Company's public filings. Further information on these and
other potential factors that could affect the financial results or
condition may be found in the Company's filings with the Securities
and Exchange Commission. The forward-looking statements speak
only as of the date of this press release. Except as required
by law, the Company expressly disclaims any obligation to publicly
update any forward-looking statements whether as a result of new
information, future events, changes in expectations, any changes in
events, conditions or circumstances, or otherwise.
For further information: Bryce
Peterson, Chief Financial Officer, Universal Technical Institute, Inc., 623-445-0977
or Jody Kent, Vice President of
Communications, 623-445-0872
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SOURCE Universal Technical
Institute, Inc.