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Universal Technical Institute swings to loss in fiscal Q1

Universal Technical Institute Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, was a loss of 7 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 4 cents per share.

The per-share result swung to a loss from the prior-year profit of 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.6 million, compared with income of $3.3 million in the prior-year period.

The normalized profit margin dropped to negative 1.8% from 3.5% in the year-earlier period.

Total revenue declined 6.2% on an annual basis to $89.8 million from $95.7 million, and total operating expenses climbed year over year to $92.0 million from $90.1 million.

Reported net income came to a loss of $1.7 million, or a loss of 7 cents per share, compared to income of $3.0 million, or 12 cents per share, in the year-earlier period.