Universal Tech Institute (UTI) Cuts Workforce by 50 Positions, 2,200 in Total

Universal Technical Institute, Inc. (NYSE: UTI) has completed a reduction in its workforce of approximately 50 employees nationwide. The headcount of UTI following these reductions is approximately 2,200 employees.

Lower student populations have contributed to the need for this action. Student starts for the three months ending September 30, 2012 are expected to be slightly lower than in the same period last year. UTI will report fourth quarter and full year results on November 27, 2012.

Severance and outplacement charges relating to the reduction in workforce will total approximately $1.9 million. The reduction in the workforce is expected to provide an expense savings in compensation and related benefits in fiscal 2013 of approximately $5.0 million.

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