Universal Technical Institute 8-K 2006
CURRENT REPORT PURSUANT
August 8, 2006
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 2.02 Results of Operations and Financial Condition
On August 8, 2006, Universal Technical Institute, Inc. (the Company) issued a press release reporting 11% net revenue growth and 8% operating income margin for the third quarter of fiscal 2006, excluding equity based compensation expense. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by this reference.
The Company adopted Statement of Financial Accounting Standards No. 123(R) effective October 1, 2005. SFAS No. 123(R) requires the Company to recognize equity based compensation expense for all stock option and other equity-based awards. Prior to its adoption of SFAS No. 123(R), the Company accounted for stock-based awards to employees in accordance with Accounting Principles Board Opinion No. 25.
As a result of the Companys adoption of SFAS No. 123(R), the Companys press release includes certain financial measures that may be deemed non-GAAP financial measures under rules of the Securities and Exchange Commission. These non-GAAP financial measures are provided to enhance the readers overall understanding and provide greater comparability of the Companys interim and annual financial performance for fiscal 2006. This information should be considered in conjunction with the Companys financial results prepared in accordance with GAAP.
In accordance with General Instruction B.2 to Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth in such filing.
Item 9.01 Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.