Well it appears that the stocks have taken a bad turn. Today so far has dropped to 2.28. Friday they had 1.84 million shares change. They had to turn to Hedge funds. The have an additional 70 million dollars but it does not seem to be helping. My heart goes out to the good people who work their. The management who have no hearts or feelings for any of the employees are getting just what they deserve . The walls are crumbling in. I was a long term employee and all you we are to them was a number. All the good instructors get out before it is too late. The Rancho campus had 2200 students 3 years ago today 990. The students are running the campus and in the eyes of management they will not support there staff who are on the lines. The concept was great. Mr. Sweet has to be rolling over in his grave to see how management in greed has destroyed the company he built and Kim and the rest of her gang has destroyed it. I am hoping when the doors close I can be their to give the managers the farewell they deserve.
26 replies (most recent on top)
This is the week when we find out how bad its going to get. More huge losses and the investors have to be pissed.
I know its a short time since uti recieved another 70M to waste but I think it was too little too late. They are on a slide that seems to be getting faster and more severe.
The layoffs are coming and its going to be a big one. I think there will be some of the bigwigs being shown the door. They dont need 38 VP's to help in this losing effort.
When a team loses they fire the coach. A poor craftsmen blames his tools. The top needs to get chopped.
This will be good.
SCOTTSDALE, Ariz., July 25, 2016 /PRNewswire/ -- Universal Technical Institute, Inc. (NYSE: UTI), the leading provider of automotive technician training, announced today that it will report its financial results for the fiscal 2016 third quarter ended June 30, 2016, on Thursday, August 4, 2016, after market close. UTI will host a conference call at 4:30 p.m. Eastern Daylight Time on the same day to discuss its fiscal 2016 third quarter financial results and operating performance. The conference call will feature chairman of the board and chief executive officer Kimberly McWaters and president and chief financial officer Eugene Putnam.
It's going to be in the tank. U.T.I. is ran by a bunch of money grubbing whores who put themselves first before any of the staff or students. U.T.I. deserves to fail for all the injustice they have done. Kim needs to be investigated by the FEDS for insider trading, ripping off the students with their antiquated curriculum, and allowing students into the program that cant read or write or spell ect. anyone care to disagree, I thought U.T.I. has an entrance exam, well that does not matter as long as they get their money. Hope all is well at U.T.I. gotta go now.
@Duane K, earnings call has not been announced but should be in early August.
When is the next earings call? How much will the lose?
Its just a matter time before they dump someone and they turn on them. Misuse of investor funds and misuse of government funds they get for tuition.
I work with techs in the field now and the difference is huge. Some of these guys that come out of local community colleges and just as good if not better than the guys coming out of UTI and or Wyotech. The difference is their preparedness to work. They can show us to a 18.00/hr job with 40k in debt and no ability to buy tools or 5K in debt and the ability to buy everything they need to succeed. Its not the education so much as the debit load the graduates carry. They havent even started their carreer and they are already in the hole the cost of a huge set of tools. A sh--load of debit and an education wont get the job done. Lower debit and a good education coupled with a tool set and the mentality that you are going to be okay and succeed goes a long way. These graduates get nothing special for their money. Nothing.
The manufacturer training uti offers dosent do anything for them. The graduated are usually better screened and more deticated when they take a MSAT but they still owe 40k and cant work enough to get ahead. We dont pay then any more because they still have to prove themselves. Some cant and they dont make it. Some show up with this entitlement that they bought the ability to fix things and get alinated in the shops by the guys that learned the hard way. They dont have the tools and many times the ability to succeed. UTI was making money off these guys misfortune. Alot of times the students parents are sholdering the load of their little pokemon playing darlings education and the graduated are pissing it awAy. They dont make it.
Its a sad circle but they wont last long.
UTI likes to tout their manufacturer relations and how many they have. Well, that dosent amount to squat. The students can still get that training from somewhere. The employer or some community colleges. The student dosent need 30 choices. They need one. The one they are going to work on.
The vehicle OEM's respond to the dealer networks more than they losten to UTI. We express the needs or our shops and our customers to the manufacturer and and they respond. The response is never "hire from tech schools" its "how can we help you train your guys". They get it. Tech school isnt the answer to our tech needs, its getting the right people that are ready to work. Not "chosen by industry and NOT ready to work" they arnt ready to work. They dont have the tools to succeed and thats alot more than an education. Its a drive to succeed. They dont have to work to succeed at UTI so they leave there with a false sence of success. They get pushed through the system at UTI. Then reality hits and they sink. UTI believes that if they make it too hard they will leave and the money stream will stop. Ask the instructors. They are indirectly told to push them through they system. The instructors there have to defend themselves if a student fails their class. Too many students dont pass and that goes aginst the instructor. They get dinged on their merit increase and the reaction is to let little johnny pass. Screw it, its easier to pass a student than to explain why they failed. Push then through. Review the tests. Make sure they pass. We want the money but we are not going to give it to you.
On another note. I hear UTI is eating themselves from the inside. They dont have money to fix training aids, buy computers, hell they cant even buy furniture for classrooms. There are dozens of empty classrooms at their facilitys that have been stripped clean of their tables, chairs and IT equipment to be used elswhere. Even if they had the students they couldnt teach them because they dont have the infastructure to do it. They will contenue to canibilize themselves from the inside when they poss away the 70m on new faclitiys and nobody shows up. They will steal from other underpriforming campuses to feed this pipe dream that smaller facilitys work. Ist a slippery slope and they are halfway down already.
Time will tell.
Cant disagree with that. Thay need new blood. I used to teach there and half those people there couldnt teach the stuff going now in the shops. Its sad.
You give them that long? I know the ax is flying especially at the Ranch, they just fired 2 guys that have been there for 11 to 15 years, who's next? Maybe its time to get rid of the dinosaurs and bring in some new talent, instructors that have experience with the new vehicles not with carburetor's and point systems, anyone care to disagree?
They will be around long enough to piss away 70m on two more campuses. It wont be long after that. They have 2-3 years.
Wyotech has commercials again pimping out their school, I haven't seen a U.T.I. commercial in a while, thank God. How could they be done? They just got 70 million from an investor, that probably went to bonuses for the upper level thieves, so maybe you are right, they are done.
UTI and WyoTech are both done.
I worked close on a team during the first CTP rollout. It was a joke. They had unqualified people making huge purchases that had bought enough inventory that rolled into 2 campuses. They had a so called Project Manager that would organize projects with sticky notes on a white board. There was one Project Manager that was a contractor that was smart. He predicted the exact cost and exact time it would take to launch, but they let him go because they didn't want to hear the truth. Guess what...they were millions over budget, months over their deadline, and the instructors/students pretty much started a riot. Silly company with very poor management.
Word on the street is that they are going to open at least one new campus and possibly two with the 70M. They cant fill the ones they have and they are going to expand? I am confused?
Are they going to piss this money away? It looks like it. They will be worse off in 5 years than they are now. If it even takes that long.
Looks like it. UTI and the good old boys cant run the business maybe this guy can. They have nothing to loose. It does look like a takeover though. This guy spent more than the company was worth. I am going to guess there will be layoffs. At the HO level though. Time for the turds that have been circling the bowl to finally get flushed.
By KM, DK, BP, SS, RT, EP. It was nice for you. Not for the people you crapped on though.
Next up? Those campus presidents. Losers too. Its just a matter of time and UTI will either sink or swim. That guy didnt spend 70m for nothing. Time to turn it around. Hopefully, I may go back in a few years.
Is this a hostile takeover? What does Shackleton know about vocational education?
Thats the truth.
This is what happens when you don't put your people first. Invest in, value, and retain the right people and it's amazing what can happen to an organization. This place puts people dead last and as such will continue to nosedive.
It must be Brexit.
The stock was once over 40.00 and the IPO 10 plus hears ago was almost 10x what the stock is trending at these days. They have lost at least 80% value in the stock. How can that be blamed on things that have been happening in the last month? I still have their dumbass NYSE bell they gave out when they went public. It was all downhill shortly thereafter. I cant believe they have an investor. They blow cash day after day on stupid ideas that thay begin and never finish. Remember CTP? I do, it cost them a fortune and they wrote material they couldnt afford to teach. They hired good people that poured their heart into efforts into the company all for nothing. Those people have moved on. Dave McClain did a stellar job and is gone. Duane is a schmuck and is still around. Poor decision. The SME's are all gone or have moved on. Campus staff were scared their people knew more than them and railroaded good people out the door. They are left with a bunch of sheep that collect a paycheck.
Poor management and poor leadership has lead to this. The good ol' boy club has lead to this. Poor decision making has lead to this. Most of the material they teach is at leat 15 years old.
They rewrote the curriclium 6 years ago and still havent rolled it out to all campuses. Their student demographic was too stupid to step up and pass it so they we write the evaluations so they could. They have polluted the tech job pool with a bunch of lazy kids with certificates and the word is out. Nobody wants to make the investment in learning old material that is too easy to pass. Nobody wants to hire some lazy slob with no work ethic. Money grubbing has lead to this.
They have laid off good people yet the same turds are still floating around. Thing havent changed because they keep their friends around and pay them well. The good staff have left on their own. They are left with people who dont care whats happening on. Talking heads collecting a paycheck.
This is the beginning of the end. It will take a while and some big changes but I hope they release the rest of the losers and turn the place around. Hope they fix it before the rest if the good people leave and there is no core staff left.
Some of the drop is due to Brexit, but it's not the only reason.
And, which campus is closing, specifically? Haven't heard a peep.
thanks for straightening that out for us. here I thought routine layoffs, campus closings and bailouts were all negative things glad to know the sagging stock price is because of Great Britain. we're saved.
I'm not sure if it's just a lack of education or information but, you guys are basing the stocks in a time when the entire market is at it's lowest in years due to the Brexit. All stocks except for Gold took a huge hit and now the market is climbing again and wow so is the UTI stock. Funny how that works.
they're looking at closing a campus now more layoffs to come
Closed at 2.09 today.
My bet is under 2.00 by week end.
When do they get the boot of the market? Who buys this stuff?
Well today the Market has gone down to 2.17. Almost 52000 shares changed. The Limbo song was right. HOW LOW CAN YOU GOOO.
Well, the stock hit an all time low today. Even with investors stepping in it dosent look good.
How low will it go? Sad, I worked there years ago and liked it. I know people there today and its gloom and doom. It wont be long and the house cleaning will begin.
Karma is a bitch, Kim is a loser.