Investor Relations

Scroll to next section
Universal Technical Institute, Inc. Elects Two New Board Members
Total Board Membership Increased to Nine

PHOENIX, Feb. 23 /PRNewswire-FirstCall/ -- Universal Technical Institute, Inc. (NYSE: UTI), a provider of technical education training, today announced that two new members were elected to the Company's Board of Directors at its February 16, 2005 Annual Meeting of Shareholders.

UTI's shareholders elected Kimberly J. McWaters, the Company's President and Chief Executive Officer, as a Class I Director for a three-year term expiring in 2008, and Linda Srere, a marketing and advertising consultant, as a Class II Director for a one-year term expiring in 2006. Additionally, shareholders re-elected Mr. Kevin P. Knight and Mr. Conrad A. Conrad as Class I Directors for a term of three years expiring in 2008.

Ms. Srere will become a member of UTI's Compensation, and Nominating and Corporate Governance Committees, replacing Mr. Knight on the Compensation Committee and Mr. Conrad on the Nominating and Corporate Governance Committee. Mr. Knight will continue to serve as Chair of the Nominating and Corporate Governance committee and as a member of the Audit Committee. Mr. Conrad will continue to serve as Chair of the Audit Committee and as a member of the Compensation Committee.

Ms. McWaters, 40, joined UTI in 1984, and has served in a variety of positions including Vice President of Marketing and Vice President of Sales and Marketing. Ms. McWaters was appointed President of UTI in 2000 and Chief Executive Officer on October 1, 2003. She also sits on the Board of Directors of United Auto Group, Inc., a New York Stock Exchange listed company.

Ms. Srere, 49, is the former president of Young & Rubicam Advertising, a worldwide advertising network. She also served as Vice Chairman and Chief Client Officer for Young & Rubicam Inc. and was President of Young & Rubicam's New York office. Prior to her tenure at Young & Rubicam, Ms. Srere held executive management positions at several boutique advertising agencies in New York City. She also sits on the Board of Directors of two publicly traded companies, Electronic Arts, Inc. and aQuantive, Inc.

"We are thrilled to add Kim and Linda to our Board of Directors," said Robert Hartman, Chairman of Universal Technical Institute. "Based on the advice of our Nominating and Corporate Governance Committee, we expanded our board to nine members, the majority of whom are independent. Both Kim and Linda's significant experience and expertise will serve the Company well as we continue to implement our growth strategy by meeting the needs of our industry partners."

About Universal Technical Institute

Universal Technical Institute, Inc. is a provider of technical education training for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians. The company offers undergraduate degree, diploma and certificate programs at eight campuses across the United States, and manufacturer-sponsored advanced programs at 22 dedicated training centers. Through its campus-based school system, Universal Technical Institute, Inc. offers specialized technical 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 (NTI). For more information, visit www.uticorp.com.

Statements in this press release concerning the future business, operating results and financial condition of the company are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. 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 changes to federal and state educational funding, construction delays for new or expanding campuses, 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 the company, increased investment in management and capital resources, and the effectiveness of the company's recruiting, advertising and promotional efforts. Further information on these and other potential factors that could affect the company's financial results or condition may be found in the company's filings with the Securities and Exchange Commission, all of which are incorporated herein by reference. The company undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

SOURCE Universal Technical Institute, Inc.
02/23/2005

CONTACT:
Jennifer Haslip, Chief Financial Officer of Universal Technical Institute, Inc., 623-445-9402; or
Investor/Analyst Information, Jill Fukuhara, 310-854-8312, or
General Information, Laurie Berman, 310-854-8315, both of Financial Relations Board, for Universal Technical Institute, Inc.

/Web site: http://www.uticorp.com / 02/23/2005 07:00 EST http://www.prnewswire.com

Search