Someone in the Motorcycle Industry is making money. Universal Technical Institute, Inc. (NYSE:UTI), the leading provider of technical training for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians, announced today that its board of directors has declared a special cash dividend on UTI common stock of $1.50 per share, payable on July 16, 2010, to common stockholders of record as of July 6, 2010."We are pleased our business is generating sufficient cash flow to operate and grow our business while returning excess liquidity to our shareholders," said Kimberly McWaters, President and Chief Executive Officer of UTI.
"On an ongoing basis, we will evaluate our cash position in light of growth opportunities, operating results and general market conditions. Periodically, we may return excess cash through some combination of cash dividends or stock repurchases."Universal Technical Institute, Inc. is the leading provider of post-secondary education for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians. They offer undergraduate degree, diploma and certificate programs at 10 campuses across the United States, and manufacturer-specific training programs, both student paid at our campuses and manufacturer or dealer sponsored at dedicated training centers. Through a campus-based school system, they offer specialized post-secondary 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).