DeVry Inc. Announces First-Quarter 2013 Results

DeVry Inc. (NYSE: DV), a global provider of educational services, today reported academic, operational and financial results for its fiscal 2013 first-quarter ended Sept. 30, 2012. DeVry also reported enrollment results at DeVry University, DeVry Medical International, Chamberlain College of Nursing, Carrington Colleges Group, DeVry Brasil, and graduate coursetakers at DeVry University/Keller Graduate School of Management.

Operational accomplishments this quarter included:

• A reduction in total costs for the quarter of $27 million on a sequential basis
• A 53 percent increase in new student enrollments at Chamberlain, resulting in more than 12,000 total students for the September session
• An increase in new enrollments at Carrington of 33 percent versus prior year
• An 8.4 percent increase in new students at DeVry Medical International
• The completion of the Faculdade do Vale do Ipojuca (FAVIP) acquisition resulting in a total of more than 26,000 students in DeVry Brasil’s institutions

Selected financial data for the three months ended Sept. 30, 2012:

• Revenues decreased 7.0 percent to $482.7 million
• Net income decreased 44.4 percent to $32.0 million
• Diluted earnings per share decreased 41.0 percent to $0.49
• Operating cash flow of $164.1 million generated during the quarter
• 1.1 million shares repurchased during the quarter

“We are off to a good start in achieving our top two priorities of realigning our costs and regaining enrollment growth,” said Daniel Hamburger, DeVry’s president and chief executive officer. “We are now on track to deliver cost savings of $60 million for fiscal 2013, and Carrington’s new student enrollments exceeded our expectations. These efforts, combined with the results from DeVry Medical International, Chamberlain and Becker, demonstrate that we are making solid progress on our performance improvement plan.”

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