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DeVry Inc. Announces Second-Quarter 2013 Results

DeVry Inc. (NYSE: DV), a global provider of educational services, today reported academic, operational and financial results for its fiscal 2013 second-quarter ended Dec. 31, 2012. DeVry also reported enrollment results at DeVry Medical International, Chamberlain College of Nursing, Carrington Colleges Group, and DeVry University and its Keller Graduate School of Management.

Academic and operational accomplishments included:

  • System-wide, 94 percent of graduates of Chamberlain’s Bachelor of Science in Nursing (BSN) campus programs passed the National Council Licensure Examination
  • Narrowing rate of decline in new undergraduate enrollment from the November to January sessions at DeVry University
  • 13 percent increase in new enrollments at Carrington versus the prior year
  • 26 percent increase in total enrollments at Chamberlain in the January session versus the prior year
  • 5 percent enrollment growth at DeVry Medical International in the January term versus the prior year
  • 69 percent revenue growth at DeVry Brasil in the quarter

Selected financial data for the three months ended Dec. 31, 2012:

  • Revenues decreased 3.6 percent to $505 million
  • Reported net income increased to $50 million from $9 million last year, and net income excluding discrete items was $56 million, down 10 percent
  • Reported diluted earnings per share increased to $0.78 from $0.13 per share last year, and earnings per share excluding discrete items was $0.87 per share, down 5 percent

Selected financial data for the six months ended Dec. 31, 2012:

  • Revenues decreased 5.3 percent to $988 million
  • Reported net income increased to $82 million from $66 million last year, and net income excluding discrete items was $88 million, down 26 percent
  • Reported diluted earnings per share increased to $1.27 from $0.97 per share last year, and earnings per share excluding discrete items was $1.36 per share, down 22 percent
  • Operating cash flow was $180 million, compared to $219 million last year
  • Repurchased 1,669,718 shares of DeVry common stock for approximately $38.6 million, at an average price of $23.10. DeVry completed its seventh share repurchase program and began its eighth, $100 million program.

Reported results for both the current and prior year periods include discrete items. The results for the three and six months ended Dec. 31, 2012, include a $5.9 million after-tax, restructuring charge related to the decisions to relocate and consolidate facilities at DeVry Online Services, Carrington Colleges and DeVry University. The results for the three and six months ended Dec. 31, 2011, include impairment charges of $55.8 million, after-tax, and a $2.2 million gain, net of tax.

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