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DeVry Inc. Announces Second-Quarter 2013 Results

DeVry’s results reflect the progress of its performance improvement plan. The plan is focused on aligning its cost structure to enrollment levels; regaining enrollment growth momentum; and making targeted investments to drive growth. DeVry now expects to realize at least $80 million in cost reductions, up from the $60 million previously projected for the fiscal year.

“We made solid progress on our performance improvement plan at Carrington Colleges Group, achieving growth in both new and total students in the quarter,” said Daniel Hamburger, DeVry’s president and chief executive officer. “While the pace of recovery in new undergraduate student enrollment at DeVry University is slower than we would like, we are encouraged by the improvement from November to January sessions. Overall, DeVry’s focus on quality and diversification is helping us as we work through the cyclical weakness.”

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Business, Technology and Management Segment

DeVry University

For the November 2012 session at DeVry University new undergraduate enrollments decreased 15.5 percent to 5,482 compared to 6,488 the previous year. Total undergraduate students decreased 17.6 percent to 49,515 versus 60,103 for the session a year ago. In addition to overall cyclical weakness across higher education, adjustments following recent workforce reductions combined with the impacts of Hurricane Sandy affected November enrollment results. The rate of decline in new student enrollment narrowed in the January session. January 2013 new undergraduate enrollments decreased 4.7 percent to 5,330 compared to 5,593 the previous year. Total undergraduate students decreased 14.9 percent to 53,138 versus 62,435 for the January session a year ago.

At the graduate level, including Keller Graduate School of Management, total coursetakers in the November session decreased 16.0 percent to 19,540 versus 23,264 for the same session a year ago. For the January session, total graduate coursetakers decreased 12.1 percent to 21,131 versus 24,029 for the same session a year ago.

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