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DeVry Inc. Announces Second-Quarter 2013 Results

Stocks in this article: DV

Chamberlain recently received approvals from the Higher Learning Commission for a Doctor of Nursing Practice program, which will begin in May. In addition, Chamberlain received approval for its Tinley Park, Ill., location, which is also scheduled to open in May.

Carrington Colleges Group

For the three month period ending Dec. 31, 2012, new student enrollment for Carrington Colleges Group increased 12.7 percent to 1,763 versus 1,565 in the previous year marking its second consecutive quarter with new student enrollment growth. Total enrollment returned to growth, increasing 0.4 percent to 7,405 compared to 7,379 in the prior year.

International, K-12, and Professional Education Segment

Becker Professional Education

During the quarter, Becker released the latest version of its CPA Exam Review course. The enhanced course offers students the flexibility to study anywhere, anytime from any internet-connected computer or mobile device, as well as to download materials and work offline. Year to date, Becker’s revenue has grown six percent driven by the acquisition of Falcon Physician Reviews.

DeVry Brasil

The integrations of DeVry Brasil’s most recent acquisitions, Faculdade Boa Viagem (FBV) and Faculdade do Vale do Ipojuca (FAVIP), are progressing ahead of expectations. DeVry Brasil continues to expand its programs and services, while exploring further opportunities to serve students throughout Brazil. Year to date revenues have grown 62 percent, fueled in part by the acquisitions of FBV and FAVIP.

Balance Sheet/Cash Flow

For the first six months of fiscal year 2013, DeVry generated $180 million of operating cash flow. As of Dec. 31, 2012, cash, marketable securities and investment balances totaled $219.0 million and there were no outstanding borrowings.

Share Repurchase Plan

During the quarter, DeVry repurchased 538,844 shares of its common stock for approximately $13 million, at an average cost of $23.84 per share. During the first six months, 1,669,718 shares of DeVry common stock was repurchased for approximately $38.6 million, at an average price of $23.10.

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