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DeVry Inc. Announces Second-Quarter 2013 Results

Conference Call and Webcast Information

DeVry will host a conference call on Feb. 6, 2013, at 4:00 p.m. Central Standard Time (5:00 p.m. Eastern Standard Time) to discuss its fiscal 2013 second-quarter results. The conference call will be led by Daniel Hamburger, president and CEO, Tim Wiggins, senior vice president and chief financial officer, and Pat Unzicker, vice president of finance and chief accounting officer.

For those wishing to participate by telephone, dial 800-659-2032 (domestic) or 617-614-2712 (international). Use passcode 52935500 or say “DeVry Call”. DeVry will also broadcast the conference call live via the web. Interested parties may access the webcast through the Investor Relations section of DeVry’s website, or http://www.media-server.com/m/p/pnh7d7g3. Please access the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.

DeVry will archive a telephone replay of the call until March 5, 11:59 p.m. To access the replay, dial 888-286-8010 (domestic) or 617-801-6888 (international), passcode 74616286. To access the webcast replay, please visit the company's website, or http://www.media-server.com/m/p/pnh7d7g3.

About DeVry Inc.

DeVry's purpose is to empower its students to achieve their educational and career goals. DeVry (NYSE: DV; member S&P MidCap 400 Index) is a global provider of educational services and the parent organization of Advanced Academics, American University of the Caribbean School of Medicine, Becker Professional Education, Carrington College, Carrington College California, Chamberlain College of Nursing, DeVry Brasil, DeVry University, Ross University School of Medicine and Ross University School of Veterinary Medicine. These institutions offer a wide array of programs in business, healthcare, technology, accounting and finance. For more information, please call 630.353.3800 or visit http://www.devryinc.com.

Certain statements contained in this release concerning DeVry's future performance, including those statements concerning DeVry's expectations or plans, may constitute forward-looking statements subject to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as DeVry or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Actual results may differ materially from those projected or implied by these forward-looking statements. Potential risks, uncertainties and other factors that could cause results to differ are described more fully in Item 1A, "Risk Factors," in DeVry's most recent Annual Report on Form 10-K for the year ending June 30, 2012 and filed with the Securities and Exchange Commission on August 28, 2012.

Selected Operating Data (in thousands, except per share data)

  Second Quarter
FY 2013   FY 2012   Change
Revenues $ 505,244 $ 524,049 -3.6 %
Net Income $ 50,286 $ 8,865 +467.2 %
Earnings per Share (diluted) $ 0.78 $ 0.13 +500.0 %
Number of common shares (diluted) 64,536 68,076 -5.2 %
  Six Months
FY 2013   FY 2012   Change
Revenues $ 987,980 $ 1,043,087 -5.3 %
Net Income $ 82,275 $ 66,349 +24.0 %
Earnings per Share (diluted) $ 1.27 $ 0.97 +30.9 %
Number of common shares (diluted) 64,788 68,742 -5.7 %

Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule

During the second quarter of fiscal year 2013, DeVry recorded a restructuring charge for the write-down of land, building and equipment related to its decision to relocate a facility in Wood Dale, IL, in order to consolidate administrative operations in the Chicagoland area. DeVry also recorded restructuring charges to consolidate facilities at Carrington College and DeVry University. During the second quarter of fiscal year 2012, DeVry recorded impairment charges related to its Carrington Colleges reporting unit. DeVry also recorded a gain from the sale of Becker’s Stalla CFA review operations. The following table illustrates the effects of these restructuring and impairment charges and gain on sale of assets on DeVry’s results. Management believes that the non-GAAP disclosure of net income and earnings per share provides investors with useful supplemental information regarding the underlying business trends and performance of DeVry’s ongoing operations and is useful for period-over period comparisons of such operations given the discrete nature of the restructuring and impairment charges and gain on the sale of assets. DeVry uses these supplemental financial measures internally in its management and budgeting processes. However, the non-GAAP financial measures should be viewed in addition to, and not as a substitute for, DeVry’s reported results prepared in accordance with GAAP. The following table reconciles these items to the relevant GAAP information (in thousands, except per share data):

  For The Three Months   For The Six Months
Ended December 31: Ended December 31:
2013   2012 2013   2012
Net Income $ 50,286 $ 8,865 $ 82,275 $ 66,349
Earnings per Share (diluted) $ 0.78 $ 0.13 $ 1.27 $ 0.97
Restructuring Expense (net of tax) $ 5,940 -- $ 5,940 --
Effect on Earnings per Share (diluted) $ 0.09 -- $ 0.09 --
Impairment Charges (net of tax) -- $ 55,751 -- $ 55,751
Effect on Earnings per Share (diluted) -- $ 0.82 -- $ 0.81
Gain on Sale of Assets (net of tax) -- $ (2,216 ) -- $ (2,216 )
Effect on Earnings per Share (diluted) -- $ (0.03 ) -- $ (0.03 )
Net Income Excluding the Restructuring
and Impairment Charges and Gain
on Sale of Assets and Severance $ 56,226 $ 62,400 $ 88,215 $ 119,884
Earnings per Share Excluding the
Restructuring and Impairment Charges
and Gain on Sale of Assets (diluted) $ 0.87 $ 0.92 $ 1.36 $ 1.74

November 2012 and January 2013 Enrollment Results

     
2011/12   2012/13   % Change
DeVry Inc. Student Enrollments (1)
 
New students 15,195 16,047 +5.6
Total students 131,134 124,007 -5.4
 
DeVry University
Undergraduate – November Session
New students 6,488 5,482 -15.5
Total students 60,103 49,515 -17.6
Undergraduate – January Session
New students 5,593 5,330 -4.7
Total students 62,435 53,138 -14.9
Graduate – November Session
Coursetakers (2) 23,264 19,540 -16.0
Graduate – January Session
Coursetakers (2) 24,029 21,131 -12.1
Online
November Session
Total coursetakers (2)(3) 71,255 62,899 -11.7
January Session
Total coursetakers (2)(3) 75,487 67,983 -9.9
 
Chamberlain College of Nursing
November Session
New students 1,868 2,121 +13.5
Total students 10,619 12,247 +15.3
January Session
New students 1,129 2,120 +87.8
Total students 10,888 13,714 +26.0
 
The Carrington Colleges Group
3 months ending Dec. 31, 2012
New students 1,565 1,763 +12.7
Total students 7,379 7,405 +0.4
 
DeVry Medical International
January Term
New students 601 603 +0.3
Total students 6,024 6,318 +4.9

1. Excludes Becker and Advanced Academics. Includes enrollments at DeVry Brasil reported in October 2012.

Stock quotes in this article: DV 

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