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DeVry Announces Fourth-Quarter And Full-Year 2013 Results

Stocks in this article: DV

DeVry Inc. (NYSE:DV), a global provider of educational services, today reported academic, operational and financial results for its fiscal 2013 fourth-quarter and full year ended June 30, 2013. 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:

  • Carrington College California received reaccreditation from the Western Association of Schools and Colleges (WASC) for a six year period
  • The percentage of DeVry University graduates who were actively seeking employment and had careers in their field within 6 months of graduation increased to 90 percent in calendar 2012
  • Chamberlain College of Nursing graduates achieved an average of 92 percent NCLEX pass rate in calendar 2012
  • DeVry Brasil completed the acquisition of Faculdade Differential Integral on July 1, 2013
  • DeVry decided to divest Advanced Academics Inc.
  • DeVry achieved more than $100 million in savings and value creation during fiscal 2013

Selected financial data for the three months ended June 30, 2013:

  • Revenues decreased 4.4 percent to $480 million
  • Reported a net loss of $32 million, compared to net income of $8 million last year; net income from continuing operations and excluding discrete items was $34 million, flat to prior year
  • Reported diluted per share loss of $0.51, compared to earnings per share of $0.12 last year; earnings per share from continuing operations and excluding discrete items was $0.54, up 3.8 percent

Selected financial data for the 12 months ended June 30, 2013:

  • Revenues decreased 5.2 percent to $1,964 million
  • Reported net income decreased 24.6 percent to $107 million; net income from continuing operations and excluding discrete items was $185 million, down 18.5 percent
  • Reported diluted earnings per share decreased 21.1 percent to $1.65; earnings per share from continuing operations and excluding discrete items was $2.86, down 14.6 percent
  • Operating cash flow of $263.9 million was down from $277.4 million last year
  • Repurchased approximately 2.2 million shares of common stock at an average price of $24.47

“We are responding to a challenging environment by executing a turnaround plan at DeVry University and Carrington including aligning our cost structure, regaining enrollment growth and making targeted investments to drive future growth,” said Daniel Hamburger, DeVry’s president and chief executive officer. “Our formula of quality plus diversification equals growth is helping us as we work through the cyclical weakness and we remain confident in the opportunities for long-term growth in career-oriented education.”

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