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DeVry Announces First-Quarter 2014 Results

Stocks in this article: DV

DeVry (NYSE:DV), a global provider of educational services, today reported academic, operational and financial results for its fiscal 2014 first-quarter ended Sept. 30, 2013. DeVry also reported enrollment results at DeVry Medical International, Chamberlain College of Nursing, Carrington Colleges Group, DeVry Brasil and DeVry University and its Keller Graduate School of Management.

Academic and operational accomplishments included:

  • Medical and Healthcare segment revenues growing 11 percent over prior year
  • Total student enrollment at Chamberlain College of Nursing growing 30 percent. Chamberlain’s Family Nurse Practitioner specialty track within the MSN program launched in September with demand exceeding expectations
  • Total student enrollment at Carrington improving for the fourth consecutive quarter
  • Engineering Technology Accreditation Commission of ABET re-accrediting DeVry University’s onsite bachelor’s degree programs in engineering technology
  • Revenues at DeVry Brasil growing 36 percent versus prior year
  • On track to achieve at least $60 million in cost savings and value creation during fiscal 2014.

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

  • Revenues decreased 6 percent to $450.9 million
  • Reported a net loss of $7.1 million, compared to net income of $32 million last year; net income from continuing operations and excluding special items was $14.2 million, down 58 percent from prior year
  • Reported loss per share of $0.11, compared to earnings per share of $0.49 last year; earnings per share from continuing operations and excluding special items was $0.22
  • Operating cash flow of $140.0 million for the quarter
  • Cash, marketable securities and investments of $311.6 million as of Sept. 30, 2013, compared to $250.3 million as of Sept. 30, 2012

The first quarter fiscal year 2014 results contained special items including:

  • A $7.2 million after-tax, or $0.11 per share, restructuring charge for a voluntary workforce reduction program and real estate consolidations
  • A $1.2 million after-tax, $0.02 per share, gain on the sale of a former DeVry University campus in Decatur, Ga.
  • A $15.3 million net of tax loss, $0.24 per share, on discontinued operations resulting from operating losses and an impairment charge at Advanced Academics

See “Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule” on p. 7.

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