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DeVry Education Group Announces Second Quarter 2014 Results

DeVry Education Group Inc. (NYSE:DV), a global provider of educational services, today reported academic, operational and financial results for its fiscal 2014 second-quarter ended Dec. 31, 2013. DeVry Group 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 for the quarter:
  • Carrington College California obtained conditional approval to add the campuses of Carrington College from its accreditor, which will result in one, regionally accredited institution
  • Chamberlain College of Nursing received full approval for its Houston campus from the Texas Board of Nursing and was granted initial approval for a second campus in the Houston area
  • The American University of the Caribbean School of Medicine completed its new $30 million academic building
  • DeVry Group completed the divestiture of Advanced Academics to, and formed a strategic partnership with, Connections Education/Pearson

Selected financial data for the three months ended Dec. 31, 2013:
  • Total revenues decreased 1.9 percent to $491.3 million
  • Medical and Healthcare and International and Professional Education segment revenues grew 13.5 percent and 16.6 percent respectively, while Business, Technology and Management revenues declined 14.4 percent
  • Reported net income of $48.2 million, compared to $50.3 million last year; net income from continuing operations and excluding special items was $52.0 million, down 9.0 percent from prior year
  • Reported diluted earnings per share of $0.74, compared to earnings per share of $0.78 last year; earnings per share from continuing operations and excluding special items was $0.80, compared to $0.88 last year

Selected financial data for the six months ended Dec. 31, 2013:
  • Total revenues decreased 3.9 percent to $942.2 million
  • Medical and Healthcare and International and Professional Education segment revenues grew 12.3 percent and 17.3 percent respectively, while Business, Technology and Management revenues declined 16.4 percent
  • Reported net income of $41.0 million, compared to $82.3 million last year; net income from continuing operations and excluding special items was $66.2 million, down 27.5 percent from prior year
  • Reported diluted earnings per share of $0.63, compared to earnings per share of $1.27 last year; earnings per share from continuing operations and excluding special items was $1.02, as compared to $1.41 last year
  • Operating cash flow of $113.1 million compared to $180.2 million last year
  • Cash and cash equivalents increased to $262.0 million as of Dec. 31, 2013, from $216.6 million as of Dec. 31, 2012
  • Generated $35 million in cost savings and value creation in its institutions in transition during the first six months, putting these institutions on track to achieve $75 million in savings for the fiscal year

The second quarter fiscal year 2014 results contained the following special items:
  • A $2.9 million after-tax, or $0.04 per share, restructuring charge for real estate consolidations and workforce reductions.
  • A $0.9 million net of tax loss, or $0.01 per share, on discontinued operations at Advanced Academics

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

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