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DeVry Education Group Announces Third Quarter 2014 Results

Stocks in this article: DV

DeVry Education Group (NYSE:DV), a global provider of educational services, today reported academic, operational and financial results for its fiscal 2014 third-quarter ended March 31, 2014. DeVry Group also reported enrollment results at Chamberlain College of Nursing, Carrington Colleges Group, DeVry Brasil, and DeVry University and its Keller Graduate School of Management.

Academic and operational accomplishments for the quarter:

  • Rob Paul, current president of Carrington College California, was appointed to succeed Dave Pauldine as president of DeVry University, effective July 1, 2014
  • Chamberlain completed a partnership with Walgreens which will provide Chamberlain's family nurse practitioner students the opportunity to gain clinical experience at Walgreens’ Healthcare Clinics nationwide
  • More than 1,000 graduates from Ross University School of Medicine and American University of the Caribbean School of Medicine earned residency positions at hospitals in more than 40 U.S. states and five Canadian provinces
  • More than 90 percent of Elijah Watts Sells Award recipients in 2013 were Becker Professional Education students
  • New student enrollment increased 19.7 percent at DeVry Brasil and its institutions received approvals for nine new programs to meet the demand for programs in high growth career fields

Selected financial data for the three months ended March 31, 2014:

  • Total revenues decreased 1.5 percent to $496.1 million
  • Medical and Healthcare, and International and Professional Education segment revenues grew 17 percent and 10 percent, respectively, while Business, Technology and Management revenues declined 15 percent
  • Reported net income of $55.5 million, compared to $56.8 million last year
  • Reported diluted earnings per share of $0.86, compared to earnings per share of $0.88 last year

Selected financial data for the nine months ended March 31, 2014:

  • Total revenues decreased 3.1 percent to $1,438 million
  • Medical and Healthcare, and International and Professional Education segment revenues grew 14 percent and 15 percent respectively, while Business, Technology and Management revenues declined 16 percent
  • Reported net income of $96.5 million, compared to $139.1 million last year; net income from continuing operations and excluding special items was $122.3 million, down 19 percent from prior year
  • Reported diluted earnings per share of $1.49, compared to earnings per share of $2.15 last year; earnings per share from continuing operations and excluding special items was $1.89, as compared to $2.33 last year
  • Operating cash flow of $260.6 million compared to $282.4 million last year
  • Cash and cash equivalents increased to $396.8 million as of March 31, 2014, from $278.0 million as of March 31, 2013
  • Generated $70 million in cost savings and value creation in its institutions in transition during the first nine months, putting the organization on track to achieve $100 million in savings for the fiscal year

“During the quarter we made good progress on our plan to turn around and transform DeVry University, including narrowing the rate of decline in new student enrollment, improving student persistence, and accelerating our cost reduction initiatives,” said Daniel Hamburger, DeVry Group’s president and chief executive officer. “As we look ahead to fiscal 2015, we will continue to enhance our strong student value proposition and to grow and diversify in healthcare, international and professional education.”

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