DeVry Announces First-Quarter 2014 Results

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.

“Our cash balance and strong financial position are allowing us to execute on our formula of quality plus diversification equals growth, which is mitigating the cyclical weakness in certain segments of U.S. postsecondary education,” said Daniel Hamburger, DeVry’s president and chief executive officer. “We continue to invest in our growing institutions, particularly healthcare, professional and international education. Our turnaround plans at DeVry University and Carrington Colleges are producing early signs of operational improvement.”

Operating Highlights

Medical and Healthcare Segment

Segment revenue of $175.9 million was strong, increasing 11.1 percent compared to the prior year. Excluding special items, segment earnings increased 4.2 percent to 26.2 million versus the previous year.

DeVry Medical International

In the September 2013 term for DeVry Medical International, new students increased 5.7 percent to 978 compared to the prior year of 925 students. Total students increased 4.0 percent to 6,458 compared to 6,209 students in the same term last year.

The new academic building at the American University of the Caribbean School of Medicine’s campus will open in January 2014.

Chamberlain College of Nursing

For the September 2013 session, total students increased 30.2 percent to 15,690. New online students grew by 47.4 percent to 2,005 students. New onsite students increased to 1,375 from 246 in the prior-year period. New campus-based enrollment comparisons for the session were impacted by a realignment of Chamberlain’s academic calendar.

During the quarter, Chamberlain launched a Family Nurse Practitioner specialty track within the MSN program. The strong demand for nurses continues across the U.S., which drove enrollments that exceeded expectations. Chamberlain will begin a leadership concentration for its Doctor of Nursing Practice program in January 2015.

Chamberlain began expansion of its existing Atlanta campus, which will double the capacity of that location. It has received approvals for a campus in Troy, Mich., which is expected to open in May 2015. It has also received the initial approvals for a campus from the New Jersey Board of Nursing.

Carrington Colleges Group

For the three-month period ending Sept. 30, 2013, total enrollment increased 1.0 percent to 7,706 from 7,628 in the previous year. During the quarter, Carrington continued to focus on its core programs and manage its expenses in order to accelerate its return to positive earnings. New student enrollment decreased 19.5 percent to 2,733 because Carrington eliminated some of its non-core programs and there was one less session start compared to the prior year period. For fiscal 2014, Carrington expects modest revenue growth in the low single-digit percentage range.

International and Professional Education Segment

Segment revenue increased 18.3 percent to $43.7 million compared to the prior year. Segment earnings declined $2.3 million to $1.1 million versus the previous year.

Becker Professional Education

During the quarter, Becker grew its revenue by 3 percent. Becker also announced an agreement with EduPristine, India’s largest financial certifications review provider, to deliver live Certified Public Accountant (CPA) Exam Review classes to major cities across India including Mumbai, Delhi, and Bangalore.

DeVry Brasil

Total student enrollment for the September term increased 11.4 percent to 29,340, primarily driven by the acquisition of Facid. New students declined 9.4 percent primarily because of a temporary admissions restriction on three programs at one of its institutions, AREA1. DeVry Brasil has sought approval to have these restrictions lifted and expect that to occur in the near future.

Business, Technology, and Management Segment

Segment revenue of $232.3 million declined 18.4 percent compared to the prior year. Excluding special items, the segment generated a loss of $5.0 million during the quarter.

DeVry University

For the September 2013 session at DeVry University, new undergraduate enrollments grew slightly to 6,589 versus 6,580 the previous year. Total undergraduate students decreased 16.3 percent to 46,966 versus 56,086 for the session a year ago.

At the graduate level, including Keller Graduate School of Management, total coursetakers in the September session decreased 18.8 percent to 17,925 versus 22,072 for the same session a year ago.

The total number of online undergraduate and graduate coursetakers in the September session decreased 14.7 percent to 60,735 versus 71,200 in the same session a year ago.

During the quarter, the Engineering Technology Accreditation Commission of ABET reaccredited DeVry University’s onsite bachelor’s degree programs in biomedical engineering technology, computer engineering technology and electronics engineering technology.

Balance Sheet/Cash Flow

For the fiscal first quarter, DeVry generated $140.0 million of operating cash flow. As of Sept. 30, 2013, cash, marketable securities and investment balances totaled $311.6 million with no outstanding borrowings.

Conference Call and Webcast Information

DeVry will host a conference call on Oct. 24, 2013, at 4 p.m. Central Daylight Time (5 p.m. Eastern Daylight Time) to discuss its fiscal 2014 first-quarter results and other developments with respect to DeVry. The conference call will be led by Daniel Hamburger, president and chief executive officer, Tim Wiggins, chief financial officer and Pat Unzicker, vice president of finance.

For those wishing to participate by telephone, dial 888-317-6016 (domestic) or 412-317-6016 (international). Please say “DeVry Call”. DeVry will also broadcast the conference call live online. Interested parties may access the webcast through the Investor Relations section of DeVry’s website, using the following link: http://services.choruscall.com/links/dv131024.html.

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 Nov. 21, 2013, 9 am EST. To access the replay, dial 877-344-7529 (domestic) or 412-317-0088 (international), conference number 10035032. To access the webcast replay, please visit DeVry’s website, or http://services.choruscall.com/links/dv131024.html.

About DeVry

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 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, 2013 and filed with the Securities and Exchange Commission on August 29, 2013.
 

Selected Operating Data (in thousands, except per share data)
 
First Quarter
FY 2014   FY 2013   Change
Revenues $ 450,913 $ 479,920 (6.0 )%
Income from Continuing Operations $ 8,151 $ 33,996 (76.0 )%
Net Income/(Loss) $ (7,132 ) $ 31,989 $ (39,121 )
 
Earnings/(Loss) per Share
Continuing Operations $ 0.13 $ 0.52 (75.0 )%
Discontinued Operations $ (0.24 ) $ (0.03 ) $ (0.21 )
$ (0.11 ) $ 0.49 $ (0.60 )
Number of common shares 63,983 65,109 (1.7 )%
 

Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule

During fiscal first quarter 2014, DeVry recorded restructuring charges related to workforce reductions and real estate consolidations at DeVry University, Carrington Colleges and the DeVry Inc. home office in order to align its cost structure with enrollments. DeVry also recorded the operating results of its Advanced Academic Inc. reporting unit as discontinued operations. The following table illustrates the effects of restructuring charges, discontinued operations and gain on the sale of assets on DeVry’s earnings. Management believes that the non-GAAP disclosure of net income (loss) and earnings (loss) per share excluding these special items and discontinued operations 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 special nature of the impairment and restructuring charges and gain on the sale of assets. DeVry uses these supplemental financial measures internally in its management and budgeting process. However, these 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 non-GAAP measures to the most directly comparable GAAP information (in thousands, except per share data):
 

Non-GAAP Earnings Disclosure
PRELIMINARY
     
For The Three Months
Ended September 30,
 
2013 2012
Net (Loss) Income $ (7,132 ) $ 31,989
Earnings per Share $ (0.11 ) $ 0.49
Discontinued Operations (net of tax) $ 15,328 $ 2,174
Effect on Earnings per Share $ 0.24 $ 0.03
Restructuring Expenses (net of tax) $ 7,181 $ -
Effect on Earnings per Share $ 0.11 $ -
Gain on Sale of Assets (net of tax) $ (1,167 ) $ -
Effect on Earnings per Share $ (0.02 ) $ -
Net Income from Continuing Operations
Excluding the Restructuring Expense and
Gain on Sale of Assets $ 14,210 $ 34,163
Earnings per Share from Continuing Operations
Excluding the Restructuring Expense and
Gain on Sale of Assets $ 0.22 $ 0.52
Shares used in Diluted EPS Calculation 63,983 65,109
 

     
 
2013 2012 % Change
DeVry Inc. Student Enrollments(1)
 
Total students 120,793 126,342 -4.4
 
DeVry University
Undergraduate: September Session
New students 6,589 6,580 0.1
Total students 46,966 56,086 -16.3
Graduate: September Session
Coursetakers(2) 17,925 22,072 -18.8
Online: September Session
Total coursetakers(2)(3) 60,735 71,200 -14.7
 
Chamberlain College of Nursing
September Session
New students (online only) 2,005 1,360 47.4
New students (onsite only)(4) 1,375 246 NM
Total students 15,690 12,050 30.2
 
Carrington Colleges Group
3 months ending September 30
New students(5) 2,733 3,396 -19.5
Total students 7,706 7,628 1.0
 
DeVry Medical International
September Term
New students 978 925 5.7
Total students 6,458 6,209 4.0
 
DeVry Brasil
September Term
New students 3,785 4,179 -9.4
Total students 29,340 26,343 11.4
 
1)   Excludes Becker and Advanced Academics.
2) The term “coursetaker” refers to the number of courses taken by a student. Thus one student taking two courses equals two coursetakers.
3) Includes both undergraduate and graduate students.
4) New enrollment comparisons for the September session were impacted by a realignment of Chamberlain’s academic calendar.
5) Four session starts in 3 months ending September 30, 2013; five session starts in 3 months ending September 30, 2012.
 
 

Chart 1: DeVry Inc. Calendar 2013 and 2014 Announcements & Events
 
November 6, 2013 Annual Shareholders’ Meeting
 
February 4, 2014 Fiscal 2014 Second Quarter Results and January Enrollment
DeVry University

Chamberlain College of Nursing

Carrington Colleges Group

DeVry Medical International
 
April 24, 2014 Fiscal 2014 Third Quarter Results and March Enrollment
DeVry University

Chamberlain College of Nursing

Carrington Colleges Group

DeVry Brasil
 
August 7, 2014 Fiscal 2014 Fourth Quarter/Year-End and May/July Enrollment
DeVry University

Chamberlain College of Nursing

Carrington Colleges Group

DeVry Medical International
 
October 23, 2014 Fiscal 2015 First Quarter Results and September Enrollment
DeVry University

Chamberlain College of Nursing

Carrington Colleges Group

DeVry Medical International

DeVry Brasil
 
November 5, 2014 Annual Shareholders’ Meeting
 
 
 

 
 
DEVRY INC.

CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
         
September 30, June 30, September 30,
2013 2013 2012

ASSETS
 

Current Assets
Cash and Cash Equivalents $ 308,544 $ 196,576 $ 247,572
Marketable Securities and Investments 3,104 2,975 2,750
Restricted Cash 7,251 7,019 4,546
Accounts Receivable, Net 183,487 139,778 167,045
Deferred Income Taxes, Net 33,336 29,758 25,078
Refundable Income Taxes 618 154 34,651
Prepaid Expenses and Other 51,083 49,685 35,983
Current Assets of Business Held for Sale   5,053     16,219     28,428  
 
Total Current Assets   592,476     442,164     546,053  
 

Land, Buildings and Equipment
Land 67,101 71,122 65,249
Buildings 427,194 424,902 389,057
Equipment 471,905 475,656 458,340
Construction In Progress   44,226     33,724     35,931  
1,010,426 1,005,404 948,577
Accumulated Depreciation and Amortization (439,933 ) (433,747 ) (386,797 )
Land, Buildings and Equipment of Business Held for Sale, Net   -     -     5,879  
 
Land, Buildings and Equipment, Net 570,493 571,657 567,659
 

Other Assets
Intangible Assets, Net 298,419 281,998 297,054
Goodwill 517,655 508,937 564,841
Perkins Program Fund, Net 13,450 13,450 13,450
Other Assets 32,805 33,025 31,263
Other Assets of Business Held for Sale   1,509     5,787     -  
Total Other Assets   863,838     843,197     906,608  
 
TOTAL ASSETS $ 2,026,807   $ 1,857,018   $ 2,020,320  
 
 
 

DEVRY INC.

CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
           
September 30, June 30, September 30,
2013 2013 2012

LIABILITIES
 

Current Liabilities
Accounts Payable $ 57,798 $ 55,131 $ 61,543
Accrued Salaries, Wages and Benefits 96,100 88,444 83,242
Accrued Expenses 82,496 74,451 69,697
Deferred and Advance Tuition 243,353 97,478 255,222
Current Liabilities of Business Held for Sale   -     713     4,545  
 
Total Current Liabilities   479,747     316,217     474,249  
 

Non-Current Liabilities
Deferred Income Taxes, Net 63,850 60,103 67,286
Deferred Rent and Other   88,175     82,576     102,245  
 
Total Non-current Liabilities 152,025 142,679 169,531
 
Other Liabilities of Business Held for Sale   -     112     144  
 
TOTAL LIABILITIES   631,772     459,008     643,924  
 
NON-CONTROLLING INTEREST 5,890 854 8,637
 

SHAREHOLDERS' EQUITY
 

Common Stock, $0.01 par value, 200,000,000 Shares Authorized; 63,198,000, 62,946,000 and 63,782,000 Shares issued and outstanding at September 30, 2013, June 30, 2013 and September 30, 2012, respectively.
751 745 743
Additional Paid-in Capital 298,386 291,269 278,144

Retained Earnings
1,562,662 1,575,009 1,520,415
Accumulated Other Comprehensive Income (17,605 ) (17,101 ) (5,412 )

Treasury Stock, at Cost (11,662,000, 11,581,000 and 10,544,000 Shares, Respectively)
  (455,049 )   (452,766 )   (426,131 )
 
TOTAL SHAREHOLDERS' EQUITY   1,389,145     1,397,156     1,367,759  
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,026,807   $ 1,857,018   $ 2,020,320  
 
 
 

DEVRY INC.

CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except for Per Share Amounts)
(Unaudited)
PRELIMINARY
       
For The Quarter
Ended September 30,
 
2013 2012
 
REVENUES:
Tuition $ 419,318 $ 448,685
Other Educational   31,595     31,235  
 
Total Revenues   450,913     479,920  
 
OPERATING COSTS AND EXPENSES:
Cost of Educational Services 241,737 239,453
Student Services and Administrative Expense 189,158 191,019
Gain on Sale of Asset (1,918 ) -
Restructuring Expenses   11,665     -  
 
Total Operating Costs and Expenses   440,642     430,472  
 
Operating Income 10,271 49,448
 
INTEREST AND OTHER INCOME (EXPENSE):
Interest Income 583 561
Interest Expense   (1,000 )   (1,491 )
 
Net Interest and Other Income (Expense)   (417 )   (930 )
 
Income from Continuing Operations Before Income Taxes 9,854 48,518
 
Income Tax Provision   (1,703 )   (14,522 )
 
Income from Continuing Operations 8,151 33,996
 
DISCONTINUED OPERATIONS
Loss from Operations of Held for Sale Component (16,324 ) (3,658 )
Income Tax Benefit   996     1,484  
Loss on Discontinued Operations   (15,328 )   (2,174 )
 
NET (LOSS) INCOME (7,177 ) 31,822
 
Net Loss Attributable to Noncontrolling Interest   45     167  
 
NET (LOSS) INCOME ATTRIBUTABLE TO DEVRY INC. $ (7,132 ) $ 31,989  
 
AMOUNTS ATTRIBUTABLE TO DEVRY INC.:
Income from Continuing Operations, Net of Income Taxes 8,196 34,163
Loss from Discontinued Operations, Net of Income Taxes   (15,328 )   (2,174 )
NET (LOSS) INCOME ATTRIBUTABLE TO DEVRY INC. $ (7,132 ) $ 31,989  
 
EARNINGS PER COMMON SHARE ATTRIBUTABLE
TO DEVRY INC. SHAREHOLDERS
Basic
Continuing Operations $ 0.13 $ 0.52
Discontinued Operations   (0.24 )   (0.03 )
$ (0.11 ) $ 0.49  
Diluted
Continuing Operations $ 0.13 $ 0.52
Discontinued Operations   (0.24 )   (0.03 )
$ (0.11 ) $ 0.49  
 
 
 

DEVRY INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
 
        For The Three Months
Ended September 30,
2013   2012
 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income ($7,177 ) $ 31,822
Loss from Discontinued Operations 15,328 2,377
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities:
 
Stock-Based Compensation Expense 5,816 5,716
Depreciation 19,980 19,826
Amortization 1,649 2,442
Provision for Refunds and Uncollectible Accounts 17,819 20,376
Deferred Income Taxes (1,122 ) 4,942
Loss on Disposals and Adjustments to Land, Buildings and Equipment 592 361
Realized Gain on Sale of Assets (1,918 ) -

Changes in Assets and Liabilities, Net of Effects from Acquisitions and Divestitures of Businesses:
Restricted Cash (232 ) (2,048 )
Accounts Receivable (60,565 ) (90,909 )
Prepaid Expenses And Other (4,230 ) 7,513
Accounts Payable 2,666 (290 )
Accrued Salaries, Wages, Expenses and Benefits 7,872 6,376
Deferred and Advance Tuition Revenue   144,840     156,927  
 
Net Cash Provided by Operating Activities-Continuing Operations 141,318 165,431
Net Cash Used by Operating Activities-Discontinued Operations   (1,277 )   (1,309 )
 
NET CASH PROVIDED BY OPERATING ACTIVITIES   140,041     164,122  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures (22,180 ) (25,622 )
Payment for Purchase of Businesses, Net of Cash Acquired (11,164 ) (29,538 )
Marketable Securities Purchased (9 ) (8 )
Cash Received from Sale of Assets   6,662     -  
 
Net Cash Used in Investing Activities-Continuing Operations (26,691 ) (55,168 )
Net Cash Used in Investing Activities-Discontinued Operations   -     (615 )
 
NET CASH USED IN INVESTING ACTIVITIES   (26,691 )   (55,783 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Exercise of Stock Options 1,197 1,030
Proceeds from Stock issued Under Employee Stock Purchase Plan 339 487
Repurchase of Common Stock for Treasury - (25,712 )
Cash Dividends Paid (14 ) (9,793 )
Excess Tax Benefit from Stock-Based Payments - 6
Payment of Seller Financed Debt (2,138 ) -
   
NET CASH USED IN FINANCING ACTIVITIES (616 ) (33,982 )
   
Effects of Exchange Rate Differences (1,334 ) (867 )
   
NET INCREASE IN CASH AND CASH EQUIVALENTS 111,400 73,490
 
Cash and Cash Equivalents at Beginning of Period   197,144     174,076  
Cash and Cash Equivalents at End of Period 308,544 247,566
Less: Cash and Cash Equivalents of Discontinued Operations at End of Period - (6 )
   
Cash and Cash Equivalents of Continuing Operations at End of Period $ 308,544   $ 247,572  
 
 
 

DEVRY INC.

SEGMENT INFORMATION
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
     
For The Quarter
Ended September 30,
Increase
2013 2012 (Decrease)
REVENUES:
Business, Technology and Management $ 232,309 $ 284,614 (18.4 %)
Medical and Healthcare 175,856 158,357 11.1 %
International and Professional Education 43,721 36,949 18.3 %
Intersegment Elimination   (973 )   -   NM
Total Consolidated Revenues   450,913     479,920   (6.0 %)
 
OPERATING INCOME (LOSS):
Business, Technology and Management (11,061 ) 25,570 NM
Medical and Healthcare 25,516 25,182 1.3 %
International and Professional Education 1,080 3,349 (67.8 %)
Reconciling Items:
Amortization Expense (1,649 ) (2,278 ) (27.6 %)
Depreciation and Other   (3,615 )   (2,375 ) 52.2 %
 
Total Consolidated Operating Income   10,271     49,448   (79.2 %)
 
INTEREST AND OTHER INCOME (EXPENSE):
Interest Income 583 561 3.9 %
Interest Expense (1,000 ) (1,491 ) (32.9 %)
Net Gain on Sale of Assets   -     -   -
 
Net Interest and Other (Expense) Income   (417 )   (930 ) (55.2 %)
 

Total Consolidated Income before Minority Interest and Income Taxes
$ 9,854   $ 48,518   (79.7 %)
 

Restructuring charges were recorded for the quarter ended September 30, 2013. These charges are related to DeVry University which is part of the Business, Technology and Management segment and DeVry's Carrington Colleges Group, Inc. which is part of the Medical and Healthcare segment. DeVry University also realized a gain on the sale of its Decatur, Georgia facility which was recorded during the quarter ended September 30, 2013. The following table illustrates the effects of these restructuring charges and the gain on the asset sale on the operating income of the segments. Management believes that the non-GAAP disclosure of operating earnings provides investors with useful supplemental information regarding the underlying business trends and performance of DeVry’s ongoing operations and are useful for period-over-period comparisons of such operations given the special nature of these transactions. DeVry uses these supplemental financial measures internally in its budgeting process. 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:
  For The Quarter
Ended September 30,
    Increase
2013 2012 (Decrease)
 
Business, Technology and Management Operating Income $ (11,061 ) $ 25,570 NM
Restructuring Charge 7,950 - NM
Gain on Sale of Assets   (1,918 )   - NM
Business, Technology and Management Operating Income

Excluding Special Charges
$ (5,029 ) $ 25,570 NM
 
Medical and Healthcare Operating Income $ 25,516 $ 25,182 1.3 %
Restructuring Charge   719     - NM
Medical and Healthcare Operating Income

Excluding Special Charges
$ 26,235   $ 25,182 4.2 %

Copyright Business Wire 2010

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