DeVry Inc. Announces Second-Quarter 2013 Results Business Wire DOWNERS GROVE, Ill. -- February 6, 2013 DeVry Inc. (NYSE: DV), a global provider of educational services, today reported academic, operational and financial results for its fiscal 2013 second-quarter ended Dec. 31, 2012. 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: *System-wide, 94 percent of graduates of Chamberlain’s Bachelor of Science in Nursing (BSN) campus programs passed the National Council Licensure Examination *Narrowing rate of decline in new undergraduate enrollment from the November to January sessions at DeVry University *13 percent increase in new enrollments at Carrington versus the prior year *26 percent increase in total enrollments at Chamberlain in the January session versus the prior year *5 percent enrollment growth at DeVry Medical International in the January term versus the prior year *69 percent revenue growth at DeVry Brasil in the quarter Selected financial data for the three months ended Dec. 31, 2012: *Revenues decreased 3.6 percent to $505 million *Reported net income increased to $50 million from $9 million last year, and net income excluding discrete items was $56 million, down 10 percent *Reported diluted earnings per share increased to $0.78 from $0.13 per share last year, and earnings per share excluding discrete items was $0.87 per share, down 5 percent Selected financial data for the six months ended Dec. 31, 2012: *Revenues decreased 5.3 percent to $988 million *Reported net income increased to $82 million from $66 million last year, and net income excluding discrete items was $88 million, down 26 percent *Reported diluted earnings per share increased to $1.27 from $0.97 per share last year, and earnings per share excluding discrete items was $1.36 per share, down 22 percent *Operating cash flow was $180 million, compared to $219 million last year *Repurchased 1,669,718 shares of DeVry common stock for approximately $38.6 million, at an average price of $23.10. DeVry completed its seventh share repurchase program and began its eighth, $100 million program. Reported results for both the current and prior year periods include discrete items. The results for the three and six months ended Dec. 31, 2012, include a $5.9 million after-tax, restructuring charge related to the decisions to relocate and consolidate facilities at DeVry Online Services, Carrington Colleges and DeVry University. The results for the three and six months ended Dec. 31, 2011, include impairment charges of $55.8 million, after-tax, and a $2.2 million gain, net of tax. DeVry’s results reflect the progress of its performance improvement plan. The plan is focused on aligning its cost structure to enrollment levels; regaining enrollment growth momentum; and making targeted investments to drive growth. DeVry now expects to realize at least $80 million in cost reductions, up from the $60 million previously projected for the fiscal year. “We made solid progress on our performance improvement plan at Carrington Colleges Group, achieving growth in both new and total students in the quarter,” said Daniel Hamburger, DeVry’s president and chief executive officer. “While the pace of recovery in new undergraduate student enrollment at DeVry University is slower than we would like, we are encouraged by the improvement from November to January sessions. Overall, DeVry’s focus on quality and diversification is helping us as we work through the cyclical weakness.” Organizational Highlights Business, Technology and Management Segment DeVry University For the November 2012 session at DeVry University new undergraduate enrollments decreased 15.5 percent to 5,482 compared to 6,488 the previous year. Total undergraduate students decreased 17.6 percent to 49,515 versus 60,103 for the session a year ago. In addition to overall cyclical weakness across higher education, adjustments following recent workforce reductions combined with the impacts of Hurricane Sandy affected November enrollment results. The rate of decline in new student enrollment narrowed in the January session. January 2013 new undergraduate enrollments decreased 4.7 percent to 5,330 compared to 5,593 the previous year. Total undergraduate students decreased 14.9 percent to 53,138 versus 62,435 for the January session a year ago. At the graduate level, including Keller Graduate School of Management, total coursetakers in the November session decreased 16.0 percent to 19,540 versus 23,264 for the same session a year ago. For the January session, total graduate coursetakers decreased 12.1 percent to 21,131 versus 24,029 for the same session a year ago. The total number of online undergraduate and graduate coursetakers in the November session decreased 11.7 percent to 62,899 versus 71,255 in the same session a year ago. For January, total online coursetakers decreased 9.9 percent to 67,983 versus 75,487. Medical and Healthcare Segment DeVry Medical International In the January 2013 term for DeVry Medical International, new students increased 0.3 percent to 603 compared to 601 students for prior year session. Total students increased 4.9 percent to 6,318 compared to 6,024 students in the same session last year. Ross University School of Medicine recently received a 5-year reaccreditation from the Dominica Medical Board. Expansion of American University of the Caribbean School of Medicine’s campus continues with a new academic building under construction. Completion is scheduled for fall 2013. Chamberlain College of Nursing Chamberlain's new student enrollment in the November session increased 13.5 percent to 2,121 students as compared to 1,868 in November 2011. Total student enrollment increased 15.3 percent to 12,247 students compared with 10,619 during the same period last year. For the January session, new student enrollment increased 87.8 percent to 2,120 students, compared to 1,129 in January 2012. New student enrollment was positively impacted by a change to the academic calendar that increased the number of enrollment periods for campus-based students this fiscal year. There were no campus based new student enrollments in the January 2012 session. Chamberlain also experienced record enrollment in its RN to BSN and Master of Science in Nursing degree programs in the January 2013 session. Total student enrollment rose 26.0 percent to 13,714 students compared with 10,888 in the previous year. During the quarter, the Sigma Theta Tau International and Chamberlain College of Nursing Center for Excellence in Nursing Education was established. This partnership with the honor society of nursing will provide career and leadership development for nurse educators, and develop programs to promote nursing education globally. Chamberlain recently received approvals from the Higher Learning Commission for a Doctor of Nursing Practice program, which will begin in May. In addition, Chamberlain received approval for its Tinley Park, Ill., location, which is also scheduled to open in May. Carrington Colleges Group For the three month period ending Dec. 31, 2012, new student enrollment for Carrington Colleges Group increased 12.7 percent to 1,763 versus 1,565 in the previous year marking its second consecutive quarter with new student enrollment growth. Total enrollment returned to growth, increasing 0.4 percent to 7,405 compared to 7,379 in the prior year. International, K-12, and Professional Education Segment Becker Professional Education During the quarter, Becker released the latest version of its CPA Exam Review course. The enhanced course offers students the flexibility to study anywhere, anytime from any internet-connected computer or mobile device, as well as to download materials and work offline. Year to date, Becker’s revenue has grown six percent driven by the acquisition of Falcon Physician Reviews. DeVry Brasil The integrations of DeVry Brasil’s most recent acquisitions, Faculdade Boa Viagem (FBV) and Faculdade do Vale do Ipojuca (FAVIP), are progressing ahead of expectations. DeVry Brasil continues to expand its programs and services, while exploring further opportunities to serve students throughout Brazil. Year to date revenues have grown 62 percent, fueled in part by the acquisitions of FBV and FAVIP. Balance Sheet/Cash Flow For the first six months of fiscal year 2013, DeVry generated $180 million of operating cash flow. As of Dec. 31, 2012, cash, marketable securities and investment balances totaled $219.0 million and there were no outstanding borrowings. Share Repurchase Plan During the quarter, DeVry repurchased 538,844 shares of its common stock for approximately $13 million, at an average cost of $23.84 per share. During the first six months, 1,669,718 shares of DeVry common stock was repurchased for approximately $38.6 million, at an average price of $23.10. Conference Call and Webcast Information DeVry will host a conference call on Feb. 6, 2013, at 4:00 p.m. Central Standard Time (5:00 p.m. Eastern Standard Time) to discuss its fiscal 2013 second-quarter results. The conference call will be led by Daniel Hamburger, president and CEO, Tim Wiggins, senior vice president and chief financial officer, and Pat Unzicker, vice president of finance and chief accounting officer. For those wishing to participate by telephone, dial 800-659-2032 (domestic) or 617-614-2712 (international). Use passcode 52935500 or say “DeVry Call”. DeVry will also broadcast the conference call live via the web. Interested parties may access the webcast through the Investor Relations section of DeVry’s website, or http://www.media-server.com/m/p/pnh7d7g3. 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 March 5, 11:59 p.m. To access the replay, dial 888-286-8010 (domestic) or 617-801-6888 (international), passcode 74616286. To access the webcast replay, please visit the company's website, or http://www.media-server.com/m/p/pnh7d7g3. About DeVry Inc. 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 Advanced Academics, 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, 2012 and filed with the Securities and Exchange Commission on August 28, 2012. Selected Operating Data (in thousands, except per share data) Second Quarter FY 2013 FY 2012 Change Revenues $ 505,244 $ 524,049 -3.6 % Net Income $ 50,286 $ 8,865 +467.2 % Earnings per Share (diluted) $ 0.78 $ 0.13 +500.0 % Number of common shares (diluted) 64,536 68,076 -5.2 % Six Months FY 2013 FY 2012 Change Revenues $ 987,980 $ 1,043,087 -5.3 % Net Income $ 82,275 $ 66,349 +24.0 % Earnings per Share (diluted) $ 1.27 $ 0.97 +30.9 % Number of common shares (diluted) 64,788 68,742 -5.7 % Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule During the second quarter of fiscal year 2013, DeVry recorded a restructuring charge for the write-down of land, building and equipment related to its decision to relocate a facility in Wood Dale, IL, in order to consolidate administrative operations in the Chicagoland area. DeVry also recorded restructuring charges to consolidate facilities at Carrington College and DeVry University. During the second quarter of fiscal year 2012, DeVry recorded impairment charges related to its Carrington Colleges reporting unit. DeVry also recorded a gain from the sale of Becker’s Stalla CFA review operations. The following table illustrates the effects of these restructuring and impairment charges and gain on sale of assets on DeVry’s results. Management believes that the non-GAAP disclosure of net income and earnings per share 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 discrete nature of the restructuring and impairment charges and gain on the sale of assets. DeVry uses these supplemental financial measures internally in its management and budgeting processes. 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 (in thousands, except per share data): For The Three Months For The Six Months Ended December 31: Ended December 31: 2013 2012 2013 2012 Net Income $ 50,286 $ 8,865 $ 82,275 $ 66,349 Earnings per Share $ 0.78 $ 0.13 $ 1.27 $ 0.97 (diluted) Restructuring Expense (net $ 5,940 -- $ 5,940 -- of tax) Effect on Earnings per $ 0.09 -- $ 0.09 -- Share (diluted) Impairment Charges (net of -- $ 55,751 -- $ 55,751 tax) Effect on Earnings per -- $ 0.82 -- $ 0.81 Share (diluted) Gain on Sale of Assets (net -- $ (2,216 ) -- $ (2,216 ) of tax) Effect on Earnings per -- $ (0.03 ) -- $ (0.03 ) Share (diluted) Net Income Excluding the Restructuring and Impairment Charges and Gain on Sale of Assets and $ 56,226 $ 62,400 $ 88,215 $ 119,884 Severance Earnings per Share Excluding the Restructuring and Impairment Charges and Gain on Sale of Assets $ 0.87 $ 0.92 $ 1.36 $ 1.74 (diluted) November 2012 and January 2013 Enrollment Results 2011/12 2012/13 % Change DeVry Inc. Student Enrollments^(1) New students 15,195 16,047 +5.6 Total students 131,134 124,007 -5.4 DeVry University Undergraduate – November Session New students 6,488 5,482 -15.5 Total students 60,103 49,515 -17.6 Undergraduate – January Session New students 5,593 5,330 -4.7 Total students 62,435 53,138 -14.9 Graduate – November Session Coursetakers^(2) 23,264 19,540 -16.0 Graduate – January Session Coursetakers^(2) 24,029 21,131 -12.1 Online November Session Total coursetakers^(2)(3) 71,255 62,899 -11.7 January Session Total coursetakers^(2)(3) 75,487 67,983 -9.9 Chamberlain College of Nursing November Session New students 1,868 2,121 +13.5 Total students 10,619 12,247 +15.3 January Session New students 1,129 2,120 +87.8 Total students 10,888 13,714 +26.0 The Carrington Colleges Group 3 months ending Dec. 31, 2012 New students 1,565 1,763 +12.7 Total students 7,379 7,405 +0.4 DeVry Medical International January Term New students 601 603 +0.3 Total students 6,024 6,318 +4.9 1. Excludes Becker and Advanced Academics. Includes enrollments at DeVry Brasil reported in October 2012. 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. Chart 1: DeVry Inc. Remaining Calendar 2013 Announcements & Events April 23, 2013 Fiscal 2013 Third Quarter Results and March Enrollment DeVry University Chamberlain College of Nursing Carrington Colleges Group DeVry Brasil August 8, 2013 Fiscal 2013 Fourth Quarter and May/July Enrollment DeVry University Chamberlain College of Nursing Carrington Colleges Group DeVry Medical International October 24, 2013 Fiscal 2014 First Quarter Results and September Enrollment DeVry University Chamberlain College of Nursing Carrington Colleges Group DeVry Medical International DeVry Brasil November 6, 2013 Annual Shareholder’s Meeting DEVRY INC. CONSOLIDATED BALANCE SHEETS (Dollars in Thousands) (Unaudited) PRELIMINARY December 31, June 30, December 31, 2012 2012 2011 ASSETS Current Assets Cash and Cash $ 216,259 $ 174,076 $ 285,749 Equivalents Marketable Securities 2,752 2,632 2,499 and Investments Restricted Cash 3,894 2,498 30,799 Accounts Receivable, 139,658 113,911 145,488 Net Deferred Income 25,176 27,845 21,760 Taxes, Net Refundable Income 23,827 40,278 7,560 Taxes Prepaid Expenses and 39,205 39,874 34,925 Other Total Current 450,771 401,114 528,780 Assets Land, Buildings and Equipment Land 65,963 65,172 61,360 Buildings 388,259 386,028 366,102 Equipment 472,042 433,949 444,851 Construction In 48,143 61,752 47,926 Progress 974,407 946,901 920,239 Accumulated Depreciation and (415,050 ) (387,924 ) (395,331 ) Amortization Land, Buildings and 559,357 558,977 524,908 Equipment, Net Other Assets Intangible Assets, 294,177 285,220 276,448 Net Goodwill 566,199 549,961 553,456 Perkins Program Fund, 13,450 13,450 13,450 Net Other Assets 30,112 29,894 27,290 Total Other 903,938 878,525 870,644 Assets TOTAL ASSETS $ 1,914,066 $ 1,838,616 $ 1,924,332 DEVRY INC. CONSOLIDATED BALANCE SHEETS (Dollars in Thousands) (Unaudited) PRELIMINARY December 31, June 30, December 31, 2012 2012 2011 LIABILITIES Current Liabilities Accounts Payable $ 60,669 $ 63,094 $ 51,413 Accrued Salaries, 64,043 77,741 58,792 Wages and Benefits Accrued Expenses 71,466 76,243 37,217 Advance Tuition 32,159 20,580 19,701 Payments Deferred Tuition 109,191 77,551 259,967 Revenue Total Current 337,528 315,209 427,090 Liabilities Non-Current Liabilities Deferred Income Taxes, 63,946 62,276 64,570 Net Deferred Rent and 107,333 96,496 71,001 Other Total Non-current 171,279 158,772 135,571 Liabilities TOTAL LIABILITIES 508,807 473,981 562,661 NON-CONTROLLING INTEREST 8,901 8,242 7,632 SHAREHOLDERS' EQUITY Common Stock, $0.01 par value, 200,000,000 Shares Authorized; 63,287,000, 64,722,000 and 66,569,000 Shares issued and outstanding at December 31, 2012, June 30, 2012 and December 31, 2011, 744 741 740 respectively. Additional Paid-in 280,901 272,962 260,755 Capital Retained Earnings 1,560,130 1,488,988 1,423,651 Accumulated Other (6,696 ) (5,889 ) 4,458 Comprehensive Income Treasury Stock, at Cost (11,079,000, 9,386,000 and 7,416,000 Shares, Respectively) (438,721 ) (400,409 ) (335,565 ) TOTAL SHAREHOLDERS' EQUITY 1,396,358 1,356,393 1,354,039 TOTAL LIABILITIES AND $ 1,914,066 $ 1,838,616 $ 1,924,332 SHAREHOLDERS' EQUITY DEVRY INC. CONSOLIDATED STATEMENTS OF INCOME (Dollars in Thousands Except for Per Share Amounts) (Unaudited) PRELIMINARY For The Quarter For The Six Months Ended December 31, Ended December 31, 2012 2011 2012 2011 REVENUES: Tuition $ 476,459 $ 496,294 $ 927,960 $ 982,781 Other 28,785 27,755 60,020 60,306 Educational Total 505,244 524,049 987,980 1,043,087 Revenues OPERATING COSTS AND EXPENSES: Cost of Educational 243,401 241,212 485,946 479,460 Services Student Services and 186,454 194,042 380,855 394,967 Administrative Expense Restructuring 9,484 - 9,484 - Charges Asset Impairment - 75,039 - 75,039 Charges Total Operating 439,339 510,293 876,285 949,466 Costs and Expenses Operating 65,905 13,756 111,695 93,621 Income INTEREST AND OTHER INCOME (EXPENSE): Interest 230 226 791 410 Income Interest (759 ) (481 ) (2,250 ) (1,003 ) Expense Net Gain on - 3,695 - 3,695 Sale of Assets Net Interest and Other (529 ) 3,440 (1,459 ) 3,102 Income (Expense) Income Before 65,376 17,196 110,236 96,723 Income Taxes Income Tax 14,152 7,916 27,190 30,131 Provision NET INCOME 51,224 9,280 83,046 66,592 Net Income Attributable to (938 ) (415 ) (771 ) (243 ) Noncontrolling Interest NET INCOME ATTRIBUTABLE TO $ 50,286 $ 8,865 $ 82,275 $ 66,349 DEVRY INC. EARNINGS PER COMMON SHARE ATTRIBUTABLE TO DEVRY INC. SHAREHOLDERS Basic $ 0.78 $ 0.13 $ 1.27 $ 0.97 Diluted $ 0.78 $ 0.13 $ 1.27 $ 0.97 Cash Dividend Declared per $ 0.17 $ 0.15 $ 0.17 $ 0.15 Common Share DEVRY INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited) PRELIMINARY For The Six Months Ended December 31, 2012 2011 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 83,046 $ 66,592 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Stock-Based Compensation Expense 8,370 8,854 Depreciation 42,219 36,959 Amortization 5,019 5,372 Impairment of Goodwill and Intangible - 75,039 Assets Provision for Refunds and Uncollectible 41,094 48,595 Accounts Deferred Income Taxes 2,017 (1,765 ) Loss on Disposals of Land, Buildings and 2,237 488 Equipment Unrealized Loss on Assets Held for Sale 6,250 - Realized Gain on Sale of Assets - (3,695 ) Changes in Assets and Liabilities, Net of Effects from Acquisitions and Divestitures of Businesses: Restricted Cash (1,396 ) (28,491 ) Accounts Receivable (63,462 ) (79,995 ) Prepaid Expenses And 25,691 (5,820 ) Other Accounts Payable (2,426 ) (13,121 ) Accrued Salaries, Wages, (11,510 ) (67,398 ) Expenses and Benefits Advance Tuition Payments 11,416 (2,379 ) Deferred Tuition Revenue 31,640 180,061 NET CASH PROVIDED BY OPERATING ACTIVITIES 180,205 219,296 CASH FLOWS FROM INVESTING ACTIVITIES: Capital Expenditures (48,185 ) (63,027 ) Marketable Securities Purchased (82 ) (58 ) Marketable Securities Sales - - Payment for Purchase of Business, Net of Cash (31,386 ) (225,903 ) Acquired Cash Received from Sale of Assets - 4,475 NET CASH USED IN INVESTING ACTIVITIES (79,653 ) (284,513 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Exercise of Stock Options 1,139 3,524 Proceeds from Stock issued Under Employee Stock 756 792 Purchase Plan Repurchase of Common Stock for Treasury (38,567 ) (92,033 ) Cash Dividends Paid (20,707 ) (8,285 ) Excess Tax Benefit from Stock-Based Payments 58 272 Payment of Debt Financing Fees - (70 ) NET CASH USED IN FINANCING ACTIVITIES (57,321 ) (95,800 ) Effects of Exchange Rate Differences (1,048 ) (379 ) NET INCREASE (DECREASE) IN CASH AND CASH 42,183 (161,396 ) EQUIVALENTS Cash and Cash Equivalents at Beginning of 174,076 447,145 Period Cash and Cash Equivalents at End of Period $ 216,259 $ 285,749 DEVRY INC. SEGMENT INFORMATION (Dollars in Thousands) (Unaudited) PRELIMINARY For The Quarter For The Six Months Ended December 31, Ended December 31, Increase Increase 2012 2011 (Decrease) 2012 2011 (Decrease) REVENUES: Business, Technology and $ 280,239 $ 325,573 -13.9 % $ 564,853 $ 663,169 -14.8 % Management Medical and 167,746 153,520 9.3 % 326,103 300,973 8.3 % Healthcare International, K-12 and 57,259 44,956 27.4 % 97,024 78,945 22.9 % Professional Education Total Consolidated 505,244 524,049 -3.6 % 987,980 1,043,087 -5.3 % Revenues OPERATING INCOME: Business, Technology and 38,835 57,821 -32.8 % 64,405 119,183 -46.0 % Management Medical and 26,705 (51,933 ) NM 51,887 (28,644 ) NM Healthcare International, K-12 and 13,937 10,151 37.3 % 13,628 7,164 90.2 % Professional Education Reconciling Items: Amortization (2,412 ) (2,726 ) -11.5 % (4,690 ) (5,044 ) -7.0 % Expense Depreciation (11,160 ) 443 NM (13,535 ) 962 NM and Other Total Consolidated 65,905 13,756 379.1 % 111,695 93,621 19.3 % Operating Income INTEREST AND OTHER INCOME (EXPENSE): Interest 230 226 1.8 % 791 410 92.9 % Income Interest (759 ) (481 ) 57.8 % (2,250 ) (1,003 ) 124.3 % Expense Net Gain on Sale of - 3,695 NM - 3,695 NM Assets Net Interest and Other (529 ) 3,440 -115.4 % (1,459 ) 3,102 -147.0 % Income (Expense) Total Consolidated $ 65,376 $ 17,196 280.2 % $ 110,236 $ 96,723 14.0 % Income before Income Taxes Restructuring charges were recorded for the three and six months ended December 31, 2012. These charges are related to DeVry Inc. (not related to any segment), the Business, Technology and Management segment and DeVry's Carrington Colleges Group which is part of the Medical and Healthcare segment. Intangible asset and goodwill impairment charges were recorded for the three and six month periods ended December 31, 2011. These charges are related to DeVry's Carrington Colleges Group, Inc. The following table illustrates the effects of these impairment charges on the operating income of the Business, Technology and Management segment and the Medical and Healthcare segment. 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 discrete nature of these restructuring and impairment 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 For The Six Months Ended December 31, Ended December 31, Increase Increase 2012 2011 (Decrease) 2012 2011 (Decrease) Business, Technology and Management $ 38,835 $ 57,821 -32.8 % $ 64,405 $ 119,183 -46.0 % Operating Income Restructuring 200 - NM 200 - NM Charge Business, Technology and Management Operating Income Excluding Restructuring $ 39,035 $ 57,821 -32.5 % $ 64,605 $ 119,183 -45.8 % Charge Medical and Healthcare $ 26,705 $ (51,933 ) NM $ 51,887 $ (28,644 ) NM Operating Income Restructuring 1,416 - NM 1,416 - NM Charge Asset Impairment - 75,039 NM - 75,039 NM Charge Medical and Healthcare Operating Income Excluding Charge for $ 28,121 $ 23,106 21.7 % $ 53,303 $ 46,395 14.9 % Asset Impairments Contact: DeVry Inc. Investor Contact: Joan Bates, (630) 353-3800 firstname.lastname@example.org or Media Contact: Larry Larsen, (312) 895-4717 email@example.com
DeVry Inc. Announces Second-Quarter 2013 Results
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