-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VhPHM5rfdoo+GW/yu1CxE3/SkW4Yeil3bqZQIPiH7tX2Ldmdq4x5k68GE3qqsWNc Ta0EpbUfCUl9BC74DmFO1A== 0000730464-00-000004.txt : 20000510 0000730464-00-000004.hdr.sgml : 20000510 ACCESSION NUMBER: 0000730464-00-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEVRY INC CENTRAL INDEX KEY: 0000730464 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 363150143 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13988 FILM NUMBER: 622289 BUSINESS ADDRESS: STREET 1: ONE TOWER LN STREET 2: SUITE 1000 CITY: OAKBROOK TERRACE STATE: IL ZIP: 60181 BUSINESS PHONE: 7085717700 MAIL ADDRESS: STREET 1: ONE TOWER LANE CITY: OAKBROOK STATE: IL ZIP: 60181 10-Q 1 1 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________________ [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2000 Commission file number 0-12751 DeVRY INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 36-3150143 ------------------------------- -------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Tower Lane, Oakbrook Terrace, Illinois 60181 ------------------------------------------ ---------- (Address of principal executive offices) (Zip Code) (630) 571-7700 ---------------------------------------------------- (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X Number of shares of Common Stock, $0.01 par value, outstanding at April 28, 2000: 69,621,784 Total number of pages: 14 2 DeVRY INC. FORM 10-Q INDEX For the Quarter and Nine Months ended March 31, 2000 Page No. -------- PART I. Financial Information Item 1. Financial Statements: Consolidated Balance Sheets at March 31, 2000, June 30, 1999, and March 31, 1999 3-4 Consolidated Statements of Income for the quarter and nine months ended March 31, 2000, and 1999 5 Consolidated Statements of Cash Flows for the nine months ended March 31, 2000, and 1999 6 Notes to Consolidated Financial Statements 7-8 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition 9-12 Part II. Other Information Item 5. Other Information 13 Item 6. Exhibits and Reports on Form 8-K 13 SIGNATURES 14 3 PART I - Financial Information Item 1 - Financial Statements DEVRY INC. CONSOLIDATED BALANCE SHEETS (Dollars in Thousands)
March 31, June 30, March 31, 2000 1999 1999 ----------- ---------- ----------- (Unaudited) (Unaudited) ASSETS Current Assets Cash and Cash Equivalents $ 33,995 $ 31,848 $ 57,465 Restricted Cash 49,595 20,766 30,442 Accounts Receivable, Net 92,708 14,217 62,816 Inventories 3,532 6,592 3,821 Deferred Income Taxes 2,656 4,536 1,643 Prepaid Expenses and Other 4,109 982 1,695 ------- ------- ------- Total Current Assets 186,595 78,941 157,882 ------- ------- ------- Land, Buildings and Equipment Land 38,491 37,833 37,821 Buildings 100,141 73,175 72,668 Equipment 108,904 92,304 86,850 Construction In Progress 3,135 12,741 4,871 ------- ------- ------- 250,671 216,053 202,210 Accumulated Depreciation (96,132) (80,842) (76,245) ------- ------- ------- Land, Buildings and Equipment, Net 154,539 135,211 125,965 ------- ------- ------- Other Assets Intangible Assets, Net 74,946 37,841 38,181 Perkins Program Fund, Net 7,829 7,375 7,131 Other Assets 1,405 1,323 3,909 ------- ------- ------- Total Other Assets 84,180 46,539 49,221 ------- ------- ------- TOTAL ASSETS $425,314 $260,691 $333,068 ======= ======= =======
The accompanying notes are an integral part of these consolidated financial statements. 4 DEVRY INC. CONSOLIDATED BALANCE SHEETS (Dollars in Thousands)
March 31, June 30, March 31, 2000 1999 1999 ----------- --------- ----------- (Unaudited) (Unaudited) LIABILITIES Current Liabilities Accounts Payable $ 35,272 $ 29,080 $ 25,455 Accrued Salaries, Wages & Benefits 26,355 22,339 22,593 Accrued Expenses 8,078 5,500 5,831 Advance Tuition Payments 10,069 11,979 6,500 Deferred Tuition Revenue 108,417 5,145 94,564 ------- ------- ------- Total Current Liabilities 188,191 74,043 154,943 ------- ------- ------- Other Liabilities Revolving Loan 13,000 - - Deferred Income Tax Liability 323 2,137 3,660 Deferred Rent and Other 11,985 9,206 9,087 ------- ------- ------- Total Other Liabilities 25,308 11,343 12,747 ------- ------- ------- TOTAL LIABILITIES 213,499 85,386 167,690 ------- ------- ------- SHAREHOLDERS' EQUITY Common Stock, $0.01 par value, 200,000,000 Shares Authorized, 69,605,007, 69,414,020 and 69,399,630, Shares Issued and Outstanding at March 31, 2000, June 30, 1999 and March 31, 1999, Respectively 696 694 694 Additional Paid-in Capital 61,463 60,948 60,885 Retained Earnings 149,210 113,215 103,125 Accumulated Other Comprehensive Income 446 448 674 ------- ------- ------- TOTAL SHAREHOLDERS' EQUITY 211,815 175,305 165,378 ------- ------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $425,314 $260,691 $333,068 ======= ======= =======
The accompanying notes are an integral part of these consolidated financial statements. 5 DEVRY INC. CONSOLIDATED STATEMENTS OF INCOME (Dollars in Thousands except for Per Share Amounts) (Unaudited)
For The Quarter For The Nine Months Ended March 31, Ended March 31, -------------------- -------------------- 2000 1999 2000 1999 -------------------- -------------------- REVENUES: Tuition $117,496 $ 98,669 $343,332 $279,901 Other Educational 12,358 11,347 37,444 31,289 Interest 278 218 886 715 ------- ------- ------- ------- Total Revenues 130,132 110,234 381,662 311,905 ------- ------- ------- ------- COSTS AND EXPENSES: Cost of Educational Services 72,569 63,932 216,333 178,890 Student Services and Administrative Expense 35,518 29,124 105,131 85,922 Interest Expense 355 43 1,364 257 ------- ------- ------- ------- Total Costs and Expenses 108,442 93,099 322,828 265,069 ------- ------- ------- ------- Income Before Income Taxes 21,690 17,135 58,834 46,836 Income Tax Provision 8,393 6,512 22,839 18,096 ------- ------- ------- ------- NET INCOME $ 13,297 $ 10,623 $ 35,995 $ 28,740 ======= ======= ======= ======= EARNINGS PER COMMON SHARE Basic $0.19 $0.15 $0.52 $0.41 ===== ===== ===== ===== Diluted $0.19 $0.15 $0.51 $0.41 ===== ===== ===== =====
The accompanying notes are an integral part of these consolidated financial statements. 6 DEVRY INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in Thousands) (Unaudited)
For The Nine Months Ended March 31, 2000 1999 -------- ------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 35,995 $28,740 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation 15,484 11,457 Amortization 2,777 1,248 Provision for Refunds and Uncollectible Accounts 18,611 15,094 Deferred Income Taxes 66 (45) Loss on Disposals and Adjustments to Land, Buildings and Equipment 49 139 Changes in Assets and Liabilities: Restricted Cash (28,684) (13,567) Accounts Receivable (96,550) (65,988) Inventories 3,143 1,397 Prepaid Expenses And Other (2,688) (2,266) Perkins Program Fund Contribution and Other (581) (515) Accounts Payable 3,896 1,339 Accrued Salaries, Wages, Expenses and Benefits 6,178 1,498 Advance Tuition Payments (3,359) (2,702) Deferred Tuition Revenue 103,272 88,829 ------- ------ NET CASH PROVIDED BY OPERATING ACTIVITIES 57,609 64,658 ------- ------ CASH FLOWS USED IN INVESTING ACTIVITIES: Capital Expenditures (30,490) (29,456) Payments for Purchases of Businesses, Net of Cash Acquired (38,487) ------- ------ NET CASH USED IN INVESTING ACTIVITIES (68,977) (29,456) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds From Exercise of Stock Options 517 278 Proceeds From Revolving Credit Facility 40,000 Repayments Under Revolving Credit Facility (27,000) (10,000) ------- ------ NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 13,517 (9,722) Effects of Exchange Rate Differences (2) 104 ------- ------ NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,147 25,584 Cash and Cash Equivalents at Beginning of Period 31,848 31,881 ------- ------ Cash and Cash Equivalents at End of Period $ 33,995 $57,465 ======= ====== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Interest Paid During the Period $1,329 $247 Income Taxes Paid During the Period 25,384 19,789
The accompanying notes are an integral part of these consolidated financial statements. 7 DEVRY INC. Notes to Consolidated Financial Statements For the Quarter and Nine Months Ended March 31, 2000 ---------- 1. The interim consolidated financial statements include the accounts of DeVry Inc. (the Company) and its wholly-owned subsidiaries. These financial statements are unaudited but, in the opinion of management, contain all adjustments, consisting only of normal, recurring adjustments, necessary to present fairly the financial condition and results of operations of the Company. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 1999 and in conjunction with the Company's quarterly reports on Form 10-Q for the quarters ended September 30, 1999 and December 31, 1999, each as filed with the Securities and Exchange Commission. The results of operations for the nine months ended March 31, 2000, are not necessarily indicative of results to be expected for the entire fiscal year. Certain previously reported amounts have been reclassified to conform to the current presentation format. 2. Statement of Financial Accounting Standards No. 130 "Reporting Comprehensive Income" establishes standards for reporting and display of comprehensive income and its components in the financial statements. The components of comprehensive income, other than those included in net income, were immaterial for the quarter and nine months ended March 31, 2000. 3. On July 1, 1999, the Company acquired substantially all of the tangible operating assets, trademarks and trade names and assumed certain liabilities of the Denver Technical College ("DTC"). These assets were purchased, for cash, from Educational Development Corporation and its stockholders. On this same date, the Company acquired certain land and buildings used by DTC from Niagara Limited Partnership for cash. DTC is one of the largest technical colleges in Colorado. The college offers undergraduate and post-graduate degree programs in electronics, computer technology, business and medical technology at campuses in Denver and Colorado Springs. 8 On July 2, 1999, Becker CPA acquired certain tangible operating assets, trademarks and trade names of Conviser Duffy CPA Review Course ("Conviser Duffy"). These assets were purchased, for cash, from a unit of Harcourt General, Inc. Conviser Duffy is a nationally known training firm preparing students to pass the CPA exam. Funding for the above acquisitions was obtained through borrowings under the Company's revolving credit facility. The acquisitions are accounted for under the purchase method of accounting. Accordingly, the purchase prices have been allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The intangible assets, consisting primarily of goodwill, are being amortized using the straight line method primarily over a 25-year period for financial reporting purposes and will be deducted for tax reporting purposes over shorter statutory lives. 4. The Company's revolving line of credit agreement contains a covenant requiring guarantees to the lenders from the Company and its subsidiaries. Several new subsidiaries, formed by the Company to facilitate acquisitions during the first and second quarters of fiscal 2000, did not deliver such guarantees until after the required period, creating an Event of Default as defined by the loan agreement. On December 3, 1999, the lenders waived this default for all prior periods. 5. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Shares used in this computation were 69,592,000 and 69,389,000 for the third quarters ended March 31, 2000 and 1999, respectively, and 69,490,000 and 69,346,000 for the nine months ended March 31, 2000 and 1999, respectively. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive shares reflect the additional shares that would be outstanding if dilutive stock options were exercised during the period. Shares used in this computation were 70,321,000 and 70,560,000 for the quarters ended March 31, 2000 and 1999, respectively, and 70,324,000 and 70,451,000 for the nine months ended March 31, 2000 and 1999, respectively. 9 Item 2 - Management's Discussion and Analysis of Results of Operations and Financial Condition Certain information contained in this quarterly report may constitute forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Potential risks and uncertainties include, but are not limited to, dependence on student financial aid, state and provincial approval and licensing requirements, and the other factors detailed in the Company's SEC filings, including those discussed under the heading entitled "Risk Factors" in the Company's Registration Statement on Form S-3 (No. 333-22457) filed with the Securities and Exchange Commission. The following discussion of the Company's results of operations and financial condition should be read in conjunction with the consolidated financial statements of the Company and the notes thereto as included in the Company's annual report on Form 10-K for the fiscal year ended June 30, 1999, and in conjunction with the Company's quarterly reports on Form 10-Q for the quarters ended September 30, and December 31, 1999, all as filed with the Securities and Exchange Commission. All references to per share amounts have been restated to reflect the June 19, 1998, two-for-one stock split. Because of the somewhat seasonal pattern of the Company's enrollments and its term starting dates, which affect the results of operations and the timing of cash inflows, the Company's management believes that comparisons of its results of operations should be made to the corresponding period in the preceding year. Comparisons of financial position should be made to both the end of the previous fiscal year and to the end of the corresponding period in the preceding year. Because of the seasonality of student enrollments, the Company's second and third quarters have historically represented the periods of highest revenues and net income within a fiscal year. Results of Operations - --------------------- Tuition revenues for the third quarter increased by $18.8 million, or 19.1%, compared to the third quarter of last year. For the first nine months, the increase in tuition revenues was $63.4 million, or 22.7%. These increases in tuition revenue were produced by several positive factors. Enrollments for the fall term at the Company's undergraduate schools increased by 13.4% from last fall and enrollments for the spring term increased by 14.3% from last year. These were the 27th and 28th consecutive terms that exceeded prior year results in total student enrollment. The total undergraduate student enrollments for the current year include the DeVry Institutes and Denver Technical College that was acquired in July, 1999. Contributing to the record revenues and enrollments were the increased number of students attending the DeVry Institute campuses in Fremont, California, and Long Island City, New York, both of which were opened last fiscal year, and the DeVry Institute campus in West Hills, California, which opened in November, 1999. At the DeVry Institutes, the tuition increase that has been historically implemented for the spring term was realigned to coincide with the financial aid year beginning in July and the Company's high school recruiting program. This partially offset increases in revenue from higher enrollments in the third quarter. At Keller Graduate 10 school, total student enrollments for the November and February terms increased, respectively, by 14.6% and 17.4% from last year. A tuition increase approximating 5-6% was implemented by Keller Graduate School during the past year, further contributing to its revenue gains. Also, revenue growth came from increased enrollments at the Becker CPA review course, complemented by the July acquisition of the Conviser Duffy CPA Review course. Other Educational Revenues, composed primarily of sales of books and supplies, increased for the quarter and nine months because of sales to the increased number of students attending the Company's educational programs. Sales of the popular Becker CPA review course on CD-ROM, which are included in this category, continued their increase from the prior year. The DeVry Institutes have entered into an agreement with Follett Higher Education Group ("Follett") to run several of the on-campus Institute bookstores and also provide internet order capability to students at these campuses. The wider range of ancillary merchandise and better retail store management should provide an improved level of service to DeVry Institute students. The Institutes will receive a commission from Follett based upon the level of sales at these campuses. Responsibility for running additional DeVry Institute campus bookstores may be transferred to Follett in the future, reducing reported revenues but with no significant effect on net income. Interest income on the Company's short-term investments increased slightly from the third quarter and corresponding nine months of last year, reflecting the generally higher interest rates available this year on the Company's short term investments. Cost of Educational Services for the quarter increased by $8.6 million, or 13.5%, from last year. For the first nine months, the increase was $37.4 million, or 20.9%. These increases reflect the instructional costs associated with the acquisitions of Denver Technical College and Conviser Duffy as well as the cost of additional facilities, faculty, staff, service and supply costs associated with new DeVry Institute and Keller Graduate School sites. Compared to February 1999, Keller is operating at three new teaching sites and there is one new DeVry Institute campus. Increased enrollments at previously existing sites, particularly the two DeVry Institutes which opened last fiscal year and now have substantially higher enrollments and supporting faculty and staff levels in their second year of operation, also contributed to the increase in spending. Depreciation expense, largely included in the cost of Educational Services, increased by $1.3 million for the quarter and by $4.0 million for the first nine months compared to last year. These increases reflect increased capital spending for the past several years, continuing on into the current year, to expand and improve the Company's operations. The provision for refunds and doubtful accounts, which is a non-cash charge against income, remained an approximately constant percent to tuition and other educational revenue for the first nine months of the year compared to last year. Compared to the percentage of revenue two years ago, this provision has declined slightly as a percentage of revenues. The Company believes that this reduction is a reflection of the benefits from increased new student admission standards at DeVry Institutes and improved educational programs and support throughout all of the Company's educational programs. 11 Student Services and Administrative Expense increased by $6.4 million, or 22.0% from the third quarter of last year. For the first nine months, these expenses increased by $19.2 million, or 22.4% from last year. These increases reflect the marketing and administrative costs associated with the two operations acquired in July and the marketing costs associated with student recruitment for the DeVry Institutes' new school in West Hills, California, plus costs associated with marketing for the new Keller Graduate School teaching sites which have opened since last year. Also, advertising and student recruiting have begun for the DeVry Institute campuses in Tinley Park, Illinois, and Orlando, Florida, both of which are scheduled to open in the next fiscal year. Because marketing costs are incurred before the revenue from new student enrollments is realized, these increased rates of spending reflect efforts and programs aimed at student recruiting for future terms. Amortization expense of intangible assets, which is included in Student Services and Administrative Expense, increased by $0.5 million for the third quarter and by $1.5 million for the nine months, reflecting the amortization of goodwill from the two acquisitions which were completed at the start of the fiscal year and recorded under the purchase method of accounting. The Company's earnings from operations, before interest expense and taxes, were a record for any third quarter and first nine month period. Operating margins, which have been rising steadily over the corresponding year-ago periods, increased again in the third quarter, following increases in previous quarters. These increases were achieved by higher operating leverage on continued enrollment growth at the Company's previously existing locations and cost controls over all areas of spending. Interest expense increased by $0.3 million and $1.1 million for the quarter and first nine months, respectively. The increase in expense reflects outstanding borrowings under the Company's revolving term loan agreement which were used to complete the acquisitions of Denver Technical College and Conviser Duffy CPA Review. Net income of $13.3 million, or $0.19 per diluted share, for the quarter and $36.0 million, or $0.51 per diluted share, for the year-to-date, continued the pattern of year-over-year earnings increases in excess of 20% in every time period. The start of the new calendar year passed with no disruption to the Company's operations. Testing of communications and information systems' performance was conducted at all of the Company's major facilities on Sunday, January 2nd. This testing verified that the software and hardware, which had been the subject of earlier testing, was functioning as expected and without problems. Business resumed without interruption on January 3rd and only minor software modifications were subsequently required to correct certain reports not regularly nor frequently used. To-date, there has been no measurable adverse effect on the Company from events surrounding the start of the new year. While the Company believes that efforts directed to this event have now been completed, there is no assurance that some further efforts will not be required. In December 1999, the Securities and Exchange Commission issued Staff Accounting Bulletin 101 ("SAB 101") titled Revenue Recognition in Financial Statements. This bulletin provides the SEC staff's views on applying generally accepted accounting principles to selected revenue recognition issues, in 12 particular with respect to the Company, the recognition of fee income. The principles outlined in this bulletin must be applied no later than the first fiscal quarter of the Company's next fiscal year. The Company derives most of its revenues from tuition charges that are properly recognized ratably over the period of the academic term. Application fees and other similar charges, which are currently recognized as revenue when they are charged, do provide relatively small amounts of additional revenue. SAB 101 requires deferral of such application fees and other similar charges over the period of student enrollment. The Company is in the process of evaluating the full effects of SAB 101; however, based on preliminary analysis, the Company does not expect SAB 101 to have a significant effect on its reported earnings or the balance sheet. Liquidity and Capital Resources - ------------------------------- Cash generated from operations was $57.6 million in the first nine months, a decrease of $7.0 million from the same period last year. Higher net income, increased non-cash charges for depreciation and amortization, higher accounts payable and accrued expenses were the primary positive contributors to increased cash flow. However, restricted cash and accounts receivable both increased substantially from March 31st of last year, more than offsetting these gains. The DeVry Institute spring term began on March 13th this year, five days later than it began last year. Most tuition and fee revenues are collected in the early weeks of each new term. Therefore, the reduced number of days from the start of the term this year until the end of the quarter resulted in significant collection activity occurring in April, the Company's fourth quarter, rather than in March as they were last year. At June 30th, the end of the Company's current fiscal year, a point fully comparable to the year-ago period and the point at which most student receivables for the DeVry Institutes should have been collected, the increase in receivable levels from the prior year is expected to be more in line with the rate of increase in revenues from last year. Receivable levels, comparably measured against last year at June 30th, are expected to reflect a somewhat higher balance per student as a result of the higher tuition rates being charged each term. Capital spending was $30.5 million for the first nine months, an increase of 1.0 million from last year. Included in this total is the completion of construction of the DeVry Institute campus in West Hills, California, and the addition to the urban Chicago campus. Renovation and expansion at the Columbus, Ohio, campus and construction of the new campus in Tinley Park, Illinois, also contributed to the high level of spending. The current rate of spending is expected to continue as the Company further expands and improves its operations. At the start of the fiscal year, the Company borrowed $40.0 million under its revolving term loan to complete two acquisitions. Through March 31, the Company repaid a total of $27.0 million from cash on hand and cash generated from operations. In April, the Company repaid another $3.0 million. Future borrowings and repayments will depend upon the levels of cash generated from operations and cash requirements for operation and expansion. The Company believes that current balances of unrestricted cash, cash generated from operations and its revolving term loan agreement will be sufficient to fund its operations for the foreseeable future. 13 PART II - Other information Item 5 - Other Information - -------------------------- The DeVry Institutes have applied to the Commission on Institutions of Higher Education of the North Central Association of Colleges and Schools for approval to offer bachelor's degree programs online, modeled after the successful Keller Graduate School of Management online master's degree programs and utilizing the same delivery platform. The Company has entered into a lease for a new DeVry Institute campus in Orlando, Florida, that is scheduled to begin operation in November. This is DeVry's first campus in the state of Florida. The Company has also renegotiated the lease on its Oakbrook Terrace, IL., corporate headquarters office space, expanding the leased area and extending the term of the lease. Item 6 - Exhibits and Reports on Form 8-K - ----------------------------------------- (b) Reports on Form 8-K There were no reports on Form 8-K filed by the Company during the quarter ended March 31, 2000. 14 Signatures - ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: MAY 8, 2000 /s/ Ronald L. Taylor -------------------- Ronald L. Taylor President and Chief Operating Officer Date: MAY 8, 2000 /s/Norman M. Levine ------------------- Norman M. Levine Vice President Finance, Controller, Chief Financial and Accounting Officer EX-27 2
5 1000 9-MOS JUN-30-2000 MAR-31-2000 83590 0 106549 13841 3532 186595 250671 96132 425314 188191 13000 0 0 696 211119 425314 0 381662 0 216333 105131 18611 1364 58834 22839 35995 0 0 0 35995 .52 .51
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