-----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, Tnfp/vb8otfA7GnoPFDpiXLPyCcJV1V5qTjdOUDFfTrItdjb53Huy12APEY8xNnB aRD+G7WvR5xhPx2IJP8bvQ== 0001157523-05-004992.txt : 20050523 0001157523-05-004992.hdr.sgml : 20050523 20050523111129 ACCESSION NUMBER: 0001157523-05-004992 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050519 ITEM INFORMATION: Other Events FILED AS OF DATE: 20050523 DATE AS OF CHANGE: 20050523 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13988 FILM NUMBER: 05850047 BUSINESS ADDRESS: STREET 1: ONE TOWER LN STREET 2: SUITE 1000 CITY: OAKBROOK TERRACE STATE: IL ZIP: 60181 BUSINESS PHONE: 6305717700 MAIL ADDRESS: STREET 1: ONE TOWER LANE CITY: OAKBROOK STATE: IL ZIP: 60181 8-K 1 a4893581.txt DEVRY INC. - INVESTOR RELATIONS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 19, 2005 ------------ DeVRY INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 1-13988 36-3150143 - -------------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation File Number) Identification No.) ONE TOWER LANE, OAKBROOK TERRACE, IL 60181 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (630)571-7700 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): [_] Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) -1- DEVRY INC. FORM 8-K INDEX Page No. Item 8.01 - Other Events 3 Signatures 3 Exhibit Index 4 -2- Item 8.01 - Other Events On May 19, 2005, DeVry Inc. issued a press release announcing the implementation of a reduction in force of full-time and part-time faculty positions at its campuses throughout North America. The full text of that press release is included in Exhibit 99.1 in this Form 8-K. 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. DEVRY INC. ----------------------- (REGISTRANT) Date: May 19, 2005 /s/Ronald L. Taylor ----------------------- Ronald L. Taylor Chief Executive Officer -3- EXHIBIT INDEX Exhibit Sequentially Number Description Numbered Page - ------------------------------------------------------------------------------- 99.1 Press release announcing the implementation 5-6 of a reduction in force of full-time and part-time faculty positions at its campuses throughout North America. -4- EX-99.1 2 a4893581ex991.txt EXHIBIT 99.1 Exhibit 99.1 DeVry Inc. Provides Update on Workforce Reduction Program OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--May 19, 2005--DeVry Inc. (NYSE:DV), an international higher education company, today announced that on May 18, 2005, DeVry University implemented a reduction in force of full-time and part-time faculty positions at its campuses throughout North America. In order to improve operational effectiveness, DeVry University previously implemented two Voluntary Separation Plans (VSP) during the current fiscal year. While these voluntary plans have helped to align resources with needs, they have not been sufficient to totally offset enrollment declines at DeVry University's campuses. The most recent reductions in force affected 134 people following a recently completed evaluation of DeVry's campus-based instructional needs for the 2006 fiscal year. The company estimates that at least $6 million in annual salary and benefit costs will be eliminated by these actions, but due to severance costs associated with implementing these workforce reductions, savings will not positively impact financial results until fiscal 2006 and beyond. "We highly value the contributions of all of our instructors, and do not make these decisions without serious consideration," said Ronald L. Taylor, DeVry's chief executive officer. "A major focus of our turnaround plan is to increase operational effectiveness, and these actions will help DeVry University better align its workforce resources with the changes in demand we are experiencing for more part-time, online, and business-focused programs." DeVry Inc. (NYSE: DV) is the holding company for DeVry University, Ross University, Deaconess College of Nursing and Becker Professional Review. DeVry University, which includes Keller Graduate School of Management, offers associate, bachelor's and master's degree programs in technology, business and management. Ross University, through its schools of Medicine and Veterinary Medicine, offers both doctor of medicine and doctor of veterinary medicine degrees. Deaconess College of Nursing offers associate and bachelor's degree programs in nursing. Becker Professional Review, which includes Stalla CFA Review, provides preparatory coursework for the certified public accountant, certified management accountant and chartered financial analyst exams. DeVry Inc. is based in Oakbrook Terrace, Ill. For more information about the company, visit http://www.devry.com. Certain information contained in this release may constitute forward-looking statements pursuant to the safe harbor provision 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, market conditions, dependence on student financial aid, state and provincial approval and licensing requirements, and the other factors detailed in the company's Securities and Exchange Commission filings, including those discussed under the heading "Risk Factors" in the Company's Registration Statement on Form S-3 (No. 333-22457) filed with the SEC. CONTACT: DeVry Inc. Joan Bates (Investor), 630-574-1949 or Dresner Corporate Services Kyra Kyles (Media), 312-780-7208 -----END PRIVACY-ENHANCED MESSAGE-----