-----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, Lj0rH/9fLq5oKeMpJWol9uGYrO7yYPX1fXWL0PZ/DdNm0f6gMyobtIflBx6cqDX2 cA+9MGEiyWJeq6ailMMqTQ== 0001157523-05-005640.txt : 20050623 0001157523-05-005640.hdr.sgml : 20050623 20050623095814 ACCESSION NUMBER: 0001157523-05-005640 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050623 ITEM INFORMATION: Other Events FILED AS OF DATE: 20050623 DATE AS OF CHANGE: 20050623 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: 05911478 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 a4916855.txt DEVRY INC. 8-K 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) June 23, 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)) Total number of pages: 6 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 June 23, 2005, DeVry Inc. issued a press release announcing the financial impact of fiscal 2005 fourth quarter workforce reductions. 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: June 23, 2005 By: /s/ Ronald L. Taylor ----------------------------- Ronald L. Taylor Chief Executive Officer Date: June 23, 2005 By: /s/ Norman M. Levine ----------------------------- Norman M. Levine Senior Vice President and Chief Financial Officer 3 EXHIBIT INDEX Exhibit Sequentially Number Description Numbered Page - -------------------------------------------------------------------------------- 99.1 Press release announcing the financial impact of fiscal 2005 fourth quarter workforce reductions. 5 4 EX-99.1 2 a4916855ex991.txt EXHIBIT 99.1 - PRESS RELEASE Exhibit 99.1 DeVry Inc. Provides Update on Financial Impact of Workforce Reduction Program OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--June 23, 2005--At the William Blair & Company 25th Annual Growth Stock Conference in Chicago, DeVry Inc. (NYSE:DV), an international higher education company, provided an update on the financial impact of the company's workforce reduction programs. As previously announced, estimated annual savings from the second and third quarter workforce reductions are expected to be approximately $10.5 million, beginning in fiscal 2006. These workforce reductions included faculty and staff within DeVry University, Becker Professional Review and at the corporate office. Staff reductions implemented during the fourth quarter are expected to produce additional annual savings of approximately $6 million. The company expects to take a pre-tax charge of approximately $2.5 million in the fourth quarter related to this workforce reduction, which is in addition to the $5.2 million in charges taken in the second and third quarters of fiscal 2005. "We have continued to make some tough expense-related decisions, including reducing staff, which allows us to more closely align staffing levels with today's current business requirements," said Ronald L. Taylor, DeVry's chief executive officer. "While we are cutting some costs, we are also investing in our high growth areas and improving upon our student service functions, all of which is consistent with our comprehensive growth plan." 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 John Kroen (Media), 312-780-7204 -----END PRIVACY-ENHANCED MESSAGE-----