-----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, QfRKBrhz0YCs4U8CNdBTxNhTO4oXarFR8YBcUoUfQ56PXxJ6oSjWjxqrLCsWKAxn hAQziJ7DgXA8hAe5w072+A== 0001157523-05-006389.txt : 20050721 0001157523-05-006389.hdr.sgml : 20050721 20050721150750 ACCESSION NUMBER: 0001157523-05-006389 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050719 ITEM INFORMATION: Material Impairments ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050721 DATE AS OF CHANGE: 20050721 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: 05966057 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 a4935774.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) July 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)) Total number of pages: 5 -1- DEVRY INC. FORM 8-K INDEX Page No. Item 2.06 - Material Impairments 3 Item 9.01 - Financial Statements and Exhibits 3 Signatures 3 Exhibit Index 4 -2- Item 2.06 - Material Impairments During the fourth quarter of fiscal 2005, the Company received an offer to sell its building located at 925 South Niagara Street, in Denver, Colorado. On June 15, 2005, the Company entered into an agreement to sell this building and concluded that a charge for impairment to this asset was required. The sale is contingent upon completion of due diligence by the prospective purchasers. The building was acquired in 1999 with the acquisition of Denver Technical College. DeVry University will relocate classes held at this facility to other Denver-area sites. The company estimates that in the fiscal 2005 fourth quarter it will take a charge of approximately $1.0 million, reflecting the contractual sale price less estimated selling costs, compared to its historic book value. No future cash expenditures are anticipated related to this impairment charge. Item 9.01 - Financial Statements and Exhibits (c) - Exhibits Exhibit Number Description - ------ ----------- 99.1 Press release relating to the Company entering into an agreement to sell its building located at 925 South Niagara Street, in Denver, Colorado dated July 19, 2005. 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: July 19, 2005 /s/Ronald L. Taylor ------------------------- Ronald L. Taylor Chief Executive Officer Date: July 19, 2005 /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 relating to the Company entering into an agreement to sell its building located at 925 South Niagara Street, in Denver, Colorado dated July 19, 2005. 5 -4- EX-99.1 2 a4935774ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 DeVry Agrees to Sell Denver Building OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--July 19, 2005--DeVry Inc. (NYSE:DV), an international higher education company, announced today that during the fourth quarter of fiscal 2005 it entered into an agreement to sell its building located at 925 South Niagara Street, in Denver, Colorado. The building was acquired in 1999 with the acquisition of Denver Technical College. DeVry University will relocate classes held at this facility to other Denver-area sites. The company estimates that in the fiscal 2005 fourth quarter it will take a charge of approximately $1.0 million, reflecting the contractual sale price less estimated selling costs, compared to its historic book value. The sale is contingent upon completion of due diligence by the prospective purchasers. "This transaction is consistent with our five-point growth plan," said Daniel Hamburger, DeVry's president and chief operating officer. "We remain focused on operational effectiveness, which includes better matching expenses with anticipated revenue levels and increasing capacity utilization." 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.devryinc.com. Certain statements contained in this release, including those that affect DeVry's expectations or plans, may constitute forward-looking statements pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Such statements are subject to 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 Sarah Komuniecki (Media), 312-780-7208 -----END PRIVACY-ENHANCED MESSAGE-----