-----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, RFoz2UsfEFX861bdiTe+dEQYpXzAX3wf3i6rC6OKcd8oYWHMLx+Jh3B703L7MJBZ FK0w+hAKfLJ1chFDqsUtWA== 0001157523-07-002591.txt : 20070312 0001157523-07-002591.hdr.sgml : 20070312 20070312172419 ACCESSION NUMBER: 0001157523-07-002591 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070312 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070312 DATE AS OF CHANGE: 20070312 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: 07688658 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 a5353279.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) March 12, 2007 ----------- DEVRY INC. (Exact name of registrant as specified in its charter) ----------- Delaware 1-13988 36-3150143 (State of incorporation) (Commission File Number) (IRS Employer Identification No.) One Tower Lane, Suite 1000 Oakbrook Terrace, Illinois 60181 (Address of principal executive offices) (Zip Code) (630) 571-7700 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) ----------- 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 the 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)) - -------------------------------------------------------------------------------- Item 8.01 Other Events. On March 12, 2007, the Company announced a Voluntary Separation Plan (VSP). The Company notified eligible employees of this decision on March 12, 2007. The decision to take this action resulted from a thorough analysis which revealed that a reduction in the number of employees at the Company's DeVry University subsidiary was warranted to address the Company's cost structure and real estate utilization. The VSP will be offered at 22 of the Company's DeVry University campuses with 285 employees being eligible to participate, and separation of employment is expected to be effective on June 30, 2007. The Company anticipates that the pre-tax expenses associated with this VSP will be approximately $3-4 million, which consists primarily of severance and extended healthcare benefits coverage. The Company anticipates that these expenses will be recognized primarily over the third and fourth quarters of fiscal year 2007. Forward Looking Statements This Form 8-K and the related press release contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than those that are purely historical are forward-looking statements. Words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," and similar expressions also identify forward-looking statements. Forward-looking statements include, without limitation, statements regarding the anticipated timing, number of impacted employees, savings, and pre-tax expenses associated with the reduction in full time faculty members and staff employees at the Company's DeVry University subsidiary. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the Company's actual results to differ materially from those in the forward-looking statements including, without limitation, the risk that subsequent unanticipated events, including unanticipated costs, may occur in connection with the reduction in full time faculty members and staff employees. Additional information regarding factors that could cause results to differ can be found in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2006. Readers should also consult the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2006. These forward-looking statements are based on information as of March 12, 2007, and the Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Item 9.01 Financial Statements and Exhibits 99.1 Press Release dated March 12, 2007 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 hereunto duly authorized. DEVRY INC. (Registrant) Date: March 12, 2007 By: /s/ Richard M. Gunst ------------------------------ Richard M. Gunst Senior Vice President, Chief Financial Officer and Treasurer EXHIBIT INDEX Exhibit Number Description - -------------- -------------------------------------------------------------- 99.1 Press Release dated March 12, 2007 EX-99.1 2 a5353279-ex991.txt EXHIBIT 99.1 EXHIBIT 99.1 DeVry Inc. Announces Voluntary Separation Plan OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--March 12, 2007--DeVry Inc. (NYSE: DV), an international higher education company, announced today a Voluntary Separation Plan for eligible DeVry University campus-based employees. "Although overall student enrollment results at DeVry University are improving and have been increasing, most of the increases have occurred at our centers and online," said Daniel Hamburger, DeVry's president and chief executive officer. "While we are confident that we can grow campus enrollments through the initiatives outlined in our strategic plan, we are simultaneously addressing our cost structure and real estate utilization." Depending on the number of employees who accept the voluntary separation plan, the company would expect to incur a charge of $3 - 4 million for severance and other costs associated with the staff reductions in the third and fourth quarters of fiscal 2007 and an equal or greater amount of annual savings going forward. DeVry will consider further cost reduction efforts depending on the results of the voluntary separation plan. "We highly value the contributions of all employees, and made this decision after careful consideration," Hamburger concluded. "These steps are essential to increasing DeVry University's operational effectiveness." About DeVry Inc. DeVry Inc. (NYSE: DV) is the holding company for DeVry University, Ross University, Chamberlain 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, healthcare technology, business and management. Ross University offers doctoral degree programs through its schools of Medicine and Veterinary Medicine. Chamberlain 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 and chartered financial analyst exams, and continuing professional education. 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 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 Inc. 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 the Company's most recent Annual Report on Form 10-K for the year ending June 30, 2006 and filed with the Securities and Exchange Commission on September 13, 2006. CONTACT: DeVry Inc. Investor Contact: Joan Bates, 630-574-1949 jbates@devry.com or Dresner Corporate Services Media Contact: David Gutierrez, 312-780-7204 dgutierrez@dresnerco.com -----END PRIVACY-ENHANCED MESSAGE-----