-----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, IuFc7/NgDh95cDbfSnviSftjbmSugRRbuUTbpaUQEJUWDwar8SqW2fAfJudALS7y 9M2IytJBTib7NzLXV95Dxw== 0001157523-07-008307.txt : 20070813 0001157523-07-008307.hdr.sgml : 20070813 20070813163439 ACCESSION NUMBER: 0001157523-07-008307 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070813 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070813 DATE AS OF CHANGE: 20070813 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: 071049456 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 a5470734.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) August 13, 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 2.02 Results of Operations and Financial Condition On August 13, 2007, DeVry Inc. issued a press release announcing the Company's fiscal 2007 fourth quarter and year-end operating results and 2007 summer term enrollments. The full text of that press release is included in Exhibit 99.1 in this Form 8-K. 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. 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 projected or implied by these forward-looking statements. 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 March 31, 2007. These forward-looking statements are based on information as of August 13, 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 August 13, 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: August 13, 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 August 13, 2007 EX-99.1 2 a5470734-ex991.txt EXHIBIT 99.1 EXHIBIT 99.1 DeVry Inc. Reports Fiscal 2007 Fourth-Quarter and Year-End Results; Record Net Income, Up 77% DeVry University New Undergraduate Students Increased 9.7 Percent and Total Undergraduate Students Increased 9.8 Percent OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--Aug. 13, 2007--DeVry Inc. - -- (NYSE: DV), an international higher education company, reported financial results for the fiscal 2007 fourth quarter and year end. DeVry Inc. also announced enrollments at DeVry University, Keller Graduate School of Management, Ross University and Chamberlain College of Nursing. Revenues for the fourth quarter of fiscal 2007 increased 8.5 percent to $232.8 million, compared with $214.7 million for the same quarter a year ago. Full-year fiscal 2007 revenues were up 11.2 percent to $933.5 million, compared to $839.5 million last year. The revenue increase is being driven by enrollment growth across all of the company's operating segments. Net income increased 35 percent for the quarter to $15.9 million, or $0.22 per fully diluted share, compared with $11.8 million, or $0.17 per fully diluted share, for the same period last year. For the twelve months of fiscal 2007, net income increased 77 percent to a record $76.2 million, or $1.07 per fully diluted share, compared with $43.1 million, or $0.61 per fully diluted share, for the twelve months of fiscal 2006. These results include the impact of real estate sales and severance charges. Fiscal 2007 full-year results include pre-tax gains totaling approximately $20.8 million from the sale of the West Hills facility in the first quarter and Tinley Park excess land in the third quarter. Partially offsetting these gains is a $6.3 million severance charge related to workforce reductions at DeVry University campuses, with $1.1 million occurring in the third quarter and $5.2 million in the fourth quarter, consistent with the company's announcement in April 2007. Non-GAAP earnings per share would be $0.26 in the quarter excluding the impact of the severance charge and $0.94 for the full year excluding the real estate gains and severance charges (see "Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule"). Full-year results for fiscal years 2007 and 2006 reflect a revision in the presentation of the income statement, whereby interest income is no longer included in the revenue line. Interest income is now presented with interest expense below the operating income line. This revision provides a better presentation of operating income and comparison of interest income and interest expense. Through a Form 8-K filing today, the company provided revised income statements for the last three fiscal years in total and for the last two fiscal years by quarter. "We achieved record earnings this fiscal year only two years following the launch of our turnaround plan, and I'm pleased to say that DeVry is back on a growth plan," said Daniel M. Hamburger, president and chief executive officer. "We see tremendous opportunity in front of us and look forward to continuing the positive momentum in fiscal 2008 and beyond." At DeVry University and its Keller Graduate School of Management, enrollments continued to increase in summer 2007. New undergraduate student enrollment in summer 2007 increased 9.7 percent to 13,906 students, compared with 12,671 students in summer 2006. Total undergraduate student enrollment in summer 2007 increased 9.8 percent to 40,774 students, compared with 37,132 students in the previous year. For the May 2007 session, the number of graduate coursetakers increased 8.7 percent to 14,290 coursetakers, compared with 13,148 coursetakers in May 2007. In the July 2007 session, graduate coursetakers increased 11.1 percent to 14,023 coursetakers from 12,617 in the previous year. The total number of online undergraduate and graduate coursetakers at DeVry University in summer 2007 increased 26.0 percent to 36,001 coursetakers, compared with 28,580 coursetakers last year. During the fourth quarter, DeVry University opened a new university center in Nashville, Tenn., which will offer Associate, Bachelor's and Master's degree programs. A new university center was also opened in the Detroit area, offering a Bachelor's degree-completion program well suited to the needs of adult workers seeking to change careers. Recently DeVry University announced its plans to open its 87th location with a new center in Bakersfield, Calif. Continuing its real estate optimization efforts, the University recently signed a new lease for its Dallas facility, which significantly decreased its leased space and will result in annualized savings of approximately $900,000. For a list of selected examples of real estate optimization actions to date, refer to chart 2. At Ross University, new students decreased 5.2 percent to 416 in the May 2007 term, compared with 439 students in the same term last year. The decrease is related to a higher number of transfer students in the May 2006 term when Ross enrolled 109 students from another school. Total students increased 9.9 percent to 3,767, compared with 3,428 last year. In summer 2007, Chamberlain College of Nursing enrolled 1,089 students, compared with 594 students at the same time last year, an increase of 83.3 percent. The increase in enrollments is being driven by the continued demand for nurses and the opening of the Chamberlain campus in Columbus, Ohio, in March 2007. During fiscal 2007, more than 47,000 students enrolled in Becker Professional Review exam preparation courses, compared with approximately 43,000 students in fiscal 2006. Becker posted record revenue of $67.9 million for the 2007 fiscal year, compared to approximately $53.6 million for fiscal 2006. In November 2006, the company adopted a stock repurchase program which allows for the repurchase of up to $35 million of its common stock over a two-year period. During the fourth quarter, the company repurchased approximately 161,900 shares of DeVry common stock for approximately $5.2 million. To date, approximately 355,500 shares of DeVry stock have been purchased on the open market as part of this program for a total of $10.5 million. DeVry Inc. will hold a conference call to discuss its fiscal 2007 fourth-quarter and year-end results on August 13, 2007, at 3:30 p.m. Central Time (4:30 p.m. Eastern Time). The conference call will be led by Daniel Hamburger, president and chief executive officer, and Rick Gunst, chief financial officer. For those wishing to participate by telephone, dial 800-299-7635 (domestic) or 617-786-2901 (international). DeVry Inc. will also broadcast the conference call live via the Internet. Interested parties may access the Webcast through the Investor Relations section of the company's Web site, or http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=93880& eventID=1601844. (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field. You may also need to remove an extra space in the URL if one exists.) Please access the Web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. The company will archive a telephone replay of the call until August 27, 2007. To access the replay, dial 888-286-8010 (domestic) or 617-801-6888 (international), passcode 97269503. To access the Webcast replay, please visit the company's Web site, or http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=93880& eventID=1601844. (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field. You may also need to remove an extra space in the URL if one exists.) About DeVry Inc. DeVry Inc. (NYSE: DV) is the parent organization of 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, through its schools of Medicine and Veterinary Medicine, offers both doctor of medicine and doctor of veterinary medicine degree programs. 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. For more information, visit http://www.devryinc.com. Selected Operating Data (in thousands, except per share data) - ----------------------------------------- Fourth Quarter Ended June 30 2007 2006 Change ----------------------------- Revenues $232,829 $214,652 8.5% Net Income $15,947 $11,811 35.0% Earnings per Share (diluted) $0.22 $0.17 29.4% Weighted average number of common shares (diluted) 71,784 71,099 1.0% Full Year Ended June 30 2007 2006 Change ----------------------------- Revenues $933,473 $839,513 11.2% Net Income $76,188 $43,053 77.0% Earnings per Share (diluted) $1.07 $0.61 75.4% Weighted average number of common shares (diluted) 71,400 70,880 0.7% Enrollment Results - ------------------------- Summer 2007 Summer 2006 Change DeVry University/Keller Graduate School of Management) New undergraduate students (onsite/online) 13,906 12,671 9.7% Total undergraduate students (onsite/online) 40,774 37,132 9.8% July 2007 July 2006 Change Graduate coursetakers (1) 14,023 12,617 11.1% Online coursetakers (1) 36,593 28,580 26.0% May 2007 May 2006 Change Graduate coursetakers (1) 14,290 13,148 8.7% Summer 2007 Summer 2006 Change Chamberlain College of Nursing 1,089 594 83.3% May 2007 May 2006 Change Ross University New students 416 439 (5.2)% Total students 3,767 3,428 9.9% Average Period % Employed(2) Salary Graduate Employment Statistics - ------------------------- DeVry University (Undergraduate) Feb 06-Jun06-Oct 06 91.9 $41,348 (1) The term "coursetaker" refers to the number of courses taken by a student. Thus one student taking two courses is counted as two coursetakers. (2) Graduates who actively pursued employment or who were already employed when they graduated and held positions in their chosen fields within six months of graduation. Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule The following table illustrates the effects of the gain on the sales of the West Hills facility and excess Tinley Park land and the separation plan severance on the company's earnings. The non-GAAP disclosure of earnings is not preferable to GAAP net income but is shown as a supplement to such disclosure for comparability to the year-ago fourth-quarter and full-year periods ended June 30 (in thousands, except per share data): For The Three Months For The Full Year Ended June 30: Ended June 30: 2007 2006 2007 2006 ---------------------------------------- Net Income $15,947 $11,811 $76,188 $43,053 Earnings per Share (diluted) $0.22 $0.17 $1.07 $0.61 Gain on Sale of Assets (net of tax) $261 -- $12,672 $273 Earnings per Share (diluted) -- -- $0.18 -- Separation Plan Severance (net of tax) $(3,153) -- $(3,807) -- Earnings per Share (diluted) $(0.04) -- $(0.05) -- Net Income Excluding the Gain on Facility and Land Sales and Separation Plan Severance $18,839 $11,811 $67,323 $42,780 Earnings per Share (diluted) $0.26 $0.17 $0.94 $0.61 Supplemental Company Data: Chart 1 - Historical DeVry University Undergraduate Enrollments Chart 2 - Real Estate Optimization Strategy Selected examples of DeVry's real estate optimization efforts to date. Date Site Actions Impact 12/04 Denver Facility sale Proceeds of $2 million 12/04 Houston Excess land Proceeds of $600,000 8/06 Philadelphia Excess parking Proceeds of $1 million 9/06 West Hills Facility sale Proceeds of $36 million 9/06 DuPage Co-location of academics $360,000 annualized savings 9/06 Phoenix Co-location of online $160,000 annualized recruitment savings 3/07 Columbus Co-location of $250,000 annualized Chamberlain savings 5/07 Calgary Sublease excess space $700,000 annualized savings 5/07 Pomona Excess parking $190,000 annualized savings 7/07 Dallas Leased 60% of existing $900,000 annualized space savings Chart 3 - DeVry Inc. Enrollments by Degree and Program Level 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. DEVRY INC. CONSOLIDATED BALANCE SHEETS (Dollars in Thousands) - ---------------------------------------------------------------------- PRELIMINARY June 30, ------------------------- 2007 2006 ------------ ------------ ASSETS: Current Assets: ------------------------------------------ Cash and Cash Equivalents $129,155 $130,583 Restricted Cash 14,483 20,632 Accounts Receivable, Net 43,084 46,567 Inventories 141 133 Deferred Income Taxes, Net 13,915 13,700 Prepaid Expenses and Other 18,207 16,458 ------------ ------------ Total Current Assets 218,985 228,073 ------------ ------------ Land, Buildings and Equipment: ------------------------------------------ Land 60,570 67,756 Buildings 218,836 222,059 Equipment 260,847 245,360 Construction In Progress 15,816 9,057 ------------ ------------ 556,069 544,232 Accumulated Depreciation and Amortization (296,742) (271,306) ------------ ------------ Land, Buildings and Equipment, Net 259,327 272,926 ------------ ------------ Other Assets: ------------------------------------------ Intangible Assets, Net 56,920 63,762 Goodwill 291,113 291,113 Perkins Program Fund, Net 13,450 13,450 Other Assets 4,318 3,158 ------------ ------------ Total Other Assets 365,801 371,483 ------------ ------------ TOTAL ASSETS $844,113 $872,482 ============ ============ DEVRY INC. CONSOLIDATED BALANCE SHEETS (Dollars in Thousands) - ---------------------------------------------------------------------- PRELIMINARY June 30, ------------------------- 2007 2006 ------------ ------------ LIABILITIES: Current Liabilities: ------------------------------------------ Current Maturities of Debt $- $60,000 Accounts Payable 34,295 39,677 Accrued Salaries, Wages and Benefits 47,093 35,600 Accrued Expenses 32,737 27,639 Advance Tuition Payments 14,402 16,584 Deferred Tuition Revenue 37,348 31,769 ------------ ------------ Total Current Liabilities 165,875 211,269 ------------ ------------ Non-Current Liabilities ------------------------------------------ Revolving Loan - - Senior Notes - 65,000 Deferred Income Taxes, Net 18,343 12,564 Accrued Post-employment Agreements 4,901 5,594 Deferred Rent and Other 13,028 13,448 ------------ ------------ Total Non-Current Liabilities 36,272 96,606 ------------ ------------ TOTAL LIABILITIES 202,147 307,875 ------------ ------------ COMMITMENTS AND CONTINGENCIES (Note 13) SHAREHOLDERS' EQUITY: Common Stock, $0.01 Par Value, 200,000,000 Shares Authorized; 71,131,000 and 70,757,000 Shares Outstanding at June 30, 2007 and 2006, Respectively 716 708 Additional Paid-in Capital 143,580 124,550 Retained Earnings 510,979 441,893 Accumulated Other Comprehensive (Loss) Income (918) (424) Treasury Stock, at Cost (436,786 and 97,770 Shares, Respectively) (12,391) (2,120) ------------ ------------ TOTAL SHAREHOLDERS' EQUITY 641,966 564,607 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $844,113 $872,482 ============ ============ DEVRY INC. CONSOLIDATED STATEMENTS OF INCOME - ---------------------------------------------------------------------- (Dollars in Thousands Except for Per Share Amounts) PRELIMINARY For The Quarter For The Year Ended June 30, Ended June 30, ------------------- ----------------------------- 2007 2006 2007 2006 2005 --------- --------- --------- --------- --------- REVENUES: Tuition $216,810 $199,429 $862,660 $781,813 $737,132 Other Educational 16,019 15,223 70,813 57,700 43,530 --------- --------- --------- --------- --------- Total Revenues 232,829 214,652 933,473 839,513 780,662 --------- --------- --------- --------- --------- OPERATING COSTS AND EXPENSES: Cost of Educational Services 120,022 114,406 486,721 453,066 434,408 Separation Plan Severance 5,155 - 6,252 - 8,751 Gain on Sale of Assets - - (20,812) (451) - Student Services and Administrative Expense 89,706 84,234 359,025 323,010 307,362 --------- --------- --------- --------- --------- Total Operating Costs and Expenses 214,883 198,640 831,186 775,625 750,521 --------- --------- --------- --------- --------- Operating Income 17,946 16,012 102,287 63,888 30,141 INTEREST: Interest Income 2,111 1,791 7,437 3,785 642 Interest Expense (121) (2,439) (4,784) (10,190) (9,047) --------- --------- --------- --------- --------- Net Interest Income (Expense) 1,990 (648) 2,653 (6,405) (8,405) --------- --------- --------- --------- --------- Income Before Income Taxes and Cumulative Effect of Change in Accounting 19,936 15,364 104,940 57,483 21,736 Income Tax Provision 3,989 3,553 28,752 14,430 5,535 --------- --------- --------- --------- --------- Income Before Cumulative Effect of Change in Accounting 15,947 11,811 76,188 43,053 16,201 Cumulative Effect of Change in Accounting, Net of Tax - - - - 1,810 --------- --------- --------- --------- --------- NET INCOME $15,947 $11,811 $76,188 $43,053 $18,011 ========= ========= ========= ========= ========= EARNINGS PER COMMON SHARE Basic Income Before Cumulative Effect of Change in Accounting $0.22 $0.17 $1.07 $0.61 $0.24 Cumulative Effect of Change in Accounting - - - - 0.02 --------- --------- --------- --------- --------- Net Income $0.22 $0.17 $1.07 $0.61 $0.26 ========= ========= ========= ========= ========= Diluted Income Before Cumulative Effect of Change in Accounting $0.22 $0.17 $1.07 $0.61 $0.24 Cumulative Effect of Change in Accounting - - - - 0.02 --------- --------- --------- --------- --------- Net Income $0.22 $0.17 $1.07 $0.61 $0.26 ========= ========= ========= ========= ========= Cash Dividend Declared per Common Share $0.05 $- $0.10 $- $- ========= ========= ========= ========= ========= DEVRY INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in Thousands) - ---------------------------------------------------------------------- PRELIMINARY For The Year Ended June 30, ----------------------------- 2007 2006 2005 --------- --------- --------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $76,188 $43,053 $17,752 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Stock-Based Compensation Charge 5,428 4,339 13,011 Depreciation 35,979 37,616 42,353 Amortization 8,028 10,492 15,213 Provision for Refunds and Uncollectible Accounts 51,240 47,271 43,521 Deferred Income Taxes 4,592 (2,941) (7,994) (Gain) Loss on Disposals of Land, Buildings and Equipment (20,452) (260) 803 Changes in Assets and Liabilities, Net of Effects from Acquisitions of Businesses: Restricted Cash 6,153 (6,755) (412) Accounts Receivable (47,739) (55,123) (54,267) Inventories (2) 45 3,131 Prepaid Expenses And Other (5,223) (3,141) 2,153 Perkins Program Fund Contribution and Other - 12 (764) Accounts Payable (5,384) 9,172 2,852 Accrued Salaries, Wages, Expenses and Benefits 13,002 (3,915) 12,465 Advance Tuition Payments (2,213) 1,888 (2,299) Deferred Tuition Revenue 5,579 9,069 40 --------- --------- --------- NET CASH PROVIDED BY OPERATING ACTIVITIES 125,176 90,822 87,558 --------- --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital Expenditures (38,558) (25,265) (42,909) Net Proceeds from Sales of Land and Building 36,642 1,798 - Payments for Purchases of Businesses, Net of Cash Acquired - (2,530) (4,861) --------- --------- --------- NET CASH USED IN INVESTING ACTIVITIES (1,916) (25,997) (47,770) --------- --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Exercise of Stock Options 12,946 3,598 1,091 Proceeds from Stock Issued Under Employee Stock Purchase Plan 927 336 - Repurchase of Common Stock for Treasury (10,534) - - Cash Dividends Paid (3,545) - - Excess Tax Benefit from Stock-Based Payments 972 532 - Proceeds from Revolving Credit Facility 40,000 - 45,000 Repayments Under Revolving Credit Facility (50,000) (90,000) (70,000) Repayments Under Senior Notes (115,000) (10,000) - --------- --------- --------- NET CASH USED IN FINANCING ACTIVITIES (124,234) (95,534) (23,909) --------- --------- --------- Effects of Exchange Rate Differences (454) (531) (283) --------- --------- --------- NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,428) (31,240) 15,596 Cash and Cash Equivalents at Beginning of Year 130,583 161,823 146,227 --------- --------- --------- Cash and Cash Equivalents at End of Year $129,155 $130,583 $161,823 ========= ========= ========= SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash Paid During the Year for: Interest $4,752 $9,214 $7,063 Income Taxes, Net 18,100 24,103 7,450 Non-cash Financing Activity: Declaration of Cash Dividends to be Paid 3,557 - - CONTACT: DeVry Inc. Investor Contact: Joan Bates jbates@devry.com 630-574-1949 or Dresner Corporate Services Media Contact: David Gutierrez dgutierrez@dresnerco.com 312-780-7204 -----END PRIVACY-ENHANCED MESSAGE-----