-----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, LiDKrtCHWl0hJoepRtvH46oEua2sWWTUY3mSmCGOph+EfDDNgHMgOvs7SQ9Rqu8A JiokEIZQl7bRVfOAVt9JYw== 0001157523-07-009247.txt : 20070918 0001157523-07-009247.hdr.sgml : 20070918 20070918080513 ACCESSION NUMBER: 0001157523-07-009247 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070918 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070918 DATE AS OF CHANGE: 20070918 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: 071121338 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 a5494992.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) September 18, 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 September 18, 2007, DeVry Inc. issued a press release announcing progress on its real estate optimization plan. 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, 2007. These forward-looking statements are based on information as of September 18, 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 September 18, 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: September 18, 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 September 18, 2007 EX-99.1 2 a5494992ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 DeVry Inc. Reports Progress On Real Estate Optimization Plan OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--Sept. 18, 2007--DeVry Inc. (NYSE: DV), an international higher education organization, announced today that it has completed real estate transactions at three campus locations. On September 13, 2007, DeVry University completed the sale of its 120,000 square foot campus in Phoenix, Ariz., and 102,000 square foot campus in Seattle, Wash., for approximately $28.4 million, leasing back approximately 60 percent of the total space of both locations. This transaction results in an upfront accounting charge of approximately $4.4 million, with an accounting gain of approximately $6.6 million recognized ratably as a reduction of lease expense over the 10-year lease period due to the leaseback of a portion of the original space. In addition to the incremental return generated from proceeds of the sale, this transaction will result in a projected improvement in operating income of $1.0 million per year. In addition, on September 7, 2007, DeVry University exercised its option to purchase its 65,000 square foot Alpharetta, Ga., campus and immediately following the acquisition executed a sale-leaseback on the property with a different party. DeVry University is leasing back the entire campus for a projected cost savings of approximately $200,000 per year. Also, in connection with this transaction, DeVry will accelerate the recognition of approximately $0.5 million of remaining deferred lease credits associated with the original lease as a reduction of lease expense in September 2007. These transactions follow similar actions announced previously involving the West Hills, Calgary, and Dallas campus facilities, all of which were consistent with DeVry's real estate optimization strategy. "These actions reflect our ongoing commitment to provide economic value and improve operating results through the optimization of our real estate assets," said Daniel Hamburger, president and CEO, DeVry Inc. "We will continue to evaluate opportunities to reduce our operating costs while delivering the best facilities and services possible to meet the needs of our current and future students." 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. 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, 2007 and filed with the Securities and Exchange Commission on August 24, 2007. 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-----