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)

January 24, 2008

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:

⃞ 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 January 24, 2008, DeVry Inc. issued a press release announcing the Company’s fiscal 2008 second quarter operating results. 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 January 24, 2008, 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 January 24, 2008

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:	January 24, 2008	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 January 24, 2008

EX-99.1

Exhibit 99.1

DeVry Inc. Announces Strong Fiscal 2008 Second-Quarter Results

Trailing 12 Month Revenue Reaches $1 Billion

OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--DeVry Inc. (NYSE: DV), a global provider of educational services, reported financial results for its fiscal 2008 second quarter and the six-month period ended December 31, 2007. Financial highlights are as follows:

Three Months Ended December 31

• Revenues in the second quarter of fiscal 2008 increased 16.2 percent to $273.7 million, compared with $235.6 million for the same quarter one year ago.
• Operating income was $46.9 million in the second quarter of fiscal 2008 compared to $21.8 million for the same period last year, an increase of 115 percent.
• Net income for the second quarter was $35.8 million compared to $16.4 million in the same period last year, an increase of 118 percent. In the second quarter of fiscal 2008 diluted earnings per share were $0.49 compared with $0.23 per diluted share last year, an increase of 113 percent. Second-quarter diluted weighted average shares outstanding increased to 72,520,000 in fiscal 2008 from 71,282,000 in fiscal 2007.

Six Months Ended December 31

• For the first six months of fiscal 2008, revenues were up 15.2 percent to $524.1 million compared to $454.8 million last year. Trailing twelve month revenues crossed the $1 billion mark.
• Operating income increased 47.6 percent to $80.8 million in the first half of fiscal 2008 compared to $54.8 million for the same period last year.
• Net income for the first six months of fiscal 2008 increased 67.9 percent to $62.6 million compared to $37.3 million in the same period last year. In the first half of fiscal 2008 diluted earnings per share were $0.87 compared with $0.52 per diluted share last year, an increase of 67.3 percent. Six-month diluted weighted average shares outstanding increased to 72,274,000 in fiscal 2008 from 71,162,000 in fiscal 2007.

Net income in the first half of fiscal 2008 includes the up front loss of $2.3 million, net of tax, or $0.03 per share, from the sale/leaseback transactions at Phoenix, Seattle, and Alpharetta, Ga., while last year’s results included the gain from the West Hills, Calif., facility sale, which was $11.8 million, net of tax, or $0.16 per share. Excluding these discrete items from both years, net income for the first half totaled $64.9 million in fiscal 2008 versus $25.5 million in fiscal 2007, an increase of 155 percent, while six-months earnings per share totaled $0.90 in fiscal 2008 versus $0.36 in fiscal 2007, an increase of 150 percent.

“In the first half of fiscal 2008, we successfully executed on many of our strategic initiatives - growing our total student population through improved new student recruiting and better retention, opening new locations and diversifying into secondary education through the acquisition of Advanced Academics,” said Daniel Hamburger, DeVry’s president and chief executive officer. “Earnings were strong as a result of solid revenues, operating leverage and disciplined cost management, as well as the timing of certain marketing and personnel-related expenses now likely to occur in the second half of the year.”

Hamburger added, “We will be making important investments in our technology infrastructure, marketing, recruiting, and student services in the second half of fiscal 2008. These actions, which will add to our costs and impact earnings for the remainder of the fiscal year, are designed to further enhance quality and support growth over the longer term.”

Business Highlights:

DeVry University

Student Enrollment

As previously announced in December 2007, DeVry University achieved its ninth consecutive period of positive undergraduate new student growth and the sixth consecutive period of positive total student enrollment growth. New students increased 10.7 percent and total students increased 10.3 percent. At DeVry University’s Keller Graduate School of Management (KGSM), the number of coursetakers for the 2007 November session increased 12.5 percent.

New Campus Openings/Real Estate Optimization

During the second quarter, DeVry University opened new locations in Louisville, Ky., and Chesapeake, Va. The university also relocated its Bellevue, Wash., and Elgin, Ill., locations.

Employment Statistics

System-wide, 92.6 percent of DeVry University’s October 2006, February 2007 and June 2007 graduates in the active job market were employed in their fields within 6 months of graduation at an average starting salary of $42,805.

Advanced Academics

In November, DeVry completed its acquisition of Advanced Academics Inc., a leading provider of online secondary education, for $27.5 million in cash.

Chamberlain College of Nursing

The company also announced that Chamberlain College of Nursing has received approval to establish new campuses in Phoenix, Ariz., and Addison, Ill., with classes scheduled to begin in March 2008 at both locations. In addition, beginning October 2008 Chamberlain will discontinue the online delivery of its Associates of Science in Nursing degree program offered through its St. Louis, Mo., campus. Students affected by the change may be eligible to enroll in Chamberlain’s bachelor’s program.

Becker Professional Review

As a result of continued demand for highly-skilled accounting and finance professionals, Becker Professional Review once again experienced strong results in the second quarter, with revenue increasing 21.5 percent over last year.

Balance Sheet and Cash Flow

Net interest income for the 2008 fiscal second quarter was approximately $2.8 million, compared to $0.2 million last year. This improvement, combined with strong operating results, resulted in operating cash flow of approximately $52.1 million in the current quarter and approximately $132.1 million in the first six months of fiscal 2008. The ending cash and short-term investment balance of $241 million compared to $171 million a year ago.

Semi-Annual Common Stock Cash Dividend

In November DeVry’s board of directors approved a 20 percent dividend increase, raising its annual dividend rate from $0.10 to $0.12 per share. Payable on a semi-annual basis, the last dividend of $0.06 was paid on January 4, 2008, to common stockholders of record as of December 14, 2007.

Share Repurchase Plan

During the second quarter of fiscal 2008, DeVry repurchased approximately 96,000 shares of its common stock at a cost of approximately $4.8 million. To date, approximately 606,600 shares of DeVry stock have been purchased on the open market as part of this program for a total of $20.7 million at an average cost of $34.16 per share.

Conference Call With Management

DeVry Inc. will hold a conference call to discuss its fiscal 2008 second-quarter results on January 24, 2008, 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) 322-5044 (domestic) or (617) 614-4927 (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=93 880&eventID=1714175.

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 also archive a telephone replay of the call until February 8, 2008. To access the replay, dial (888) 286-8010 (domestic) or (617) 801-6888 (international), passcode: 43311656. To access the webcast replay, please visit the company's Web site, or

http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=93 880&eventID=1714175.

Long URLs in this release may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.

About DeVry Inc.

DeVry Inc. (NYSE: DV) is the parent organization of DeVry University, Advanced Academics, 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. Advanced Academics provides online secondary education to school districts throughout the U.S. 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 Becker CPA Review and Stalla Review for the CFA Exams, provides professional education and exam review for accounting and finance professionals. For more information, visit http://www.devryinc.com.

Selected Operating Data (in thousands, except per share data)

	Second Quarter
	FY 2008	FY 2007	% Change
Revenues	$273,737	$235,604	+16.2%
Net Income	$35,813	$16,397	+118%
Earnings per Share (diluted)	$0.49	$0.23	+113%
Number of common shares (diluted)	72,520	71,282	+1.6%

	Six Months
	FY 2008	FY 2007	% Change
Revenues	$524,055	$454,819	+15.2%
Net Income	$62,648	$37,317	+67.9%
Earnings per Share (diluted)	$0.87	$0.52	+67.3%
Number of common shares (diluted)	72,274	71,162	+1.5%

Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule

The following table illustrates the effects of the gain/loss on the sale of facilities on the company’s earnings. The non-GAAP disclosure of net income and earnings per share, excluding these items, is not preferable to GAAP net income but is shown as a supplement to such disclosure for comparability to the year-ago quarter’s earnings. The following table reconciles these items to the relevant GAAP information (in thousands, except per share data):

	First Six Months
	FY2008	FY2007
Net Income	$62,648	$37,317
Earnings per Share (diluted)	$0.87	$0.52
Loss/(Gain) on Facility Sales (net of tax)	$2,279	$(11,840	)
Earnings per Share (diluted)	$0.03	$(0.16	)
Net Income Excluding the Loss/(Gain) on Facility Sales	$64,927	$25,477
Earnings per Share (diluted)	$0.90	$0.36

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,” “will” or “should" 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. All forward-looking statements in this release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statements.

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				December 31,		June 30,		December 31,
				2007		2007		2006
ASSETS
	Current Assets
		Cash and Cash Equivalents		$ 98,912		$ 129,155		$171,346
		Marketable Securities		142,144		-		-
		Restricted Cash		9,823		14,483		24,091
		Accounts Receivable, Net		76,842		43,084		60,350
		Inventories		142		141		118
		Deferred Income Taxes, Net		17,938		13,915		15,344
		Prepaid Expenses and Other		22,456		18,207		21,255
			Total Current Assets	368,257		218,985		292,504
	Land, Buildings and Equipment
		Land		51,431		60,570		61,789
		Buildings		206,003		218,836		212,171
		Equipment		271,594		260,847		252,269
		Construction In Progress		6,375		15,816		12,880
				535,403		556,069		539,109
		Accumulated Depreciation and Amortization		(301,362	)	(296,742	)	(282,458	)
			Land, Buildings and Equipment, Net	234,041		259,327		256,651
	Other Assets
		Intangible Assets, Net		65,372		56,920		60,150
		Goodwill		308,598		291,113		291,113
		Perkins Program Fund, Net		13,450		13,450		13,450
		Other Assets		6,614		4,318		5,933
			Total Other Assets	394,034		365,801		370,646
TOTAL ASSETS				$996,332		$ 844,113		$919,801
DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				December 31,		June 30,		December 31,
				2007		2007		2006
LIABILITIES
	Current Liabilities
		Current Portion of Debt		$ -		$ -		$ 50,000
		Accounts Payable		37,029		34,295		32,975
		Accrued Salaries, Wages and Benefits		43,249		47,093		43,642
		Accrued Expenses		31,312		32,737		29,059
		Advance Tuition Payments		10,804		14,402		7,367
		Deferred Tuition Revenue		124,539		37,348		119,950
			Total Current Liabilities	246,933		165,875		282,993
	Other Liabilities
		Deferred Income Taxes, Net		16,053		18,343		12,407
		Accrued Postemployment Agreements		4,342		4,901		5,341
		Deferred Rent and Other		25,839		13,028		14,698
			Total Other Liabilities	46,234		36,272		32,446
TOTAL LIABILITIES				293,167		202,147		315,439
SHAREHOLDERS' EQUITY
	Common Stock, $0.01 par value, 200,000,000 Shares Authorized,
	71,361,000, 71,131,000 and 70,907,000 Shares issued
	and outstanding at December 31, 2007, June 30, 2007
	and December 31, 2006, respectively.			721		716		710
	Additional Paid-in Capital			158,663		143,580		129,928
	Retained Earnings			568,463		510,979		475,665
	Accumulated Other Comprehensive Loss			(1,788	)	(918	)	(50	)
	Treasury Stock, at Cost (688,706, 436,786, 86,490 Shares,
	Respectively)			(22,894	)	(12,391	)	(1,891	)
TOTAL SHAREHOLDERS' EQUITY				703,165		641,966		604,362
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY				$996,332		$ 844,113		$919,801

DEVRY INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except for Per Share Amounts)
(Unaudited)
PRELIMINARY
			For The Quarter				For The Six Months
			Ended December 31,				Ended December 31,
			2007		2006		2007		2006
REVENUES:
	Tuition		$250,695		$217,076		$480,916		$419,709
	Other Educational		23,042		18,528		43,139		35,110
		Total Revenues	273,737		235,604		524,055		454,819
OPERATING COSTS AND EXPENSES:
	Cost of Educational Services		123,887		120,580		244,915		240,884
	Loss (Gain) on Sale of Assets		-		-		3,743		(19,855	)
	Student Services and Administrative Expense		102,917		93,238		194,562		179,036
		Total Operating Costs and Expenses	226,804		213,818		443,220		400,065
Operating Income			46,933		21,786		80,835		54,754
INTEREST:
	Interest Income		2,892		1,932		5,299		3,370
	Interest Expense		(98	)	(1,720	)	(319	)	(3,889	)
		Net Interest Income (Expense)	2,794		212		4,980		(519	)
Income Before Income Taxes			49,727		21,998		85,815		54,235
Income Tax Provision			13,914		5,601		23,167		16,918
NET INCOME			$ 35,813		$ 16,397		$ 62,648		$ 37,317
EARNINGS PER COMMON SHARE
Basic			$ 0.50		$ 0.23		$ 0.88		$ 0.53
Diluted			$ 0.49		$ 0.23		$ 0.87		$ 0.52
Cash Dividend Declared per Common Share			$ 0.06		$ 0.05		$ 0.06		$ 0.05

DEVRY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				For The Six Months
				Ended December 31,
				2007		2006
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net Income			$ 62,648		$ 37,317
	Adjustments to Reconcile Net Income to Net
	Cash Provided by Operating Activities:
		Stock-Based Compensation Charge		2,880		3,113
		Depreciation		17,263		17,365
		Amortization		2,471		4,585
		Provision for Refunds and Uncollectible Accounts		28,080		26,440
		Deferred Income Taxes		(3,632	)	(1,848	)
		Loss (Gain) on Disposals of Land, Buildings and Equipment		3,730		(19,677	)
		Changes in Assets and Liabilities, Net of Effects from
		Acquisition of Business:
			Restricted Cash	4,667		(3,462	)
			Accounts Receivable	(57,763	)	(40,241	)
			Inventories	10		9
			Prepaid Expenses And Other	(4,507	)	(7,531	)
			Accounts Payable	2,652		(6,699	)
			Accrued Salaries, Wages, Expenses and Benefits	(7,403	)	5,950
			Advance Tuition Payments	(3,640	)	(9,186	)
			Deferred Tuition Revenue	84,674		88,181
	NET CASH PROVIDED BY OPERATING ACTIVITIES			132,130		94,316
CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital Expenditures			(27,957	)	(16,202	)
	Net Proceeds from Sales of Land and Building			38,528		34,778
	Payment for Purchase of Business, Net of Cash Acquired			(27,454	)	-
	Marketable Securities Purchased			(264,122	)	-
	Marketable Securities-Maturities and Sales			121,836		-
	NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES			(159,169	)	18,576
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from Exercise of Stock Options			11,315		2,098
	Reissuance of Treasury Stock			577		398
	Repurchase of Common Stock for Treasury			(10,187	)	-
	Cash Dividend Paid			(3,557	)	-
	Excess Tax Benefit from Stock-Based Payments			1,210		47
	Borrowings from Revolving Credit Facility			25,000		40,000
	Repayments Under Revolving Credit Facilities			(26,895	)	-
	Repayments Under Senior Notes			-		(115,000	)
	NET CASH USED IN FINANCING ACTIVITIES			(2,537	)	(72,457	)
Effects of Exchange Rate Differences				(667	)	328
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS				(30,243	)	40,763
Cash and Cash Equivalents at Beginning of Period				129,155		130,583
Cash and Cash Equivalents at End of Period				$ 98,912		$ 171,346

DEVRY INC.
SEGMENT INFORMATION
(Dollars in Thousands)
PRELIMINARY
	For The Quarter						For The Six Months
	Ended December 31,						Ended December 31,
					Increase						Increase
	2007		2006		(Decrease)		2007		2006		(Decrease)
REVENUES:
DeVry University	$ 213,394		$ 185,656		14.9	%	$ 408,159		$ 358,228		13.9	%
Professional and Training	17,757		14,615		21.5	%	36,070		30,747		17.3	%
Medical & Healthcare	42,586		35,333		20.5	%	79,826		65,844		21.2	%
Total Consolidated Revenues	273,737		235,604		16.2	%	524,055		454,819		15.2	%
OPERATING INCOME:
DeVry University	28,220		6,791		315.5	%	43,781		25,089		74.5	%
Professional and Training	5,374		3,183		68.8	%	13,732		9,997		37.4	%
Medical & Healthcare	15,262		14,003		9.0	%	26,863		24,586		9.3	%
Reconciling Items:
Amortization Expense	(1,355	)	(1,805	)	-24.9	%	(2,401	)	(3,612	)	-33.5	%
Depreciation and Other	(568	)	(386	)	47.2	%	(1,140	)	(1,306	)	-12.7	%
Total Consolidated Operating Income	46,933		21,786		115.4	%	80,835		54,754		47.6	%
INTEREST:
Interest Income	2,892		1,932		49.7	%	5,299		3,370		57.2	%
Interest Expense	(98	)	(1,720	)	-94.3	%	(319	)	(3,889	)	-91.8	%
Net Interest Income (Expense)	2,794		212		$2,582		4,980		(519	)	$5,499
Total Consolidated Income before Income Taxes	$ 49,727		$ 21,998		126.1	%	$ 85,815		$ 54,235		58.2	%

The following table displays the discrete income statement items related to the gains and losses on the sales of operating facilities as a separate component of operating income and income before income taxes. This non-GAAP disclosure of operating results is not preferable to GAAP disclosure but is shown as a supplement to such disclosure to aid comparability between the quarters.

	For The Six Months
	Ended December 31,
				Increase
	2007	2006		(Decrease)
DeVry University Operating Income	$ 43,781	$ 25,089		74.5	%
Loss (Gain) on Sale of Assets	3,743	(19,855	)	NM
DeVry University Operating Income (Loss)
Excluding Gain/Loss on Sale of Assets	$ 47,524	$ 5,234		$42,290

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