OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--DeVry Inc. (NYSE:DV), a global provider of education services, reported today its financial results for the fiscal fourth quarter and full year ended June 30, 2008. DeVry also reported enrollment results at DeVry University, including its Keller Graduate School of Management, Chamberlain College of Nursing and Ross University.

The 2008 full year results include the net loss of $2.3 million from sale/leaseback transactions at the company’s Phoenix, Seattle, and Alpharetta, Ga., campuses reported earlier this year. Fiscal 2007 results included a net gain of $12.7 million related to gains from the sales of land in West Hills, Calif., and Tinley Park, Ill., which were partially offset by severance related costs for workforce reductions. Excluding these discrete items from both years, full-year net income of $127.8 million for the fiscal year 2008, represents an increase 90 percent compared to the prior year.

“Fiscal 2008 was an outstanding year, delivering record revenue and earnings. We made excellent progress expanding student enrollments and improving academic quality in all of our schools,” said Daniel Hamburger, DeVry’s president and chief executive officer. “We invested in marketing, recruiting, information technology and people across our businesses. At the same time, we optimized our real estate and improved operational efficiency throughout the year to enhance margins.”

Mr. Hamburger added, “The recently announced acquisition of U.S. Education Corporation marks a major step in DeVry’s strategy to increase our presence in healthcare and to broaden our offerings at the pre-baccalaureate level. The addition of 17 campuses in the western U.S. will also help us extend our programs beyond Ross and Chamberlain to a wider array of students seeking high-demand healthcare careers through certificate and associate degree programs.”

DeVry University continued to show strong undergraduate enrollment growth with new summer enrollments increasing 19.3 percent to 16,595 compared to 13,906 last year. Total student enrollments were up 12.6 percent to 45,907 students versus 40,774 in the prior year. Total graduate coursetakers including Keller Graduate School of Management (KGSM) in July 2008 totaled 16,017, up 14.2 percent versus 14,023 for the same period in 2007. In May 2008 total coursetakers increased 15.7 percent to 16,537 from last year’s 14,290.

Meeting the market demand for additional online offerings, DeVry University introduced four new online degree programs during the quarter. The total number of online undergraduate and graduate coursetakers was 44,503 in July 2008, an increase of 24.0 percent over July 2007.

System-wide, 92.4 percent of DeVry University’s graduates for the year ending October 2007 were in the active job market and employed in their fields within 6 months of graduation at an average starting salary of $43,635.

In the 2008 May term, new students at Ross University increased 15.6 percent to 481, compared to 416 students last year. Total students increased 7.9 percent to 4,064 compared to 3,767 students in the same term last year. Last month, Ross University announced that it will open a new branch campus in Freeport, Grand Bahama in January 2009. Ross also announced several new affiliations for medical clinical rotations in the United States.

Chamberlain’s summer enrollment almost doubled, to 2,176 students versus 1,089 last year. Strong demand for nursing programs and the opening of new campuses in Addison, Ill., and Phoenix in March 2008 contributed to the improvement.

Continued strong demand for accounting and finance professionals resulted in Becker CPA Review and the Stalla Review for the CFA Exams serving approximately 50,000 students worldwide in fiscal 2008. Becker expanded its international scope recently by signing an exclusive provider agreement with the CFA Society of the United Kingdom to offer Stalla’s review programs.

DeVry completed the $35 million stock repurchase program in April 2008. The average cost per share for this program was $38.53 per share. A second repurchase program, which was authorized by DeVry’s Board of Directors in May 2008 for $50 million, has not yet been initiated due to considerations related to the acquisition of U.S. Education Corporation.

DeVry’s strong cash flow from operations funded $51.6 million in capital expenditures for the fiscal year, excluding the purchase and immediate sale of the DeVry University Alpharetta campus. This amount includes the purchase of a building in Wood Dale, Ill., to support the continued growth of DeVry’s online operations. DeVry expects fiscal 2009 capital spending to be approximately $65 to $70 million, excluding the acquisition of U.S. Education, for expanded student technology systems; spending related to the expansion of Ross’ new branch campus in Freeport; facility improvements; and continued geographic expansion within Chamberlain College of Nursing. At the end of the fiscal year, DeVry had zero debt and approximately $276.7 million in cash and marketable securities compared to $129.2 million a year ago.

“Consistent with our five-year strategic plan, DeVry’s long term financial objective is to deliver double-digit revenue growth and roughly 20 percent compound annual earnings per share growth,” said Mr. Hamburger. “While there may be fluctuations on a short-term basis along the way, we are taking a long-term view of managing the business to drive growth, quality and increased margins.”

DeVry will host a conference call on August 14, 2008, at 3:30 p.m. Central Time (4:30 p.m. Eastern Time) to discuss the fiscal fourth quarter and year end results. 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 866-277-1181 (domestic) or 617-597-5358 (International). DeVry will also broadcast the conference call live via the Internet. Interested parties may access the Webcast through the link noted above. 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 28, 2008. To access the replay, dial 888-286-8010 (domestic) or 617-801-6888 (international), passcode 17793597. To access the Webcast replay, please visit the company's Web site, or http://www.investors.devry.com/phoenix.zhtml?c=93880&p=irol-irhome.

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.

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.

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 and separation plan severance on DeVry’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 earnings. The following table reconciles these items to the relevant GAAP information (in thousands, except per share data). Adjusted earnings per share may not add because of rounding.

	Twelve Months
	FY2008	FY2007
Net Income	$125,532	$76,188
Earnings per Share (diluted)	$1.73	$1.07
Loss/(Gain) on Facility Sales (net of tax)	$2,279	$(12,672	)
Effect on Earnings per Share (diluted)	$0.03	$(0.18	)
Separation Plan Severance (net of tax)	$--	$3,807
Effect on Earnings per Share (diluted)	$--	$0.05
Net Income Excluding the Loss (Gain) on Sale of Assets and Separation Plan Severance (net of tax)	$127,811	$67,323
Adjusted Earnings per Share (diluted)	$1.77	$0.94

	Summer 2008	Summer 2007	Change
DeVry University
New undergraduate students¹	16,595	13,906	+19.3	%
Total undergraduate students¹	45,907	40,774	+12.6	%

	July 2008	July 2007	Change
DeVry University/KGSM
Graduate coursetakers ^{2, 3}	16,017	14,023	+14.2	%
Online coursetakers ^{2, 4}	44,503	36,001	+24.0	%

	May 2008	May 2007	Change
Graduate coursetakers ^2,3	16,537	14,290	+15.7	%

	July 2008	July 2007	Change
Chamberlain College of Nursing
Total students	2,176	1,089	+98.0	%

	May 2008	May 2007	Change
Ross University
New students	481	416	+15.6	%
Total students	4,064	3,767	+7.9	%

² The term “coursetaker” refers to the number of courses taken by a student. Thus one student taking two courses is counted as two coursetakers.

³ Includes Keller Graduate School of Management and other Master’s programs offered at DeVry University

⁵ System-wide, graduates in the active job market who held positions in their fields within 6 months of graduation. Includes graduates of associate and bachelor’s degree programs.

(See chart in Multimedia Gallery http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5756530)

Date	Site	Actions	Impact
9/07	(1) Seattle/Phoenix (2) Alpharetta, GA	(1) Sale/Leaseback (2) Purchase/Sale/Leaseback	$2.2 million operating income improvement
2/08	Houston	Sale/Leaseback	$2.2 million gain recognized over 12-year lease period
3/08	Addison, IL	Co-location: DeVry University/ Chamberlain	$250,000 annual savings
3/08	Phoenix	Co-location: DeVry University/ Chamberlain	$250,000 annual savings
6/08	North Brunswick, NJ	Co-location: DeVry University/Ross University administrative staff	$800,000 annual savings

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)

PRELIMINARY

				June 30,
				2008		2007

ASSETS:

	Current Assets:

		Cash and Cash Equivalents		$ 217,199		$ 129,155
		Marketable Securities		2,308		-
		Restricted Cash		4,113		14,483
		Accounts Receivable, Net		55,214		43,084
		Deferred Income Taxes, Net		14,975		13,915
		Prepaid Expenses and Other		31,779		18,348

			Total Current Assets	325,588		218,985

	Land, Buildings and Equipment:

		Land		50,726		60,570
		Buildings		216,048		218,836
		Equipment		282,273		260,847
		Construction In Progress		4,874		15,816

				553,921		556,069

		Accumulated Depreciation and Amortization		(314,606	)	(296,742	)

			Land, Buildings and Equipment, Net	239,315		259,327

	Other Assets:

		Intangible Assets, Net		62,847		56,920
		Goodwill		308,024		291,113
		Perkins Program Fund, Net		13,450		13,450
		Marketable Securities		57,171		-
		Other Assets		11,961		4,318

			Total Other Assets	453,453		365,801

	TOTAL ASSETS			$ 1,018,356		$ 844,113

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)

PRELIMINARY

				June 30,
				2008		2007

LIABILITIES:

	Current Liabilities:

		Accounts Payable		$ 70,368		$ 34,295
		Accrued Salaries, Wages and Benefits		51,300		47,093
		Accrued Expenses		31,175		32,737
		Advance Tuition Payments		16,972		14,402
		Deferred Tuition Revenue		40,877		37,348

			Total Current Liabilities	210,692		165,875

	Non-Current Liabilities

		Deferred Income Taxes, Net		22,163		18,343
		Accrued Postemployment Agreements		3,893		4,901
		Deferred Rent and Other		25,619		13,028

			Total Non-Current Liabilities	51,675		36,272

	TOTAL LIABILITIES			262,367		202,147

COMMITMENTS AND CONTINGENCIES (Note 13)

SHAREHOLDERS' EQUITY:

	Common Stock, $0.01 Par Value, 200,000,000 Shares Authorized;
	71,377,000 and 71,131,000 Shares Outstanding at June 30, 2008 and 2007, Respectively			724		716
	Additional Paid-in Capital			168,405		143,580
	Retained Earnings			627,064		510,979
	Accumulated Other Comprehensive Loss			(2,963	)	(918	)
	Treasury Stock, at Cost (989,579 and 436,786 Shares, Respectively)			(37,241	)	(12,391	)

	TOTAL SHAREHOLDERS' EQUITY			755,989		641,966

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY				$ 1,018,356		$ 844,113

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,

			2008		2007		2008		2007		2006

REVENUES:
	Tuition		$ 257,860		$ 216,810		$ 1,004,029		$ 862,660		$ 781,813
	Other Educational		18,945		16,019		87,804		70,813		57,700

		Total Revenues	276,805		232,829		1,091,833		933,473		839,513

OPERATING COSTS AND EXPENSES:
	Cost of Educational Services		127,372		120,022		503,133		486,721		453,066
	Separation Plan Severance		-		5,155		-		6,252		-
	Loss (Gain) on Sale of Assets		-		-		3,743		(20,812	)	(451	)
	Student Services and Administrative Expense		118,484		89,706		422,622		359,025		323,010

		Total Operating Costs and Expenses	245,856		214,883		929,498		831,186		775,625

Operating Income			30,949		17,946		162,335		102,287		63,888

INTEREST:
	Interest Income		2,341		2,111		10,463		7,437		3,785
	Interest Expense		(104	)	(121	)	(522	)	(4,784	)	(10,190	)

		Net Interest Income (Expense)	2,237		1,990		9,941		2,653		(6,405	)

Income Before Income Taxes			33,186		19,936		172,276		104,940		57,483

Income Tax Provision			8,620		3,989		46,744		28,752		14,430

NET INCOME			$ 24,566		$ 15,947		$ 125,532		$ 76,188		$ 43,053

EARNINGS PER COMMON SHARE
Basic			$ 0.34		$ 0.22		$ 1.76		$ 1.07		$ 0.61
Diluted			$ 0.34		$ 0.22		$ 1.73		$ 1.07		$ 0.61

Cash Dividend Declared per Common Share			$ 0.06		$ 0.05		$ 0.12		$ 0.10		$ -

DEVRY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)

PRELIMINARY

	For The Year Ended June 30,
	2008		2007		2006

CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$125,532		$76,188		$43,053
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Stock-Based Compensation Charge	5,724		5,428		4,339
Depreciation	34,808		35,979		37,616
Amortization	5,066		8,028		10,492
Provision for Refunds and Uncollectible Accounts	51,881		51,240		47,271
Deferred Income Taxes	3,110		4,592		(475	)
Loss (Gain) on Disposals of Land, Buildings and Equipment	3,882		(20,452	)	(260	)
Changes in Assets and Liabilities, Net of Effects from
Acquisitions of Businesses:
Restricted Cash	10,374		6,153		(6,755	)
Accounts Receivable	(59,952	)	(47,739	)	(55,123	)
Prepaid Expenses And Other	(21,867	)	(5,225	)	(5,410	)
Accounts Payable	35,997		(5,384	)	9,172
Accrued Salaries, Wages, Expenses and Benefits	533		13,002		(4,055	)
Advance Tuition Payments	2,546		(2,213	)	1,888
Deferred Tuition Revenue	1,012		5,579		9,069

NET CASH PROVIDED BY OPERATING ACTIVITIES	198,646		125,176		90,822

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures	(62,806	)	(38,558	)	(25,265	)
Net Proceeds from Sales of Land and Building	52,571		36,642		1,798
Payments for Purchases of Businesses, Net of Cash Acquired	(27,603	)	-		(2,530	)
Marketable Securities Purchased	(247,013	)	-		-
Marketable Securities-Maturities and Sales	184,854		-		-

NET CASH USED IN INVESTING ACTIVITIES	(99,997	)	(1,916	)	(25,997	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Exercise of Stock Options	17,703		12,946		3,598
Reissuance of Treasury Stock	1,021		927		336
Repurchase of Common Stock for Treasury	(24,465	)	(10,534	)	-
Cash Dividends Paid	(7,840	)	(3,545	)	-
Excess Tax Benefit from Stock-Based Payments	4,201		972		532
Proceeds from Revolving Credit Facility	25,000		40,000		-
Repayments Under Revolving Credit Facility	(26,895	)	(50,000	)	(90,000	)
Repayments Under Senior Notes	-		(115,000	)	(10,000	)

NET CASH USED IN FINANCING ACTIVITIES	(11,275	)	(124,234	)	(95,534	)

Effects of Exchange Rate Differences	670		(454	)	(531	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	88,044		(1,428	)	(31,240	)

Cash and Cash Equivalents at Beginning of Year	129,155		130,583		161,823

Cash and Cash Equivalents at End of Year	$217,199		$129,155		$130,583

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid During the Year for:
Interest	$366		$4,752		$9,214
Income Taxes, Net	58,387		18,100		24,103

Non-cash Financing Activity:
Declaration of Cash Dividends to be Paid	4,283		3,557		-

DEVRY INC.
SEGMENT INFORMATION
(Dollars in Thousands)

PRELIMINARY


	For The Quarter						For The Year
	Ended June 30,						Ended June 30,
					Increase						Increase
	2008		2007		(Decrease)		2008		2007		(Decrease)

REVENUES:
DeVry University	$ 210,172		$ 178,755		17.6	%	$ 840,940		$ 728,401		15.5	%
Medical & Healthcare	44,103		34,160		29.1	%	169,814		137,177		23.8	%
Professional and Training	22,530		19,914		13.1	%	81,079		67,895		19.4	%

Total Consolidated Revenues	276,805		232,829		18.9	%	1,091,833		933,473		17.0	%

OPERATING INCOME:
DeVry University	12,274		997		1131.1	%	83,425		38,446		117.0	%
Medical & Healthcare	10,916		9,798		11.4	%	52,243		46,980		11.2	%
Professional and Training	9,182		8,934		2.8	%	33,844		25,753		31.4	%
Reconciling Items:
Amortization Expense	(1,012	)	(1,424	)	-28.9	%	(4,926	)	(6,842	)	-28.0	%
Depreciation and Other	(411	)	(359	)	14.5	%	(2,251	)	(2,050	)	9.8	%

Total Consolidated Operating Income	30,949		17,946		72.5	%	162,335		102,287		58.7	%

INTEREST:
Interest Income	2,341		2,111		10.9	%	10,463		7,437		40.7	%
Interest Expense	(104	)	(121	)	-14.0	%	(522	)	(4,784	)	-89.1	%

Net Interest Income (Expense)	2,237		1,990		$247		9,941		2,653		$7,288

Total Consolidated Income before Income Taxes	$ 33,186		$ 19,936		66.5	%	$ 172,276		$ 104,940		64.2	%


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 periods.

	For The Quarter						For The Year
	Ended June 30,						Ended June 30,
					Increase						Increase
	2008		2007		(Decrease)		2008		2007		(Decrease)

DeVry University Operating Income	$ 12,274		$ 997		1131.1	%	$ 83,425		$ 38,446		117.0	%
Loss (Gain) on Sale of Assets	-		-		NM		3,743		(20,812	)	NM
Separation Plan Severance	-		5,155		NM		-		6,252		NM
DeVry University Operating Income (Loss) Excluding Gain/Loss on Sale of Assets	$ 12,274		$ 6,152		$6,122		$ 87,168		$ 23,886		$63,282

CONTACT:
DeVry Inc.
Investor Contact:
Joan Bates
jbates@devry.com
(630) 574-1949
or
Media Contact:
Michelle Yokoyama
myokoyama@sardverb.com
(312) 895-4701

	Fourth Quarter
	FY 2008	FY 2007	Change
Revenues	$276,805	$232,829	+18.9	%
Net Income	$24,566	$15,947	+54.0	%
Earnings per Share (diluted)	$0.34	$0.22	+54.5	%
Number of common shares (diluted)	72,540	71,784	+1.1	%

	Twelve Months
	FY 2008	FY 2007	Change
Revenues	$1,091,833	$933,473	+17.0	%
Net Income	$125,532	$76,188	+64.8	%
Earnings per Share (diluted)	$1.73	$1.07	+61.7	%
Number of common shares (diluted)	72,406	71,400	+1.4	%

Graduate Employment Statistics		Period		Percent Employed ⁵			Average Salary
DeVry University (Undergraduate)		Feb-Jun-Oct 2007		92.4	%		$43,635