8-K

UNITED STATESSECURITIES 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)

April 23, 2009
______________
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 April 23, 2009, DeVry Inc. issued a press release announcing the Company’s fiscal 2009 third quarter operating results and 2009 spring term enrollments.  The full text of that press release is included in Exhibit 99.1 in this Form 8-K.

Forward Looking Statements

Certain statements contained in this Form 8-K and related press release, including those that affect 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 “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “foresees,” “intends,” “plans” or other words or phrases of similar import.

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause DeVry’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 DeVry’s Annual Report on Form 10-K for the fiscal year ended June 30, 2008.

These forward-looking statements are based on information as of April 23, 2009, and DeVry 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 April 23, 2009

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:	April 23, 2009	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 April 23, 2009

EX-99.1

Exhibit 99.1

DeVry Inc. Announces Fiscal 2009 Third-Quarter Results

Record revenues driven by favorable enrollment trends

OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--April 23, 2009--DeVry Inc. (NYSE:DV), a global provider of educational services, today reported financial results for its fiscal 2009 third-quarter and nine-month period ended March 31, 2009. DeVry also reported enrollment results at DeVry University (including its Keller Graduate School of Management), Chamberlain College of Nursing, Ross University, and U.S. Education (including Apollo College and Western Career College). DeVry’s continued focus on student academic outcomes produced the following results:

Three Months Ended March 31

• Revenues increased 34.7 percent to $391.9 million, compared with $291.0 million in the prior-year period.
• Operating income increased 42 percent to $71.8 million, compared with $50.6 million for the same period last year.
• Net income increased 32.8 percent to $50.9 million from $38.3 million in the same period last year.
• Fully diluted earnings per share increased 32.1 percent to $0.70, compared with $0.53 per diluted share last year.

Nine Months Ended March 31

• Revenues increased 30.7 percent to $1,065.2 million, compared with $815.0 million for the same period last year.
• Operating income increased 37.9 percent to $181.1 million, compared with $131.4 million in the comparable prior-year period.
• Net income increased 27.4 percent to $128.6 million compared with $101.0 million for the same period last year.
• Fully diluted earnings per share in the period increased 26.4 percent to $1.77, compared with $1.40 per diluted share in the prior year.

Third-quarter and nine-month results include the impact of U.S. Education, which was acquired on September 18, 2008. It should also be noted that net income in the third quarter of fiscal 2009 includes an after-tax charge of $2.5 million, or $0.04 per diluted share, related to the buyout of a portion of a lease at DeVry University’s Long Island City, New York, campus. Excluding this charge, net income and earnings per share in the third quarter would have increased 39.4 percent and 39.6 percent, respectively.

“We continued to see significant gains in enrollment, as prospective students are attracted by our strong track record of high quality education and career outcomes,” said Daniel Hamburger, DeVry’s president and chief executive officer. “I am very pleased with the progress we have made in improving academic quality across all of our schools, growing enrollment, and further diversifying our offerings. Our strong enrollment and improved retention are providing a quality base of revenue, which we expect will help propel future growth.”

Business Highlights

DeVry University

DeVry University continued to report strong undergraduate enrollment growth, with new spring enrollments increasing 15.1 percent to 14,288 compared with 12,410 last year. Total student enrollment increased 18.8 percent to 53,259 students, compared with 44,814 in spring 2008.

For the January 2009 session, graduate coursetakers enrolled in master’s degree programs at DeVry University and its Keller Graduate School of Management rose to 19,475, an increase of 12.1 percent over January 2008. For the March 2009 session, the number of graduate coursetakers was 19,357, an increase of 13.8 percent over prior year.

The total number of online undergraduate and graduate coursetakers in the March 2009 session increased 27.0 percent to 55,745 versus 43,889 in the same session a year ago.

During the quarter, DeVry University unveiled a new academic structure that more clearly defines the distinct academic disciplines available across the university. Included in the new structure are:

• The College of Business and Management

- Keller Graduate School of Management

• The College of Engineering and Information Sciences
• The College of Liberal Arts and Sciences
• The College of Media Arts and Technology
• The College of Health Sciences

This new structure provides a home for all degrees at all levels, including flexibility for future curricula. Furthermore, it adopts an organization that is more familiar to students.

Ross University

In the January 2009 term at Ross University, new students increased 10.9 percent to 611, and total student enrollment rose to 4,323 students, an increase of 7.8 percent over the January 2008 term. Ross continues to expand its facilities and faculty and is moving forward with its plans for a permanent clinical facility in Freeport, Grand Bahama.

Chamberlain College of Nursing

Chamberlain's new student enrollment in spring 2009 increased 68.1 percent to 763 students, compared to 454 in spring 2008. Total student enrollment rose 104.5 percent to 3,722 students compared with 1,820 during the same period last year.

During the quarter, Chamberlain received all necessary regulatory approvals to offer an online Master of Science in Nursing degree, which will launch this summer. In addition, last month Chamberlain received a five-year approval for the associate’s degree program at its Columbus, Ohio, location. Chamberlain expects to open a new campus in Jacksonville, Fla., this summer, pending final approvals.

Apollo College/Western Career College (U.S. Education)

New student enrollment at U.S. Education rose 26.8 percent to 4,323 compared with 3,408 in spring 2008. Total enrollment increased 21.8 percent to a record 10,928 students, compared with 8,973 for the same period last year.

Apollo College will launch its first online bachelor’s degree completion programs this summer. Beginning in July, Apollo College will offer a bachelor’s in both medical imaging and respiratory care. Apollo will utilize the DeVry Online Services technology platform, further leveraging DeVry’s high quality resources such as faculty recruiting, curriculum development and student services.

Becker Professional Review

Revenues for Becker were flat during the quarter as a result of the ongoing weakness in the financial services sector. As previously disclosed, continued soft market conditions are anticipated at least through calendar 2009. Becker remains well-positioned for long-term growth in the accounting and finance fields.

Fanor Acquisition

On April 1, 2009, DeVry Inc. completed its acquisition of a majority stake in Fanor, a leading provider of private postsecondary education in northeastern Brazil. Under terms of the agreement, DeVry purchased an 82.3 percent stake in Fanor, including real estate and the reduction of Fanor’s debt, for a total cash outlay of $40.4 million.

Balance Sheet/Cash Flow

During the first nine months of fiscal 2009, DeVry generated $287.9 million of operating cash flow, primarily driven by the continuation of strong operating results. As of March 31, 2009, cash, marketable securities and investment balances totaled $354.2 million and outstanding borrowings were $135.1 million.

Share Repurchase Plan

During the third quarter of fiscal 2009, DeVry repurchased 206,683 shares of its common stock at a cost of approximately $10.3 million, or $50.06 per share. As of March 31, 2009, 304,783 shares of DeVry stock have been purchased as part of the current program for a total of $15.7 million at an average cost of $51.53 per share.

Conclusion

“We believe our philosophy of putting our students first and focusing on excellent academic and career outcomes is paying off,” said Hamburger. “We remain optimistic about DeVry’s future prospects. Our focus on a strategy of diversification, integrity, and a commitment to quality academic outcomes should help us achieve steady financial performance during all economic cycles.”

Conference Call and Webcast Information

DeVry will host a conference call on April 23, 2009, at 3:30 p.m. Central Time (4:30 p.m. Eastern Time) to discuss the fiscal 2009 third quarter 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) 700-7173 (domestic) or (617) 213-8838 (international). DeVry will also broadcast the conference call live via the Internet at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=93880&eventID=1745021. 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.

DeVry will archive a telephone replay of the call until May 7, 2009. To access the replay, dial (888) 286-8010 (domestic) or (617) 801-6888 (international), passcode: 19954322. To access the Webcast replay, please visit DeVry’s Web site, or http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=93880&eventID=1745021.

About DeVry Inc.

DeVry Inc. (NYSE: DV) is the parent organization of DeVry University, Advanced Academics, Ross University, Chamberlain College of Nursing, Apollo College, Western Career College Becker Professional Review, and Fanor. 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. Apollo College and Western Career College prepare students for careers in healthcare through certificate and associate degree programs. 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. Based in Brazil, Fanor offers undergraduate and graduate programs in business management, law and engineering through its three schools: Faculdades Nordeste, Faculdade Ruy Barbosa, and Faculdade FTE ÁREA1. 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, 2008 and filed with the Securities and Exchange Commission on August 27, 2008.

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

	Third-Quarter
	FY 2009	FY 2008	% Change
Revenues	$391,882	$290,973	+34.7%
Net Income	$50,886	$38,318	+32.8%
Earnings per Share (diluted)	$0.70	$0.53	+32.1%
Number of common shares (diluted)	72,653	72,515	+0.2%

	Nine-Months
	FY 2009	FY 2008	% Change
Revenues	$1,065,214	$815,028	+30.7%
Net Income	$128,581	$100,966	+27.4%
Earnings per Share (diluted)	$1.77	$1.40	+26.4%
Number of common shares (diluted)	72,624	72,358	+0.4%

Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule

DeVry executed certain real estate transactions in the three and nine month periods ended March 31, 2009 and 2008, which resulted in significant lease termination charges and/or losses on the sale of facilities. The following table illustrates the effects of the real estate transactions on DeVry’s earnings. Management believes that the non-GAAP disclosure of net income and earnings per share provides investors with useful supplemental information regarding the underlying business trends and performance of DeVry’s ongoing operations and is useful for period-over-period comparisons of such operations given the discrete nature of these real estate transactions. DeVry uses these supplemental financial measures internally in its budgeting process. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, DeVry’s reported results prepared in accordance with GAAP. The following table reconciles these items to the relevant GAAP information (in thousands, except per share data):

	Third Quarter		First Nine Months
	FY2009	FY2008	FY2009	FY2008
Net Income	$50,886	$38,318	$128,581	$100,966
Earnings per Share (diluted)	$0.70	$0.53	$1.77	$1.40
Loss on Facility Sales and Lease  Transactions (net of tax)	$2,543	-	$2,543	$2,279
Effect on Earnings per Share (diluted)	$0.04	-	$0.04	$0.03
Net Income Excluding the Loss on Facility Sales and Lease Transactions (net of tax)	$53,429	$38,318	$131,124	$103,245
Earnings per Share (diluted) Excluding
the Loss on Sale and Lease Transactions	$0.74	$0.53	$1.81	$1.43

Spring 2009 Enrollment Results

		2009	2008		% Change
DeVry University
Undergraduate(1)
New students		14,288	12,410		+15.1%
Total students		53,259	44,814		+18.8%
Graduate coursetakers(1)(2)(3)
January		19,475	17,377		+12.1%
March		19,357	17,005		+13.8%
Online coursetakers(2)(4) - March		55,745	43,889		+27.0%
Ross University - January
New students		611	551		+10.9%
Total students		4,323	4,011		+7.8%
Chamberlain College of Nursing(1) - March
New students		763	454		+68.1%
Total students		3,722	1,820		+104.5%
Apollo College/Western Career College (U.S. Education) - March
New students		4,323	3,408		+26.8%
Total students		10,928	8,973		+21.8%
Employment Statistics
	Period			Percent Employed		Average Salary
DeVry University (Undergraduate)(5)	Oct 07-Feb 08-Jun 08			92.1%		$45,376

¹ Includes both onsite and online students

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

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

⁴ Includes all degree levels at DeVry University

⁵ Three-term average; includes graduates of associate and bachelor’s degree programs

Chart 1: DeVry Inc. Remaining CY2009 Announcements & Events

August 13, 2009	Fiscal 2009 full-year earnings and most recent enrollment results:
	DeVry University (Undergraduate and Graduate)
	Keller Graduate School of Management
	Ross University
	Chamberlain College of Nursing
	Apollo College and Western Career College (U.S. Education)
October 27, 2009	Fiscal 2010 first quarter earnings and most recent enrollment results:
	Keller Graduate School of Management
	Ross University
	Fanor
November 16-17, 2009	DeVry Investor Day
December 3, 2009	Most recent enrollment results:
(press release, no call)	DeVry University (Undergraduate and Graduate)
	Keller Graduate School of Management
	Chamberlain College of Nursing
	Apollo College and Western Career College (U.S. Education)

Chart 2: DeVry University Historical Enrollment Results

(See chart in Multimedia Gallery http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5947873&lang=en)

Chart 3: DeVry University Historical Graduate Employment Statistics (1975-2007)

(See chart in Multimedia Gallery http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5947873&lang=en)

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				March 31,		June 30,		March 31,
				2009		2008		2008
ASSETS
	Current Assets
		Cash and Cash Equivalents		$ 294,979		$ 217,199		$ 249,580
		Marketable Securities		1,743		2,308		2,345
		Restricted Cash		22,246		4,113		23,077
		Accounts Receivable, Net		179,954		55,214		121,523
		Deferred Income Taxes, Net		17,850		14,975		17,287
		Prepaid Expenses and Other		33,033		31,779		20,761
			Total Current Assets	549,805		325,588		434,573
	Land, Buildings and Equipment
		Land		50,816		50,726		47,478
		Buildings		237,581		216,048		200,617
		Equipment		313,053		282,273		276,921
		Construction In Progress		8,420		4,874		5,816
				609,870		553,921		530,832
		Accumulated Depreciation and Amortization		(332,132	)	(314,606	)	(308,001	)
			Land, Buildings and Equipment, Net	277,738		239,315		222,831
	Other Assets
		Intangible Assets, Net		184,654		62,847		63,859
		Goodwill		494,579		308,024		308,671
		Perkins Program Fund, Net		13,450		13,450		13,450
		Investments		57,461		57,171		57,637
		Other Assets		13,182		11,961		14,871
			Total Other Assets	763,326		453,453		458,488
TOTAL ASSETS				$ 1,590,869		$ 1,018,356		$ 1,115,892
DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				March 31,		June 30,		March 31,
				2009		2008		2008
LIABILITIES
	Current Liabilities
		Current Portion of Debt		$ 115,063		$ -		$ -
		Accounts Payable		66,212		70,368		36,895
		Accrued Salaries, Wages and Benefits		53,724		51,300		43,049
		Accrued Expenses		48,923		31,175		36,196
		Advance Tuition Payments		26,413		16,972		21,405
		Deferred Tuition Revenue		276,104		40,877		195,869
			Total Current Liabilities	586,439		210,692		333,414
	Non-Current Liabilities
		Revolving Loan		20,000		-		-
		Deferred Income Taxes, Net		68,955		22,163		13,809
		Deferred Rent and Other		29,274		29,512		32,272
			Total Non-current Liabilities	118,229		51,675		46,081
TOTAL LIABILITIES				704,668		262,367		379,495
SHAREHOLDERS' EQUITY
	Common Stock, $0.01 par value, 200,000,000 Shares Authorized;
	71,582,000, 71,377,000 and 71,333,000 Shares issued
	and outstanding at March 31, 2009, June 30, 2008
	and March 31, 2008, respectively.			729		724		722
	Additional Paid-in Capital			186,815		168,405		164,634
	Retained Earnings			749,913		627,064		606,781
	Accumulated Other Comprehensive Income (Loss)			737		(2,963	)	(2,644	)
	Treasury Stock, at Cost (1,266,803, 989,579 and 905,384
	Shares, Respectively)			(51,993	)	(37,241	)	(33,096	)
TOTAL SHAREHOLDERS' EQUITY				886,201		755,989		736,397
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY				$ 1,590,869		$ 1,018,356		$ 1,115,892

DEVRY INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except for Per Share Amounts)
(Unaudited)
PRELIMINARY
			For The Quarter				For The Nine Months
			Ended March 31,				Ended March 31,
			2009		2008		2009		2008
REVENUES:
	Tuition		$360,629		$265,253		$981,800		$746,169
	Other Educational		31,253		25,720		83,414		68,859
		Total Revenues	391,882		290,973		1,065,214		815,028
OPERATING COSTS AND EXPENSES:
	Cost of Educational Services		178,201		130,846		484,921		375,761
	Loss on Real Estate Transactions		3,977		-		3,977		3,743
	Student Services and Administrative Expense		137,917		109,576		395,177		304,138
		Total Operating Costs and Expenses	320,095		240,422		884,075		683,642
Operating Income			71,787		50,551		181,139		131,386
INTEREST AND OTHER:
	Interest Income		776		2,823		4,628		8,122
	Interest Expense		(484	)	(99	)	(2,013	)	(418	)
	Net Investment Gain (Loss)		970		-		(748	)	-
		Net Interest and Other Income	1,262		2,724		1,867		7,704
Income Before Income Taxes			73,049		53,275		183,006		139,090
Income Tax Provision			22,163		14,957		54,425		38,124
NET INCOME			$ 50,886		$ 38,318		$ 128,581		$ 100,966
EARNINGS PER COMMON SHARE
Basic			$ 0.71		$ 0.54		$ 1.80		$ 1.42
Diluted			$ 0.70		$ 0.53		$ 1.77		$ 1.40
Cash Dividend Declared per Common Share			$ -		$ -		$ 0.08		$ 0.06

DEVRY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				For The Nine Months
				Ended March 31,
				2009		2008
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net Income			$128,581		$100,966
	Adjustments to Reconcile Net Income to Net
	Cash Provided by Operating Activities:
		Stock-Based Compensation Charge		6,513		4,287
		Depreciation		29,480		25,997
		Amortization		6,897		4,018
		Provision for Refunds and Uncollectible Accounts		53,103		42,197
		Deferred Income Taxes		83		(6,880	)
		Loss on Disposals of Land, Buildings and Equipment		2,297		3,760
		Unrealized Net Loss on Investments		2,014		-
		Changes in Assets and Liabilities, Net of Effects from
		Acquisitions of Businesses:
			Restricted Cash	(18,012	)	(8,591	)
			Accounts Receivable	(148,927	)	(116,582	)
			Prepaid Expenses And Other	(2,324	)	(10,959	)
			Accounts Payable	(5,834	)	2,527
			Accrued Salaries, Wages, Benefits and Expenses	18,250		1,593
			Advance Tuition Payments	4,696		6,985
			Deferred Tuition Revenue	211,115		156,004
	NET CASH PROVIDED BY OPERATING ACTIVITIES			287,932		205,322
CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital Expenditures			(50,708	)	(37,392	)
	Net Proceeds from Sales of Land and Building			-		52,571
	Payment for Purchase of Business, Net of Cash Acquired			(287,462	)	(27,590	)
	Marketable Securities Purchased			(49	)	(246,278	)
	Marketable Securities-Maturities and Sales			-		184,854
	NET CASH USED IN INVESTING ACTIVITIES			(338,219	)	(73,835	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from Exercise of Stock Options			11,048		15,487
	Reissuance of Treasury Stock			1,805		787
	Repurchase of Common Stock for Treasury			(15,703	)	(20,206	)
	Cash Dividend Paid			(10,015	)	(7,840	)
	Excess Tax Benefit from Stock-Based Payments			3,350		2,865
	Borrowings Under Collateralized Line of Credit			46,306		-
	Repayments Under Collateralized Line of Credit			(1,243	)	-
	Borrowings Under Revolving Credit Facility			230,000		25,000
	Repayments Under Revolving Credit Facility			(140,000	)	(26,895	)
	NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			125,548		(10,802	)
Effects of Exchange Rate Differences				2,519		(260	)
NET INCREASE IN CASH AND CASH EQUIVALENTS				77,780		120,425
Cash and Cash Equivalents at Beginning of Period				217,199		129,155
Cash and Cash Equivalents at End of Period				$294,979		$249,580

DEVRY INC.
SEGMENT INFORMATION
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
	For The Quarter						For The Nine Months
	Ended March 31,						Ended March 31,
					Increase						Increase
	2009		2008		(Decrease)		2009		2008		(Decrease)
REVENUES:
DeVry University	$ 264,324		$ 222,609		18.7	%	$ 748,671		$ 630,768		18.7	%
Medical and Healthcare	105,013		45,885		128.9	%	256,270		125,711		103.9	%
Professional and Training	22,545		22,479		0.3	%	60,273		58,549		2.9	%
Total Consolidated Revenues	391,882		290,973		34.7	%	1,065,214		815,028		30.7	%
OPERATING INCOME:
DeVry University	39,492		27,370		44.3	%	99,615		71,151		40.0	%
Medical and Healthcare	26,115		14,464		80.6	%	68,132		41,327		64.9	%
Professional and Training	9,524		10,930		-12.9	%	21,773		24,662		-11.7	%
Reconciling Items:
Amortization Expense	(2,958	)	(1,513	)	95.5	%	(6,793	)	(3,914	)	73.6	%
Depreciation and Other	(386	)	(700	)	-44.9	%	(1,588	)	(1,840	)	-13.7	%
Total Consolidated Operating Income	71,787		50,551		42.0	%	181,139		131,386		37.9	%
INTEREST AND OTHER:
Interest Income	776		2,823		-72.5	%	4,628		8,122		-43.0	%
Interest Expense	(484	)	(99	)	388.9	%	(2,013	)	(418	)	381.6	%
Net Investment Gain (Loss)	970		-		NM		(748	)	-		NM
Net Interest and Other Income	1,262		2,724		($1,462	)	1,867		7,704		($5,837	)
Total Consolidated Income before Income Taxes	$ 73,049		$ 53,275		37.1	%	$ 183,006		$ 139,090		31.6	%
DeVry executed certain real estate transactions in the three and nine month periods ended March 31, 2009 and 2008, which resulted in significant lease termination charges and/or losses on the sale of facilities. The following table illustrates the effects of the real estate transactions on DeVry’s operating income. Management believes that the non-GAAP disclosure of net income and earnings per share provides investors with useful supplemental information regarding the underlying business trends and performance of DeVry’s ongoing operations and are useful for period-over-period comparisons of such operations given the discrete nature of the real estate transactions. DeVry uses these supplemental financial measures internally in its budgeting process. However, the non-GAAP financial measures should be viewed in addition to, and not as a substitute for, DeVry’s reported results prepared in accordance with GAAP. The following table reconciles these items to the relevant GAAP information:
	For The Quarter						For The Nine Months
	Ended March 31,						Ended March 31,
					Increase						Increase
	2009		2008		(Decrease)		2009		2008		(Decrease)
DeVry University Operating Income	$ 39,492		$ 27,370		44.3	%	$ 99,615		$ 71,151		40.0	%
Loss on Real Estate Transactions	3,977		-		NM		3,977		3,743		NM
DeVry University Operating Income
Excluding Loss on Real Estate Transactions	$ 43,469		$ 27,370		58.8	%	$ 103,592		$ 74,894		38.3	%
The following table displays the pro forma results of operations for the Medical and Healthcare segment as if U.S. Education was a part of the Company's business for the entire three and nine month periods ended March 31, 2009 and 2008. 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 Quarter						For The Nine Months
	Ended March 31,						Ended March 31,
					Increase						Increase
	2009		2008		(Decrease)		2009		2008		(Decrease)
Medical and Healthcare Revenue as Reported	$105,013		$45,885		128.9	%	$256,270		$125,711		103.9	%
U.S. Education Revenue (1)	-		36,685		NM		35,907		105,178		NM
Pro forma Medical and Healthcare Revenue	$105,013		$82,570		27.2	%	$292,177		$230,889		26.5	%
Medical and Healthcare Operating Income as Reported	$26,115		$14,464		80.6	%	$68,132		$41,327		64.9	%
U.S. Education Operating Income as Adjusted (1) (2)	-		5,240		NM		5,350		13,207		NM
Pro forma Medical and Healthcare Operating Income	$26,115		$19,704		32.5	%	$73,482		$54,534		34.7	%
(1) For the portion of the period not owned by DeVry. U.S. Education, which was acquired on September 18, 2008, contributed $45.5 million and $93.5 million of revenue growth in the third quarter and first nine months of fiscal year 2009, respectively.
(2) Adjusted for non-recurring acquisition related charges in the nine months ended March 31, 2009, along with an allocation of corporate charges in the nine months ended March 31, 2009 and 2008.

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CONTACT:
DeVry Inc.
Investor Contact:
Joan Bates
jbates@devry.com
(630) 574-1949
or
Media Contact:
Larry Larsen
llarsen@sardverb.com
(312) 895-4717