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)
November
3, 2011
______________
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.) |
|
3005 Highland Parkway Downers Grove, Illinois |
60515 |
|
(Address of principal executive offices) |
(Zip Code) |
(630) 515-7700
(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 7.01 Regulation FD Disclosure.
On November 3, 2011, DeVry Inc. (“DeVry”) issued a press release announcing that its Board of Directors (the “Board) had declared a semi-annual dividend on DeVry’s common stock of $0.15 per share, payable on January 10, 2012, to common stockholders of record as of December 8, 2011. The policy of the Board is that any payment of dividends will be at the discretion of the Board and will be dependent on the earnings and financial requirements of DeVry and other factors as the Board deems relevant.
In addition, DeVry announced the Board authorized a seventh share repurchase program, which allows DeVry to buy back up to $100 million of its common stock through December 31, 2013. This new repurchase program is to commence upon completion of the existing $100 million program. The timing and amount of any repurchase will be determined by management based on its evaluation of market conditions and other factors. These repurchases may be made through the open market, including block purchases, or in privately negotiated transactions, or otherwise. The buyback will be funded through available cash balances and/or borrowings, and may be suspended or discontinued at any time.
The full text of this 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, 2011.
These forward-looking statements are based on information as of November
3, 2011, 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 November 3, 2011
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: |
November 3, 2011 |
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 November 3, 2011 |
Exhibit 99.1
DeVry Inc. Increases Dividend By 25 Percent and Authorizes Additional Share Repurchases
DOWNERS GROVE, Ill.--(BUSINESS WIRE)--November 3, 2011--DeVry Inc. (NYSE:DV), a global provider of educational services, announced today at its annual meeting of shareholders that its board of directors approved a 25 percent dividend increase, raising its dividend from $0.24 to $0.30 per share annually. Payable on a semi-annual basis, the next dividend payment of $0.15 will be made on Jan. 10, 2012, to common stockholders of record as of Dec. 8, 2011.
In addition, the board of directors authorized a seventh share repurchase program, which allows DeVry to repurchase up to $100 million of its common stock through December 31, 2013. The new program will commence upon completion of the existing $100 million program, which is expected to occur in December 2011.
"These actions reflect our strong financial position and our belief in the long-term opportunities for the organization," said Daniel Hamburger, DeVry’s president and chief executive officer. "We will continue to focus on our students, invest in the quality of our programs and services, and execute our diversification strategy. These efforts, coupled with prudent management of our resources, will lead to continued value creation in the future.”
About DeVry Inc.
DeVry's purpose is to empower its students to achieve their educational and career goals. DeVry (NYSE: DV, member S&P 500 Index) is a global provider of educational services and the parent organization of Advanced Academics, American University of the Caribbean School of Medicine, Becker Professional Education, Carrington College, Carrington College California, Chamberlain College of Nursing, DeVry Brasil, DeVry University, and Ross University Schools of Medicine and Veterinary Medicine. These institutions offer a wide array of programs in business, healthcare and technology. DeVry’s institutions serve students in secondary through postsecondary education and professionals in accounting and finance. For more information, please call 630.353.3800 or visit http://www.devryinc.com.
CONTACT:
DeVry Inc.
Investor Contact:
Joan Bates
jbates@devry.com
(630)
353-3800
or
Media Contact:
Larry Larsen
llarsen@sardverb.com
(312)
895-4717