Adtalem Global Education Inc. - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - DEVRY INC. 8-K - Adtalem Global Education Inc.	a6483959.htm

Exhibit 99.1

DeVry Inc. Announces First-Quarter 2011 Results

DOWNERS GROVE, Ill.--(BUSINESS WIRE)--October 26, 2010--DeVry Inc. (NYSE:DV), a global provider of educational services, today reported financial results for its fiscal 2011 first-quarter ended Sept. 30, 2010. DeVry also reported enrollment results at Ross University and DeVry Brasil, and graduate coursetakers at DeVry University/Keller Graduate School of Management. DeVry’s continued execution of its diversification strategy and its focus on academic quality produced the following financial results:

Three Months Ended Sept. 30, 2010:

Revenues increased 21 percent to $521 million.
Net income increased 34 percent to $74 million.
Diluted earnings per share increased 36 percent to $1.03.

“Our solid performance this quarter was fueled by our strong academic results and our continued investments in our schools’ programs and student services,” said Daniel Hamburger, DeVry’s president and chief executive officer. “A significant marker of our recent success is the fact that the vast majority our graduates continue to find employment in their fields of study despite a soft job market. We hold ourselves accountable to this high standard and are pleased employers continue to value our graduates.”

Business Highlights

Business, Technology, and Management Segment

DeVry University

For the September 2010 session, total graduate coursetakers at DeVry University, including its Keller Graduate School of Management, increased 14.1 percent to a 23,389 versus 20,496 for the same period in 2009.

Despite the continued tough job market, 88.9 percent of DeVry University’s June 2009, October 2009 and February 2010 graduates in the active job market were employed in their fields of study within six months of graduation at an average salary of $43,035. These statistics include graduates of associate and bachelor’s degree programs and those who were already employed in their field of study.

Medical and Healthcare Segment

Ross University

In the 2010 September term at Ross University, enrollment was held in line with previously announced expectations as it works to add new capacity at its medical school. New students decreased 26.4 percent to 490, compared to 666 students last year. Total students decreased 0.7 percent to 4,567 compared to 4,600 students in the same term last year.

Ross University School of Medicine continues to work with the Medical Board of California (MBC) to secure final approval for the Freeport location. It expects its application to be considered at the MBC’s next meeting in November.

Chamberlain College of Nursing

In September, Chamberlain launched a registered nurse (RN) to Master of Science in Nursing option for RNs with an associate degree or a diploma in nursing. It also has submitted an application for a new location in Houston to be opened in spring 2011, pending approvals. The new campus will be co-located with DeVry University.

Carrington Colleges Group

Carrington College California began programs in Medical Assisting and Veterinary Training in October at its new Pomona campus, which is co-located with DeVry University. Carrington College introduced new Physical Therapist Assistant programs at its Albuquerque, NM; Boise, ID; and Las Vegas, NV, locations.

Professional Education Segment

Becker Professional Education

Becker’s revenues grew 4.2 percent during the quarter. It continued to invest in the redevelopment of its course materials in preparation for changes in the 2011 CPA exam.

As previously announced, John Roselli became president of Becker effective October 1, succeeding Thomas Vucinic who is retiring.

Other Educational Services Segment

Advanced Academics

During the quarter, Advanced Academics (AAI) further expanded its presence in key states, such as Arizona and New York, where it established initial service contracts with charter schools in those states. AAI experienced continued softness in revenues as a result of the ongoing impact of state budget deficits.

DeVry Brasil

For the September 2010 term, new students increased 9.1 percent to 2,347, compared to 2,151 students last year. Total students increased 3.8 percent to 11,972, compared to 11,532 students in the same term last year. DeVry Brasil continues to expand its curriculum and invest in its programs, student services and campus locations.

Balance Sheet/Cash Flow

For the first quarter, DeVry generated $196.0 million of operating cash flow, driven by the continuation of strong operating results and working capital management. As of Sept. 30, 2010, cash, marketable securities and investment balances totaled $453.3 million and there were no outstanding borrowings.

Share Repurchase Plan

During the quarter, DeVry completed its third share repurchase program and began executing its fourth program. DeVry repurchased 972,205 shares of its common stock under the third program at an average cost of $51.43 per share. As of Sept. 30, 2010, DeVry had repurchased 266,216 shares under the fourth program at an average cost of $43.95 per share.

Conclusion

DeVry will report 2010 fall enrollment for DeVry University, the Carrington Colleges Group and Chamberlain College of Nursing pre-market on Dec. 7, 2010. DeVry University expects to report a modest decline in new undergraduate student enrollments and growth in the mid-teens for total students. Keller Graduate School believes that total coursetaker enrollment will be similar to previous sessions. In the fall, Carrington expects to report a decrease in new student enrollments in the mid-single digits and a decrease in total students in the low-single digits. Chamberlain College of Nursing continues to see strong demand for its nursing programs and expects to report continued strong growth rates.

“Our growth and diversification strategy continues to serve us well as we navigate these uncertain economic times,” said Hamburger. “We remain confident that our investments in academic quality and student services will enable us to achieve our long-term performance goals this year and beyond.”

Conference Call and Webcast Information

DeVry will host a conference call on Oct. 26, 2010, at 3:30 p.m. Central Daylight Time (4:30 p.m. Eastern Daylight Time) to discuss its fiscal 2011 first-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) 730-5768 (domestic) or (857) 350-1592 (international). Use passcode 97462948 or say “DeVry Call.” DeVry 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://www.investors.devry.com/phoenix.zhtml?p=irol-eventDetails&c=93880&eventID=2683593. 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 Nov. 2, 2010. To access the replay, dial (888) 286-8010 (domestic) or (617) 801-6888 (international), passcode: 43812231. To access the webcast replay, please visit DeVry’s web site.

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, 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.

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 DeVry's most recent Annual Report on Form 10-K for the year ending June 30, 2010 and filed with the Securities and Exchange Commission on August 25, 2010.

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

	First Quarter
	FY 2011	FY 2010	Change
Revenues	$521,428	$431,110	+21.0%
Operating Income	$111,815	$79,385	+40.9%
Net Income	$73,601	$54,727	+34.5%
Earnings per Share (diluted)	$1.03	$0.76	+35.5%
Number of common shares (diluted)	71,654	72,141	(0.7)%

September 2010 Enrollment Results

	September 2010	September 2009	Change
DeVry University, including Keller Graduate School of Management
Graduate coursetakers ⁽¹⁾⁽²⁾	23,389	20,496	+14.1%

Ross University
New students	490	666	(26.4)%
Total students	4,567	4,601	(0.7)%

DeVry Brasil
New students	2,347	2,151	+9.1%
Total students	11,972	11,532	+3.8%

Graduate Employment Statistics		Period		Percent Employed ³		Average Salary
DeVry University (Undergraduate)⁽³⁾		Jun 09-Oct 09-Feb 10		88.9%		$43,035

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.

³Three-term average; includes graduates of associate and bachelor’s degree programs

Chart 1: Taxpayer Cost of Education (net cost per student)

(See chart in Multimedia Gallery http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6483958&lang=en)


Chart 2: DeVry Inc. Calendar 2010-11 Announcements & Events

Dec. 7, 2010		Most recent enrollment results; press release, no conference call
		DeVry University Chamberlain College of Nursing Carrington Colleges Group

Jan. 25, 2011		Fiscal 2011 Second Quarter Results (no enrollment)

Apr. 26, 2011		Fiscal 2011 Third Quarter Results and Spring Enrollment
		DeVry University Chamberlain College of Nursing Ross University Carrington Colleges Group DeVry Brasil

Aug. 11, 2011		Fiscal 2011 Year-End Results and Summer Enrollment
		DeVry University Chamberlain College of Nursing Ross University Carrington Colleges Group

Oct. 25, 2011		Fiscal 2012 First Quarter Results and Enrollment
		DeVry University (graduate only) Ross University DeVry Brasil

Dec. 6, 2011		Most recent enrollment results; press release, no conference call
		DeVry University Chamberlain College of Nursing Carrington Colleges Group


DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY

			September 30,			June 30,			September 30,
			2010			2010			2009

ASSETS

	Current Assets

		Cash and Cash Equivalents	$	450,994		$	307,702		$	279,243
		Marketable Securities and Investments		2,330			15,666			61,253
		Restricted Cash		11,142			2,102			10,907
		Accounts Receivable, Net		161,323			119,210			156,973
		Deferred Income Taxes, Net		24,202			22,340			20,223
		Prepaid Expenses and Other		30,784			32,627			32,602

		Total Current Assets		680,775			499,647			561,201

	Land, Buildings and Equipment

		Land		54,097			53,914			53,973
		Buildings		288,858			283,044			255,645
		Equipment		347,689			346,979			339,793
		Construction In Progress		47,441			38,188			14,124

				738,085			722,125			663,535

		Accumulated Depreciation and Amortization		(339,565	)		(333,988	)		(340,158	)

		Land, Buildings and Equipment, Net		398,520			388,137			323,377

	Other Assets

		Intangible Assets, Net		193,898			194,195			201,328
		Goodwill		516,104			514,864			514,448
		Perkins Program Fund, Net		13,450			13,450			13,450
		Other Assets		20,158			17,533			14,674

		Total Other Assets		743,610			740,042			743,900

TOTAL ASSETS			$	1,822,905		$	1,627,826		$	1,628,478


DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY

			September 30,			June 30,			September 30,
			2010			2010			2009

LIABILITIES

	Current Liabilities

		Current Portion of Debt	$	-		$	-		$	104,841
		Accounts Payable		74,527			90,364			86,642
		Accrued Salaries, Wages and Benefits		73,565			92,368			56,726
		Accrued Expenses		79,399			53,565			63,440
		Advance Tuition Payments		19,653			20,930			26,661
		Deferred Tuition Revenue		245,269			86,627			217,874

		Total Current Liabilities		492,413			343,854			556,184

	Non-Current Liabilities

		Revolving Loan		-			-			-
		Deferred Income Taxes, Net		45,307			43,368			51,366
		Deferred Rent and Other		55,638			56,216			38,909

		Total Non-current Liabilities		100,945			99,584			90,275

TOTAL LIABILITIES				593,358			443,438			646,459

NON-CONTROLLING INTEREST				5,633			5,007			3,739

SHAREHOLDERS' EQUITY

	Common Stock, $0.01 par value, 200,000,000 Shares Authorized;
	70,271,000, 71,030,000 and 71,067,000 Shares issued
	and outstanding at September 30, 2010, June 30, 2010
	and September 30, 2009, respectively.			735			734			729
	Additional Paid-in Capital			229,688			224,209			201,935
	Retained Earnings			1,128,326			1,055,591			845,686
	Accumulated Other Comprehensive Income (Loss)			12,704			9,896			11,131
	Treasury Stock, at Cost (3,216,000, 2,394,000 and 1,894,000
	Shares, Respectively)			(147,539	)		(111,049	)		(81,201	)

TOTAL SHAREHOLDERS' EQUITY				1,223,914			1,179,381			978,280

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			$	1,822,905		$	1,627,826		$	1,628,478


DEVRY INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except for Per Share Amounts)
(Unaudited)
PRELIMINARY


		For The Quarter
		Ended September 30,

		2010			2009

REVENUES:
	Tuition	$	486,339		$	401,371
	Other Educational		35,089			29,739

	Total Revenues		521,428			431,110

OPERATING COSTS AND EXPENSES:
	Cost of Educational Services		228,081			196,483
	Student Services and Administrative Expense		181,532			155,242

	Total Operating Costs and Expenses		409,613			351,725

Operating Income			111,815			79,385

INTEREST AND OTHER (EXPENSE) INCOME:
	Interest Income		423			500
	Interest Expense		(254	)		(422	)
	Net Investment Gain		-			831

	Net Interest and Other (Expense) Income		169			909

Income Before Income Taxes			111,984			80,294

Income Tax Provision			38,623			25,723

NET INCOME			73,361			54,571

	Net Loss Attributable to Noncontrolling Interest		240			156

NET INCOME ATTRIBUTABLE TO DEVRY INC.		$	73,601		$	54,727

EARNINGS PER COMMON SHARE ATTRIBUTABLE
	TO DEVRY INC. SHAREHOLDERS
	Basic	$	1.04		$	0.77
	Diluted	$	1.03		$	0.76


DEVRY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				For The Three Months
				Ended September 30,
				2010		2009

CASH FLOWS FROM OPERATING ACTIVITIES:
	Net Income			$73,361		$54,571
	Adjustments to Reconcile Net Income to Net
	Cash Provided by Operating Activities:

		Stock-Based Compensation Expense		5,250		3,622
		Depreciation		13,721		11,993
		Amortization		1,522		3,959
		Provision for Refunds and Uncollectible Accounts		26,368		23,779
		Deferred Income Taxes		(172	)	581
		Loss on Disposals of Land, Buildings and Equipment		10		331
		Unrealized Net Gain on Investments		-		(831	)
		Changes in Assets and Liabilities:
			Restricted Cash	(9,040	)	(5,560	)
			Accounts Receivable	(68,248	)	(75,885	)
			Prepaid Expenses And Other	(1,651	)	(8,733	)
			Accounts Payable	(15,839	)	15,054
			Accrued Salaries, Wages, Expenses and Benefits	13,367		12,173
			Advance Tuition Payments	(1,312	)	(1,058	)
			Deferred Tuition Revenue	158,642		143,210

	NET CASH PROVIDED BY OPERATING ACTIVITIES			195,979		177,206

CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital Expenditures			(23,010	)	(26,482	)
	Marketable Securities Purchases			(33	)	(12	)
	Marketable Securities Sales			13,495		-
	Other			-		(7	)

	NET CASH USED IN INVESTING ACTIVITIES			(9,548	)	(26,501	)

CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from Exercise of Stock Options			429		1,148
	Proceeds from Stock issued Under Employee Stock Purchase Plan			317		238
	Repurchase of Common Stock for Treasury			(36,332	)	(11,653	)
	Cash Dividends Paid			(7,117	)	(5,716	)
	Excess Tax Benefit from Stock-Based Payments			11		139
	Borrowings Under Revolving Credit Facility			-		40,000
	Repayments Under Revolving Credit Facility			-		(60,000	)
	Borrowings Under Collateralized Line of Credit			-		91
	Repayments Under Collateralized Line of Credit			-		(61	)

	NET CASH USED IN FINANCING ACTIVITIES			(42,692	)	(35,814	)

Effects of Exchange Rate Differences				(447	)	(850	)

NET INCREASE IN CASH AND CASH EQUIVALENTS				143,292		114,041

Cash and Cash Equivalents at Beginning of Period				307,702		165,202

Cash and Cash Equivalents at End of Period				$450,994		$279,243

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid During the Period for:
	Interest			$70		$269
	Income Taxes, Net			5,936		716

Non-cash Investing Activity:
	Accretion of Noncontrolling Interest Put Option			866		707


DEVRY INC.
SEGMENT INFORMATION
(Dollars in Thousands)
(Unaudited)
PRELIMINARY

	For The Quarter
	Ended September 30,
							Increase
	2010			2009			(Decrease)
REVENUES:
Business, Technology and Management	$	352,918		$	283,506		24.5	%
Medical and Healthcare		136,658			117,158		16.6	%
Professional Education		19,970			19,161		4.2	%
Other Educational Services		11,882			11,285		5.3	%

Total Consolidated Revenues		521,428			431,110		21.0	%

OPERATING INCOME:
Business, Technology and Management		84,519			56,079		50.7	%
Medical and Healthcare		28,162			27,139		3.8	%
Professional Education		6,379			6,444		-1.0	%
Other Educational Services		(7,522	)		(6,522	)	NM
Reconciling Items:
Amortization Expense		(1,475	)		(3,914	)	-62.3	%
Depreciation and Other Corporate		1,752			159		NM

Total Consolidated Operating Income		111,815			79,385		40.9	%

INTEREST AND OTHER (EXPENSE) INCOME:
Interest Income		423			500		-15.4	%
Interest Expense		(254	)		(422	)	-39.8	%
Net Investment Gain		-			831		NM

Net Interest and Other (Expense) Income		169			909		-81.4	%

Total Consolidated Income before Income Taxes	$	111,984		$	80,294		39.5	%

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6483958&lang=en

CONTACT:
DeVry Inc.
Investor Contact:
Joan Bates, (630) 353-3800
jbates@devry.com
or
Media Contact:
Larry Larsen, (312) 895-4717
llarsen@sardverb.com

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