Exhibit 99.1 | ||||||||||||||||||||||||||||||||||
DEVRY INC. | ||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands Except for Per Share Amounts) | ||||||||||||||||||||||||||||||||||
PRELIMINARY | ||||||||||||||||||||||||||||||||||
For The Quarter Ended June 30, | For The Quarter Ended March 31, | For The Quarter Ended December 31, | For The Quarter Ended September 30, | For The Year Ended June 30, | ||||||||||||||||||||||||||||||
2007 | 2006 | 2007 | 2006 | 2006 | 2005 | 2006 | 2005 | 2007 | 2006 | 2005 | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||||||||||||
Tuition | $ | 216,810 | $ | 199,429 | $ | 226,141 | $ | 203,299 | $ | 217,076 | $ | 196,032 | $ | 202,633 | $ | 183,053 | $ | 862,660 | $ | 781,813 | $ | 737,132 | ||||||||||||
Other Educational | 16,019 | 15,223 | 19,684 | 15,771 | 18,528 | 13,398 | 16,582 | 13,308 | 70,813 | 57,700 | 43,530 | |||||||||||||||||||||||
Total Revenues | 232,829 | 214,652 | 245,825 | 219,070 | 235,604 | 209,430 | 219,215 | 196,361 | 933,473 | 839,513 | 780,662 | |||||||||||||||||||||||
OPERATING COSTS AND EXPENSES: | ||||||||||||||||||||||||||||||||||
Cost of Educational Services | 120,022 | 114,406 | 125,815 | 115,483 | 120,580 | 111,468 | 120,304 | 111,709 | 486,721 | 453,066 | 434,408 | |||||||||||||||||||||||
Separation Plan Severance | 5,155 | 1,097 | - | - | - | - | - | 6,252 | - | 8,751 | ||||||||||||||||||||||||
Gain on Sale of Assets | - | (957 | ) | - | - | (451 | ) | (19,855 | ) | - | (20,812 | ) | (451 | ) | - | |||||||||||||||||||
Student Services and Administrative Expense | 89,706 | 84,234 | 90,283 | 80,999 | 93,238 | 81,887 | 85,798 | 75,890 | 359,025 | 323,010 | 307,362 | |||||||||||||||||||||||
Total Operating Costs and Expenses | 214,883 | 198,640 | 216,238 | 196,482 | 213,818 | 192,904 | 186,247 | 187,599 | 831,186 | 775,625 | 750,521 | |||||||||||||||||||||||
Operating Income | 17,946 | 16,012 | 29,587 | 22,588 | 21,786 | 16,526 | 32,968 | 8,762 | 102,287 | 63,888 | 30,141 | |||||||||||||||||||||||
INTEREST: | ||||||||||||||||||||||||||||||||||
Interest Income | 2,111 | 1,791 | 1,956 | 1,136 | 1,932 | 439 | 1,438 | 419 | 7,437 | 3,785 | 642 | |||||||||||||||||||||||
Interest Expense | (121 | ) | (2,439 | ) | (774 | ) | (2,490 | ) | (1,720 | ) | (2,606 | ) | (2,169 | ) | (2,655 | ) | (4,784 | ) | (10,190 | ) | (9,047 | ) | ||||||||||||
Net Interest Income (Expense) | 1,990 | (648 | ) | 1,182 | (1,354 | ) | 212 | (2,167 | ) | (731 | ) | (2,236 | ) | 2,653 | (6,405 | ) | (8,405 | ) | ||||||||||||||||
Income Before Income Taxes and Cumulative Effect of | ||||||||||||||||||||||||||||||||||
Change in Accounting | 19,936 | 15,364 | 30,769 | 21,234 | 21,998 | 14,359 | 32,237 | 6,526 | 104,940 | 57,483 | 21,736 | |||||||||||||||||||||||
Income Tax Provision | 3,989 | 3,553 | 7,845 | 5,552 | 5,601 | 3,531 | 11,317 | 1,794 | 28,752 | 14,430 | 5,535 | |||||||||||||||||||||||
Income Before Cumulative Effect of | ||||||||||||||||||||||||||||||||||
Change in Accounting | 15,947 | 11,811 | 22,924 | 15,682 | 16,397 | 10,828 | 20,920 | 4,732 | 76,188 | 43,053 | 16,201 | |||||||||||||||||||||||
Cumulative Effect of Change in Accounting, Net of Tax | - | - | - | - | - | - | - | - | - | - | 1,810 | |||||||||||||||||||||||
NET INCOME | $ | 15,947 | $ | 11,811 | $ | 22,924 | $ | 15,682 | $ | 16,397 | $ | 10,828 | $ | 20,920 | $ | 4,732 | $ | 76,188 | $ | 43,053 | $ | 18,011 | ||||||||||||
EARNINGS PER COMMON SHARE | ||||||||||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||||||||||
Income Before Cumulative Effect of Change in Accounting | $ | 0.22 | $ | 0.17 | $ | 0.32 | $ | 0.22 | $ | 0.23 | $ | 0.15 | $ | 0.30 | $ | 0.07 | $ | 1.07 | $ | 0.61 | $ | 0.24 | ||||||||||||
Cumulative Effect of Change in Accounting | - | - | - | - | - | - | - | - | - | - | 0.02 | |||||||||||||||||||||||
Net Income | $ | 0.22 | $ | 0.17 | $ | 0.32 | $ | 0.22 | $ | 0.23 | $ | 0.15 | $ | 0.30 | $ | 0.07 | $ | 1.07 | $ | 0.61 | $ | 0.26 | ||||||||||||
Diluted | ||||||||||||||||||||||||||||||||||
Income Before Cumulative Effect of Change in Accounting | $ | 0.22 | $ | 0.17 | $ | 0.32 | $ | 0.22 | $ | 0.23 | $ | 0.15 | $ | 0.29 | $ | 0.07 | $ | 1.07 | $ | 0.61 | $ | 0.24 | ||||||||||||
Cumulative Effect of Change in Accounting | - | - | - | - | - | - | - | - | - | - | 0.02 | |||||||||||||||||||||||
Net Income | $ | 0.22 | $ | 0.17 | $ | 0.32 | $ | 0.22 | $ | 0.23 | $ | 0.15 | $ | 0.29 | $ | 0.07 | $ | 1.07 | $ | 0.61 | $ | 0.26 | ||||||||||||
Cash Dividend Declared per Common Share | $ | 0.05 | $ | - | $ | - | $ | - | $ | 0.05 | $ | - | $ | - | $ | - | $ | 0.10 | $ | - | $ | - | ||||||||||||
All periods presented in the Consolidated Statements of Income have been revised to remove investment interest income and interest expense from operating income and present the amounts as a separate component of income before income taxes and cumulative effect of change in accounting. Investment interest income was previously presented as a separate component of Revenues. Interest expense was previously presented as a separate component of Operating Costs and Expenses. | ||||||||||||||||||||||||||||||||||
DEVRY INC. | ||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||
PRELIMINARY | ||||||||||||||||||||||||||||||||||
For The Year | For The Quarter | For The Quarter | For The Quarter | For The Quarter | ||||||||||||||||||||||||||||||
Ended June 30, | Ended June 30, | Ended March 31, | Ended December 31, | Ended September 30, | ||||||||||||||||||||||||||||||
2007 | 2006 | 2005 | 2007 | 2006 | 2007 | 2006 | 2006 | 2005 | 2006 | 2005 | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||||||||||||
DeVry University | $ | 728,401 | 675,537 | 645,311 | $ | 178,755 | $ | 169,434 | $ | 191,418 | $ | 174,121 | $ | 185,656 | $ | 171,476 | $ | 172,572 | $ | 160,506 | ||||||||||||||
Professional and Training | 67,895 | 53,564 | 44,314 | 19,914 | 16,533 | 17,234 | 14,885 | 14,615 | 9,905 | 16,132 | 12,241 | |||||||||||||||||||||||
Medical & Healthcare | 137,177 | 110,412 | 91,037 | 34,160 | 28,685 | 37,173 | 30,064 | 35,333 | 28,049 | 30,511 | 23,614 | |||||||||||||||||||||||
Total Consolidated Revenues | 933,473 | 839,513 | 780,662 | 232,829 | 214,652 | 245,825 | 219,070 | 235,604 | 209,430 | 219,215 | 196,361 | |||||||||||||||||||||||
OPERATING INCOME (LOSS): | ||||||||||||||||||||||||||||||||||
DeVry University | 38,446 | 18,413 | (836 | ) | 997 | 4,054 | 12,360 | 8,109 | 6,791 | 6,537 | 18,298 | (287 | ) | |||||||||||||||||||||
Professional and Training | 25,753 | 18,060 | 13,895 | 8,934 | 5,713 | 6,822 | 5,529 | 3,183 | 2,287 | 6,814 | 4,531 | |||||||||||||||||||||||
Medical & Healthcare | 46,980 | 38,082 | 32,219 | 9,798 | 8,403 | 12,596 | 11,785 | 14,003 | 10,529 | 10,583 | 7,365 | |||||||||||||||||||||||
Reconciling Items: | ||||||||||||||||||||||||||||||||||
Amortization Expense | (6,842 | ) | (9,937 | ) | (14,117 | ) | (1,424 | ) | (2,194 | ) | (1,806 | ) | (2,582 | ) | (1,805 | ) | (2,580 | ) | (1,807 | ) | (2,581 | ) | ||||||||||||
Depreciation and Other | (2,050 | ) | (730 | ) | (1,020 | ) | (359 | ) | 36 | (385 | ) | (253 | ) | (386 | ) | (247 | ) | (920 | ) | (266 | ) | |||||||||||||
Total Consolidated Operating Income | 102,287 | 63,888 | 30,141 | 17,946 | 16,012 | 29,587 | 22,588 | 21,786 | 16,526 | 32,968 | 8,762 | |||||||||||||||||||||||
INTEREST: | ||||||||||||||||||||||||||||||||||
Interest Income | 7,437 | 3,785 | 642 | 2,111 | 1,791 | 1,956 | 1,136 | 1,932 | 439 | 1,438 | 419 | |||||||||||||||||||||||
Interest Expense | (4,784 | ) | (10,190 | ) | (9,047 | ) | (121 | ) | (2,439 | ) | (774 | ) | (2,490 | ) | (1,720 | ) | (2,606 | ) | (2,169 | ) | (2,655 | ) | ||||||||||||
Net Interest Income (Expense) | 2,653 | (6,405 | ) | (8,405 | ) | 1,990 | (648 | ) | 1,182 | (1,354 | ) | 212 | (2,167 | ) | (731 | ) | (2,236 | ) | ||||||||||||||||
Total Consolidated Income before Income Taxes and Cumulative Effect of Change in Accounting | $ | 104,940 | $ | 57,483 | $ | 21,736 | $ | 19,936 | $ | 15,364 | $ | 30,769 | $ | 21,234 | $ | 21,998 | $ | 14,359 | $ | 32,237 | $ | 6,526 | ||||||||||||
All periods have been revised to remove investment interest income and interest expense from operating income and present the amounts as a separate component of income before income taxes and cumulative effect of change | ||||||||||||||||||||||||||||||||||
in accounting. Investment interest income was previously presented as a component of Revenues. | ||||||||||||||||||||||||||||||||||
Interest expense was previously presented as a Reconciling Item under Operating Income (Loss). |