Adtalem Global Education (ATGE) 8-K DeVry Inc. Announces Fiscal 2009 First-Quarter Results

Exhibit 99.1

DeVry Inc. Announces Fiscal 2009 First-Quarter Results

Increased revenues continue to drive strong earnings growth

Diluted EPS increases nearly 30 percent to $0.48

OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--October 23, 2008--DeVry Inc. (NYSE:DV), a global provider of education services, reported today its fiscal 2009 first quarter financial results and September 2008 graduate enrollment at DeVry University, including its Keller Graduate School of Management, and Ross University.

Three Months Ended September 30

• Revenues increased 21.3 percent to $303.7 million, compared with $250.3 million a year ago.
• Operating income increased 38.1 percent to $46.8 million, compared with $33.9 million for the same period last year.
• Net income increased 29.8 percent to $34.8 million from $26.8 million in the same period last year, while fully diluted earnings per share in the quarter increased 29.7 percent to $0.48, compared with $0.37 per diluted share last year.

Please note that fiscal 2008 first quarter net income included a $2.3 million loss, net of tax, or $0.03 per share, from the sale/leaseback transactions at Phoenix, Seattle, and Alpharetta, Ga. Excluding this discrete item from last year, fiscal 2009 first quarter operating income would have increased 24.4 percent; net income and earnings per share would have increased approximately 20.0 percent.

“Our strong results in the first quarter of fiscal 2009 demonstrate that we are executing our strategic plan – increasing enrollment through improved marketing and recruiting, as well as further diversifying our offerings with the completion of the U.S. Education acquisition," said Daniel Hamburger, DeVry’s president and chief executive officer. “We continue to show sustained growth and believe that even in tough economic times, our diversified portfolio positions us well to achieve our long term growth goals and to maximize shareholder value.”

Business Highlights

DeVry completed its acquisition of U.S. Education, the parent organization of Apollo College and Western Career College on September 18, 2008. Apollo College and Western Career College operate 17 campus locations in the western United States and prepare students for careers in the high-growth allied healthcare sector through certificate and associate degree programs. As previously disclosed, DeVry expects the addition of Apollo College and Western Career College to be marginally dilutive to earnings by about $0.01 per share in fiscal 2009 primarily because of amortization expense, and accretive to earnings in fiscal 2010 and beyond.

DeVry University

For the September 2008 session, total DeVry University graduate coursetakers, including its Keller Graduate School of Management, totaled 17,799, up 12.2 percent versus 15,857 for the same period in 2007. DeVry University’s Fall 2008 undergraduate enrollment and November session graduate enrollment will be reported on December 4, 2008.

Ross University

At Ross University, in the 2008 September term, total students increased 8.8 percent to 4,219 compared to 3,876 students in the same term last year. New students increased 6.3 percent to 608, compared to 572 students last year. Ross University continues to make investments in faculty, classrooms, clinical affiliations, and student housing to respond to capacity constraints and continued strong demand for medical and veterinary medical education. Ross University is also making investments in preparation for its new clinical center in Freeport, Grand Bahama, scheduled to open January 2009.

Balance Sheet/Cash Flow

DeVry generated $96.8 million of operating cash flow during the fiscal 2009 first quarter, driven primarily by strong operating results. As of September 30, 2008, cash and short- and long-term investment balances totaled $242.3 million. Outstanding borrowings of $165.9 million were incurred to fund the acquisition of U.S. Education.

Conclusion

“DeVry continues to provide access to high-quality education for career-minded students, while responding to the overwhelming market need for professionals in the healthcare, business, and technology sectors,” added Hamburger. “To that end, we are very pleased to add the quality programs of U.S. Education to our offerings. The integration of U.S. Education is on track and we look forward to realizing the numerous opportunities that this combination provides.”

“As we look to the future, I am pleased to work with Dr. Harold Shapiro, president emeritus of Princeton University, who will take over as board chair of DeVry Inc. at our annual stockholder’s meeting next month. Harold’s experience, along with the continued support and counsel of Dennis Keller as a director emeritus, will help to guide our long-term strategies in the years to come,” concluded Hamburger.

Conference Call and Webcast Information

DeVry will host a conference call on October 23, 2008, at 3:30 p.m. Central Time (4:30 p.m. Eastern Time) to discuss the fiscal 2009 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 800-561-2813 (domestic) or 617-614-3529 (International). DeVry will also broadcast the conference call live via the Internet http://www.investors.devry.com/phoenix.zhtml?c=93880&p=irol-EventDetai ls&EventId=1745047.

(Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.) 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 October 30,, 2008. To access the replay, dial 888-286-8010 (domestic) or 617-801-6888 (international), passcode 29338872. To access the Webcast replay, please visit DeVry’s Web site, or http://www.investors.devry.com/phoenix.zhtml?c=93880&p=irol-EventDetai ls&EventId=1745047.

(Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)

About DeVry Inc.

DeVry Inc. (NYSE: DV) is the parent organization of DeVry University, Advanced Academics, Ross University, Chamberlain College of Nursing, U.S. Education 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. U.S. Education's programs, offered through 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. 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)
	First Quarter
	FY 2009	FY 2008	Change
Revenues	$303,717	$250,318	+21.3	%
Net Income	$34,830	$26,835	+29.8	%
Earnings per Share (diluted)	$0.48	$0.37	+29.7	%
Number of common shares (diluted)	72,560	71,947	+0.9	%

Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule

The following table illustrates the effects of the loss on the sale of facilities 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 period. The following table reconciles these items to the relevant GAAP information (in thousands, except per share data):

	For the Three Months Ended September 30,
	2008	2007
Net Income	$34,830	$26,835
Earnings per Share (diluted)	$0.48	$0.37
Loss on Sale of Assets (net of tax)	--	$ 2,279
Effect on Earnings per Share (diluted)	--	$0.03
Net Income Excluding the Loss on Sale of Assets (net of tax)	$34,830	$29,114
Adjusted Earnings per Share (diluted)	$0.48	$0.40

September 2008 Enrollment Results

	September 2008	September 2007	Change
DeVry University
Graduate coursetakers 1,2	17,799	15,857	+12.2	%
Ross University
New students	608	572	+6.3	%
Total students	4,219	3,876	+8.8	%

Graduate Employment Statistics	Period	Percent Employed3		Average Salary
DeVry University (Undergraduate)	Jun ’07-Oct ’07-Feb ‘08	92.1	%	$44,422

¹ The term “coursetaker” refers to the number of courses taken by a student. Thus one student taking two courses is counted as two coursetakers.

² Includes Keller Graduate School of Management and other Master’s degree programs offered at DeVry University

³ 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.

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				September 30,		June 30,		September 30,
				2008		2008		2007
ASSETS
	Current Assets
		Cash and Cash Equivalents		$ 183,059		$ 217,199		$ 150,011
		Marketable Securities		2,136		2,308		72,745
		Restricted Cash		8,564		4,113		21,218
		Accounts Receivable, Net		154,654		55,214		75,790
		Deferred Income Taxes, Net		15,635		14,975		15,491
		Prepaid Expenses and Other		28,279		31,779		18,474
			Total Current Assets	392,327		325,588		353,729
	Land, Buildings and Equipment
		Land		51,193		50,726		51,707
		Buildings		231,812		216,048		201,884
		Equipment		288,731		282,273		266,677
		Construction In Progress		5,536		4,874		5,038
				577,272		553,921		525,306
		Accumulated Depreciation and Amortization		(316,624	)	(314,606	)	(292,442	)
			Land, Buildings and Equipment, Net	260,648		239,315		232,864
	Other Assets
		Intangible Assets, Net		140,632		62,847		55,874
		Goodwill		523,395		308,024		291,113
		Perkins Program Fund, Net		13,450		13,450		13,450
		Marketable Securities		57,128		57,171		-
		Other Assets		11,176		11,961		5,510
			Total Other Assets	745,781		453,453		365,947
TOTAL ASSETS				$ 1,398,756		$ 1,018,356		$ 952,540

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				September 30,		June 30,		September 30,
				2008		2008		2007
LIABILITIES
	Current Liabilities
		Current Portion of Debt		$ 145,876		$ -		$ -
		Accounts Payable		81,153		70,368		32,799
		Accrued Salaries, Wages and Benefits		43,786		51,300		35,392
		Accrued Expenses		42,966		31,175		41,491
		Advance Tuition Payments		19,964		16,972		14,828
		Deferred Tuition Revenue		173,953		40,877		122,415
			Total Current Liabilities	507,698		210,692		246,925
	Non-Current Liabilities
		Revolving Loan		20,000		-		-
		Deferred Income Taxes, Net		43,963		22,163		8,689
		Deferred Rent and Other		29,342		29,512		30,950
			Total Non-current Liabilities	93,305		51,675		39,639
TOTAL LIABILITIES				601,003		262,367		286,564
SHAREHOLDERS' EQUITY
	Common Stock, $0.01 par value, 200,000,000 Shares Authorized;
	71,484,000, 71,377,000 and 71,098,000 Shares issued
	and outstanding at September 30, 2008, June 30, 2008
	and September 30, 2007, respectively.			725		724		717
	Additional Paid-in Capital			174,236		168,405		147,511
	Retained Earnings			661,894		627,064		536,933
	Accumulated Other Comprehensive Loss			(2,557	)	(2,963	)	(1,550	)
	Treasury Stock, at Cost (969,360, 989,579 and 589,393 Shares, Respectively)			(36,545	)	(37,241	)	(17,635	)
TOTAL SHAREHOLDERS' EQUITY				797,753		755,989		665,976
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY				$ 1,398,756		$ 1,018,356		$ 952,540

DEVRY INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except for Per Share Amounts)
PRELIMINARY
			For The Quarter
			Ended September 30,
			2008		2007
REVENUES:
	Tuition		$ 279,127		$ 230,221
	Other Educational		24,590		20,097
		Total Revenues	303,717		250,318
OPERATING COSTS AND EXPENSES:
	Cost of Educational Services		139,613		121,028
	Loss (Gain) on Sale of Assets		-		3,743
	Student Services and Administrative Expense		117,292		91,645
		Total Operating Costs and Expenses	256,905		216,416
Operating Income			46,812		33,902
INTEREST:
	Interest Income		2,142		2,407
	Interest Expense		(353	)	(221	)
		Net Interest Income (Expense)	1,789		2,186
Income Before Income Taxes			48,601		36,088
Income Tax Provision			13,771		9,253
NET INCOME			$ 34,830		$ 26,835
EARNINGS PER COMMON SHARE:
Basic			$ 0.49		$ 0.38
Diluted			$ 0.48		$ 0.37

DEVRY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
PRELIMINARY
				For The Quarter
				Ended September 30,
				2008		2007
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net Income			$34,830		$26,835
	Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
		Stock-Based Compensation Charge		3,110		1,514
		Depreciation		8,825		8,405
		Amortization		952		1,081
		Provision for Refunds and Uncollectible Accounts		15,985		14,725
		Deferred Income Taxes		(923	)	(6,785	)
		Loss (Gain) on Disposals of Land, Buildings and Equipment		24		3,735
		Changes in Assets and Liabilities, Net of Effects from Acquisitions of Businesses:
			Restricted Cash	(4,313	)	(6,729	)
			Accounts Receivable	(86,442	)	(47,401	)
			Prepaid Expenses And Other	5,835		741
			Accounts Payable	9,091		(1,509	)
			Accrued Salaries, Wages, Benefits and Expenses	2,706		(60	)
			Advance Tuition Payments	(1,826	)	390
			Deferred Tuition Revenue	108,964		85,067
	NET CASH PROVIDED BY OPERATING ACTIVITIES			96,818		80,009
CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital Expenditures			(10,638	)	(18,140	)
	Net Proceeds from Sales of Land and Building			-		38,528
	Payment for Purchase of Business, Net of Cash Acquired			(286,254	)	-
	Marketable Securities Purchased			(13	)	(82,738	)
	Marketable Securities-Maturities and Sales			-		10,000
	NET CASH USED IN INVESTING ACTIVITIES			(296,905	)	(52,350	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from Exercise of Stock Options			2,078		2,394
	Reissuance of Treasury Stock			1,340		182
	Repurchase of Common Stock for Treasury			-		(5,402	)
	Cash Dividend Paid			(4,282	)	(3,557	)
	Excess Tax Benefit from Stock-Based Payments			420		167
	Borrowings Under Collateralized Line of Credit			45,876		-
	Borrowings Under Revolving Credit Facility			120,000		25,000
	Repayments Under Revolving Credit Facility			-		(25,000	)
	NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			165,432		(6,216	)
Effects of Exchange Rate Differences				515		(587	)
NET INCREASE IN CASH AND CASH EQUIVALENTS				(34,140	)	20,856
Cash and Cash Equivalents at Beginning of Period				217,199		129,155
Cash and Cash Equivalents at End of Period				$183,059		$150,011
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash Paid (Refunded) During the Period for:
	Interest			$51		$177
	Income Taxes, Net			(6,868	)	6,392

DEVRY INC.
SEGMENT INFORMATION
(Dollars in Thousands)
PRELIMINARY
	For The Quarter
	Ended September 30,
					Increase
	2008		2007		(Decrease)
REVENUES:
DeVry University	$ 230,680		$ 194,765		18.4	%
Medical and Healthcare	53,278		37,240		43.1	%
Professional and Training	19,759		18,313		7.9	%
Total Consolidated Revenues	303,717		250,318		21.3	%
OPERATING INCOME:
DeVry University	25,288		15,561		62.5	%
Medical and Healthcare	15,351		11,601		32.3	%
Professional and Training	7,723		8,358		-7.6	%
Reconciling Items:
Amortization Expense	(916	)	(1,046	)	-12.4	%
Depreciation and Other	(634	)	(572	)	10.8	%
Total Consolidated Operating Income	46,812		33,902		38.1	%
INTEREST:
Interest Income	2,142		2,407		-11.0	%
Interest Expense	(353	)	(221	)	59.7	%
Net Interest Income	1,789		2,186		($397	)
Total Consolidated Income before Income Taxes	$ 48,601		$ 36,088		34.7	%
The following table displays the discrete income statement items
related to the 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 quarters.
	For The Quarter
	Ended September 30,
					Increase
	2008		2007		(Decrease)
DeVry University Operating Income	$ 25,288		$ 15,561		62.5	%
Loss on Sale of Assets	-		3,743		NM
DeVry University Operating Income
Excluding Loss on Sale of Assets	$ 25,288		$ 19,304		31.0	%
The following table displays the pro forma results of operations for
the Medical and Healthcare segment as if U.S. Education Corp. was a
part of the Company's business for the entire quarterly periods ended
September 30, 2008 and 2007. 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
	Ended September 30,
					Increase
	2008		2007		(Decrease)
Medical and Healthcare Revenue as Reported	$53,278		$37,240		43.1	%
U.S. Education Revenue	41,483		33,889		22.4	%
Adjustments (1)	(5,576	)	-		NM
Pro forma Medical & Healthcare Revenue	$89,185		$71,129		25.4	%
Medical and Healthcare Operating Income as Reported	$15,351		$11,601		32.3	%
U.S. Education Operating Income as Adjusted (2)	6,481		3,786		71.2	%
Adjustments (1)	(1,131	)	-		NM
Pro forma Medical & Healthcare Operating Income	$20,701		$15,387		34.5	%
(1) Adjustment for 12 days of results that are included in the Medical
and Healthcare operations as Reported.
(2) Adjusted for non-recurring acquisition related charges in the
quarter ended September 30, 2008, along with an allocation of
corporate charges in the quarters ended September 30, 2008 and 2007.

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