Adtalem Global Education (ATGE) 8-K DeVry Inc. Announces Second-Quarter 2011 Results

Exhibit 99.1

DeVry Inc. Announces Second-Quarter 2011 Results

DOWNERS GROVE, Ill.--(BUSINESS WIRE)--January 25, 2011--DeVry Inc. (NYSE:DV), a global provider of educational services, today reported results for its fiscal 2011 second-quarter ended Dec. 31, 2010. DeVry’s continued execution of its diversification strategy and focus on academic quality produced the following financial results:

Three Months Ended Dec. 31, 2010:

• Revenues increased 17 percent to $551 million
• Net income increased 22 percent to $89 million
• Diluted earnings per share increased 25 percent to $1.25

Six Months Ended Dec. 31, 2010:

• Revenues rose 19 percent to $1,073 million
• Net income increased 28 percent to $162 million
• Diluted earnings per share increased 30 percent to $2.28

“During the first half of this fiscal year, we benefitted from our position as a diversified provider of quality education,” said Daniel Hamburger, DeVry’s president and chief executive officer. “We continue to invest in new programs that lead to strong career outcomes and innovative student services, especially to serve those who may not otherwise have access to higher education. We remain actively engaged in the ongoing regulatory discussions and support high standards for all of sectors of higher education.”

Business Highlights

Business, Technology, and Management Segment

DeVry University

As reported in December, DeVry University’s new undergraduate enrollment decreased 4.7 percent and total undergraduate enrollment rose 14.9 percent in the fall. DeVry continues to make strategic investments in its operations as it has rolled out its Student Central program across all of its campuses, helping increase student retention.

During the quarter, DeVry University was one of eight highly productive institutions profiled in a report by McKinsey & Company on productivity in higher education. The report is available at the following link: http://www.mckinsey.com/clientservice/Social_Sector/our_practices/Education.aspx.

At DeVry University’s Keller Graduate School of Management, the number of coursetakers in November 2010 increased 11.9 percent. In January, the university launched a campaign featuring the first combined DeVry University-Keller Graduate School of Management brand messaging. The campaign is airing on primetime television and can be viewed at http://www.devryinc.com/resources/media/DVU-LNSW.wmv.

Medical and Healthcare Segment

Ross University

In November, Ross University School of Medicine secured licensing approval for its Freeport, Grand Bahama, location from the Medical Board of California. Ross planned to enroll new students in Freeport given capacity constraints at its Dominica campus. It has been Ross’ understanding that medical students who attend the Freeport location would not be eligible to receive Title IV financial aid while in Freeport, but would be eligible to receive financial aid once they moved beyond their semesters in Freeport. However, the Department of Education (ED) recently raised questions that could impact the overall financial aid eligibility for new students who attend Freeport. While Ross is working through this issue with ED, it is also in the process of evaluating how best to leverage its Freeport location as part of its overall expansion strategy. Ross continues to invest in its Dominica facilities, programs and student services to meet the strong demand for its medical program.

According to data obtained from the Association of American Medical Colleges and Ross University School of Medicine, in 2010, Ross University graduated more Black or African-American physicians than any U.S. medical school, including the historically black colleges and universities, as shown in Chart 2 on page 7.

Chamberlain College of Nursing

Chamberlain continues to benefit from the strong demand for nursing professionals, while moving forward on its geographic expansion strategy. Its Master of Science in Nursing degree program experienced strong growth in the recent term highlighting the overwhelming need for nursing professionals with advanced degrees. As previously reported, Chamberlain new student enrollment in the fall increased 42 percent and total students increased more than 58 percent.

Pending approvals, Chamberlain expects to open its new locations in Houston and Miramar, Fla., in the coming months. The Houston campus will be a co-location with DeVry University and the Miramar location will be the first ever tri-location with Chamberlain, DeVry University and a clinical location for Ross University. The new Miramar clinical facility replaces Ross’ current clinical location in Miami.

Carrington Colleges Group

Carrington continues to focus on improving efficiencies and investing in new programs and locations for students. Carrington College California’s co-location with DeVry University in Pomona, Calif., recently began enrolling students in programs for medical assisting, medical billing and coding, pharmacy technology, and veterinary technology.

Professional Education Segment

Becker Professional Education

Becker’s revenues grew 26 percent during the quarter. Results were driven by strong demand for its 2011 CPA exam preparation product. Becker anticipates more normalized demand for its CPA line of products in the coming quarters.

Recently the American Institute of Certified Public Accountants released its 2009 Elijah Watt Sells award winners, which honors the candidates with the highest scores on the CPA exam. Of the candidates with the 15 highest scores, 14 prepared for the exam using Becker’s industry-leading CPA review materials.

Other Educational Services Segment

DeVry Brasil

DeVry Brasil continues to grow through investments in programs, services and facilities. Ruy Barbosa is constructing a new classroom building that will further enhance its healthcare program offerings. At the same time, upgrades to Fanor’s Fortaleza campus are progressing to improve operations. Leveraging best practices from DeVry University, DeVry Brasil introduced its own version of the Student Central program, called CASA (Coordenadoria de Apoio e Suporte ao Aluno), across its campuses.

Balance Sheet/Cash Flow

For the first half of fiscal 2011, DeVry generated $274 million of operating cash flow, driven by the continuation of strong operating results and working capital management. As of Dec. 31, 2010, cash, marketable securities and investment balances totaled $462 million and there were no outstanding borrowings.

Share Repurchase Plan

DeVry completed its fourth share repurchase program and began repurchasing shares under its fifth program, which was authorized in November 2010. During the quarter, a total of 860,600 shares were repurchased under both programs for approximately $39.4 million, at an average cost of $45.80 per share.

Conclusion

“Despite some near-term enrollment challenges that we are actively managing, we executed well against our strategy in the first half of fiscal 2011,” said Hamburger. “I am confident our diversification strategy will serve us well in the second half of the year and beyond, as we continue to help our students achieve their career aspirations.”

Conference Call and Webcast Information

DeVry will host a conference call on Jan. 25, 2011, at 3:30 p.m. Central Standard Time (4:30 p.m. Eastern Standard Time) to discuss its fiscal 2011 second-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) 713-8567 (domestic) or (617) 597-5326 (international). Use passcode 41202529 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://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=93880&eventID=3270234. (Because of its length, this URL may need to be copied and pasted into your Internet browser’s address field. Remove the extra space if one exists.) 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 Feb. 8, 2011. To access the replay, dial (888) 286-8010 (domestic) or (617) 801-6888 (international), passcode: 97782575. To access the webcast replay, please visit http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=93880&eventID=3270234.

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)
	Second Quarter
	FY 2011	FY 2010	Change
Revenues	$551,463	$473,012	+16.6%
Net Income	$88,706	$72,454	+22.4%
Earnings per Share (diluted)	$1.25	$1.00	+25.0%
Number of common shares (diluted)	70,823	72,232	-2.0%
	Six Months
	FY 2011	FY 2010	Change
Revenues	$1,072,891	$904,122	+18.7%
Net Income	$162,307	$127,181	+27.6%
Earnings per Share (diluted)	$2.28	$1.76	+29.5%
Number of common shares (diluted)	71,203	72,199	-1.4%

Chart 1: Remaining DeVry Inc. Calendar 2011 Announcements & Events
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

Chart 2: 2010 Black or African-American Medical School Graduates

In 2010, Ross University graduated more Black or African-American physicians than any medical U.S. medical school.

School	Graduates
1. Ross University	79
2. Meharry Medical College	69
3. Howard University	66
4. Wayne State University	39
5. University of Illinois	32
6. Morehouse College	29
7. Medical University of South Carolina	20
8. George Washington University	20
9. University of North Carolina	20
10. University of Medicine and Dentistry of New Jersey	19

Source: Association of American Medical Colleges Data Warehouse as of 9/8/10 and Ross University School of Medicine

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				December 31,			June 30,			December 31,
				2010			2010			2009
ASSETS
	Current Assets
		Cash and Cash Equivalents		$	459,282		$	307,702		$	272,550
		Marketable Securities and Investments			2,464			15,666			61,608
		Restricted Cash			9,108			2,102			54,599
		Accounts Receivable, Net			152,834			119,210			135,183
		Deferred Income Taxes, Net			24,547			22,340			22,191
		Prepaid Expenses and Other			27,517			32,627			32,504
			Total Current Assets		675,752			499,647			578,635
	Land, Buildings and Equipment
		Land			54,197			53,914			54,038
		Buildings			297,519			283,044			270,727
		Equipment			356,046			346,979			356,203
		Construction In Progress			61,550			38,188			17,776
					769,312			722,125			698,744
		Accumulated Depreciation and Amortization			(354,353	)		(333,988	)		(352,987	)
			Land, Buildings and Equipment, Net		414,959			388,137			345,757
	Other Assets
		Intangible Assets, Net			192,916			194,195			198,142
		Goodwill			516,648			514,864			514,873
		Perkins Program Fund, Net			13,450			13,450			13,450
		Other Assets			20,858			17,533			14,961
			Total Other Assets		743,872			740,042			741,426
TOTAL ASSETS				$	1,834,583		$	1,627,826		$	1,665,818

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				December 31,			June 30,			December 31,
				2010			2010			2009
LIABILITIES
	Current Liabilities
		Current Portion of Debt		$	-		$	-		$	44,732
		Accounts Payable			62,185			90,364			71,246
		Accrued Salaries, Wages and Benefits			58,349			92,368			50,009
		Accrued Expenses			54,775			53,565			65,605
		Advance Tuition Payments			21,531			20,930			70,298
		Deferred Tuition Revenue			260,001			86,627			223,615
			Total Current Liabilities		456,841			343,854			525,505
	Non-Current Liabilities
		Deferred Income Taxes, Net			43,914			43,368			51,790
		Deferred Rent and Other			58,286			56,216			39,254
			Total Non-current Liabilities		102,200			99,584			91,044
TOTAL LIABILITIES					559,041			443,438			616,549
NON-CONTROLLING INTEREST					6,035			5,007			4,104
SHAREHOLDERS' EQUITY
	Common Stock, $0.01 par value, 200,000,000 Shares Authorized;
	69,452,000, 71,030,000 and 71,107,000 Shares issued
	and outstanding at December 31, 2010, June 30, 2010
	and December 31, 2009, respectively.				735			734			731
	Additional Paid-in Capital				233,371			224,209			207,884
	Retained Earnings				1,208,419			1,055,591			910,802
	Accumulated Other Comprehensive Income				13,623			9,896			11,547
	Treasury Stock, at Cost (4,070,000, 2,394,000 and 1,977,000
	Shares, Respectively)				(186,641	)		(111,049	)		(85,799	)
TOTAL SHAREHOLDERS' EQUITY					1,269,507			1,179,381			1,045,165
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY				$	1,834,583		$	1,627,826		$	1,665,818

DEVRY INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except for Per Share Amounts)
(Unaudited)
PRELIMINARY
			For The Quarter						For The Six Months
			Ended December 31,						Ended December 31,
			2010			2009			2010			2009
REVENUES:
	Tuition		$	520,180		$	448,977		$	1,006,519		$	850,348
	Other Educational			31,283			24,035			66,372			53,774
		Total Revenues		551,463			473,012			1,072,891			904,122
OPERATING COSTS AND EXPENSES:
	Cost of Educational Services			229,917			199,965			457,998			396,448
	Student Services and Administrative Expense			185,993			164,118			367,525			319,360
		Total Operating Costs and Expenses		415,910			364,083			825,523			715,808
Operating Income				135,553			108,929			247,368			188,314
INTEREST AND OTHER INCOME (EXPENSE):
	Interest Income			381			574			804			1,074
	Interest Expense			(239	)		(495	)		(493	)		(917	)
	Net Investment Gain			-			313			-			1,144
		Net Interest and Other Income (Expense)		142			392			311			1,301
Income Before Income Taxes				135,695			109,321			247,679			189,615
Income Tax Provision				46,823			36,731			85,446			62,454
NET INCOME				88,872			72,590			162,233			127,161
	Net (Income) Loss Attributable to Noncontrolling Interest			(166	)		(136	)		74			20
NET INCOME ATTRIBUTABLE TO DEVRY INC.			$	88,706		$	72,454		$	162,307		$	127,181
EARNINGS PER COMMON SHARE ATTRIBUTABLE
	TO DEVRY INC. SHAREHOLDERS
	Basic		$	1.26		$	1.02		$	2.30		$	1.78
	Diluted		$	1.25		$	1.00		$	2.28		$	1.76
Cash Dividend Declared per Common Share			$	0.12		$	0.10		$	0.12		$	0.10

DEVRY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				For The Six Months
				Ended December 31,
				2010	2009
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net Income			$162,233	$127,161
	Adjustments to Reconcile Net Income to Net
	Cash Provided by Operating Activities:
		Stock-Based Compensation Expense		8,319	5,717
		Depreciation		28,321	25,124
		Amortization		3,045	7,653
		Provision for Refunds and Uncollectible Accounts		50,599	46,215
		Deferred Income Taxes		(1,947)	(889)
		Loss on Disposals of Land, Buildings and Equipment		118	352
		Unrealized Net Gain on Investments		-	(1,144)
		Changes in Assets and Liabilities, Net of Effects from
		Acquisitions of Businesses:
			Restricted Cash	(7,006)	(49,250)
			Accounts Receivable	(83,869)	(76,422)
			Prepaid Expenses And Other	3,435	(8,834)
			Accounts Payable	(28,184)	(349)
			Accrued Salaries, Wages, Expenses and Benefits	(35,028)	424
			Advance Tuition Payments	523	42,555
			Deferred Tuition Revenue	173,374	148,951
	NET CASH PROVIDED BY OPERATING ACTIVITIES			273,933	267,264
CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital Expenditures			(53,663)	(61,629)
	Marketable Securities Purchased			(82)	(39)
	Marketable Securities Sales			13,495	-
	Other			-	(7)
	NET CASH USED IN INVESTING ACTIVITIES			(40,250)	(61,675)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from Exercise of Stock Options			973	3,739
	Proceeds from Stock issued Under Employee Stock Purchase Plan			661	470
	Repurchase of Common Stock for Treasury			(75,745)	(16,316)
	Cash Dividends Paid			(7,134)	(5,716)
	Excess Tax Benefit from Stock-Based Payments			103	1,157
	Borrowings Under Revolving Credit Facility			-	70,000
	Repayments Under Revolving Credit Facility			-	(150,000)
	Borrowings Under Collateralized Line of Credit			-	173
	Repayments Under Collateralized Line of Credit			-	(252)
	NET CASH USED IN FINANCING ACTIVITIES			(81,142)	(96,745)
Effects of Exchange Rate Differences				(961)	(1,496)
NET INCREASE IN CASH AND CASH EQUIVALENTS				151,580	107,348
Cash and Cash Equivalents at Beginning of Period				307,702	165,202
Cash and Cash Equivalents at End of Period				$459,282	$272,550

DEVRY INC.
SEGMENT INFORMATION
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
	For The Quarter						For The Six Months
	Ended December 31,						Ended December 31,
					Increase						Increase
	2010		2009		(Decrease)		2010		2009		(Decrease)
REVENUES:
Business, Technology and Management	$ 370,743		$ 313,256		18.4	%	$ 723,661		$ 596,762		21.3	%
Medical and Healthcare	142,145		125,774		13.0	%	278,803		242,932		14.8	%
Professional Education	21,268		16,834		26.3	%	41,238		35,995		14.6	%
Other Educational Services	17,307		17,148		0.9	%	29,189		28,433		2.7	%
Total Consolidated Revenues	551,463		473,012		16.6	%	1,072,891		904,122		18.7	%
OPERATING INCOME:
Business, Technology and Management	99,472		78,134		27.3	%	183,991		134,213		37.1	%
Medical and Healthcare	30,964		31,159		-0.6	%	59,126		58,298		1.4	%
Professional Education	6,590		3,249		102.8	%	12,969		9,693		33.8	%
Other Educational Services	148		705		-79.0	%	(7,374	)	(5,817	)	NM
Reconciling Items:
Amortization Expense	(1,477	)	(3,657	)	-59.6	%	(2,952	)	(7,571	)	-61.0	%
Depreciation and Other	(144	)	(661	)	-78.2	%	1,608		(502	)	NM
Total Consolidated Operating Income	135,553		108,929		24.4	%	247,368		188,314		31.4	%
INTEREST AND OTHER INCOME (EXPENSE):
Interest Income	381		574		-33.6	%	804		1,074		-25.1	%
Interest Expense	(239	)	(495	)	-51.7	%	(493	)	(917	)	-46.2	%
Net Investment Gain	-		313		NM		-		1,144		NM
Net Interest and Other Income (Expense)	142		392		-63.8	%	311		1,301		-76.1	%
Total Consolidated Income before Income Taxes	$ 135,695		$ 109,321		24.1	%	$ 247,679		$ 189,615		30.6	%

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