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

Exhibit 99.1

DeVry Inc. Announces Third-Quarter 2011 Results

DOWNERS GROVE, Ill.--(BUSINESS WIRE)--April 26, 2011--DeVry Inc. (NYSE:DV), a global provider of educational services, today reported results for its fiscal 2011 third-quarter and nine-month period ended March 31, 2011. DeVry’s performance was driven by its unwavering focus on academic quality and continued solid execution of its growth and diversification strategy.

Significant academic quality and student services accomplishments this quarter:

• Implemented a partnership with CareerBuilder to provide graduates of DeVry University’s Keller Graduate School of Management with career services
• Received AVMA accreditation at Ross University School of Veterinary Medicine
• Appointed Joseph Flaherty, MD, as dean of Ross University School of Medicine

Financial Results for the Three Months Ended March 31, 2011:

• Revenues increased 12 percent to $562.7 million
• Net income increased 14 percent to $92.9 million
• Diluted earnings per share increased 18 percent to $1.32

Financial Results for the Nine Months Ended March 31, 2011:

• Revenues rose 16 percent to $1,635.6 million
• Net income increased 22 percent to $255.2 million
• Diluted earnings per share increased 25 percent to $3.60

“Our diversification strategy and focus on enhancing academic quality to support long term growth continue to serve us well,” said Daniel Hamburger, DeVry’s president and chief executive officer. “Total enrollment growth across our family of degree-granting schools was 7.6 percent in the spring. While Carrington and DeVry University undergraduate new student enrollments experienced softness during this period, strong growth within Chamberlain, Keller and DeVry Brasil helped to offset the weakness. This demonstrates the value of our diversification strategy and allows DeVry to continue to make investments in the quality of its academic programs and services.”

Business Highlights

Business, Technology, and Management Segment

DeVry University

DeVry University reported new undergraduate enrollment of 14,981, a 15.4 percent decline compared with 17,715 last year. Total student enrollment increased 5.9 percent to 70,863 students, compared with 66,909 in spring 2010.

For the January 2011 session, graduate coursetakers enrolled in master’s degree programs at DeVry University and its Keller Graduate School of Management rose to 24,784, an increase of 9.3 percent over January 2010. For the March 2011 session, the number of graduate coursetakers was 24,406, an increase of 9.2 percent over prior year.

The total number of online undergraduate and graduate coursetakers in the March 2011 session increased 15.7 percent to 78,366 versus 67,744 in the same session a year ago.

To underscore its commitment to becoming the leading career university, during the quarter DeVry University implemented a new partnership with CareerBuilder, which will provide its Keller graduates with career services, including access to a personal career coach.

Medical and Healthcare Segment

Ross University

In the January 2011 term, new students decreased 8.2 percent to 642, compared to 699 students last year. Total students increased 3.0 percent to 4,810 compared to 4,669 students in the same term last year.

In addition to its accreditation from the St. Christopher & Nevis Accreditation Board, Ross University School of Veterinary Medicine received an additional accreditation by the American Veterinary Medical Association (AVMA) during the quarter. This milestone achievement is representative of the quality of the school’s program. Further, it allows graduates to sit for licensure to practice veterinary medicine in the United States or Canada without first completing a special foreign graduate examination.

Ross University School of Medicine announced the appointment of Joseph Flaherty, MD, as dean effective May 7. Dr. Flaherty previously served as the dean of the University of Illinois College of Medicine, the largest medical school in the United States, for the past 6 years. In addition the medical school opened a new academic center housing simulation rooms, faculty offices and an auditorium.

Chamberlain College of Nursing

Chamberlain's new student enrollment in spring 2011 increased 31.5 percent to 2,852 students, compared to 2,168 in spring 2010. Total student enrollment rose 47.9 percent to 9,897 students compared with 6,691 during the same period last year.

Chamberlain recently announced the launch of its Master of Science in Nursing (MSN) Informatics Specialty Track, which is designed to prepare students to utilize Electronic Health Records technology. Pending approvals, it will also launch a Doctorate in Nursing Practice degree program in fiscal 2012 to meet the need for more advanced practice nurses.

Carrington Colleges Group

New student enrollment at Carrington decreased 22.7 percent to 3,261 compared with 4,218 in spring 2010. Total enrollment decreased 15.0 percent to a 10,206 students, compared with 12,009 for the same period last year. Carrington continues to execute on a performance plan, which includes increasing its marketing effectiveness, adding new locations and enhancing academic quality.

In March, George Montgomery announced he will retire as president of Carrington Colleges later this year. He will be succeeded by Robert Paul, who currently serves as vice president of metro operations at DeVry University.

Professional Education Segment

Becker Professional Education

Becker continues to execute its long-term growth strategy by making investments in its courses, faculty and technology to build upon its industry leadership position. Continued improvement in the underlying demand for its CPA product had a positive effect on the segment during the quarter.

Other Educational Services Segment

DeVry Brasil

For the March 2011 term, new students increased 41.0 percent to 3,833, compared with 2,718 students last year driven by implementation of new marketing, admissions and administrative initiatives. Total students increased 16.1 percent to 13,688 compared with 11,789 students in the same term last year. The implementation of CASA, DeVry Brasil’s version of DeVry University’s Student Central, was completed across all of DeVry Brasil’s schools. An expansion of facilities at Ruy Barbosa is currently underway to accommodate the school’s growing enrollment and program expansion.

Balance Sheet/Cash Flow

For the first nine months of fiscal 2011, DeVry generated $485.2 million of operating cash flow. As of March 31, 2011, cash, marketable securities and investment balances totaled $599.1 million and there were no outstanding borrowings.

Share Repurchase Plan

During the quarter, a total of 570,600 shares were repurchased under the company’s fifth repurchase program for approximately $29.0 million, at an average cost of $50.82 per share.

Conference Call and Webcast Information

DeVry will host a conference call on April 26, 2011, at 3:30 p.m. Central Daylight Time (4:30 p.m. Eastern Daylight Time) to discuss its fiscal 2011 third-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) 299-0148 (domestic) or (617) 801-9711 (international). Use passcode 89155394 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 website at http://phx.corporate-ir.net/phoenix.zhtml?c=93880&p=irol-irhome. Please access the website 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 May 10, 2011. To access the replay, dial (888) 286-8010 (domestic) or (617) 801-6888 (international), passcode: 22513080. To access the webcast replay, please visit DeVry’s website at www.devryinc.com.

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)
	Third Quarter
	FY 2011		FY 2010		Change
Revenues	$	562,730	$	504,385	+11.6	%
Net Income	$	92,900	$	81,152	+14.5	%
Earnings per Share (diluted)	$	1.32	$	1.12	+17.9	%
Number of common shares (diluted)		70,272		72,387	(2.9	)%

	Nine Months
	FY 2011		FY 2010		Change
Revenues	$	1,635,621	$	1,408,507	+16.1	%
Net Income	$	255,207	$	208,333	+22.5	%
Earnings per Share (diluted)	$	3.60	$	2.88	+25.0	%
Number of common shares (diluted)		70,886		72,271	(1.9	)%

Spring 2011 Enrollment Results
	2011	2010	Change
Total DeVry Inc. Student Enrollments1	129,802	120,686	+7.6	%
DeVry University
Undergraduate(2)
New students	14,981	17,715	(15.4	)%
Total students	70,863	66,909	+5.9	%
Graduate coursetakers(2)(3)
January	24,784	22,679	+9.3	%
March	24,406	22,343	+9.2	%
Online coursetakers(3)(4) - March	78,366	67,744	+15.7	%
Chamberlain College of Nursing – March(2)
New students	2,852	2,168	+31.5	%
Total students	9,897	6,691	+47.9	%
Ross University – January
New students	642	699	(8.2	)%
Total students	4,810	4,669	+3.0	%
Carrington Colleges - March
New students	3,261	4,218	(22.7	)%
Total students	10,206	12,009	(15.0	)%
DeVry Brasil - March
New students	3,833	2,718	+41.0	%
Total students	13,688	11,789	+16.1	%

¹ Total enrollment at DeVry’s degree-granting institutions (excludes Advanced Academics and Becker Professional Education)

² Includes both onsite and online students

³ The term “coursetaker” refers to the number of courses taken by a student. Thus one student taking two courses equals two coursetakers.

⁴ Includes all degree levels at DeVry University

Chart 1: Remaining DeVry Inc. Calendar 2011 Announcements & Events
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
				March 31,			June 30,			March 31,
				2011			2010			2010
ASSETS
	Current Assets
		Cash and Cash Equivalents		$	596,515		$	307,702		$	439,897
		Marketable Securities and Investments			2,556			15,666			61,781
		Restricted Cash			7,378			2,102			55,869
		Accounts Receivable, Net			223,953			119,210			155,902
		Deferred Income Taxes, Net			26,290			22,340			22,489
		Prepaid Expenses and Other			31,030			32,627			32,645
			Total Current Assets		887,722			499,647			768,583
	Land, Buildings and Equipment
		Land			54,274			53,914			53,965
		Buildings			302,843			283,044			283,367
		Equipment			361,837			346,979			385,703
		Construction In Progress			73,713			38,188			8,958
					792,667			722,125			731,993
		Accumulated Depreciation and Amortization			(354,711	)		(333,988	)		(359,981	)
			Land, Buildings and Equipment, Net		437,956			388,137			372,012
	Other Assets
		Intangible Assets, Net			191,870			194,195			196,003
		Goodwill			517,822			514,864			515,052
		Perkins Program Fund, Net			13,450			13,450			13,450
		Other Assets			21,607			17,533			15,127
			Total Other Assets		744,749			740,042			739,632
TOTAL ASSETS				$	2,070,427		$	1,627,826		$	1,880,227

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				March 31,			June 30,			March 31,
				2011			2010			2010
LIABILITIES
	Current Liabilities
		Current Portion of Debt		$	-		$	-		$	44,757
		Accounts Payable			63,741			90,364			89,152
		Accrued Salaries, Wages and Benefits			69,410			92,368			69,552
		Accrued Expenses			45,338			53,565			55,019
		Advance Tuition Payments			22,435			20,930			24,170
		Deferred Tuition Revenue			398,452			86,627			366,113
			Total Current Liabilities		599,376			343,854			648,763
	Non-Current Liabilities
		Deferred Income Taxes, Net			63,874			43,368			48,281
		Deferred Rent and Other			62,130			56,216			51,059
			Total Non-current Liabilities		126,004			99,584			99,340
TOTAL LIABILITIES					725,380			443,438			748,103
NON-CONTROLLING INTEREST					6,466			5,007			4,518
SHAREHOLDERS' EQUITY
	Common Stock, $0.01 par value, 200,000,000 Shares Authorized;
	68,966,000, 71,030,000 and 71,231,000 Shares issued
	and outstanding at March 31, 2011, June 30, 2010
	and March 31, 2010, respectively.				736			734			733
	Additional Paid-in Capital				238,813			224,209			217,805
	Retained Earnings				1,300,862			1,055,591			991,295
	Accumulated Other Comprehensive Income				13,662			9,896			9,995
	Treasury Stock, at Cost (4,638,000, 2,394,000 and 2,077,000
	Shares, Respectively)				(215,492	)		(111,049	)		(92,222	)
TOTAL SHAREHOLDERS' EQUITY					1,338,581			1,179,381			1,127,606
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY				$	2,070,427		$	1,627,826		$	1,880,227

DEVRY INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except for Per Share Amounts)
(Unaudited)
PRELIMINARY
		For The Quarter						For The Nine Months
		Ended March 31,						Ended March 31,
		2011			2010			2011			2010
REVENUES:
	Tuition	$	521,484		$	468,143		$	1,528,003		$	1,318,491
	Other Educational		41,246			36,242			107,618			90,016
	Total Revenues		562,730			504,385			1,635,621			1,408,507
OPERATING COSTS AND EXPENSES:
	Cost of Educational Services		232,914			214,300			690,912			610,748
	Student Services and Administrative Expense		192,589			168,065			560,114			487,425
	Total Operating Costs and Expenses		425,503			382,365			1,251,026			1,098,173
Operating Income			137,227			122,020			384,595			310,334
INTEREST AND OTHER INCOME (EXPENSE):
	Interest Income		435			476			1,239			1,550
	Interest Expense		(348	)		(336	)		(841	)		(1,253	)
	Net Investment Gain		-			81			-			1,225
	Net Interest and Other Income (Expense)		87			221			398			1,522
Income Before Income Taxes			137,314			122,241			384,993			311,856
Income Tax Provision			44,405			41,321			129,851			103,775
NET INCOME			92,909			80,920			255,142			208,081
	Net (Income) Loss Attributable to Noncontrolling Interest		(9	)		232			65			252
NET INCOME ATTRIBUTABLE TO DEVRY INC.		$	92,900		$	81,152		$	255,207		$	208,333
EARNINGS PER COMMON SHARE ATTRIBUTABLE
	TO DEVRY INC. SHAREHOLDERS
	Basic	$	1.34		$	1.14		$	3.64		$	2.92
	Diluted	$	1.32		$	1.12		$	3.60		$	2.88
Cash Dividend Declared per Common Share		$	-		$	-		$	0.12		$	0.10

DEVRY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				For The Nine Months
				Ended March 31,
				2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net Income			$	255,142		$	208,081
	Adjustments to Reconcile Net Income to Net
	Cash Provided by Operating Activities:
		Stock-Based Compensation Expense			11,192			7,901
		Depreciation			43,289			38,381
		Amortization			4,589			9,328
		Provision for Refunds and Uncollectible Accounts			73,534			71,094
		Deferred Income Taxes			16,220			(4,807	)
		Loss on Disposals of Land, Buildings and Equipment			262			398
		Unrealized Net Gain on Investments			-			(1,225	)
		Changes in Assets and Liabilities, Net of Effects from
		Acquisitions of Businesses:
			Restricted Cash		(5,276	)		(50,516	)
			Accounts Receivable		(177,807	)		(122,113	)
			Prepaid Expenses And Other		(6,225	)		2,834
			Accounts Payable		(26,631	)		17,560
			Accrued Salaries, Wages, Expenses and Benefits		(16,267	)		16,558
			Advance Tuition Payments		1,384			(3,595	)
			Deferred Tuition Revenue		311,825			291,449
	NET CASH PROVIDED BY OPERATING ACTIVITIES				485,231			481,328
CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital Expenditures				(91,299	)		(101,599	)
	Marketable Securities Purchased				(91	)		(47	)
	Marketable Securities Sales				13,495			-
	Other				(627	)		(700	)
	NET CASH USED IN INVESTING ACTIVITIES				(78,522	)		(102,346	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from Exercise of Stock Options				3,081			9,632
	Proceeds from Stock issued Under Employee Stock Purchase Plan				1,033			756
	Repurchase of Common Stock for Treasury				(104,746	)		(22,671	)
	Cash Dividends Paid				(15,529	)		(12,839	)
	Excess Tax Benefit from Stock-Based Payments				561			2,728
	Borrowings Under Revolving Credit Facility				-			70,000
	Repayments Under Revolving Credit Facility				-			(150,000	)
	Borrowings Under Collateralized Line of Credit				-			242
	Repayments Under Collateralized Line of Credit				-			(296	)
	NET CASH USED IN FINANCING ACTIVITIES				(115,600	)		(102,448	)
Effects of Exchange Rate Differences					(2,296	)		(1,839	)
NET INCREASE IN CASH AND CASH EQUIVALENTS					288,813			274,695
Cash and Cash Equivalents at Beginning of Period					307,702			165,202
Cash and Cash Equivalents at End of Period				$	596,515		$	439,897

DEVRY INC.
SEGMENT INFORMATION
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
	For The Quarter								For The Nine Months
	Ended March 31,								Ended March 31,
							Increase								Increase
	2011			2010			(Decrease)		2011			2010			(Decrease)
REVENUES:
Business, Technology and Management	$	378,698		$	334,603		13.2	%	$	1,102,359		$	931,365		18.4	%
Medical and Healthcare		142,544			132,640		7.5	%		421,347			375,572		12.2	%
Professional Education		24,529			22,828		7.5	%		65,767			58,823		11.8	%
Other Educational Services		16,959			14,314		18.5	%		46,148			42,747		8.0	%
Total Consolidated Revenues		562,730			504,385		11.6	%		1,635,621			1,408,507		16.1	%
OPERATING INCOME:
Business, Technology and Management		99,351			85,751		15.9	%		283,342			219,964		28.8	%
Medical and Healthcare		29,289			30,951		(5.4	%)		88,415			89,249		(0.9	%)
Professional Education		9,150			8,147		12.3	%		22,119			17,840		24.0	%
Other Educational Services		1,113			(1,414	)	NM			(6,261	)		(7,231	)	13.4	%
Reconciling Items:
Amortization Expense		(1,497	)		(1,618	)	(7.5	%)		(4,449	)		(9,189	)	(51.6	%)
Depreciation and Other		(179	)		203		NM			1,429			(299	)	NM
Total Consolidated Operating Income		137,227			122,020		12.5	%		384,595			310,334		23.9	%
INTEREST AND OTHER INCOME (EXPENSE):
Interest Income		435			476		(8.6	%)		1,239			1,550		(20.1	%)
Interest Expense		(348	)		(336	)	3.6	%		(841	)		(1,253	)	(32.9	%)
Net Investment Gain		-			81		NM			-			1,225		NM
Net Interest and Other Income (Expense)		87			221		(60.6	%)		398			1,522		(73.9	%)
Total Consolidated Income before Income Taxes	$	137,314		$	122,241		12.3	%	$	384,993		$	311,856		23.5	%

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