Adtalem Global Education (ATGE) 8-K DeVry Inc. Announces Fourth-Quarter and Full-Year 2011 Results

Exhibit 99.1

DeVry Inc. Announces Fourth-Quarter and Full-Year 2011 Results

DOWNERS GROVE, Ill.--(BUSINESS WIRE)--August 11, 2011--DeVry Inc. (NYSE:DV), a global provider of educational services, today reported financial results for its fiscal 2011 fourth quarter and full year ended June 30, 2011. DeVry also reported enrollment results at DeVry University, including its Keller Graduate School of Management (KGSM), Chamberlain College of Nursing, Ross University, and Carrington Colleges Group. DeVry continues to execute on its growth and diversification strategy and its unwavering focus on academic quality and successful student outcomes.

Significant recent accomplishments included:

• The acquisition of the American University of the Caribbean (AUC), a leading provider of medical education based in St. Maarten
• The acquisition of ATC International, a leading provider of preparation materials for international accreditation exams in the accounting field
• Rob Paul’s succession of George Montgomery as president of Carrington Colleges Group
• 2011 marked DeVry University’s 80^th anniversary

Three Months Ended June 30, 2011

• Revenues increased 8 percent to $546.7 million
• Net income increased 5 percent to $75.2 million
• Fully diluted earnings per share increased about 9 percent to $1.08

Twelve Months Ended June 30, 2011

• Fiscal 2011 revenues increased 14 percent to $2,182 million
• Net income increased 18 percent to $330.4 million
• Fully diluted earnings per share increased about 21 percent to $4.68

“We were not satisfied with our short-term enrollment performance this quarter as total students declined to around 119,000, but we believe in our long-term opportunities for growth,” said Daniel Hamburger, DeVry’s president and chief executive officer. “Recently we have been experiencing a challenging external environment characterized by a prolonged tough economy and new regulatory changes. We believe that by remaining focused on our strategy of quality and diversification, we will return to a long-term growth trend.”

Segment Highlights

Business, Technology and Management Segment

DeVry University

New undergraduate enrollments for the summer period at DeVry University decreased 25.6 percent to 15,566 compared to 20,935 last year. Total undergraduate student enrollments were down 5.8 percent to 64,317 students versus 68,290 in the prior year. Following an extended period of double digit new undergraduate student enrollment growth, some reversion to more historical levels of growth was expected. Also, employee distractions caused by the roll out of new processes related to the implementation of new regulations governing the education sector likely had a near-term negative impact on performance. Enrollment has been most impacted by the prolonged economic downturn and continued high unemployment, which has led some potential students to defer or refrain from making the commitment to enroll in college.

DeVry University’s growth plan includes investing in its strong brand, and in new programs, new locations, and student services. It anticipates offering a new bachelor’s degree in healthcare administration in the fall, as well as opening three to five locations in fiscal 2012.

Total graduate coursetakers including Keller Graduate School of Management totaled 23,802 in May 2011, up 7.7 percent compared to the same period in 2010. In July 2011 total coursetakers increased 1.9 percent to 21,576 from the prior year. Throughout fiscal 2011, Keller has been investing in brand awareness, and earlier in the year launched its first ever combined DeVry University/Keller branding campaign, as part of its celebration of DeVry University’s 80^th anniversary.

The total number of online undergraduate and graduate coursetakers was 69,617 in July 2011, a decrease of 0.7 percent compared to July 2010.

Medical and Healthcare Segment

On August 4, 2011, DeVry announced the acquisition of the American University of the Caribbean (AUC). AUC is a leading international provider of medical degrees with a campus based in St. Maarten. The acquisition further positions DeVry as the leader in international medical education. AUC is one of only three Caribbean-based medical schools whose students are eligible for Title IV financial aid (Ross University School of Medicine is also one of the three).

Ross University

In the May 2011 term, new students increased 37.9 percent to 469, compared to 340 students last year. Total students rose 6.2 percent to 4,825 compared to 4,542 students in the same term last year.

Ross University School of Medicine continues to make investments to enhance academic quality and to add capacity. It is in the process of completing campus master plans to build out capacity to support anticipated enrollment increases. In May 2011, Ross University School of Veterinary Medicine recorded the highest enrollment in its history.

Chamberlain College of Nursing

Chamberlain's new student enrollment in summer 2011 increased 16.1 percent to 2,805 students, compared to 2,416 students in summer 2010. Total student enrollment rose 40 percent to 9,954 students compared with 7,108 during the same period last year.

Chamberlain continues to make investments in new locations, programs and services. It has submitted applications for new locations in Indianapolis and Atlanta to be opened in spring 2012, pending approvals. To enhance student services, during the quarter Chamberlain hired Dr. William Cowling as vice president of academic affairs and Karilyn Van Oosten as director of strategic alliances.

Carrington Colleges Group

New student enrollment at Carrington declined 33.6 percent to 2,850 compared with 4,291 last year. Total student enrollment decreased 25.6 percent to 8,363 from 11,234 students in the prior year. In addition to the regulatory changes and economic factors noted above, new student enrollments during the period were negatively impacted by transition issues from the Carrington name change. Carrington is executing a performance improvement plan that centers on enhancing students’ academic experience, optimizing its marketing process, new programs and new locations.

An example of enhancing students’ academic experience in the quarter at Carrington was its SimLink Experience^TM now operational in its Pomona, Calif.; Mesa, Ariz.; and Albuquerque, N.M. locations. Carrington anticipates opening its new Dallas location in the second half of fiscal 2012.

On July 1, 2011, Rob Paul succeeded George Montgomery as president of Carrington Colleges Group.

International, K-12 and Professional Education Segment

DeVry has realigned its financial reporting segments to better conform to its organizational structure and strategic focus. The two largest segments, Business, Technology & Management and Medical & Healthcare, remained unchanged and represent the two U.S. postsecondary educational segments. Professional Education and Other Educational Services segments have been combined into the new International, K-12 and Professional Education segment. This segment is led by Steve Riehs and represents the educational institutions outside of U.S. postsecondary education.

DeVry Brasil

During the quarter, DeVry Brasil continued to focus on enhancing the quality of its student programs and services. DeVry Brasil made significant investments in a new building at the Ruy Barbosa location in Salvador and broke ground on a new campus in Sao Luis. Its performance benefitted from the 16 percent increase in total enrollment reported last quarter.

Advanced Academics

Advanced Academics (AAI) continued to expand its geographical footprint during the quarter, adding school districts in Texas and New York. AAI also recently received authorization from Arizona to become a state-wide program.

Becker Professional Education

Becker’s revenues grew 9 percent during the quarter, benefitting from the recent acquisition of ATC International (ATC). Revenue for the full year increased 11 percent. In addition, performance at Becker in the quarter was driven by preparation for the CPA Exam to be offered in five new international locations beginning in August. Becker is well-positioned to support candidates preparing for the exam in these new locations through long-term, local partnerships. Integration of ATC is proceeding smoothly and will enhance Becker’s position in preparing students for international accreditation exams in the accounting field.

Balance Sheet/Cash Flow

For fiscal 2011, DeVry generated $ 407.9 million of operating cash flow, primarily driven by the continuation of strong operating results. As of June 30, 2011, cash, marketable securities and investment balances totaled $449.7 million with no outstanding debt.

Share Repurchase Plan

During the fourth quarter of fiscal 2011, DeVry repurchased 518,317 shares of its common stock at a cost of approximately $28.2 million, or $54.39 per share. DeVry also completed its fifth stock repurchase program of $50 million and began executing its sixth program, authorized for $100 million.

Conference Call and Webcast Information

DeVry will host a conference call on August 11, 2011, at 3:30 p.m. Central Daylight Time (4:30 p.m. Eastern Daylight Time) to discuss its fiscal 2011 fourth-quarter and year-end results. The conference call will be led by Daniel Hamburger, president and chief executive officer, Rick Gunst, chief financial officer, and Pat Unzicker, controller.

For those wishing to participate by telephone, dial 866.825.3209 (domestic) or 617.213.8061 (international). Use passcode 81372021 or say "DeVry Call". DeVry will also broadcast the conference call live via the Internet. Interested parties may access the webcast or its replay through the Investor Relations section of the company's website, or http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=93880&eventID=3270252.

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 August 25, 2011. To access the replay, dial 888.286.8010 (domestic) or 617.801.6888 (international), passcode: 24745028. http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=93880&eventID=3270252.

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, American University of the Caribbean, 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)
	Fourth Quarter
	FY 2011	FY 2010	Change
Revenues	$546,750	$506,674	+7.9%
Net Income	$75,196	$71,576	+5.1%
Earnings per Share (diluted)	$1.08	$0.99	+9.1%
Number of common shares (diluted)	69,894	72,289	(3.3)%

	Fiscal Year
	FY 2011	FY 2010	Change
Revenues	$2,182,371	$1,915,181	+14.0%
Net Income	$330,403	$279,909	+18.0%
Earnings per Share (diluted)	$4.68	$3.87	+20.9%
Number of common shares (diluted)	70,620	72,267	(2.3)%

Summer 2011 Enrollment Results
	2011	2010	% Change
Total DeVry Inc. Student Enrollments1	119,127	120,601	(1.2	)%
DeVry University
Undergraduate2
New students	15,566	20,935	(25.6	)%
Total students	64,317	68,290	(5.8	)%
Graduate coursetakers2 3
May	23,802	22,103	+7.7	%
July	21,576	21,165	+1.9	%
Online coursetakers3 4 – July	69,617	70,088	(0.7	)%
Chamberlain College of Nursing2
New students	2,805	2,416	+16.1	%
Total students	9,954	7,108	+40.0	%
Ross University – May
New students	469	340	+37.9	%
Total students	4,825	4,542	+6.2	%
The Carrington Colleges – July
New students	2,850	4,291	(33.6	)%
Total students	8,363	11,234	(25.6	)%
DeVry Brasil – March5
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.

⁵ Previously reported on April 26, 2011.

Chart 1: DeVry Inc. Remaining Calendar 2011 Announcements & Events
Oct. 25, 2011	Fiscal 2012 First Quarter Results and Enrollment
	DeVry University (graduate only)
	Ross University
	DeVry Brasil
Dec. 12, 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
			June 30,			June 30,
			2011			2010
ASSETS
	Current Assets
		Cash and Cash Equivalents	$	447,145		$	307,702
		Marketable Securities and Investments		2,575			15,666
		Restricted Cash		2,308			2,102
		Accounts Receivable, Net		114,689			119,210
		Deferred Income Taxes, Net		24,457			22,340
		Prepaid Expenses and Other		33,476			32,627
		Total Current Assets		624,650			499,647
	Land, Buildings and Equipment
		Land		54,404			53,914
		Buildings		314,274			283,044
		Equipment		402,179			346,979
		Construction In Progress		63,310			38,188
				834,167			722,125
		Accumulated Depreciation and Amortization		(365,923	)		(333,988	)
		Land, Buildings and Equipment, Net		468,244			388,137
	Other Assets
		Intangible Assets, Net		195,462			194,195
		Goodwill		523,620			514,864
		Perkins Program Fund, Net		13,450			13,450
		Other Assets		25,077			17,533
		Total Other Assets		757,609			740,042
TOTAL ASSETS			$	1,850,503		$	1,627,826

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
			June 30,			June 30,
			2011			2010
LIABILITIES
	Current Liabilities
		Accounts Payable	$	63,611		$	90,364
		Accrued Salaries, Wages and Benefits		107,829			92,368
		Accrued Expenses		47,097			53,565
		Advance Tuition Payments		22,362			20,930
		Deferred Tuition Revenue		75,532			86,627
		Total Current Liabilities		316,431			343,854
	Non-Current Liabilities
		Deferred Income Taxes, Net		69,029			41,486
		Deferred Rent and Other		68,772			58,098
		Total Non-current Liabilities		137,801			99,584
TOTAL LIABILITIES				454,232			443,438
NON-CONTROLLING INTEREST				6,755			5,007
SHAREHOLDERS' EQUITY
	Common Stock, $0.01 par value, 200,000,000 Shares Authorized;
	68,635,000 and 71,030,000 Shares issued
	and outstanding at June 30, 2011
	and 2010, respectively.			738			734
	Additional Paid-in Capital			248,418			224,209
	Retained Earnings			1,367,972			1,055,591
	Accumulated Other Comprehensive Income			15,729			9,896
	Treasury Stock, at Cost (5,148,000 and 2,394,000
	Shares, Respectively)			(243,341	)		(111,049	)
TOTAL SHAREHOLDERS' EQUITY				1,389,516			1,179,381
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			$	1,850,503		$	1,627,826

DEVRY INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except for Per Share Amounts)
(Unaudited)
PRELIMINARY
		For The Quarter						For The Year
		Ended June 30,						Ended June 30,
		2011			2010			2011			2010			2009
REVENUES:
	Tuition	$	517,587		$	477,323		$	2,045,590		$	1,795,814		$	1,354,925
	Other Educational		29,163			29,351			136,781			119,367			106,528
	Total Revenues		546,750			506,674			2,182,371			1,915,181			1,461,453
OPERATING COSTS AND EXPENSES:
	Cost of Educational Services		234,592			215,341			925,504			826,089			669,673
	Loss on Real Estate Transactions								-			-			3,977
	Litigation Settlement Reserve								-			-			4,900
	Student Services and Administrative Expense		202,578			190,765			762,692			678,190			548,070
	Total Operating Costs and Expenses		437,170			406,106			1,688,196			1,504,279			1,226,620
Operating Income			109,580			100,568			494,175			410,902			234,833
INTEREST AND OTHER INCOME (EXPENSE):
	Interest Income		300			530			1,539			2,080			5,251
	Interest Expense		(441	)		(332	)		(1,282	)		(1,585	)		(2,775	)
	Net Investment Gain		-			-			-			1,225			43
	Net Interest and Other Income (Expense)		(141	)		198			257			1,720			2,519
Income Before Income Taxes			109,439			100,766			494,432			412,622			237,352
Income Tax Provision			33,751			28,864			163,602			132,639			71,700
NET INCOME			75,688			71,902			330,830			279,983			165,652
	Net Income Attributable to Noncontrolling Interest		(492	)		(326	)		(427	)		(74	)		(39	)
NET INCOME ATTRIBUTABLE TO DEVRY INC.		$	75,196		$	71,576		$	330,403		$	279,909		$	165,613
EARNINGS PER COMMON SHARE ATTRIBUTABLE
	TO DEVRY INC. SHAREHOLDERS
	Basic	$	1.09		$	1.00		$	4.73		$	3.92		$	2.32
	Diluted	$	1.08		$	0.99		$	4.68		$	3.87		$	2.28
Cash Dividend Declared per Common Share		$	0.12		$	0.10		$	0.24		$	0.20		$	0.16

DEVRY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
			For The Year
			Ended June 30,
			2011		2010		2009
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net Income		$330,830		$279,983		$165,613
	Adjustments to Reconcile Net Income to Net
	Cash Provided by Operating Activities:
		Stock-Based Compensation Expense	14,251		10,148		7,550
		Depreciation	58,033		51,225		39,825
		Amortization	6,538		10,997		10,625
		Provision for Refunds and Uncollectible Accounts	90,742		88,202		72,395
		Deferred Income Taxes	23,966		(11,431	)	344
		Loss on Disposals of Land, Buildings and Equipment	469		666		2,394
		Unrealized Net Gain on Investments	-		(1,225	)	1,224
		Changes in Assets and Liabilities, Net of Effects from
		Acquisitions of Businesses:
		Restricted Cash	(206	)	3,247		(1,097	)
		Accounts Receivable	(84,940	)	(102,588	)	(89,249	)
		Prepaid Expenses And Other	375		7,536		7,292
		Accounts Payable	(26,808	)	18,776		(3,084	)
		Accrued Salaries, Wages, Expenses and Benefits	5,737		30,854		20,130
		Advance Tuition Payments	1,291		(6,805	)	5,889
		Deferred Tuition Revenue	(12,288	)	11,963		9,675
	NET CASH PROVIDED BY OPERATING ACTIVITIES		407,990		391,548		249,526
CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital Expenditures		(135,726	)	(131,009	)	(74,044	)
	Payment for Purchase of Business, Net of Cash Acquired		(3,027	)	-		(315,318	)
	Marketable Securities Purchased		(101	)	(79	)	(63	)
	Marketable Securities Sales		13,495		46,000		-
	Other		(627	)	(700	)	39
	NET CASH USED IN INVESTING ACTIVITIES		(125,986	)	(85,788	)	(389,386	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from Exercise of Stock Options		9,098		13,041		12,157
	Proceeds from Stock issued Under Employee Stock Purchase Plan		1,460		997		2,066
	Repurchase of Common Stock for Treasury		(132,940	)	(41,683	)	(33,684	)
	Cash Dividends Paid		(15,529	)	(12,839	)	(10,015	)
	Excess Tax Benefit from Stock-Based Payments		1,012		3,455		3,571
	Payment of Debt Financing Fees		(3,290	)	-		-
	Borrowings Under Revolving Credit Facility		-		70,000		290,000
	Repayments Under Revolving Credit Facility		-		(150,000	)	(210,000	)
	Repayments of Fanor Debt		-		-		(12,740	)
	Borrowings Under Collateralized Line of Credit		-		300		46,419
	Repayments Under Collateralized Line of Credit		-		(45,111	)	(1,608	)
	NET CASH USED IN FINANCING ACTIVITIES		(140,189	)	(161,840	)	86,166
Effects of Exchange Rate Differences			(2,372	)	(1,420	)	1,697
NET INCREASE IN CASH AND CASH EQUIVALENTS			139,443		142,500		(51,997	)
Cash and Cash Equivalents at Beginning of Year			307,702		165,202		217,199
Cash and Cash Equivalents at End of Year			$447,145		$307,702		$165,202

DEVRY INC.
SEGMENT INFORMATION
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
	For The Quarter								For The Year
	Ended June 30,								Ended June 30,
							Increase								Increase
	2011			2010			(Decrease)		2011			2010			(Decrease)
REVENUES:
Business, Technology and Management	$	357,787		$	332,188		7.7	%	$	1,460,146		$	1,263,553		15.6	%
Medical and Healthcare		136,988			131,465		4.2	%		558,335			507,037		10.1	%
International, K-12 and Professional Education		51,975			43,021		20.8	%		163,890			144,591		13.3	%
Total Consolidated Revenues		546,750			506,674		7.9	%		2,182,371			1,915,181		14.0	%
OPERATING INCOME (LOSS):
Business, Technology and Management		76,061			71,096		7.0	%		359,403			291,060		23.5	%
Medical and Healthcare		18,550			21,832		(15.0	%)		106,965			111,081		(3.7	%)
International, K-12 and Professional Education		16,826			9,273		81.5	%		32,684			19,882		64.4	%
Reconciling Items:
Amortization Expense		(1,654	)		(1,623	)	1.9	%		(6,103	)		(10,812	)	(43.6	%)
Depreciation and Other		(203	)		(10	)	NM			1,226			(309	)	NM
Total Consolidated Operating Income		109,580			100,568		9.0	%		494,175			410,902		20.3	%
INTEREST AND OTHER (EXPENSE) INCOME:
Interest Income		300			530		(43.4	%)		1,539			2,080		(26.0	%)
Interest Expense		(441	)		(332	)	32.8	%		(1,282	)		(1,585	)	(19.1	%)
Net Investment Gain		-			-		NA			-			1,225		(100.0	%)
Net Interest and Other (Expense) Income		(141	)		198		(171.2	%)		257			1,720		(85.1	%)
Total Consolidated Income before Minority Interest
and Income Taxes	$	109,439		$	100,766		8.6	%	$	494,432		$	412,622		19.8	%

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