Adtalem Global Education (ATGE) 8-K DeVry Inc. Announces Second-Quarter 2012 Results

Exhibit 99.1

DeVry Inc. Announces Second-Quarter 2012 Results

DOWNERS GROVE, Ill.--(BUSINESS WIRE)--January 26, 2012--DeVry Inc. (NYSE:DV), a global provider of educational services, today reported financial results for its fiscal 2012 second-quarter ended Dec. 31, 2011. These results contain two discrete items: non-cash goodwill and intangible asset impairment charges of $55.8 million after-tax, or $0.82 per share, for Carrington Colleges Group and a $2.2 million after-tax gain, or $0.03 per share, related to the sale of Becker’s Stalla CFA review operations.

Significant accomplishments include:

• Appointed Tim Wiggins as chief financial officer and treasurer
• Named an official education partner of the U.S. Olympic Committee
• Received approval from the Illinois Board of Higher Education (IBHE) for a Master of Science in Nursing Healthcare Policy specialty track at Chamberlain College of Nursing

Three Months Ended Dec. 31, 2011:

• Revenues decreased 5.0 percent to $524 million
• Reported net income declined to $9 million from $89 million last year, and net income excluding discrete items was $62 million, down 30 percent
• Reported diluted earnings per share declined to $0.13 from $1.25 per share last year, and earnings per share excluding discrete items was $0.92 per share, down 26 percent

Six Months Ended Dec. 31, 2011:

• Revenues declined 2.8 percent to $1,043 million
• Reported net income declined to $66 million from $162 million last year, and net income excluding discrete items was $120 million, down 26 percent
• Reported diluted earnings per share declined to $0.97 from $2.28 per share last year, and earnings per share excluding discrete items was $1.74 per share, down 24 percent

“We are disappointed with these results,” said Daniel Hamburger, DeVry’s president and chief executive officer. “We are focused on improving our performance by implementing initiatives that will drive revenue growth, while controlling costs. Our performance improvement plan is aimed at increasing new student enrollments, and generating operating efficiencies to reduce expenses, while balancing the necessary investments in academic quality and student services for longer-term growth.”

DeVry’s performance improvement plan focuses on five key initiatives:

1. Managing costs by matching resources to meet students’ needs

2. Improving the student recruiting process

3. Enhancing awareness to drive student interest in DeVry’s career-oriented educational programs

4. Launching new programs and new locations; providing access to students wanting a career in high-growth industries

5. Strengthening DeVry’s team through critical hires and ongoing training to best serve students

Organizational Highlights

During the quarter, DeVry Inc. was named an official education partner to the U.S. Olympic Committee. DeVry University and its Keller Graduate School of Management are providing higher education opportunities at undergraduate and graduate levels, including scholarships and a dedicated DeVry staff, for U.S. Olympic and Paralympic athletes and hopefuls through 2016.

Business, Technology and Management Segment

DeVry University

As reported in December, DeVry University’s total undergraduate enrollment fell 12.8 percent in the fall and new undergraduate enrollment decreased 24.6 percent . At Keller Graduate School of Management, the number of coursetakers in November 2011 increased 0.3 percent.

Enrollment results were impacted by the change management associated with new regulations and persistent unemployment, which continued to affect consumer confidence.

Medical and Healthcare Segment

DeVry Medical International

Ross University’s Schools of Medicine and Veterinary Medicine continue the expansion of their facilities and making investments in academic quality, such as simulation and other advanced student teaching techniques. The integration of American University of the Caribbean School of Medicine is progressing on track.

Chamberlain College of Nursing

Chamberlain continues to move forward on its geographic expansion strategy to meet the strong demand for nursing professionals. As previously reported, Chamberlain total student enrollment in the period increased more than 26 percent, while new student enrollment in the fall decreased 1.6 percent. During calendar 2012, Chamberlain plans to open new locations in Indianapolis, Atlanta and Cleveland, pending all necessary approvals.

Carrington Colleges Group

As reported in December, Carrington total student enrollment declined 28.4 percent and new students declined 33.0 percent for the fall period. The prolonged economic downturn, compounded by transitional issues from the Carrington name change and recent regulatory adjustments, have caused significant declines in new and total student enrollment in the first half of fiscal 2012, resulting in a lower estimated fair value for the institution. This lower valuation drove the non-cash goodwill and intangible asset impairment charges totaling $55.8 million after-tax noted earlier.

Carrington continues to execute on its turnaround plan focusing on improving its efforts to attract new students and increase brand awareness. Carrington opened a new location in the Dallas metro area and continues to focus on expanding its program offerings both onsite and online.

International, K-12, and Professional Education Segment

Becker Professional Education

During the quarter, Becker completed the sale of the Stalla CFA business. It also released its enhanced 2012 version of its CPA exam review product. Its recently acquired ATC International operation was granted Gold Approved Learning Partner – content (ALP-c) status by the Association of Certified Chartered Accountants (ACCA) for its 2012 ACCA study materials.

DeVry Brasil

DeVry Brasil continues to focus on the expansion of its locations and programs with the construction of a new Ruy Barbosa campus building in Salvador; a new campus in Sao Luis; and other campus renovations and investments in academic quality. DeVry Brasil recently applied and is awaiting approval to offer online degree programs in areas such as engineering, business administration and information technology.

Balance Sheet/Cash Flow

For the first half of fiscal 2012, DeVry generated $219 million of operating cash flow, with its operating performance augmented by strong working capital management. As of Dec. 31, 2011, cash, marketable securities and investment balances totaled $288 million and there were no outstanding borrowings.

Share Repurchase Plan

During the quarter, DeVry completed its sixth share repurchase program and commenced its seventh program, repurchasing approximately 1.25 million shares of its common stock at a cost of approximately $47.6 million, or $37.95 per share.

Conclusion

“While we have challenges at DeVry University and Carrington, our diversification strategy is helping mitigate the impact as other institutions such as Ross, AUC, Chamberlain, Becker and DeVry Brasil continue to perform well,” said Hamburger. “As we go forward, we will focus on controlling the things we can control and manage our institutions efficiently. But one thing we will not do is sacrifice academic quality.”

Conference Call and Webcast Information

DeVry will host a conference call on Jan. 26, 2012, at 3:30 p.m. Central Standard Time (4:30 p.m. Eastern Standard Time) to discuss its fiscal 2012 second-quarter results. The conference call will be led by Daniel Hamburger, president and chief executive officer, Pat Unzicker, vice president and controller, and Rick Gunst, retiring chief financial officer. Tim Wiggins, recently appointed senior vice president and chief financial officer, will also participate on the call.

For those wishing to participate by telephone, dial 866-510-0707 (domestic) or 617-597-5376 (international). Use passcode 53574143 or say “DeVry Call”. DeVry Inc. 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, or http://www.media-server.com/m/p/7qxv5u8r.

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 Feb. 9, 11:59 p.m. To access the replay, dial 888-286-8010 (domestic) or 617-801-6888 (international), passcode 59483739. To access the webcast replay, please visit the company's website, or click on the following link: http://www.media-server.com/m/p/7qxv5u8r.

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 School of Medicine, 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, 2011 and filed with the Securities and Exchange Commission on August 26, 2011.

Selected Operating Data (in thousands, except per share data)

	Second Quarter
	FY 2012	FY 2011	Change
Revenues	$524,049	$551,463	-5.0%
Net Income	$8,865	$88,706	-90.0%
Earnings per Share (diluted)	$0.13	$1.25	-89.6%
Number of common shares (diluted)	68,076	70,823	-3.9%

	Six Months
	FY 2012	FY 2011	Change
Revenues	$1,043,087	$1,072,891	-2.8%
Net Income	$66,349	$162,307	-59.1%
Earnings per Share (diluted)	$0.97	$2.28	-57.5%
Number of common shares (diluted)	68,742	71,203	-3.5%

Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule

During the second quarter of fiscal year 2012, DeVry recorded impairment charges related to its Carrington Colleges reporting unit. Also, DeVry recorded a gain from the sale of Becker’s Stalla CFA review operations. The following table illustrates the effects of the impairment charges and gain on sale of assets on DeVry’s earnings. Management believes that the non-GAAP disclosure of net income and earnings per share excluding these discrete items provides investors with useful supplemental information regarding the underlying business trends and performance of DeVry’s ongoing operations and is useful for period-over period comparisons of such operations given the discrete nature of the impairment charges and gain on the sale of assets. DeVry uses these supplemental financial measures internally in its management and budgeting processes. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, DeVry’s reported results prepared in accordance with GAAP. The following table reconciles these non-GAAP measures to the most directly comparable GAAP information (in thousands, except per share data):

	For The Three Months			For The Six Months
	Ended December 31:			Ended December 31:
	2011		2010	2011		2010
Net Income	$8,865		$88,706	$66,349		$162,307
Earnings per Share (diluted)	$0.13		$1.25	$0.97		$2.28
Impairment Charges (net of tax)	$55,751		--	$55,751		--
Effect on Earnings per Share (diluted)	$0.82		--	$0.81		--
Gain on Sale of Assets (net of tax)	$(2,216	)	--	$(2,216	)	--
Effect on Earnings per Share (diluted)	$(0.03	)	--	$(0.03	)	--
Net Income Excluding the Impairment
Charges and Gain on Sale of Assets	$62,400		$88,706	$119,884		$162,307
Earnings per Share Excluding the
Impairment Charges and Gain on Sale of
Assets (diluted)	$0.92		$1.25	$1.74		$2.28

Chart 1: Remaining DeVry Inc. Calendar 2012 Announcements & Events

Apr. 24, 2012	Fiscal 2012 Third Quarter Results and Enrollment
	DeVry University Chamberlain College of Nursing DeVry Medical International Carrington Colleges Group DeVry Brasil
Aug. 9, 2012	Fiscal 2012 Year-End Results and Enrollment
	DeVry University Chamberlain College of Nursing DeVry Medical International Carrington Colleges Group
Oct. 25, 2012	Fiscal 2013 First Quarter Results and Enrollment
	DeVry University (graduate only) DeVry Medical International DeVry Brasil
Dec. 6, 2012	Enrollment Results
	DeVry University Chamberlain College of Nursing Carrington Colleges Group

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
			December 31,			June 30,			December 31,
			2011			2011			2010
ASSETS
	Current Assets
		Cash and Cash Equivalents	$	285,749		$	447,145		$	459,282
		Marketable Securities and Investments		2,499			2,575			2,464
		Restricted Cash		30,799			2,308			9,108
		Accounts Receivable, Net		145,488			114,689			152,834
		Deferred Income Taxes, Net		21,760			24,457			24,547
		Prepaid Expenses and Other		42,485			33,476			27,517
		Total Current Assets		528,780			624,650			675,752
	Land, Buildings and Equipment
		Land		61,360			54,404			54,197
		Buildings		366,102			314,274			297,519
		Equipment		444,851			402,179			356,046
		Construction In Progress		47,926			63,310			61,550
				920,239			834,167			769,312
		Accumulated Depreciation and Amortization		(395,331	)		(365,923	)		(354,353	)
		Land, Buildings and Equipment, Net		524,908			468,244			414,959
	Other Assets
		Intangible Assets, Net		276,448			195,462			192,916
		Goodwill		553,456			523,620			516,648
		Perkins Program Fund, Net		13,450			13,450			13,450
		Other Assets		27,290			25,077			20,858
		Total Other Assets		870,644			757,609			743,872
TOTAL ASSETS			$	1,924,332		$	1,850,503		$	1,834,583

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
			December 31,			June 30,			December 31,
			2011			2011			2010
LIABILITIES
	Current Liabilities
		Accounts Payable	$	51,413		$	63,611		$	62,185
		Accrued Salaries, Wages and Benefits		58,792			107,829			58,349
		Accrued Expenses		37,217			47,097			54,775
		Advance Tuition Payments		19,701			22,362			21,531
		Deferred Tuition Revenue		259,967			75,532			260,001
		Total Current Liabilities		427,090			316,431			456,841
	Non-Current Liabilities
		Deferred Income Taxes, Net		64,570			69,029			43,914
		Deferred Rent and Other		71,001			68,772			58,286
		Total Non-current Liabilities		135,571			137,801			102,200
TOTAL LIABILITIES				562,661			454,232			559,041
NON-CONTROLLING INTEREST				7,632			6,755			6,035
SHAREHOLDERS' EQUITY
	Common Stock, $0.01 par value, 200,000,000 Shares Authorized;
	66,569,000, 68,635,000 and 69,452,000 Shares issued
	and outstanding at December 31, 2011, June 30, 2011
	and December 31, 2010, respectively.			740			738			735
	Additional Paid-in Capital			260,755			248,418			233,371
	Retained Earnings			1,423,651			1,367,972			1,208,419
	Accumulated Other Comprehensive Income			4,458			15,729			13,623
	Treasury Stock, at Cost (7,416,000, 5,148,000 and 4,070,000
	Shares, Respectively)			(335,565	)		(243,341	)		(186,641	)
TOTAL SHAREHOLDERS' EQUITY				1,354,039			1,389,516			1,269,507
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			$	1,924,332		$	1,850,503		$	1,834,583

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,
		2011			2010			2011			2010
REVENUES:
	Tuition	$	496,294		$	520,180		$	982,781		$	1,006,519
	Other Educational		27,755			31,283			60,306			66,372
	Total Revenues		524,049			551,463			1,043,087			1,072,891
OPERATING COSTS AND EXPENSES:
	Cost of Educational Services		241,212			229,917			479,460			457,998
	Student Services and Administrative Expense		194,042			185,993			394,967			367,525
	Asset Impairment Charge		75,039			-			75,039			-
	Total Operating Costs and Expenses		510,293			415,910			949,466			825,523
Operating Income			13,756			135,553			93,621			247,368
INTEREST AND OTHER INCOME (EXPENSE):
	Interest Income		226			381			410			804
	Interest Expense		(481	)		(239	)		(1,003	)		(493	)
	Net Gain on Sale of Assets		3,695			-			3,695			-
	Net Interest and Other Income (Expense)		3,440			142			3,102			311
Income Before Income Taxes			17,196			135,695			96,723			247,679
Income Tax Provision			7,916			46,823			30,131			85,446
NET INCOME			9,280			88,872			66,592			162,233
	Net (Income) Loss Attributable to Noncontrolling Interest		(415	)		(166	)		(243	)		74
NET INCOME ATTRIBUTABLE TO DEVRY INC.		$	8,865		$	88,706		$	66,349		$	162,307
EARNINGS PER COMMON SHARE ATTRIBUTABLE
TO DEVRY INC. SHAREHOLDERS
	Basic	$	0.13		$	1.26		$	0.97		$	2.30
	Diluted	$	0.13		$	1.25		$	0.97		$	2.28
Cash Dividend Declared per Common Share		$	0.15		$	0.12		$	0.15		$	0.12

DEVRY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
		For The Six Months
		Ended December 31,
		2011		2010
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net Income	$66,592		$162,233
	Adjustments to Reconcile Net Income to Net
	Cash Provided by Operating Activities:
	Stock-Based Compensation Expense	8,854		8,319
	Depreciation	36,959		28,321
	Amortization	5,372		3,045
	Impairment of Goodwill and Intangible Assets	75,039		-
	Provision for Refunds and Uncollectible Accounts	48,595		50,599
	Deferred Income Taxes	(1,765	)	(1,947	)
	Loss on Disposals of Land, Buildings and Equipment	488		118
	Realized Gain on Sale of Assets	(3,695	)	-
	Changes in Assets and Liabilities, Net of Effects from
	Acquisitions and Divestitures of Businesses:
	Restricted Cash	(28,491	)	(7,006	)
	Accounts Receivable	(79,995	)	(83,869	)
	Prepaid Expenses And Other	(5,820	)	3,435
	Accounts Payable	(13,121	)	(28,184	)
	Accrued Salaries, Wages, Expenses and Benefits	(67,398	)	(35,028	)
	Advance Tuition Payments	(2,379	)	523
	Deferred Tuition Revenue	180,061		173,374
	NET CASH PROVIDED BY OPERATING ACTIVITIES	219,296		273,933
CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital Expenditures	(63,027	)	(53,663	)
	Marketable Securities Purchased	(58	)	(82	)
	Marketable Securities Sales	-		13,495
	Payment for Purchase of Business, Net of Cash Acquired	(225,903	)	-
	Cash Received from Sale of Assets	4,475		-
	NET CASH USED IN INVESTING ACTIVITIES	(284,513	)	(40,250	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from Exercise of Stock Options	3,524		973
	Proceeds from Stock issued Under Employee Stock Purchase Plan	792		661
	Repurchase of Common Stock for Treasury	(92,033	)	(75,745	)
	Cash Dividends Paid	(8,285	)	(7,134	)
	Excess Tax Benefit from Stock-Based Payments	272		103
	Payment of Debt Financing Fees	(70	)	-
	NET CASH USED IN FINANCING ACTIVITIES	(95,800	)	(81,142	)
Effects of Exchange Rate Differences		(379	)	(961	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(161,396	)	151,580
Cash and Cash Equivalents at Beginning of Period		447,145		307,702
Cash and Cash Equivalents at End of Period		$285,749		$459,282

DEVRY INC.
SEGMENT INFORMATION
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
	For The Quarter								For The Six Months
	Ended December 31,								Ended December 31,
							Increase								Increase
	2011			2010			(Decrease)		2011			2010			(Decrease)
REVENUES:
Business, Technology and Management	$	325,573		$	370,743		-12.2	%	$	663,169		$	723,661		-8.4	%
Medical and Healthcare		153,520			142,145		8.0	%		300,973			278,803		8.0	%
International, K-12 and Professional Education		44,956			38,575		16.5	%		78,945			70,427		12.1	%
Total Consolidated Revenues		524,049			551,463		-5.0	%		1,043,087			1,072,891		-2.8	%
OPERATING INCOME:
Business, Technology and Management		57,821			99,472		-41.9	%		119,183			183,991		-35.2	%
Medical and Healthcare		(51,933	)		30,964		-267.7	%		(28,644	)		59,126		-148.4	%
International, K-12 and Professional Education		10,151			6,738		50.7	%		7,164			5,595		28.0	%
Reconciling Items:
Amortization Expense		(2,726	)		(1,477	)	84.6	%		(5,044	)		(2,952	)	70.9	%
Depreciation and Other		443			(144	)	NM			962			1,608		-40.2	%
Total Consolidated Operating Income		13,756			135,553		-89.9	%		93,621			247,368		-62.2	%
INTEREST AND OTHER INCOME (EXPENSE):
Interest Income		226			381		-40.7	%		410			804		-49.0	%
Interest Expense		(481	)		(239	)	101.3	%		(1,003	)		(493	)	103.4	%
Net Gain on Sale of Assets		3,695			-		NM			3,695			-		NM
Net Interest and Other Income (Expense)		3,440			142		2322.5	%		3,102			311		897.4	%
Total Consolidated Income before Income Taxes	$	17,196		$	135,695		-87.3	%	$	96,723		$	247,679		-60.9	%
Intangible asset and goodwill impairment charges were recorded for the three and six month periods ended December 31, 2011. These charges are related to DeVry's Carrington Colleges Group, Inc. which is part of the Medical and Healthcare segment. The following table illustrates the effects of these impairment charges on the operating income of the Medical and Healthcare segment. Management believes that the non-GAAP disclosure of operating earnings provides investors with useful supplemental information regarding the underlying business trends and performance of DeVry’s ongoing operations and are useful for period-over-period comparisons of such operations given the discrete nature of these impairment transactions. DeVry uses these supplemental financial measures internally in its budgeting process. However, the non-GAAP financial measures should be viewed in addition to, and not as a substitute for, DeVry’s reported results prepared in accordance with GAAP. The following table reconciles these items to the relevant GAAP information:
	For The Quarter								For The Six Months
	Ended December 31,								Ended December 31,
							Increase								Increase
	2011			2010			(Decrease)		2011			2010			(Decrease)
Medical and Healthcare Operating Income	$	(51,933	)	$	30,964		-267.7	%	$	(28,644	)	$	59,126		-148.4	%
Asset Impairment Charge		75,039			-		NM			75,039			0		NM
Medical and Healthcare Operating Income
Excluding Charge for Asset Impairments	$	23,106		$	30,964		-25.4	%	$	46,395		$	59,126		-21.5	%

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