Adtalem Global Education (ATGE) 8-K DeVry Inc. Announces Third-Quarter 2013 Results

Exhibit 99.1

DeVry Inc. Announces Third-Quarter 2013 Results

DOWNERS GROVE, Ill.--(BUSINESS WIRE)--April 23, 2013--DeVry Inc. (NYSE: DV), a global provider of educational services, today reported academic, operational and financial results for its fiscal 2013 third-quarter ended March 31, 2013. DeVry also reported enrollment results at DeVry Brasil, Chamberlain College of Nursing, Carrington Colleges Group, and DeVry University and its Keller Graduate School of Management.

Academic and operational results this quarter included:

• DeVry University received reaccreditation from the Higher Learning Commission through 2019
• DeVry University new undergraduate student enrollment down 21 percent
• 17.5 percent increase in new enrollments at Carrington
• 17 percent total student growth at Chamberlain College of Nursing
• Chamberlain opened a new campus in Cleveland, bringing the total number of campuses to 12
• Becker Professional Education prepared 37 of 39 of Elijah Watts Sells winners for the 2012 CPA Exam
• 60 percent revenue growth at DeVry Brasil in the quarter, including acquisitions

Selected financial data for the three months ended March 31, 2013:

• Revenues decreased 5.9 percent to $509 million
• Reported net income decreased 15.4 percent to $57 million, and net income excluding discrete items was $58 million, down 13.5 percent
• Reported diluted earnings per share decreased 12 percent to $0.88, and earnings per share excluding discrete items was $0.90, down 10.0 percent

Selected financial data for the nine months ended March 31, 2013:

• Revenues decreased 5.5 percent to $1,497 million
• Reported net income increased 4.2 percent to $139 million, and net income excluding discrete items was $146 million, down 21.8 percent
• Reported diluted earnings per share increased 9.7 percent to $2.15, and earnings per share excluding discrete items was $2.26, down 17.5 percent
• Operating cash flow was $282 million, compared to $355 million last year
• Repurchased approximately 2 million shares of common stock at an average price of $23.97

“While most of our institutions are performing well, we were disappointed with new student enrollment at DeVry University,” said Daniel Hamburger, DeVry’s president and chief executive officer. “We are focused on better communicating the return on educational investment of DeVry University degrees to potential students. In addition, we are aggressively managing our costs and now expect to achieve $100 million in cost savings this fiscal year.”

Reported results for both the current and prior year periods include discrete items. The results for the three and nine months ended March 31, 2013, include after-tax restructuring charges of $1.3 million and $7.2 million, respectively, related to severance and real estate consolidation. The results for the nine months ended March 31, 2012, include impairment charges of $55.8 million after-tax, and a $2.2 million gain, net of tax (see “Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule”).

Organizational Highlights

Business, Technology and Management Segment

DeVry University

For the March 2013 session at DeVry University new undergraduate enrollments decreased 21.2 percent to 5,146 versus 6,533 the previous year. Total undergraduate students decreased 16.5 percent to 47,537 versus 56,958 for the session a year ago.

At the graduate level, including Keller Graduate School of Management, total coursetakers in the March session decreased 18.4 percent to 19,075 versus 23,366 for the same session a year ago.

The total number of online undergraduate and graduate coursetakers in the March session decreased 10.6 percent to 60,834 versus 68,083 in the same session a year ago.

Enrollment results continue to be impacted by lower cyclical demand among the university’s target segment of students. The plan to improve enrollment results includes enhancing communications to students about DeVry University’s excellent graduate employment results; addressing affordability through scholarships and pricing; and enhancing partnerships with corporate and government organizations.

During the quarter, DeVry University received reaccreditation from the Higher Learning Commission through 2019.

Medical and Healthcare Segment

DeVry Medical International

In the third quarter, American University of the Caribbean School of Medicine appointed Heidi Chumley, M.D. as executive dean and chief academic officer. Chumley most recently served as associate vice chancellor for educational resources and interprofessional education at the University of Kansas School of Medicine.

Ross University School of Medicine recently announced a new affiliation agreement with Atlanta Medical Center that will enable students to complete required clinical rotations in family practice, internal medicine, pediatrics, psychiatry, obstetrics and gynecology and surgery.

Enrollment for the May semester at DeVry Medical International will be reported with the fourth-quarter and year-end results on August 8, 2013.

Chamberlain College of Nursing

Chamberlain's new online student enrollment in the March session increased 15.9 percent to 1,344 compared to 1,160 in March 2012. New enrollments in the March session were impacted by a realignment of Chamberlain’s academic calendar, which resulted in no new campus-based students in the session. Total student enrollment increased 16.9 percent to 13,235 compared to 11,321 during the same period last year.

During the quarter, Chamberlain announced the launch of the Doctor of Nursing Practice (DNP) program, which will be offered in May. In addition, Chamberlain received approvals from the Illinois Board of Higher Education for a Family Nurse Practitioner (FNP) program, which is expected to begin in the fall of 2013, pending accreditor approval.

Chamberlain also opened a new Cleveland location in January, and will open the new Tinley Park, Ill., location in May.

Carrington Colleges Group

Carrington continues to make progress on its turnaround plan. For the three month period ending March 31, 2013, new student enrollment for Carrington Colleges Group increased 17.5 percent to 2,391 versus 2,035 in the previous year, marking its third consecutive quarter with double-digit new student enrollment growth. Total enrollment increased 8.8 percent to 7,951 compared to 7,309 in the prior year.

International, K-12, and Professional Education Segment

Becker Professional Education

Becker recently announced that 37 of 39 of the Elijah Watts Sells winners for the 2012 CPA Exam prepared using the Becker CPA Exam Review. During the quarter, Becker opened new locations in New York and Chicago for the U.S. Medical Licensing Exam preparation course.

DeVry Brasil

DeVry Brasil’s new student enrollment in the March session increased 2.0 percent to 7,390 compared to 7,244 in the prior year. Total student enrollment increased 7.2 percent to 29,083 students compared to 27,133 during the same period last year.

DeVry Brasil’s Ruy Barbosa and Faculdade Boa Viagem each received top five rankings by the Ministry of Education among institutions located in the cities of Salvador and Recife.

Balance Sheet/Cash Flow

For the first nine months of fiscal year 2013, DeVry generated $282 million of operating cash flow. As of March 31, 2013, cash, marketable securities and investment balances totaled $281 million and there were no outstanding borrowings.

Share Repurchase Plan

During the quarter, DeVry repurchased 347,280 shares of its common stock for approximately $9.8 million, at an average cost of $28.18 per share.

Conference Call and Webcast Information

DeVry will host a conference call on April 23, 2013, at 4:00 p.m. Central Daylight Time (5:00 p.m. Eastern Daylight Time) to discuss its fiscal 2013 third-quarter results. The conference call will be led by Daniel Hamburger, president and CEO, Tim Wiggins, senior vice president and chief financial officer, and Pat Unzicker, vice president of finance and chief accounting officer.

For those wishing to participate by telephone, dial 866-318-8613 (domestic) or 617-399-5132 (international). Use passcode 13010926 or say “DeVry Call”. DeVry Inc. will also broadcast the conference call live via the Web. Interested parties may access the webcast through the Investor Relations section of the company's website, or http://www.media-server.com/m/p/52fbwnf4. 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 20, 11:59 p.m. To access the replay, dial 888-286-8010 (domestic) or 617-801-6888 (international), passcode 96882536. To access the webcast replay, please visit the company's website, or http://www.media-server.com/m/p/52fbwnf4.

About DeVry Inc.

DeVry's purpose is to empower its students to achieve their educational and career goals. DeVry (NYSE: DV; member S&P MidCap 400 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, Ross University School of Medicine and Ross University School of Veterinary Medicine. These institutions offer a wide array of programs in business, healthcare, technology, 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 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, 2012 and filed with the Securities and Exchange Commission on August 28, 2012.

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

	Third Quarter
	FY 2013		FY 2012		Change
Revenues	$	508,752	$	540,807	-5.9	%
Net Income	$	56,821	$	67,131	-15.4	%
Earnings per Share (diluted)	$	0.88	$	1.00	-12.0	%
Number of common shares (diluted)		64,279		67,225	-4.4	%

	Nine Months
	FY 2013		FY 2012		Change
Revenues	$	1,496,732	$	1,583,894	-5.5	%
Net Income	$	139,096	$	133,480	+4.2	%
Earnings per Share (diluted)	$	2.15	$	1.96	+9.7	%
Number of common shares (diluted)		64,639		68,235	-5.3	%

Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule

During the third quarter of fiscal year 2013, DeVry recorded a restructuring charge to consolidate a facility at Carrington Colleges as well as for the severance charges within DeVry University and DeVry Medical International. During the second quarter of fiscal year 2013, DeVry recorded a restructuring charge for the write-down of land, building and equipment related to its decision to relocate a facility in Wood Dale, IL, in order to consolidate administrative operations in the Chicagoland area. DeVry also recorded restructuring charges to consolidate facilities at Carrington College and DeVry University. During the second quarter of fiscal year 2012, DeVry recorded impairment charges related to its Carrington Colleges reporting unit. DeVry also recorded a gain from the sale of Becker’s Stalla CFA review operations. The following table illustrates the effects of these restructuring and impairment charges and gain on sale of assets on DeVry’s results. Management believes that the non-GAAP disclosure of net income and earnings per share 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 restructuring and impairment charges and gain on the sale of assets. DeVry uses these supplemental financial measures internally in its management and budgeting processes. 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 (in thousands, except per share data):

	For The Three Months				For The Nine Months
	Ended March 31:				Ended March 31:
	2013		2012		2013		2012
Net Income	$	56,821	$	67,131	$	139,096	$	133,480
Earnings per Share (diluted)	$	0.88	$	1.00	$	2.15	$	1.96
Restructuring Expense (net of tax)	$	1,271		--	$	7,211		--
Effect on Earnings per Share (diluted)	$	0.02		--	$	0.11		--
Impairment Charges (net of tax)		--		--		--	$	55,751
Effect on Earnings per Share (diluted)		--		--		--	$	0.81
Gain on Sale of Assets (net of tax)		--		--		--	$	(2,216	)
Effect on Earnings per Share (diluted)		--		--		--	$	(0.03	)
Net Income Excluding the Restructuring
and Impairment Charges and Gain
on Sale of Assets	$	58,092	$	67,131	$	146,307	$	187,015
Earnings per Share Excluding the
Restructuring and Impairment Charges
and Gain on Sale of Assets (diluted)	$	0.90	$	1.00	$	2.26	$	2.74

March 2013 Enrollment Results

	2012	2013	% Change
DeVry Inc. Student Enrollments(1)
New students	19,741	18,468	-6.4
Total students	128,269	119,623	-6.7
DeVry University
Undergraduate – March Session
New students	6,533	5,146	-21.2
Total students	56,958	47,537	-16.5
Graduate – March Session
Coursetakers(2)	23,366	19,075	-18.4
Online
March Session
Total coursetakers(2)(3)	68,083	60,834	-10.6
Chamberlain College of Nursing
March Session
New students (online only)	1,160	1,344	+15.9(4)
Total students	11,321	13,235	+16.9
The Carrington Colleges Group
3 months ending Mar. 31, 2013
New students	2,035	2,391	+17.5
Total students	7,309	7,951	+8.8
DeVry Brasil
March Term
New students	7,244	7,390	+2.0
Total students	27,133	29,083	+7.2

1. Excludes Becker and Advanced Academics. Includes enrollment at DeVry Medical International reported in February 2013.

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

3. Includes both undergraduate and graduate students.

4. New enrollment comparisons for the March session were impacted by a realignment of Chamberlain’s academic calendar, which resulted in no new campus-based students in the session.

Chart 1: DeVry Inc. Remaining Calendar 2013 Announcements & Events

August 8, 2013	Fiscal 2013 Fourth Quarter/Year-End and May/July Enrollment
	DeVry University
	Chamberlain College of Nursing
	Carrington Colleges Group
	DeVry Medical International
October 24, 2013	Fiscal 2014 First Quarter Results and September Enrollment
	DeVry University
	Chamberlain College of Nursing
	Carrington Colleges Group
	DeVry Medical International
	DeVry Brasil
November 6, 2013	Annual Shareholders’ Meeting

Chart 2: Academic Calendar Transitions for Carrington Colleges Group and Chamberlain College of Nursing

Carrington Colleges Group Starts Per Quarter:

Carrington					Carrington
College					College
	Q1	Q2	Q3	Q4	California	Q1	Q2	Q3	Q4
FY12	3	3	3	2	FY12	2	2	2	2
FY13	2	2	2	2	FY13	3	1	3	2
FY14	2	2	2	2	FY14	2	2	2	2

Chamberlain College of Nursing Starts Transition:

	Q1		Q3	Q2		Q4
Chamberlain	July	September	November	January	March	May	# of
Starts							Starts
Online							6
Campus
2012							3
2013							4
2014							3

Chart 3: Vertical, Horizontal and Geographic Diversification

Please see multimedia asset.

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				March 31,			June 30,			March 31,
				2013			2012			2012
ASSETS
	Current Assets
		Cash and Cash Equivalents		$	277,994		$	174,076		$	329,440
		Marketable Securities and Investments			2,952			2,632			2,665
		Restricted Cash			7,151			2,498			13,194
		Accounts Receivable, Net			194,398			113,911			254,661
		Deferred Income Taxes, Net			24,459			27,845			23,019
		Refundable Income Taxes			657			40,278			742
		Prepaid Expenses and Other			40,414			39,874			41,647
			Total Current Assets		548,025			401,114			665,368
	Land, Buildings and Equipment
		Land			66,063			65,172			66,019
		Buildings			389,345			386,028			382,972
		Equipment			485,570			433,949			422,271
		Construction In Progress			64,412			61,752			50,192
					1,005,390			946,901			921,454
		Accumulated Depreciation and Amortization			(435,427	)		(387,924	)		(374,904	)
			Land, Buildings and Equipment, Net		569,963			558,977			546,550
	Other Assets
		Intangible Assets, Net			292,098			285,220			292,118
		Goodwill			566,497			549,961			567,316
		Perkins Program Fund, Net			13,450			13,450			13,450
		Other Assets			27,953			29,894			27,400
			Total Other Assets		899,998			878,525			900,284
TOTAL ASSETS				$	2,017,986		$	1,838,616		$	2,112,202

DEVRY INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				March 31,			June 30,			March 31,
				2013			2012			2012
LIABILITIES
	Current Liabilities
		Accounts Payable		$	53,999		$	63,094		$	53,208
		Accrued Salaries, Wages and Benefits			81,290			77,741			72,443
		Accrued Expenses			76,442			76,243			56,328
		Advance Tuition Payments			17,226			20,580			23,257
		Deferred Tuition Revenue			180,498			77,551			349,200
			Total Current Liabilities		409,455			315,209			554,436
	Non-Current Liabilities
		Deferred Income Taxes, Net			58,354			62,276			63,693
		Deferred Rent and Other			92,037			96,496			91,415
			Total Non-current Liabilities		150,391			158,772			155,108
TOTAL LIABILITIES					559,846			473,981			709,544
NON-CONTROLLING INTEREST					9,017			8,242			8,168
SHAREHOLDERS' EQUITY
	Common Stock, $0.01 par value, 200,000,000 Shares Authorized;
	62,989,000, 64,722,000 and 68,831,000 Shares issued
	and outstanding at March 31, 2013, June 30, 2012
	and March 31, 2012, respectively.				744			741			741
	Additional Paid-in Capital				285,242			272,962			267,285
	Retained Earnings				1,616,850			1,488,988			1,490,371
	Accumulated Other Comprehensive Income				(5,934	)		(5,889	)		3,163
	Treasury Stock, at Cost (11,409,000, 9,386,000 and 8,266,000
	Shares, Respectively)				(447,779	)		(400,409	)		(367,070	)
TOTAL SHAREHOLDERS' EQUITY					1,449,123			1,356,393			1,394,490
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY				$	2,017,986		$	1,838,616		$	2,112,202

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,
			2013			2012			2013			2012
REVENUES:
	Tuition		$	472,239		$	505,651		$	1,400,199		$	1,488,432
	Other Educational			36,513			35,156			96,533			95,462
		Total Revenues		508,752			540,807			1,496,732			1,583,894
OPERATING COSTS AND EXPENSES:
	Cost of Educational Services			241,020			244,195			726,966			723,655
	Student Services and Administrative Expense			192,100			201,158			572,955			596,125
	Restructuring Charges			2,029			-			11,513
	Asset Impairment Charge			-			-			-			75,039
		Total Operating Costs and Expenses		435,149			445,353			1,311,434			1,394,819
Operating Income				73,603			95,454			185,298			189,075
INTEREST AND OTHER INCOME (EXPENSE):
	Interest Income			415			110			1,206			520
	Interest Expense			(756	)		(650	)		(3,006	)		(1,653	)
	Net Gain on Sale of Assets			-			-			-			3,695
		Net Interest and Other Income (Expense)		(341	)		(540	)		(1,800	)		2,562
Income Before Income Taxes				73,262			94,914			183,498			191,637
Income Tax Provision				16,102			27,610			43,292			57,741
NET INCOME				57,160			67,304			140,206			133,896
	Net Income Attributable to Noncontrolling Interest			(339	)		(173	)		(1,110	)		(416	)
NET INCOME ATTRIBUTABLE TO DEVRY INC.			$	56,821		$	67,131		$	139,096		$	133,480
EARNINGS PER COMMON SHARE ATTRIBUTABLE
	TO DEVRY INC. SHAREHOLDERS
	Basic		$	0.89		$	1.01		$	2.16		$	1.97
	Diluted		$	0.88		$	1.00		$	2.15		$	1.96
Cash Dividend Declared per Common Share			$	-		$	-		$	0.17		$	0.15

DEVRY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				For The Nine Months
				Ended March 31,
				2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net Income			$	140,206		$	133,896
	Adjustments to Reconcile Net Income to Net
	Cash Provided by Operating Activities:
		Stock-Based Compensation Expense			12,090			12,891
		Depreciation			63,717			56,512
		Amortization			7,605			8,336
		Impairment of Goodwill and Intangible Assets			-			75,039
		Provision for Refunds and Uncollectible Accounts			62,432			73,058
		Deferred Income Taxes			(2,760	)		(5,157	)
		Loss on Disposals of Land, Buildings and Equipment			7,914			805
		Realized Gain on Sale of Assets			-			(3,695	)
		Changes in Assets and Liabilities, Net of Effects from
		Acquisitions and Divestitures of Businesses:
			Restricted Cash		(4,653	)		(10,886	)
			Accounts Receivable		(139,481	)		(212,973	)
			Prepaid Expenses And Other		34,216			(5,392	)
			Accounts Payable		(9,095	)		(11,327	)
			Accrued Salaries, Wages, Expenses and Benefits		10,812			(26,149	)
			Advance Tuition Payments		(3,527	)		877
			Deferred Tuition Revenue		102,947			269,294
	NET CASH PROVIDED BY OPERATING ACTIVITIES				282,423			355,129
CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital Expenditures				(79,329	)		(92,167	)
	Marketable Securities Purchased				(268	)		(66	)
	Marketable Securities Sales				-			-
	Payment for Purchase of Businesses, Net of Cash Acquired				(31,386	)		(250,150	)
	Cash Received from Sale of Assets				-			4,475
	Other				-			-
	NET CASH USED IN INVESTING ACTIVITIES				(110,983	)		(337,908	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from Exercise of Stock Options				1,774			6,041
	Proceeds from Stock issued Under Employee Stock Purchase Plan				1,278			1,298
	Repurchase of Common Stock for Treasury				(48,353	)		(124,160	)
	Cash Dividends Paid				(20,707	)		(18,430	)
	Excess Tax Benefit from Stock-Based Payments				(332	)		727
	Payment of Debt Financing Fees				-			(70	)
	NET CASH USED IN FINANCING ACTIVITIES				(66,340	)		(134,594	)
Effects of Exchange Rate Differences					(1,182	)		(332	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS					103,918			(117,705	)
Cash and Cash Equivalents at Beginning of Period					174,076			447,145
Cash and Cash Equivalents at End of Period				$	277,994		$	329,440

DEVRY INC.
SEGMENT INFORMATION
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
	For The Quarter								For The Nine Months
	Ended March 31,								Ended March 31,
							Increase								Increase
	2013			2012			(Decrease)		2013			2012			(Decrease)
REVENUES:
Business, Technology and Management	$	283,540		$	338,790		-16.3	%	$	848,393		$	1,001,959		-15.3	%
Medical and Healthcare		175,125			160,483		9.1	%		501,228			461,456		8.6	%
International, K-12 and Professional Education		51,209			41,534		23.3	%		148,233			120,479		23.0	%
Intersegment Revenues		(1,122	)		-		NM			(1,122	)		-		NM
Total Consolidated Revenues		508,752			540,807		-5.9	%		1,496,732			1,583,894		-5.5	%
OPERATING INCOME:
Business, Technology and Management		34,431			64,667		-46.8	%		98,836			183,850		-46.2	%
Medical and Healthcare		34,635			25,963		33.4	%		86,522			(2,681	)	NM
International, K-12 and Professional Education		8,582			7,214		19.0	%		22,210			14,378		54.5	%
Reconciling Items:
Amortization Expense		(2,421	)		(2,800	)	-13.5	%		(7,111	)		(7,844	)	-9.3	%
Depreciation and Other		(1,624	)		410		NM			(15,159	)		1,372		NM
Total Consolidated Operating Income		73,603			95,454		-22.9	%		185,298			189,075		-2.0	%
INTEREST AND OTHER INCOME (EXPENSE):
Interest Income		415			110		277.3	%		1,206			520		131.9	%
Interest Expense		(756	)		(650	)	16.3	%		(3,006	)		(1,653	)	81.9	%
Net Gain on Sale of Assets		-			-		NM			-			3,695		NM
Net Interest and Other Income (Expense)		(341	)		(540	)	-36.9	%		(1,800	)		2,562		NM
Total Consolidated Income before Income Taxes	$	73,262		$	94,914		-22.8	%	$	183,498		$	191,637		-4.2	%
Restructuring charges were recorded for the three and nine months ended March 31, 2013. These charges are related to DeVry Inc. (not related to any segment), the Business, Technology and Management segment and DeVry's Carrington Colleges Group and DeVry Medical International both of which are part of the Medical and Healthcare segment. Intangible asset and goodwill impairment charges were recorded for the three and nine month periods ended March 31, 2012. These charges are related to DeVry's Carrington Colleges Group, Inc. The following table illustrates the effects of these impairment charges on the operating income of the Business, Technology and Management segment and 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 restructuring and 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 Nine Months
	Ended March 31,								Ended March 31,
							Increase								Increase
	2013			2012			(Decrease)		2013			2012			(Decrease)
Business, Technology and Management Operating Income	$	34,431		$	64,667		-46.8	%	$	98,836		$	183,850		-46.2	%
Restructuring Charge		986			-		NM			1,186			-		NM
Business, Technology and Management Operating Income
Excluding Restructuring Charge	$	35,417		$	64,667		-45.2	%	$	100,022		$	183,850		-45.6	%
Medical and Healthcare Operating Income	$	34,635		$	25,963		33.4	%	$	86,522		$	(2,681	)	NM
Restructuring Charge		1,043			-		NM			2,459			-		NM
Asset Impairment Charge		-			-		NM			-			75,039		NM
Medical and Healthcare Operating Income
Excluding Charge for Asset Impairments	$	35,678		$	25,963		37.4	%	$	88,981		$	72,358		23.0	%

CONTACT:
DeVry Inc.
Investor Contact:
Joan Bates
jbates@devry.com
(630) 353-3800
or
Media Contact:
Mike DeGraff
mdegraff@sardverb.com
(312) 895-4700