Adtalem Global Education (ATGE) 8-K DeVry Education Group Announces Third Quarter 2014 Results

Exhibit 99.1

DeVry Education Group Announces Third Quarter 2014 Results

DOWNERS GROVE, Ill.--(BUSINESS WIRE)--April 24, 2014--DeVry Education Group (NYSE:DV), a global provider of educational services, today reported academic, operational and financial results for its fiscal 2014 third-quarter ended March 31, 2014. DeVry Group also reported enrollment results at Chamberlain College of Nursing, Carrington Colleges Group, DeVry Brasil, and DeVry University and its Keller Graduate School of Management.

Academic and operational accomplishments for the quarter:

• Rob Paul, current president of Carrington College California, was appointed to succeed Dave Pauldine as president of DeVry University, effective July 1, 2014
• Chamberlain completed a partnership with Walgreens which will provide Chamberlain's family nurse practitioner students the opportunity to gain clinical experience at Walgreens’ Healthcare Clinics nationwide
• More than 1,000 graduates from Ross University School of Medicine and American University of the Caribbean School of Medicine earned residency positions at hospitals in more than 40 U.S. states and five Canadian provinces
• More than 90 percent of Elijah Watts Sells Award recipients in 2013 were Becker Professional Education students
• New student enrollment increased 19.7 percent at DeVry Brasil and its institutions received approvals for nine new programs to meet the demand for programs in high growth career fields

Selected financial data for the three months ended March 31, 2014:

• Total revenues decreased 1.5 percent to $496.1 million
• Medical and Healthcare, and International and Professional Education segment revenues grew 17 percent and 10 percent, respectively, while Business, Technology and Management revenues declined 15 percent
• Reported net income of $55.5 million, compared to $56.8 million last year
• Reported diluted earnings per share of $0.86, compared to earnings per share of $0.88 last year

Selected financial data for the nine months ended March 31, 2014:

• Total revenues decreased 3.1 percent to $1,438 million
• Medical and Healthcare, and International and Professional Education segment revenues grew 14 percent and 15 percent respectively, while Business, Technology and Management revenues declined 16 percent
• Reported net income of $96.5 million, compared to $139.1 million last year; net income from continuing operations and excluding special items was $122.3 million, down 19 percent from prior year
• Reported diluted earnings per share of $1.49, compared to earnings per share of $2.15 last year; earnings per share from continuing operations and excluding special items was $1.89, as compared to $2.33 last year
• Operating cash flow of $260.6 million compared to $282.4 million last year
• Cash and cash equivalents increased to $396.8 million as of March 31, 2014, from $278.0 million as of March 31, 2013
• Generated $70 million in cost savings and value creation in its institutions in transition during the first nine months, putting the organization on track to achieve $100 million in savings for the fiscal year

“During the quarter we made good progress on our plan to turn around and transform DeVry University, including narrowing the rate of decline in new student enrollment, improving student persistence, and accelerating our cost reduction initiatives,” said Daniel Hamburger, DeVry Group’s president and chief executive officer. “As we look ahead to fiscal 2015, we will continue to enhance our strong student value proposition and to grow and diversify in healthcare, international and professional education.”

Operating Highlights

Medical and Healthcare Segment

During the quarter, segment revenue of $204.6 million increased 16.8 percent compared to the prior year. For the nine-month period, revenues increased 13.9 percent to $570.9 million and segment operating income, excluding special charges, rose 25.8 percent to $112.0 million versus prior year.

DeVry Medical International

More than 1,000 graduates from Ross University School of Medicine and American University of the Caribbean School of Medicine earned residency positions. They will continue their training in such prestigious teaching hospitals as Georgetown University Hospital in Washington, D.C., St. Joseph Mercy Hospital in Michigan, and Rush-Copley Memorial Hospital in Illinois, among many others.

Ross University School of Veterinary Medicine launched The One Health Center for Zoonoses and Tropical Veterinary Medicine. The center uses the One Health approach to focus on diseases affecting livestock production and public health, which supports optimal health for people, animals and our environment.

Chamberlain College of Nursing

During the quarter, Chamberlain grew its revenue by 34 percent, primarily driven by solid enrollment growth in its post-licensure programs.

For the March 2013 session, new post-licensure students grew by 55.5 percent to 2,092 students. Total students increased 37.4 percent to 18,185.

During the quarter, the Texas Board of Nursing approved a second campus in the Houston area, which will open in fiscal 2015. Chamberlain is also planning to open locations in Troy, Mich., and Las Vegas, in fiscal 2015, pending approvals.

Chamberlain also completed a partnership with Walgreens which will provide Chamberlain's family nurse practitioner students the opportunity to gain clinical experience at Walgreens’ Healthcare Clinics nationwide.

Carrington Colleges Group

For the three-month period ending March 31, 2014, new student enrollment decreased 6.0 percent to 2,247 versus 2,391 in the previous year reflecting planned market consolidations and program teach outs. Total enrollment decreased 2.4 percent to 7,758 from 7,951 in the previous year. Excluding the programs currently in teach out and market consolidations, new students increased 0.9 percent and total students increased 8.5 percent.

During the quarter, Carrington College California continued its efforts to add the campuses of Carrington College to its existing network, which will result in one regionally accredited institution. Site visits were completed in March and early April. It also merged its three home offices into one location.

International and Professional Education Segment

Segment revenue increased 9.7 percent to $50.8 million in the third quarter compared to the prior year. Segment operating income declined to $7.0 million versus $10.6 million in the previous year, reflecting investments to support future growth at DeVry Brasil. For the nine-month period, revenues increased 14.7 percent to $155.9 million while segment operating income declined $4.7 million to $24.5 million versus prior year.

Becker Professional Education

During the quarter, Becker grew its revenue by 4.5 percent, primarily driven by growth in sales of its CPA exam preparation program. Becker also continues to experience growth in the United States Medical Licensing Exam (USMLE), Association of Chartered Certified Accountants (ACCA), and Continuing Professional Education (CPE) markets.

The AICPA recently recognized the top performers on the Uniform CPA Examination with the Elijah Watt Sells Award. The award is bestowed upon candidates who have obtained a cumulative average score above 95.5 across all four sections of the exam, completed testing during the 2013 calendar year and passed all four sections of the exam on their first attempt. Fifty-one of the 55 award recipients were Becker students.

DeVry Brasil

Revenue grew nearly 15 percent over the previous year. DeVry Brasil’s new student enrollment in the March term increased 19.7 percent to 8,845 compared to 7,390 in the prior year. Total student enrollment increased 13.5 percent to 33,013 students compared to 29,083 last year.

During the quarter, DeVry Brasil received approval to offer nine new degree programs from the Ministry of Education across DeVry Brasil’s institutions. The programs cover many high demand career fields such as industrial, electrical and environmental engineering, as well as building construction and business administration.

Business, Technology and Management Segment

DeVry University

Segment revenue of $241.9 million declined 14.7 percent compared to the prior year. The segment generated $22.5 million of operating income during the quarter. For the nine-month period, revenues declined 15.8 percent to $714.1 million and the segment reported operating income of $27.4 million, excluding special items.

For the March session at DeVry University, new undergraduate enrollments decreased 2.5 percent to 5,018 compared to 5,146 the previous year. Total undergraduate students decreased 10.4 percent to 42,583 versus 47,537 for the session a year ago.

At the graduate level, including Keller Graduate School of Management, total coursetakers in the March session decreased 15.1 percent to 16,192 versus 19,075 for the same session a year ago.

In March, DeVry University’s board of trustees announced that Rob Paul would become the next president of DeVry University, succeeding David Pauldine who will be retiring. Paul is currently the president of Carrington College California and will join DeVry University on July 1.

Balance Sheet/Cash Flow

For fiscal third quarter, DeVry Group generated $260.6 million of operating cash flow. As of March 31, 2014, cash and cash equivalents totaled $396.8 million.

Conference Call and Webcast Information

DeVry Group will host a conference call on April 24, 2014, at 4 p.m. Central Daylight Time (5 p.m. Eastern Daylight Time) to discuss its fiscal 2014 third-quarter results and other developments with respect to DeVry Group. The conference call will be led by Daniel Hamburger, president and chief executive officer; Tim Wiggins, chief financial officer; and Pat Unzicker, vice president of finance.

For those wishing to participate by telephone, dial 888-317-6016 (domestic) or 412-317-6016 (international). Please say “DeVry Group Call.” DeVry Group will also broadcast the conference call via webcast. Interested parties may access the webcast through the Investor Relations section of DeVry Group's website, or http://services.choruscall.com/links/dv140424.html.

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 Group will archive a telephone replay of the call until May 16, 2014. To access the replay, dial 877-344-7529 (domestic) or 412-317-0088 (international), passcode 10043700. To access the webcast replay, please visit the organization's website, or http://services.choruscall.com/links/dv140424.html.

About DeVry Education Group

The purpose of DeVry Education Group is to empower its students to achieve their educational and career goals. DeVry Education Group Inc. (NYSE: DV; member S&P MidCap 400 Index) is a global provider of educational services and the parent organization of 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.devryeducationgroup.com.

Certain statements contained in this release concerning DeVry Group's future performance, including those statements concerning DeVry Group'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 Group 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 Group's most recent Annual Report on Form 10-K for the year ending June 30, 2013 and filed with the Securities and Exchange Commission on August 29, 2013.

Selected Operating Data (in thousands, except per share data)
	Third Quarter
	FY 2014	FY 2013	Change
Revenues	$496,117	$503,825	-1.5%
Net Income	$55,525	$56,821	-2.3%
Earnings per Share (diluted)	$0.86	$0.88	-2.3%
Number of common shares (diluted)	64,841	64,279	+0.9%
	Nine Months
	FY 2014	FY 2013	Change
Revenues	$1,438,298	$1,484,411	-3.1%
Net Income	$96,548	$139,096	-30.6%
Earnings per Share (diluted)	$1.49	$2.15	-30.7%
Number of common shares (diluted)	64,747	64,639	+0.2%

Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule

During the first nine months of fiscal year 2014, DeVry Group recorded expenses related to workforce reductions and real estate consolidations to align its cost structure at DeVry University, Carrington Colleges and DeVry Education Group home office with enrollments. DeVry Group also recorded a gain from the sale of a former DeVry University campus in Decatur, Georgia. Additionally, DeVry Group recorded the operating results of Advanced Academic Inc. reporting unit as discontinued operations. The following table illustrates the effects of restructuring charges, discontinued operations and gain on the sale of assets on DeVry Group’s earnings. Management believes that the non-GAAP disclosure of net income and earnings per share excluding these special items and discontinued operations provides investors with useful supplemental information regarding the underlying business trends and performance of DeVry Group’s ongoing operations and is useful for period-over-period comparisons of such operations given the special nature of the restructuring charges and gain on the sale of assets. DeVry Group uses these supplemental financial measures internally in its management and budgeting process. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, DeVry Group’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 Nine Months
	Ended March 31,				Ended March 31,
		2014		2013		2014			2013
Net (Loss) Income	$	55,525	$	56,821	$	96,548		$	139,096
(Loss) Earnings per Share (Diluted)	$	0.86	$	0.88	$	1.49		$	2.15
Discontinued Operations (net of tax)	$	607	$	1,532	$	16,855		$	4,544
Effect on Earnings per Share (Diluted)	$	0.01	$	0.03	$	0.26		$	0.07
Restructuring Expenses (net of tax)	$	-	$	1,271	$	10,057		$	7,211
Effect on Earnings per Share (Diluted)	$	-	$	0.02	$	0.16		$	0.11
Gain on Sale of Assets (net of tax)	$	-	$	-	$	(1,167	)	$	-
Effect on Earnings per Share (Diluted)	$	-	$	-	$	(0.02	)	$	-
Net Income from Continuing Operations
Excluding the Restructuring Expense and
Gain on Sale of Assets (Diluted)	$	56,132	$	59,624	$	122,293		$	150,851
Earnings per Share from Continuing Operations
Excluding the Restructuring Expense and
Gain on Sale of Assets (Diluted)	$	0.87	$	0.93	$	1.89		$	2.33
Shares used in Diluted EPS Calculation		64,841		64,279		64,747			64,639

Enrollment Results
	2014	2013	% Change
DeVry Education Group Student Enrollments(1)
Total students	121,643	119,623	+1.7%
Chamberlain College of Nursing
March Session
New students (2)	2,092	1,344	+55.5%
Total students	18,185	13,235	+37.4%
Carrington Colleges Group
3 months ending March 31, 2014
New students	2,247	2,391	-6.0%
Total students	7,758	7,951	-2.4%
DeVry Brasil
March Term
New students	8,845	7,390	+19.7%
Total students	33,013	29,083	+13.5%
DeVry University
Undergraduate: March Session
New students	5,018	5,146	-2.5%
Total students	42,583	47,537	-10.4%
Graduate: March Session
Coursetakers(3)	16,192	19,075	-15.1%

1)	Excludes Becker. Includes the most recently reported enrollments at DeVry Group’s other institutions.
2)	Post-licensure programs only; pre-licensure campus-based programs start in September, January and May.
3)	The term “coursetaker” refers to the number of courses taken by a student. Thus one student taking two courses equals two coursetakers.

Chart 1: DeVry Education Group 2014 Announcements & Events
August 7, 2014	Fiscal 2014 Fourth Quarter/Year-End and May/July Enrollment
	Chamberlain College of Nursing
	Carrington Colleges Group
	DeVry Medical International
	DeVry University
October 23, 2014	Fiscal 2015 First Quarter Results and September Enrollment
	Chamberlain College of Nursing
	Carrington Colleges Group
	DeVry Medical International
	DeVry Brasil
	DeVry University
November 5, 2014	Annual Shareholders’ Meeting

DEVRY EDUCATION GROUP INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				March 31,			June 30,			March 31,
				2014			2013			2013
ASSETS
	Current Assets
		Cash and Cash Equivalents		$	396,815		$	196,576		$	278,010
		Marketable Securities and Investments			3,333			2,975			2,952
		Restricted Cash			8,023			7,019			7,151
		Accounts Receivable, Net			161,202			139,778			171,736
		Deferred Income Taxes, Net			29,458			29,758			23,962
		Prepaid Expenses and Other			39,665			49,839			33,263
	Current Assets of Divested Business				-			16,219			30,951
			Total Current Assets		638,496			442,164			548,025
	Land, Buildings and Equipment
		Land			66,775			71,122			66,063
		Buildings			454,099			424,902			389,096
		Equipment			476,688			475,656			472,883
		Construction In Progress			19,957			33,724			64,412
					1,017,519			1,005,404			992,454
		Accumulated Depreciation and Amortization			(466,008	)		(433,747	)		(427,637	)
	Land, Buildings and Equipment of Divested Business, Net				-			-			5,146
			Land, Buildings and Equipment, Net		551,511			571,657			569,963
	Other Assets
		Intangible Assets, Net			294,497			281,998			292,098
		Goodwill			517,065			508,937			566,497
		Perkins Program Fund, Net			13,450			13,450			13,450
		Other Assets			33,846			33,025			27,953
	Other Assets of Divested Business				-			5,787			848
			Total Other Assets		858,858			843,197			900,846
TOTAL ASSETS				$	2,048,865		$	1,857,018		$	2,018,834

DEVRY EDUCATION GROUP INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				March 31,			June 30,			March 31,
				2014			2013			2013
LIABILITIES
	Current Liabilities
		Accounts Payable		$	54,594		$	55,131		$	53,822
		Accrued Salaries, Wages and Benefits			91,811			88,444			80,721
		Accrued Expenses			64,723			74,451			76,408
		Advance and Deferred Tuition			194,560			97,478			195,359
	Current Liabilities of Divested Business				-			713			3,145
			Total Current Liabilities		405,688			316,217			409,455
	Other Liabilities
		Deferred Income Taxes, Net			54,574			60,103			58,956
		Deferred Rent and Other			89,095			82,576			92,283
			Total Non-current Liabilities		143,669			142,679			151,239
	Other Liabilities of Divested Business				-			112			-
TOTAL LIABILITIES					549,357			459,008			560,694
NON-CONTROLLING INTEREST					6,189			854			9,017
SHAREHOLDERS' EQUITY
	Common Stock, $0.01 par value, 200,000,000 Shares Authorized;
	63,465,000, 62,946,000 and 62,989,000 Shares issued
	and outstanding at March 31, 2014, June 30, 2013
	and March 31, 2013, respectively.				754			745			744
	Additional Paid-in Capital				311,851			291,269			285,242
	Retained Earnings				1,655,283			1,575,009			1,616,850
	Accumulated Other Comprehensive Loss				(19,604	)		(17,101	)		(5,934	)
	Treasury Stock, at Cost (11,661,000, 11,581,000 and 11,409,000
	Shares, Respectively)				(454,965	)		(452,766	)		(447,779	)
TOTAL SHAREHOLDERS' EQUITY					1,493,319			1,397,156			1,449,123
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY				$	2,048,865		$	1,857,018		$	2,018,834

DEVRY EDUCATION GROUP 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,
			2014			2013			2014			2013
REVENUES:
	Tuition		$	455,422		$	467,312		$	1,332,627		$	1,387,878
	Other Educational			40,695			36,513			105,671			96,533
		Total Revenues		496,117			503,825			1,438,298			1,484,411
OPERATING COSTS AND EXPENSES:
	Cost of Educational Services			242,631			236,828			727,363			716,525
	Student Services and Administrative Expense			183,949			189,320			558,154			564,082
	Gain on Sale of Asset			-			-			(1,918	)		-
	Restructuring Expenses			-			2,029			16,329			11,513
		Total Operating Costs and Expenses		426,580			428,177			1,299,928			1,292,120
Operating Income				69,537			75,648			138,370			192,291
INTEREST (EXPENSE) INCOME:
	Interest Income			605			415			1,498			1,206
	Interest Expense			(1,073	)		(756	)		(3,125	)		(3,006	)
		Net Interest (Expense) Income		(468	)		(341	)		(1,627	)		(1,800	)
Income from Continuing Operations Before Income Taxes				69,069			75,307			136,743			190,491
Income Tax Provision				(12,918	)		(16,615	)		(23,113	)		(45,741	)
	Income from Continuing Operations			56,151			58,692			113,630			144,750
DISCONTINUED OPERATIONS
	Loss from Operations of Divested Component			(934	)		(2,045	)		(18,645	)		(6,993	)
	Income Tax Benefit			327			513			1,790			2,449
	Loss on Discontinued Operations			(607	)		(1,532	)		(16,855	)		(4,544	)
NET INCOME				55,544			57,160			96,775			140,206
	Net Income Attributable to Noncontrolling Interest			(19	)		(339	)		(227	)		(1,110	)
NET INCOME ATTRIBUTABLE TO DEVRY EDUCATION GROUP INC.			$	55,525		$	56,821		$	96,548		$	139,096
AMOUNTS ATTRIBUTABLE TO DEVRY EDUCATION GROUP INC.:
	Income from Continuing Operations, Net of Income Taxes			56,132			58,353			113,403			143,640
	Loss from Discontinued Operations, Net of Income Taxes			(607	)		(1,532	)		(16,855	)		(4,544	)
	NET INCOME ATTRIBUTABLE TO DEVRY EDUCATION GROUP INC.		$	55,525		$	56,821		$	96,548		$	139,096
EARNINGS PER COMMON SHARE ATTRIBUTABLE
	TO DEVRY EDUCATION GROUP INC. SHAREHOLDERS
	Basic
		Continuing Operations	$	0.87		$	0.91		$	1.77		$	2.23
		Discontinued Operations		(0.01	)		(0.02	)		(0.26	)		(0.07	)
			$	0.86		$	0.89		$	1.51		$	2.16
	Diluted
		Continuing Operations	$	0.87		$	0.91		$	1.75		$	2.22
		Discontinued Operations		(0.01	)		(0.03	)		(0.26	)		(0.07	)
			$	0.86		$	0.88		$	1.49		$	2.15
Cash Dividend Declared per Common Share			$	-		$	-		$	0.17		$	0.17

DEVRY EDUCATION GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				For The Nine Months
				Ended March 31,
				2014			2013
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net Income			$	96,775		$	140,206
	Loss from Discontinued Operations				16,855			4,544
	Adjustments to Reconcile Net Income to Net
	Cash Provided by Operating Activities:
		Stock-Based Compensation Expense			13,672			12,090
		Depreciation			61,541			61,609
		Amortization			5,349			7,605
		Provision for Refunds and Uncollectible Accounts			58,923			60,945
		Deferred Income Taxes			(1,385	)		(2,269	)
		Loss on Disposals of Land, Buildings and Equipment			3,261			7,914
		Unrealized Loss on Assets Held for Sale			244			-
		Realized Gain on Sale of Assets			(1,918	)		-
		Changes in Assets and Liabilities, Net of Effects from
		Acquisitions and Divestitures of Businesses:
			Restricted Cash		(1,004	)		(4,653	)
			Accounts Receivable		(81,588	)		(136,197	)
			Prepaid Expenses And Other		10,103			37,889
			Accounts Payable		(533	)		(8,009	)
			Accrued Salaries, Wages, Expenses and Benefits		(14,957	)		10,599
			Deferred and Advance Tuition		96,101			97,105
	Net Cash Provided by Operating Activities-Continuing Operations				261,439			289,378
	Net Cash Provided by Operating Activities-Discontinued Operations				(804	)		(6,955	)
	NET CASH PROVIDED BY OPERATING ACTIVITIES				260,635			282,423
CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital Expenditures				(47,609	)		(78,001	)
	Payment for Purchase of Business, Net of Cash Acquired				(12,343	)		(31,386	)
	Marketable Securities Purchased				(189	)		(268	)
	Cash Received from Sale of Assets				8,727			-
	Net Cash Used in Investing Activities-Continuing Operations				(51,414	)		(109,655	)
	Net Cash Used in Investing Activities-Discontinued Operations				-			(1,328	)
	NET CASH USED IN INVESTING ACTIVITIES				(51,414	)		(110,983	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from Exercise of Stock Options				6,236			1,774
	Proceeds from Stock issued Under Employee Stock Purchase Plan				1,009			1,278
	Repurchase of Common Stock for Treasury				-			(48,353	)
	Cash Dividends Paid				(10,941	)		(20,707	)
	Excess Tax Benefit from Stock-Based Payments				-			(332	)
	Payments of Seller Financed Debt				(3,883	)		-
	NET CASH USED IN FINANCING ACTIVITIES				(7,579	)		(66,340	)
Effects of Exchange Rate Differences					(1,971	)		(1,182	)
NET INCREASE IN CASH AND CASH EQUIVALENTS					199,671			103,918
Cash and Cash Equivalents at Beginning of Period					197,144			174,076
Cash and Cash Equivalents at End of Period					396,815			277,994
Less: Cash and Cash Equivalents of Discontinued Operations at End of Period					-			16
Cash and Cash Equivalents at End of Period				$	396,815		$	278,010

DEVRY EDUCATION GROUP INC.
SEGMENT INFORMATION
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
	For The Quarter								For The Nine Months
	Ended March 31,								Ended March 31,
							Increase								Increase
	2014			2013			(Decrease)		2014			2013			(Decrease)
REVENUES:
Medical and Healthcare	$	204,610		$	175,125		16.8	%	$	570,913		$	501,228		13.9	%
International and Professional Education		50,782			46,282		9.7	%		155,933			135,912		14.7	%
Business, Technology and Management		241,896			283,540		-14.7	%		714,118			848,393		-15.8	%
Intersegment Elimination		(1,171	)		(1,122	)	NM			(2,666	)		(1,122	)	NM
Total Consolidated Revenues		496,117			503,825		-1.5	%		1,438,298			1,484,411		-3.1	%
OPERATING INCOME:
Medical and Healthcare		45,605			34,635		31.7	%		106,432			86,522		23.0	%
International and Professional Education		7,022			10,627		-33.9	%		24,511			29,203		-16.1	%
Business, Technology and Management		22,517			34,431		-34.6	%		21,403			98,836		-78.3	%
Reconciling Items:
Amortization Expense		(1,594	)		(2,421	)	NM			(4,855	)		(7,111	)	NM
Depreciation and Other		(4,013	)		(1,624	)	NM			(9,121	)		(15,159	)	NM
Total Consolidated Operating Income		69,537			75,648		-8.1	%		138,370			192,291		-28.0	%
INTEREST (EXPENSE) INCOME:
Interest Income		605			415		45.8	%		1,498			1,206		24.2	%
Interest Expense		(1,073	)		(756	)	41.9	%		(3,125	)		(3,006	)	4.0	%
Net Interest and Other Income (Expense)		(468	)		(341	)	37.2	%		(1,627	)		(1,800	)	-9.6	%
Total Consolidated Income before Income Taxes	$	69,069		$	75,307		-8.3	%	$	136,743		$	190,491		-28.2	%
Restructuring charges and adjustments to these charges were recorded for the nine months ended March 31, 2014. These charges are related to DeVry Education Group (not related to any segment), DeVry Medical International and Carrington Colleges Group which are part of the Medical and Healthcare segment, Becker Professional Education which is part of the International and Professional and Education segment and the Business, Technology and Management segment. DeVry University also realized a gain on the sale of its Decatur, Georgia facility which was recorded during the nine months ended March 31, 2014. Restructuring charges were recorded for the three and nine months ended March 31, 2013. These charges are related to DeVry Education Group (not related to any segment), Carrington Colleges Group which is part of the Medical and Healthcare segment and the Business, Technology and Management segment. The following table illustrates the effects of these restructuring charges and the gain on the asset sale on the operating income of the segments. 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 Group’s ongoing operations and are useful for period-over-period comparisons of such operations given the special nature of these transactions. DeVry Group 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 Group’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
	2014			2013			(Decrease)		2014			2013			(Decrease)
Medical and Healthcare Operating Income	$	45,605		$	34,635		31.7	%	$	106,432		$	86,522		23.0	%
Restructuring Charge		-			1,043		NM			5,522			2,459		NM
Medical and Healthcare Operating Income
Excluding Restructuring Charge	$	45,605		$	35,678		27.8	%	$	111,954		$	88,981		25.8	%
International and Professional Education Operating Income	$	7,022		$	10,627		-33.9	%	$	24,511		$	29,203		-16.1	%
Restructuring Charge		-			-		NM			24			-		NM
International and Professional Education Operating Income
Excluding Restructuring Charge	$	7,022		$	10,627		-33.9	%	$	24,535		$	29,203		-16.0	%
Business, Technology and Management Operating Income	$	22,517		$	34,431		-34.6	%	$	21,403		$	98,836		-78.3	%
Restructuring Charge		-			986		NM			7,910			1,186		NM
Gain on Sale of Assets		-			-		NM			(1,918	)		-		NM
Business, Technology and Management Operating Income
Excluding Restructuring Charge and Gain on Sale of Assets	$	22,517		$	35,417		-36.4	%	$	27,395		$	100,022		-72.6	%

CONTACT:
DeVry Education Group
Investor Contact:
Joan Walter, 630-353-3800
jwalter@devrygroup.com
or
Media Contact:
Larry Larsen, 312-497-0655
llarsen@greentarget.com