Adtalem Global Education (ATGE) 8-K DeVry Education Group Announces Fourth-Quarter and Full-Year 2014 Results

Exhibit 99.1

DeVry Education Group Announces Fourth-Quarter and Full-Year 2014 Results

DOWNERS GROVE, Ill.--(BUSINESS WIRE)--August 7, 2014--DeVry Education Group (NYSE:DV), a global provider of educational services, today reported academic, operational and financial results for its fiscal fourth quarter and full year that ended June 30, 2014. DeVry Group also reported enrollment results at Chamberlain College of Nursing, Carrington College, DeVry Medical International and DeVry University and its Keller Graduate School of Management.

Academic and operational accomplishments:

• DeVry Group’s institutions graduated nearly 30,000 students in fiscal 2014
• Students from Ross University School of Medicine and American University of the Caribbean School of Medicine (AUC) achieved a 97 percent pass rate on Step 1 of the United States Medical Licensing Exam (USMLE)
• Chamberlain president Susan Groenwald, Ph.D., MSN, RN, was selected to be a fellow of both the American Academy of Nursing and the National League for Nursing’s Academy of Nursing Education
• Robert Paul succeeded David Pauldine as president of DeVry University on July 1, and Jeffrey Akens succeeded Paul as president of Carrington College on June 1
• Carrington College California received its accreditor’s approval to add the campuses of Carrington College to its existing network, resulting in one regionally accredited institution now named Carrington College

Selected financial data for the three months ended June 30, 2014:

• Total revenues increased to $485.1 million, up one percent from the previous year
• Segment revenues for Medical and Healthcare, and International and Professional Education grew 16 percent and 19 percent, respectively, while Business, Technology and Management segment revenues declined 13 percent from the year-ago quarter
• Reported net income of $37.5 million, compared to a net loss of $32.3 million last year; net income from continuing operations and excluding special items was $47.7 million versus $34.1 million in the prior year
• Reported diluted earnings per share of $0.58, compared to a loss per share of $0.51 last year; earnings per share from continuing operations and excluding special items was $0.73, as compared to $0.54 last year
• Fourth quarter results include a $10.1 million after-tax, or $0.15 per share, restructuring charge for a reduction in force and real estate consolidations

Selected financial data for the full year ended June 30, 2014:

• Total revenues decreased 2 percent to $1,923 million compared to the prior year
• Segment revenues for Medical and Healthcare, and International and Professional Education grew 14 percent and 16 percent respectively, while Business, Technology and Management segment revenues declined 15 percent from the previous year
• DeVry Brasil and Becker each crossed the $100 million revenue mark on a full year basis.
• Reported net income of $134.0 million, compared to $106.8 million last year; net income from continuing operations and excluding special items was $170.0 million, versus $185 million in the prior year
• Reported diluted earnings per share of $2.07, compared to earnings per share of $1.65 last year; earnings per share from continuing operations and excluding special items was $2.62, as compared to $2.86 last year
• Operating cash flow of $262.9 million compared to $261.5 million last year
• Cash and cash equivalents increased to $358.2 million as of June 30, 2014, from $196.6 million as of June 30, 2013
• Generated more than $100 million in cost savings and value creation in its institutions in transition during fiscal 2014

“We are pleased to have returned DeVry Group to revenue growth for the fourth quarter,” said Daniel Hamburger, DeVry Group’s president and CEO. “We are becoming increasingly confident we are reaching an inflection point as we expect revenue growth to continue into the first quarter of fiscal 2015.”

Operating Highlights

Medical and Healthcare Segment

During the quarter, segment revenue of $198.2 million increased 15.7 percent compared to the prior year. Excluding special items, segment operating income was $35.7 million, an increase of 26.4 percent versus the prior year. For the full year, revenues increased 14.4 percent to $769.1 million and segment operating income rose 26 percent to $147.6 million versus prior year, excluding special items.

DeVry Medical International

Revenue at DeVry Medical International grew 7 percent compared to the prior year. For the May 2014 session, new students grew by 7.1 percent over prior year to 555 students. Total students increased 2.2 percent to 5,925.

During the quarter, both Ross University School of Medicine and AUC reported that their students achieved a 97 percent first-time pass rate, respectively, on the USMLE Step 1 in 2013, on par with U.S. medical schools. Ross University School of Veterinary Medicine launched four centers of research to support the university’s mission to provide students with a research-based educational experience.

Chamberlain College of Nursing

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

For the May 2014 session, new students grew by 37.6 percent to 3,142 students. Total students increased 35.7 percent to 18,929. For the July 2014 session, new students grew by 61.0 percent to 2,066 students. Total students increased 39.2 percent to 17,603 in the July session.

Chamberlain president Dr. Susan Groenwald will be inducted as a fellow of both the American Academy of Nursing and the National League for Nursing’s Academy of Nursing Education.

During the quarter, the Higher Learning Commission approved a second campus in the Houston area, which will open in fall 2014. Chamberlain is planning to open four new locations in fiscal 2015, pending approvals.

Carrington College

Carrington continued to make strong progress on its turnaround plan, with revenues growing 5 percent in the quarter as compared to the prior year. For the three-month period ending June 30, 2014, new student enrollment increased 9.9 percent to 1,766. Total enrollment increased 3.4 percent to 7,353.

During the quarter, Carrington College California received its accreditor’s approval to add the campuses of Carrington College to its existing network, resulting in one regionally accredited institution. More recently, Carrington College California received approval to change its name to Carrington College.

On June 1, Jeffrey Akens became the president of Carrington College, succeeding Robert Paul who became president of DeVry University.

International and Professional Education Segment

DeVry Brasil and Becker each crossed the $100 million revenue mark in fiscal 2014. Segment revenue increased 18.9 percent to $72.1 million in the fourth quarter compared to the prior year. Segment operating income, excluding special items, increased 19.6 percent to $21.1 million versus prior year. For the full year, revenues increased 16 percent to $228.1 million while segment operating income, excluding special items, was $45.7 million compared to $46.9 million in the prior year.

Becker Professional Education

During the quarter, Becker grew its revenue by 5 percent, primarily driven by growth in sales of its CPA exam preparation program. Becker also continues to experience growth in the USMLE, Association of Chartered Certified Accountants (ACCA), and Continuing Professional Education (CPE) markets.

Becker announced six new relationships in the Middle East, Africa, South Asia and the Caribbean that further expand its accounting training platform to reach more prospective ACCA students around the world.

DeVry Brasil

During the quarter, revenue grew nearly 31 percent over the previous year. DeVry Brasil is diversifying geographically with plans to open a new location in João Pessoa in the state of Paraíba. The new campus will offer students high quality programs in areas such as accounting, engineering and logistics technology.

Business, Technology and Management Segment

DeVry University

During the quarter, segment revenue of $215.8 million declined 13.1 percent compared to the prior year. The segment generated $3.2 million of operating income during the quarter, excluding special items. For the full year, revenues declined 15.2 percent to $929.9 million and the segment reported operating income of $30.6 million, excluding special items.

For the May session at DeVry University, new undergraduate enrollments decreased 4.9 percent to 4,388. Total undergraduate students decreased 14.1 percent to 41,977.

For the July session at DeVry University, new undergraduate enrollments decreased 13.4 percent to 4,915. Total undergraduate students decreased 12.2 percent to 37,210.

At the graduate level, including Keller Graduate School of Management, total coursetakers in the May session decreased 15.8 percent to 15,866. For the July session, total coursetakers declined 14.0 percent to 13,845.

During the quarter, Robert Paul became the president of DeVry University, succeeding David Pauldine who retired.

Balance Sheet/Cash Flow

For fiscal fourth quarter, DeVry Group generated $262.9 million of operating cash flow. As of June 30, 2014, cash and cash equivalents totaled $358.2 million.

Conference Call and Webcast Information

DeVry Group will host a conference call on Aug. 7, 2014, at 4 p.m. Central Daylight Time (5 p.m. Eastern Daylight Time) to discuss its fiscal 2014 fourth-quarter and full-year financial results and other developments with respect to DeVry Group. The conference call will be led by Daniel Hamburger, president and CEO; Timothy Wiggins, chief financial officer; and Patrick Unzicker, vice president of finance.

For those wishing to participate by telephone, dial 877-506-6380 (domestic) or 412-902-6690 (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/dv140807.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 Aug. 29, 2014. To access the replay, dial 877-344-7529 (domestic) or 412-317-0088 (international), passcode 10050165. To access the webcast replay, please visit DeVry Group's website, or http://services.choruscall.com/links/dv140807.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, 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 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)
	Fourth Quarter
	FY 2014	FY 2013	Change
Revenues	$485,073	$479,964	+1.1%
Net Income	$37,484	$(32,310)	N/A
Earnings per Share (diluted)	$0.58	$(0.51)	N/A
Number of common shares (diluted)	64,988	63,751	+1.9%
	Fiscal Year
	FY 2014	FY 2013	Change
Revenues	$1,923,371	$1,964,375	-2.1%
Net Income	$134,032	$106,786	+25.5%
Earnings per Share (diluted)	$2.07	$1.65	+25.5%
Number of common shares (diluted)	64,853	64,611	+0.4%

Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule

During the fiscal year 2014, DeVry Group recorded expenses related to workforce reductions and real estate consolidations to align its cost structure with enrollments at DeVry University, Carrington College, Chamberlain College of Nursing and DeVry Education Group home office. 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 Academics 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 Year
		Ended June 30,					Ended June 30,
		2014		2013			2014			2013
Net Income		$	37,484	$	(32,310	)	$	134,032		$	106,786
	Earnings per Share (Diluted)	$	0.58	$	(0.51	)	$	2.07		$	1.65
Discontinued Operations (net of tax)		$	102	$	12,357		$	16,957		$	16,902
	Effect on Earnings per Share (Diluted)	$	0.00	$	0.19		$	0.26		$	0.26
Restructuring Expenses (net of tax)		$	10,100	$	9,029		$	20,160		$	16,240
	Effect on Earnings per Share (Diluted)	$	0.15	$	0.14		$	0.31		$	0.25
Earn-out Accrual Adjustment (net of tax)		$	-	$	(4,381	)	$	-		$	(4,381	)
	Effect on Earnings per Share (Diluted)	$	-	$	(0.07	)	$	-		$	(0.07	)
Impairment Charges (net of tax)		$	-	$	49,448		$	-		$	49,448
	Effect on Earnings per Share (Diluted)	$	-	$	0.78		$	-		$	0.77
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 Impairment and
	Restructuring Charges, Earn-out Accrual
	Adjustment and Gain on Sale of Assets (Diluted)	$	47,686	$	34,143		$	169,982		$	184,995
Earnings per Share from Continuing Operations
	Excluding the Impairment and
	Restructuring Charges, Earn-out Accrual
	Adjustment and Gain on Sale of Assets (Diluted)	$	0.73	$	0.54		$	2.62		$	2.86
Shares used in Diluted EPS Calculation			64,988		63,751			64,853			64,611

Enrollment Results
	2014	2013	% Change
DeVry Education Group Student Enrollments(1)
Total students	112,571	110,297	+2.1	%
Chamberlain College of Nursing
May Session
New students	3,142	2,283	+37.6	%
Total students	18,929	13,953	+35.7	%
July Session
New students (2)	2,066	1,283	+61.0	%
Total students	17,603	12,648	+39.2	%
Carrington College
3 months ending June 30, 2014
New students	1,766	1,607	+9.9	%
Total students	7,353	7,111	+3.4	%
DeVry Medical International
May Term
New students	555	518	+7.1	%
Total students	5,925	5,800	+2.2	%
DeVry University
Undergraduate – May Session
New students	4,388	4,616	-4.9	%
Total students	41,977	48,842	-14.1	%
Undergraduate – July Session
New students	4,915	5,674	-13.4	%
Total students	37,210	42,374	-12.2	%
Graduate – May Session
Coursetakers(3)	15,866	18,836	-15.8	%
Graduate – July Session
Coursetakers(3)	13,845	16,107	-14.0	%

Graduate Employment Statistics(4)	Percent Employed	Average Salary
DeVry University (Undergraduate)	90.9%	$44,295

1)	Excludes Becker. Includes the most recently reported enrollments at DeVry Group’s degree-granting 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.
4)	Figures based on 2013 graduates’ self-reported data to DeVry University Career Services who were employed at graduation or who were actively seeking employment after graduation and found employment in their field within six months. Does not include graduates who were not actively seeking employment, as determined by DeVry University Career Services, or who did not report data on employment status to DeVry University Career Services.

Chart 1: DeVry Education Group Fiscal 2015 Announcements & Events
October 23, 2014	Fiscal 2015 First Quarter Results
February 5, 2015	Fiscal 2015 Second Quarter Results
April 23, 2015	Fiscal 2015 Third Quarter Results
August 13, 2015	Fiscal 2015 Fourth Quarter and Year-End Results

DEVRY EDUCATION GROUP INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				June 30,			June 30,
				2014			2013
ASSETS
	Current Assets
		Cash and Cash Equivalents		$	358,188		$	196,576
		Marketable Securities and Investments			3,448			2,975
		Restricted Cash			8,347			7,019
		Accounts Receivable, Net			132,621			139,778
		Deferred Income Taxes, Net			39,679			29,758
		Prepaid Expenses and Other			34,808			49,839
	Current Assets of Divested Component				-			16,219
			Total Current Assets		577,091			442,164
	Land, Buildings and Equipment
		Land			68,185			71,122
		Buildings			464,944			424,902
		Equipment			488,322			475,656
		Construction In Progress			17,405			33,724
					1,038,856			1,005,404
		Accumulated Depreciation and Amortization			(483,019	)		(433,747	)
			Land, Buildings and Equipment, Net		555,837			571,657
	Other Assets
		Intangible Assets, Net			294,932			281,998
		Goodwill			519,879			508,937
		Perkins Program Fund, Net			13,450			13,450
		Other Assets			36,447			33,025
	Other Assets of Divested Component				-			5,787
			Total Other Assets		864,708			843,197
TOTAL ASSETS				$	1,997,636		$	1,857,018

DEVRY EDUCATION GROUP INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
				June 30,			June 30,
				2014			2013
LIABILITIES
	Current Liabilities
		Accounts Payable		$	52,260		$	55,131
		Accrued Salaries, Wages and Benefits			91,946			88,444
		Accrued Expenses			65,525			74,451
		Advance and Deferred Tuition			99,160			97,478
	Current Liabilities of Divested Component				-			713
			Total Current Liabilities		308,891			316,217
	Other Liabilities
		Deferred Income Taxes, Net			47,921			60,103
		Deferred Rent and Other			101,038			82,576
			Total Non-current Liabilities		148,959			142,679
	Other Liabilities of Divested Component				-			112
TOTAL LIABILITIES					457,850			459,008
NON-CONTROLLING INTEREST					6,393			854
SHAREHOLDERS' EQUITY
	Common Stock, $0.01 par value, 200,000,000 Shares authorized;
	63,624,000 and 62,946,000 Shares issued and outstanding
	at June 30, 2014 and June 30, 2013, respectively				753			745
	Additional Paid-in Capital				320,703			291,269
	Retained Earnings				1,682,071			1,575,009
	Accumulated Other Comprehensive Loss				(15,394	)		(17,101	)
	Treasury Stock, at Cost (11,655,000 and 11,581,000
	Shares, respectively)				(454,740	)		(452,766	)
TOTAL SHAREHOLDERS' EQUITY					1,533,393			1,397,156
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY				$	1,997,636		$	1,857,018

DEVRY EDUCATION GROUP INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands Except for Per Share Amounts)
PRELIMINARY
	For The Quarter						For The Year
	Ended June 30,						Ended June 30,
	2014			2013			2014			2013			2012
REVENUES:
Tuition	$	452,011		$	452,155		$	1,784,638		$	1,840,033		$	1,949,909
Other Educational		33,062			27,809			138,733			124,342			121,874
Total Revenues		485,073			479,964			1,923,371			1,964,375			2,071,783
OPERATING COSTS AND EXPENSES:
Cost of Educational Services		256,073			245,698			983,436			962,223			960,814
Student Services and Administrative Expense		169,716			192,301			727,870			756,384			789,903
Gain on Sale of Assets		-			-			(1,918	)		-			-
Restructuring Expenses		16,386			14,716			32,715			26,229			7,102
Earn-out Accrual Adjustment		-			(4,381	)		-			(4,381	)		-
Asset Impairment Charge		-			56,992			-			56,992			75,039
Total Operating Costs and Expenses		442,175			505,326			1,742,103			1,797,447			1,832,858
Operating Income (Loss)		42,898			(25,362	)		181,268			166,928			238,925
INTEREST AND OTHER INCOME:
Interest Income		233			446			1,731			1,652			817
Interest Expense		(507	)		(605	)		(3,632	)		(3,611	)		(2,612	)
Gain on Sale of Investment		-			-			-			-			3,695
Net Interest and Other Income		(274	)		(159	)		(1,901	)		(1,959	)		1,900
Income (Loss) from Continuing Operations Before Income Taxes		42,624			(25,521	)		179,367			164,969			240,825
Income Tax (Provision) Benefit		(4,586	)		6,512			(27,699	)		(39,227	)		(70,903	)
Income (Loss) from Continuing Operations		38,038			(19,009	)		151,668			125,742			169,922
DISCONTINUED OPERATIONS
Loss from Operations of Divested Component		(157	)		(18,864	)		(18,802	)		(25,856	)		(34,687	)
Income Tax Benefit		55			6,507			1,845			8,954			7,146
Loss on Discontinued Operations		(102	)		(12,357	)		(16,957	)		(16,902	)		(27,541	)
NET INCOME (LOSS)		37,936			(31,366	)		134,711			108,840			142,381
Net Income Attributable to Noncontrolling Interest		(452	)		(944	)		(679	)		(2,054	)		(816	)
NET INCOME (LOSS) ATTRIBUTABLE TO DEVRY EDUCATION GROUP	$	37,484		$	(32,310	)	$	134,032		$	106,786		$	141,565
AMOUNTS ATTRIBUTABLE TO DEVRY EDUCATION GROUP
Income (Loss) from Continuing Operations, Net of Income Taxes		37,586			(19,953	)		150,989			123,688			169,106
Loss from Discontinued Operations, Net of Income Taxes		(102	)		(12,357	)		(16,957	)		(16,902	)		(27,541	)
NET INCOME (LOSS) ATTRIBUTABLE TO DEVRY EDUCATION GROUP	$	37,484		$	(32,310	)	$	134,032		$	106,786		$	141,565
EARNINGS PER COMMON SHARE ATTRIBUTABLE
TO DEVRY EDUCATION GROUP SHAREHOLDERS
Basic
Continuing Operations	$	0.58		$	(0.32	)	$	2.35		$	1.92		$	2.52
Discontinued Operations		(0.00	)		(0.19	)		(0.26	)		(0.26	)		(0.41	)
	$	0.58		$	(0.51	)	$	2.09		$	1.66		$	2.11
Diluted
Continuing Operations	$	0.58		$	(0.32	)	$	2.33		$	1.91		$	2.50
Discontinued Operations		(0.00	)		(0.19	)		(0.26	)		(0.26	)		(0.41	)
	$	0.58		$	(0.51	)	$	2.07		$	1.65		$	2.09
Cash Dividend Declared per Common Share	$	0.17		$	0.17		$	0.34		$	0.34		$	0.30

DEVRY EDUCATION GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
			For The Year
			Ended June 30,
			2014			2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net Income		$	134,711		$	108,840		$	142,381
	Loss from Discontinued Operations			16,957			16,902			27,541
	Adjustments to Reconcile Net Income to Net
	Cash Provided by Operating Activities:
		Stock-Based Compensation Expense		17,685			15,493			18,530
		Depreciation		82,739			83,111			74,472
		Amortization		7,078			10,139			10,002
		Impairment of Goodwill and Intangible Assets		-			56,992			75,039
		Provision for Refunds and Uncollectible Accounts		88,506			80,557			89,928
		Deferred Income Taxes		(17,115	)		(7,711	)		(8,825	)
		Loss on Disposals and Adjustments to Land, Buildings and Equipment		9,150			10,633			1,185
		Realized Gain on Sale of Assets		(1,918	)		-			(3,695	)
		Unrealized Loss on Assets Held for Sale		244			-			-
		Changes in Assets and Liabilities, Net of Effects from
		Acquisitions and Divestitures of Components:
		Restricted Cash		(1,328	)		(4,521	)		(190	)
		Accounts Receivable		(82,262	)		(124,448	)		(90,254	)
		Prepaid Expenses And Other		23,430			7,359			(36,348	)
		Accounts Payable		(2,883	)		(6,697	)		(2,687	)
		Accrued Salaries, Wages, Benefits and Expenses		(10,864	)		21,076			(10,329	)
		Deferred and Advance Tuition		301			(510	)		(5,034	)
	Net Cash Provided by Operating Activities-Continuing Operations			264,431			267,215			281,716
	Net Cash Used by Operating Activities-Discontinued Operations			(1,509	)		(5,710	)		(4,294	)
	NET CASH PROVIDED BY OPERATING ACTIVITIES			262,922			261,505			277,422
CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital Expenditures			(79,355	)		(111,775	)		(125,298	)
	Payment for Purchase of Businesses, Net of Cash Acquired			(13,570	)		(31,386	)		(255,369	)
	Marketable Securities Purchased			(124	)		(93	)		(61	)
	Cash Received from Sale of Assets			8,727			-			4,475
	Purchase of Noncontrolling Interest of Subsidiary			-			(7,649	)		-
	Net Cash Used in Investing Activities-Continuing Operations			(84,322	)		(150,903	)		(376,253	)
	Net Cash Used in Investing Activities-Discontinued Operations			-			(1,729	)		(3,757	)
	NET CASH USED IN INVESTING ACTIVITIES			(84,322	)		(152,632	)		(380,010	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from Exercise of Stock Options			10,482			4,976			6,134
	Proceeds from Stock issued Under Employee Stock Purchase Plan			1,372			1,700			1,716
	Repurchase of Common Stock for Treasury			-			(53,886	)		(158,093	)
	Cash Dividends Paid			(21,903	)		(31,529	)		(18,369	)
	Excess Tax Benefit from Stock-Based Payments			-			-			664
	Payment of Seller Financed Debt			(6,457	)		(3,822	)		-
	Payment of Debt Financing Fees			-			-			(70	)
	NET CASH USED IN FINANCING ACTIVITIES			(16,506	)		(82,561	)		(168,018	)
Effects of Exchange Rate Differences				(1,050	)		(3,244	)		(2,463	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				161,044			23,068			(273,069	)
Cash and Cash Equivalents at Beginning of Year				197,144			174,076			447,145
Cash and Cash Equivalents at End of Year				358,188			197,144			174,076
Less: Cash and Cash Equivalents of Discontinued Operations at End of Year				-			568			92
Cash and Cash Equivalents of Continuing Operations at End of Year			$	358,188		$	196,576		$	173,984

DEVRY EDUCATION GROUP INC.
SEGMENT INFORMATION
(Dollars in Thousands)
(Unaudited)
PRELIMINARY
	For The Quarter								For The Year
	Ended June 30,								Ended June 30,
							Increase								Increase
	2014			2013			(Decrease)		2014			2013			(Decrease)
REVENUES:
Medical and Healthcare	$	198,213		$	171,376		15.7	%	$	769,126		$	672,604		14.4	%
International and Professional Education		72,124			60,664		18.9	%		228,057			196,576		16.0	%
Business, Technology and Management		215,830			248,302		(13.1	%)		929,948			1,096,695		(15.2	%)
Intersegment Elimination		(1,094	)		(378	)	NM			(3,760	)		(1,500	)	NM
Total Consolidated Revenues		485,073			479,964		1.1	%		1,923,371			1,964,375		(2.1	%)
OPERATING INCOME (LOSS):
Medical and Healthcare		33,250			(32,446	)	NM			139,682			54,076		158.3	%
International and Professional Education		21,005			21,418		(1.9	%)		45,516			50,620		(10.1	%)
Business, Technology and Management		(10,626	)		(8,791	)	NM			10,777			90,045		(88.0	%)
Reconciling Items:
Amortization Expense		(1,564	)		(2,369	)	(34.0	%)		(6,419	)		(9,480	)	(32.3	%)
Depreciation and Other		833			(3,174	)	NM			(8,288	)		(18,333	)	(54.8	%)
Total Consolidated Operating Income (Loss)		42,898			(25,362	)	NM			181,268			166,928		8.6	%
INTEREST AND OTHER INCOME (EXPENSE):
Interest Income		233			446		(47.8	%)		1,731			1,652		4.8	%
Interest Expense		(507	)		(605	)	(16.2	%)		(3,632	)		(3,611	)	0.6	%
Net Gain on Sale of Assets		-			-		-			-			-		NM
Net Interest and Other (Expense) Income		(274	)		(159	)	72.3	%		(1,901	)		(1,959	)	(3.0	%)
Total Consolidated Income before Minority Interest
and Income Taxes	$	42,624		$	(25,521	)	NM		$	179,367		$	164,969		8.7	%
Restructuring charges were recorded for the three and twelve months ended June 30, 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 year ended June 30, 2014. Restructuring charges were recorded for the three and twelve months ended June 30, 2013. 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. Also, intangible asset and goodwill impairment charges were recorded for the three and twelve month periods ended June 30, 2013. These charges were 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 restructuring charges, the gain on the asset sale and the asset impairment charges 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 Year
	Ended June 30,								Ended June 30,
							Increase								Increase
	2014			2013			(Decrease)		2014			2013			(Decrease)
Medical and Healthcare Operating Income	$	33,250		$	(32,446	)	NM		$	139,682		$	54,076		158.3	%
Restructuring Charge		2,424			3,672		(34.0	%)		7,946			6,131		29.6	%
Asset Impairment Charges		-			56,992		NM			-			56,992		NM
Medical and Healthcare Operating Income
Excluding Restructuring and Asset Impairment Charges	$	35,674		$	28,218		26.4	%	$	147,628		$	117,199		26.0	%
International and Professional Education Operating Income	$	21,005		$	21,418		(1.9	%)	$	45,516		$	50,620		(10.1	%)
Restructuring Charge		132			637		(79.3	%)		158			637		(75.2	%)
Earn-out Accrual Adjustment		-			(4,381	)	NM			-			(4,381	)	NM
International and Professional Education Operating Income
Excluding Restructuring Charges and Earn-out Accrual
Adjustment	$	21,137		$	17,674		19.6	%	$	45,674		$	46,876		(2.6	%)
Business, Technology and Management Operating Income	$	(10,626	)	$	(8,791	)	20.9	%	$	10,777		$	90,045		(88.0	%)
Restructuring Charge		13,829			7,892		75.2	%		21,739			9,078		139.5	%
Gain on Sale of Assets		-			-		NM			(1,918	)		-		NM
Business, Technology and Management Operating Income
Excluding Restructuring Charge and Gain on Sale of Assets	$	3,203		$	(899	)	NM		$	30,598		$	99,123		(69.1	%)

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