Exhibit 99.1
DeVry Inc. Announces Fall Enrollments at DeVry University and Ross University
OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--Dec. 7, 2004--DeVry Inc.
(NYSE:DV), an international higher-education company, today reported
enrollment at DeVry University for the 2004 fall term and at Ross
University for the fall term that began in September.
New undergraduate student enrollment for the 2004 fall term was
10,018, compared with 10,633 in the previous year, a decrease of 5.8
percent. Total undergraduate student enrollment in the 2004 fall term
was 39,450, a decline of 8.3 percent, compared to 43,001 for the 2003
fall term.
At DeVry University's Keller Graduate School of Management (KGSM),
the number of coursetakers for the 2004 November term increased 9.7
percent to 12,368 compared with 11,274 in the November term last year.
The total number of online undergraduate and graduate coursetakers
for the 2004 fall term increased almost 79 percent to 16,236 compared
with 9,077 in the same term a year ago.
The total number of students enrolled at Ross University for the
2004 September term was 3,353 compared to 3,174 in the same period
last year, an increase of 5.6 percent.
"Enrollment in online courses and at Keller Graduate School of
Management continued to show solid growth during the 2004 fall term as
our business programs remain in high demand and an increasing number
of undergraduate students took advantage of DeVry's high-quality
online offerings," said Ronald Taylor, chief executive officer of
DeVry Inc. "Lower full-time undergraduate enrollment at DeVry
University will remain the principal factor impacting the company's
financial performance for the remainder of fiscal 2005."
Daniel Hamburger, president and chief operating officer,
commented, "We have already made good progress in identifying the
factors affecting undergraduate enrollment and have put in place a
turnaround plan. This plan includes addressing our marketing
deficiencies, regaining and improving recruiting productivity, making
program and delivery options more competitive, and improving
operational effectiveness. The management team is optimistic that
these actions will positively influence undergraduate enrollments
beginning with the 2005 summer class," concluded Hamburger.
The company also said it will continue with its plan to build the
infrastructure necessary to support anticipated long-term growth at
Ross University. Taylor added, "Ross enrollments slowed during the
September term as we implemented a more controlled and measured
expansion plan at these facilities. We are projecting flat enrollment
for Ross in the near term as we implement measures to assure that Ross
continues to produce high quality graduates."
In addition, Becker Professional Review recently realigned its
fiscal calendar to match the calendar of DeVry Inc. Compared to the
previous year, the company expects lower fiscal 2005 second quarter
results at Becker due to the inconsistency of the comparable periods
and a change in the flow of course enrollments for CPA candidates. The
company also stated that fiscal 2005 third quarter results are
expected to be higher than the prior year and believes that on an
annual basis, overall results in 2005 will exceed results in 2004.
DeVry Inc. will hold a conference call to discuss fall enrollment
results for DeVry University and Ross University on December 7, 2004
at 3:30 p.m. central time (4:30 p.m. eastern time). The conference
call will be led by Ronald Taylor, chief executive officer, Daniel
Hamburger, president and chief operating officer, and Norman Levine,
senior vice president and chief financial officer.
For those wishing to participate by telephone, dial 800-218-0204
(domestic) or 303-205-0033 (international). DeVry Inc. will also
broadcast the conference call live via the Internet. Interested
parties may access the web cast through the Investor Relations section
of the company's web site at
http://www.shareholder.com/devry/medialist.cfm. Please access the web
site at least 15 minutes prior to the start of the call to register,
download and install any necessary audio software.
The company will archive a telephone replay of the call until
December 16, 2004. To access the replay, dial 800-405-2236 (domestic)
or 303-590-3000 (international), passcode 11015782. To access the web
cast replay, visit http://www.shareholder.com/devry/medialist.cfm.
Fall 2004 Enrollment Results
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DeVry University (excluding Toronto) Fall 2004 Fall 2003 Increase/
(Decrease)
New undergraduate students
(onsite/online) 10,018 10,633 (5.8%)
Total undergraduate students
(onsite/online) 39,450 43,001 (8.3%)
November November Increase/
2004 2003 (Decrease)
Graduate coursetakers (onsite/online) 12,368 11,274 9.7%
Online coursetakers(a) 16,236 9,077 78.9%
September September Increase/
2004 2003 (Decrease)
Ross University 3,353 3,174 5.6%
(a) Online coursetakers are included in the total undergraduate and
graduate enrollment number.
DeVry Inc. (NYSE:DV) is the holding company for DeVry University,
Ross University and Becker Professional Review. DeVry University,
which includes Keller Graduate School of Management, offers associate,
bachelor's and master's degree programs in technology, business and
management. Ross University, through its schools of Medicine and
Veterinary Medicine, offers both doctor of medicine and doctor of
veterinary medicine degrees. Becker Professional Review provides
preparatory coursework for the certified public accountant, certified
management accountant and chartered financial analyst exams. DeVry
Inc. is based in Oakbrook Terrace, Ill. For more information about the
company, visit http://www.devry.com.
Certain information contained in this release may constitute
forward-looking statements pursuant to the safe harbor provision of
the Private Securities Litigation Reform Act of 1995. Such statements
may involve risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements. Potential risks
and uncertainties include, but are not limited to, market conditions,
dependence on student financial aid, state and provincial approval and
licensing requirements, and the other factors detailed in the
company's Securities and Exchange Commission filings, including those
discussed in Part I in the Company's Annual Report on Form 10-K.
CONTACT: DeVry Inc.
Joan Bates (Investors), 630-574-1949
or
Linden Alschuler & Kaplan
Hannah Arnold (Media), 212-575-4545