-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KISA1wKSQ9ot8ToLeLEhcWCu1j6kxAKzr9on/YkNe2HCOyQBF7BoDNawqt190X/n 5NMINjA3SYPMLiRt+i1UcQ== 0000730464-02-000009.txt : 20021004 0000730464-02-000009.hdr.sgml : 20021004 20021004153447 ACCESSION NUMBER: 0000730464-02-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021003 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEVRY INC CENTRAL INDEX KEY: 0000730464 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 363150143 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13988 FILM NUMBER: 02782047 BUSINESS ADDRESS: STREET 1: ONE TOWER LN STREET 2: SUITE 1000 CITY: OAKBROOK TERRACE STATE: IL ZIP: 60181 BUSINESS PHONE: 7085717700 MAIL ADDRESS: STREET 1: ONE TOWER LANE CITY: OAKBROOK STATE: IL ZIP: 60181 8-K 1 f8k.txt FORM 8-K CURRENT REPORT 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) OCTOBER 3, 2002 --------------------------- DeVRY INC. - ---------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) DELAWARE 012751 36-3150143 - ---------------------------------------------------------------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) ONE TOWER LANE, OAKBROOK TERRACE, IL 60181 - ---------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (630)571-7700 -------------------------- Total number of pages: 6 Exhibit Index P. 5 2 DEVRY INC. FORM 8-K INDEX Page No. Item 5 - Other Events Expectation of Lowered Results for Fiscal 2003 First Quarter 3 Item 7 - Financial Statements and Exhibits 3 Signatures 4 Exhibit Index 5 Exhibits 6 3 Item 5 - Other Events - --------------------- On October 3, 2002, DeVry Inc. issued a press release announcing lowered expectations for fiscal 2003 first quarter financial results. The full text of that press release is included in Item 7 as Exhibit #99. Item 7 - Exhibits - ----------------- In accordance with regulation S-K, Item 601, the press release announcing lowered expectations for the fiscal 2003 first quarter financial results is included as Exhibit #99. 4 Signatures - ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. DeVRY INC. ------------ (REGISTRANT) Date: October 3, 2002 /s/Ronald L. Taylor ------------------- Ronald L. Taylor President and Chief Operating Officer Date: October 3, 2002 /s/Norman M. Levine ------------------- Norman M. Levine Senior Vice President and Chief Financial Officer 5 DEVRY INC. EXHIBIT INDEX Exhibit # Item Page - --------- ------------------- ---- 99 Press Release Dated October 3, 2002 6 EX-99 3 ex99.txt PRESS RELEASE DATED OCTOBER 3, 2002 6 EXHIBIT 99 DEVRY LOWERS EXPECTATIONS FOR ITS FISCAL 2003 FIRST QUARTER OAKBROOK TERRACE, IL, OCTOBER 3, 2002 - Following a special meeting of the board of directors today during which anticipated results for the Company's fiscal first quarter 2003 were evaluated, DeVry Inc. announced that it expects earnings to be lower than current analyst consensus estimates, or between 13 cents and 16 cents per share. The Company cited the ongoing effects of the technology recession which has hindered new student enrollment in technology programs, as well as the costs of operating two developing campuses in the Seattle and Washington, D.C. areas and expenses related to opening the Philadelphia and South Florida area campuses, as contributing to the lower earnings expectations for the quarter. DeVry implemented expense management actions during the first quarter, including staff and budget reductions to better match expenses to revenues. The Company expects to see the benefits of these measures beginning in the second fiscal quarter. Dennis J. Keller, chairman and chief executive officer, said, "Clearly, we are frustrated by the current technology recession and its effect on our undergraduate enrollments. However, we are taking proactive measures to offset lower revenue growth, including offering more of our undergraduate programs in an online format as well as converting existing graduate centers into DeVry University Centers to better serve the growing undergraduate adult learner market. Our board of directors and everyone at DeVry are committed to providing quality education to our students, long-term earnings growth and increasing shareholder value." "While currently DeVry is negatively affected by the technology downturn, the fact remains that our graduate enrollments are up significantly, enrollments at Becker Conviser Professional Review have increased and our DeVry University centers and online degree programs are well-positioned to capture a growing share of the adult learner market," said Ronald L. Taylor, president and chief operating officer. "At the same time, we believe the long term value of a DeVry education provides students with a solid basis for employment and career growth." DeVry will announce first quarter earnings results after-market on October 17, 2002, followed by a conference call at 3:30 p.m. central time. DeVry Inc. (NYSE:DV), is the holding company for DeVry University and Becker Conviser Professional Review. DeVry University offers associate, bachelor's and master's degree programs in technology, business and management. Becker Conviser Professional Review is a leading provider of preparatory coursework for the certified public accountant, certified management accountant and chartered financial analyst exams. DeVry Inc. and its divisions are based in Oakbrook Terrace, Ill. For more information about DeVry Inc., 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 uncertainty that could cause actual results to differ materially from the forward-looking statements. Potential risks and uncertainties include, but are not limited to, 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 under the heading "Risk Factors" in the Company's Registration Statement on Form S-3 (No. 333-22457) filed with the SEC. -----END PRIVACY-ENHANCED MESSAGE-----