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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
April 26, 2007
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DEVRY INC.
(Exact name of registrant as specified in its charter)
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Delaware 1-13988 36-3150143
(State of incorporation) (Commission File Number) (IRS Employer
Identification No.)
One Tower Lane, Suite 1000
Oakbrook Terrace, Illinois 60181
(Address of principal executive offices) (Zip Code)
(630) 571-7700
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 Results of Operations and Financial Condition
On April 26, 2007, DeVry Inc. issued a press release announcing the
Company's fiscal 2007 third quarter operating results and 2007 spring term
enrollments. The full text of that press release is included in Exhibit 99.1 in
this Form 8-K.
Item 8.01 Other Events.
On April 26, 2007, DeVry Inc. issued a press release announcing an
involuntary workforce reduction. The full text of that press release is included
in Exhibit 99.1 in this Form 8-K. The decision to take this action was based on
the results of the previously announced voluntary separation plan and resulted
from a thorough analysis which revealed that a reduction in the number of
employees at the Company's DeVry University subsidiary was warranted to address
the Company's cost structure and real estate utilization. This involuntary
workforce reduction will affect approximately 145 DeVry University campus-based
employees.
The Company anticipates that the pre-tax expenses associated with this
involuntary workforce reduction will be approximately $2.6 million, which
consists primarily of severance and extended healthcare benefits coverage. The
Company anticipates that these expenses will be recognized primarily over the
fourth quarter of fiscal year 2007.
Forward-Looking Statements
This Form 8-K and the related press release contain forward-looking
statements within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than those that are purely
historical are forward-looking statements. Words such as "expect," "anticipate,"
"believe," "estimate," "intend," "plan," and similar expressions also identify
forward-looking statements. Forward-looking statements include, without
limitation, statements regarding the anticipated timing, number of impacted
employees, savings, and pre-tax expenses associated with the reduction in
employees at the Company's DeVry University subsidiary.
Because these forward-looking statements involve risks and uncertainties,
there are important factors that could cause the Company's actual results to
differ materially from those in the forward-looking statements including,
without limitation, the risk that subsequent unanticipated events, including
unanticipated costs, may occur in connection with the reduction in employees.
Additional information regarding factors that could cause results to differ can
be found in the Company's Annual Report on Form 10-K for the fiscal year ended
June 30, 2006. Readers should also consult the Company's Quarterly Report on
Form 10-Q for the fiscal quarter ended December 31, 2006.
These forward-looking statements are based on information as of April 26,
2007, and the Company assumes no obligation to publicly update or revise its
forward-looking statements even if experience or future changes make it clear
that any projected results expressed or implied therein will not be realized.
Item 9.01 Financial Statements and Exhibits
99.1 Press Release dated April 26, 2007
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 hereunto duly authorized.
DEVRY INC.
(Registrant)
Date: April 26, 2007 By: /s/ Richard M. Gunst
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Richard M. Gunst
Senior Vice President, Chief
Financial Officer and Treasurer
EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release dated April 26, 2007