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DeVry announces quarterly earnings below estimates

(PRN) -- DeVry Inc. (NYSE: DV), an international higher education company, Tuesday reported financial results for the fourth quarter and year-end of fiscal 2003, and student enrollment for the summer term.

Net income for the fourth quarter was $12.1 million, or $0.17 per share, down 25.0 percent compared with $16.2 million, or $0.23 per share in the year ago period. This missed First Call's estimate of $0.20 per share. Included in fourth quarter financial results are pretax charges of approximately $2.6 million related to workforce reductions in both eastern Canada and the United States. Fourth quarter revenues were $174.4 million, an increase of 7.6 percent compared with $162.0 million in the same quarter last year.

Revenues for the full year ended June 30, 2003, were $679.6 million, an increase of 4.9 percent compared with $648.1 million in the prior year. Net income for the year was $61.1 million or $0.87 per share (diluted), a decline of 8.8 percent compared with $67.1 million or $0.95 per share (diluted) for fiscal year 2002. This beat First Call's estimate of $0.78 per share. Full year net income includes certain non-recurring income tax benefits totaling $8.1 million or approximately $0.12 per share recognized in the second quarter.

Dennis J. Keller, chairman and co-CEO, said, "Earnings in the fourth quarter were also affected by previous shortfalls in undergraduate campus-based enrollment at DeVry University and, especially, the underperformance of our Canadian operations. We continued to adjust our cost base to reflect the smaller student population and as a result incurred staff severance expenses during the period."

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