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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)
August 13, 2009
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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 8.01 Other Events.
DeVry Inc. recently renamed and repositioned some of its segments to
reflect the current alignment of its operations. Also, a new segment called
"Other Educational Services," has been added. The four reporting segments are
now as follows:
|X| Business, Technology and Management (undergraduate and graduate at
DeVry University, including Keller Graduate School of Management)
|X| Medical and Healthcare (Chamberlain College of Nursing, Ross
University, and U.S. Education, including Apollo College and
Western Career College)
|X| Professional Education (Becker Professional Education)
|X| Other Educational Services (Advanced Academics and Fanor)
These segments are consistent with the method by which management
evaluates performance and allocates resources. Such decisions are based, in
part, on each segment's operating income, which is defined as income before
interest income and expense, amortization, minority interest and income taxes.
The segments described above have changed from those previously
reported by DeVry. The recently acquired business operations of Fanor do not
operationally align with any of DeVry's previously existing businesses due to
its foreign operating and regulatory environment. The evaluation of the
performance of this business and how resources are to be allocated is distinct
from that of the other DeVry businesses. The decision to realign Advanced
Academics' operations from the former DeVry University segment is based on the
expected growth of this business and how decisions on resource allocation are
also now distinct from those of the Business, Technology and Management segment
operations. Since neither business (Fanor and Advanced Academics) is significant
enough to be reported as an individual segment, they are aggregated in the newly
created Other Educational Services segment.
Included as Exhibit 99.1 to this Form 8-K are historical quarterly
Revenue and Operating Income before Minority Interest and Income Taxes amounts
by the renamed and repositioned segments for fiscal years 2009 and 2008.
Forward Looking Statements
Certain statements contained in this Form 8-K and related press
release, including those that affect DeVry'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 Inc. or its
management "anticipates," "believes," "estimates," "expects," "forecasts,"
"foresees," "intends," "plans" or other words or phrases of similar import.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause DeVry's actual
results to differ materially from those projected or implied by these
forward-looking statements. Additional information regarding factors that could
cause results to differ can be found in DeVry's Annual Report on Form 10-K for
the fiscal year ended June 30, 2008.
These forward-looking statements are based on information as of August
13, 2009, and DeVry 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 Fiscal 2009 and 2008, historical quarterly Revenue and Operating Income
before Minority Interest and Income Taxes by renamed and repositioned
segment
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: August 13, 2009 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 Fiscal 2009 and 2008, historical quarterly Revenue and
Operating Income before Minority Interest and Income Taxes by
renamed and repositioned segment