Form 8-K DEVRY EDUCATION GROUP For: Feb 05

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UNITED STATES
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)

February 5, 2015
______________

DEVRY EDUCATION GROUP INC.
(Exact name of registrant as specified in its charter)
______________

(630) 515-7700
(Registrants telephone number, including area code)

N/A
(Former name or former address, if changed since last report)

______________

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 February 5, 2015, DeVry Education Group Inc. (DeVry Group) issued a press release announcing its fiscal year 2015 second quarter operating and enrollment results.��The full text of that press release is included in Exhibit 99.1 in this Form 8-K.

Forward Looking Statements

Certain statements contained in this Form�8-K and related press release, including those that affect DeVry Groups 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 Education Group 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 Groups 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 Groups Annual Report on Form 10-K for the fiscal year ended June 30, 2014.

These forward-looking statements are based on information as of February 5, 2015, and DeVry Group 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 February 5, 2015

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.

EXHIBIT INDEX

Exhibit 99.1

DeVry Education Group Announces Second-Quarter 2015 Results

DOWNERS GROVE, Ill.--(BUSINESS WIRE)--February 5, 2015--DeVry Education Group (NYSE: DV), a global provider of educational services, today reported academic, operational and financial results for its fiscal second quarter that ended Dec. 31, 2014. DeVry Group also reported enrollment results at Chamberlain College of Nursing, Carrington College, DeVry Medical International, and DeVry University and its Keller Graduate School of Management.

Academic and operational accomplishments:

• Chamberlain College of Nursing opened new campuses in Las Vegas and the Detroit area in January 2015
• Chamberlain received a 10-year re-accreditation of its Bachelor of Science in Nursing degree program and an additional programmatic accreditation for its Doctor of Nursing Practice from the Commission on Collegiate Nursing Education
• DeVry Brasil announced the acquisitions of Faculdade Ideal (Faci) and Dam�sio Educacional
• Becker Professional Education launched a Certified Management Accountant� exam review program in India and announced a partnership with the American Medical Student Association (AMSA) to help prepare medical students for the United States Medical Licensing Examination�

Selected financial data for the three months ended Dec. 31, 2014:

• Revenue decreased 1.3 percent to $484.9 million
• Segment revenue for Medical and Healthcare grew 12.4 percent
• Segment revenue for International and Professional Education decreased 0.3 percent
• Segment revenue for Business, Technology and Management decreased 12.3 percent
• Reported net income of $42.4 million, compared to net income of $48.2 million last year; net income from continuing operations and excluding special items was $49.0 million versus $52.0 million in the prior year
• Reported diluted earnings per share of $0.65 compared to diluted earnings per share of $0.74 last year; earnings per share excluding special items was $0.75 versus in $0.80 in the prior year period

Selected financial data for the six months ended Dec. 31, 2014:

• Revenue increased 0.5 percent to $946.9 million
• Segment revenue for Medical and Healthcare grew 14.7 percent
• Segment revenue for International and Professional Education grew 8.8 percent
• Segment revenue for Business, Technology and Management declined 12.3 percent
• Reported net income of $62.9 million, compared to net income of $41.0 million last year; net income from continuing operations and excluding special items was $79.8 million versus $66.2 million in the prior year
• Reported diluted earnings per share of $0.96 compared to diluted earnings per share of $0.63 last year; earnings per share excluding special items was $1.22 versus in $1.02 in the prior year period
• Operating cash flow of $92.3 million compared to $113.1 million last year
• Cash and cash equivalents of $380.0 million as of Dec. 31, 2014, compared to $262.0 million as of Dec. 31, 2013
• On track to achieve at least $90 million of value creation primarily in the Business, Technology and Management segment

The second quarter fiscal year 2015 results contained an after-tax charge of $6.5 million related to real estate consolidations, primarily at DeVry University. (See ''Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule'').

While challenges remain at DeVry University, DeVry Group continued to see growth in new students during the second quarter, said Daniel Hamburger, DeVry Groups president and CEO. We continued our global diversification in healthcare, international and professional education with the opening of new locations at Chamberlain, two acquisitions in Brazil, and new partnerships at Becker Professional Education.

Operating Highlights

Medical and Healthcare Segment

During the quarter, segment revenue of $214.0 million increased 12.4 percent compared to the prior year. Excluding special charges, segment operating income declined 2.9 percent to $38.1 million versus the previous year. For the six-month period, revenue increased 14.7 percent to $420.0 million and segment operating income, excluding special charges, rose 18.5 percent to $76.4 million versus prior year.

DeVry Medical International

Revenue for the quarter at DeVry Medical International grew 4 percent. In the January 2015 term, new students decreased 3.8 percent to 560 compared to 582 students for prior year semester. Total students decreased 7.9 percent to 6,146 compared to 6,673 students in the same semester last year.

Chamberlain College of Nursing

For the quarter, Chamberlain grew its revenue by nearly 30 percent, primarily driven by solid enrollment growth in its post-licensure programs.

For the November 2014 session, new students grew 9.5 percent to 2,137 students, compared to 1,952 in the previous year. Total students increased 32.3 percent to 20,807, compared to 15,732 in the prior year.

For the January 2015 session, new students grew 5.7 percent to 3,702 students, compared to 3,501 in the previous year. Total students increased 27.1 percent to 23,055, compared to 18,136 in the prior year.

Chamberlain recently opened new locations in Las Vegas and the Detroit area. It now has 16 locations and will open one more campus in North Brunswick, New Jersey, in the fourth quarter of fiscal 2015.

During the quarter, Chamberlain received a re-accreditation of its Bachelor of Science in Nursing degree program for a period of 10 years and an additional programmatic accreditation from the Commission on Collegiate Nursing Education for its Doctor of Nursing Practice degree program for a period of five years.

Carrington College

Revenue at Carrington College grew nearly 1 percent during the quarter. For the three-month period ending Dec. 31, 2014, new students increased 14.4 percent to 1,951, compared to 1,706 in the previous year. Total students grew 1.2 percent to 7,444, compared to 7,358 in the prior year period. The increase in new students was related to the timing of session start dates in the current period compared to the prior year.

International and Professional Education Segment

During the quarter, segment revenue of $61.2 million declined 0.3 percent compared to the prior year. Segment operating income decreased 33.2 percent to $10.5 million versus the previous year. The decrease was largely driven by an expected shift in Becker revenue as described below. For the six-month period, revenue increased 8.8 percent to $114.4 million and segment operating income decreased 5.2 percent to $15.2 million compared to prior year.

DeVry Brasil

Revenue at DeVry Brasil increased 22 percent during the quarter. DeVry Brasil announced the acquisitions of Faci and Dam�sio Educacional.

Located in Bel�m, Par� in northern Brazil, Faci serves approximately 2,500 students and offers undergraduate programs in high-demand career fields such as law, education, accounting, technology and engineering. The acquisition was completed on Jan. 2, 2015.

Dam�sio is a leader in bar exam test preparation with a network of approximately 220 learning centers located in many major cities throughout Brazil. In addition, Dam�sio operates a highly-regarded law school at three campuses in Sao Paulo and Rio de Janeiro. In total, these institutions serve more than 50,000 students. The acquisition was completed on Feb. 2, 2015.

Becker Professional Education

During the quarter, Becker revenue declined by 26 percent. The decrease was primarily the result of a shift of revenue into the first fiscal quarter given the launch of Becker One, the new curriculum delivery system that allows students to receive content updates on a continuous basis versus once a year.

During the quarter, Becker Professional Education launched a Certified Management Accountant exam review course in India to further establish our position as a worldwide provider of high-quality professional education. It also announced a new partnership with the American Medical Student Association to help prepare medical students for the United States Medical Licensing Examination.

Business, Technology, and Management Segment

Segment revenue of $210.3 million declined 12.3 percent compared to the prior year. Excluding special items, operating income of $11.1 million increased 11.9 percent compared to the prior year. For the six-month period, revenue was $414.0 million compared to $472.2 million in the previous year and the segment operating income was $11.2 million compared to $4.9 million in the prior year, excluding special items.

DeVry University and its Keller Graduate School of Management

For the November 2014 session at DeVry University, new undergraduate students decreased 12.9 percent to 4,201 compared to 4,824 in the previous year. Total undergraduate students decreased 12.6 percent to 38,235 versus 43,726 for the session a year ago. January 2015 new undergraduate students decreased 12.8 percent to 4,282 compared to 4,911 in the previous year. Total undergraduate students decreased 15.9 percent to 37,922 versus 45,097 for the January session a year ago.

At the graduate level, including Keller Graduate School of Management, total coursetakers in the November session decreased 9.8 percent to 15,136 versus 16,778 for the same session a year ago. For the January session, total graduate coursetakers decreased 12.8 percent to 15,108 versus 17,322 for the same session a year ago.

During the quarter, DeVry University continued to execute its turnaround and transformation plan driven by its new leadership team. Key elements of the plan include enhancing the institutions programmatic focus, better communicating its value proposition to students and employers, and reducing its cost structure through workforce reductions and real estate consolidations.

Balance Sheet/Cash Flow

For the first six months, DeVry Group generated $92.3 million of operating cash flow. As of Dec. 31, 2014, cash and cash equivalents totaled $380.0 million.

Conference Call and Webcast Information

DeVry Group will hold a conference call to discuss its fiscal 2015 second-quarter financial results on Feb. 5, 2015 at 4 p.m. Central Time (5 p.m. Eastern Time). The conference call will be led by Daniel Hamburger, president and chief executive officer, Tim Wiggins, chief financial officer and Patrick Unzicker, chief accounting officer.

For those wishing to participate by telephone, dial 877-506-6380 (domestic) or 412-902-6690 (international). Please say DeVry Group Call. DeVry Group will also broadcast the conference call via webcast. Interested parties may access the webcast through the Investor Relations section of DeVry Group's website, or http://services.choruscall.com/links/dv150205.html.

Please access the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.

DeVry Group will archive a telephone replay of the call until Feb. 27, 2015. To access the replay, dial 877-344-7529 (domestic) or 412-317-0088 (international), passcode 10058845. To access the webcast replay, please visit DeVry Group's website, or http://services.choruscall.com/links/dv150205.html.

About DeVry Education Group

The purpose of DeVry Education Group is to empower its students to achieve their educational and career goals. DeVry Education Group Inc. (NYSE: DV; member S&P MidCap 400 Index) is a global provider of educational services and the parent organization of American University of the Caribbean School of Medicine, Becker Professional Education, Carrington College, Chamberlain College of Nursing, DeVry Brasil, DeVry University and its Keller Graduate School of Management, Ross University School of Medicine and Ross University School of Veterinary Medicine. These institutions offer a wide array of programs in healthcare, business, technology, accounting, finance, and law. For more information, please visit www.devryeducationgroup.com.

Certain statements contained in this release concerning DeVry Group's future performance, including those statements concerning DeVry Group'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 Group or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Actual results may differ materially from those projected or implied by these forward-looking statements. Potential risks, uncertainties and other factors that could cause results to differ are described more fully in Item 1A, "Risk Factors," in DeVry Group's most recent Annual Report on Form 10-K for the year ending June 30, 2014 and filed with the Securities and Exchange Commission (SEC) on August 27, 2014 and its most recent Form 10-Q for the quarter ending December 31, 2014 and filed with the SEC on February 5, 2015.

Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule

During the second quarter and first six months of fiscal year 2015, DeVry Group recorded restructuring charges related to real estate consolidations and workforce reductions at DeVry University and real estate consolidations at Chamberlain College of Nursing and Carrington College in order to align its cost structure with enrollments. During the second quarter and first six months of fiscal 2014, DeVry Group recorded restructuring charges primarily related to workforce reductions and real estate consolidations at DeVry University, Carrington College and the DeVry Group home office. DeVry Group also recorded the operating results of its Advanced Academics reporting unit as discontinued operations. DeVry Group recorded a gain from the sale of a former DeVry University campus in Decatur, Georgia, during the first quarter of fiscal year 2014. The following table illustrates the effects of restructuring charges and gain on the sale of assets on DeVry Groups operating income. Management believes that the non-GAAP disclosure of operating income excluding these special items provides investors with useful supplemental information regarding the underlying business trends and performance of DeVry Groups ongoing operations and is useful for period-over-period comparisons of such operations given the special nature of the restructuring charges and gain on the sale of assets. DeVry Group uses these supplemental financial measures internally in its management and budgeting process. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, DeVry Groups reported results prepared in accordance with GAAP. The following table reconciles these non-GAAP measures to the most directly comparable GAAP information (in thousands, except per share data):

Chart 1: DeVry Education Group Fiscal 2015 Announcements & Events

CONTACT:
DeVry Education Group
Investor Contact:
Joan Walter, 630-353-3800
[email protected]
or
Media Contact:
Larry Larsen, 312-497-0655
[email protected]

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