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DEVRY INC.'S FIRST QUARTER EARNINGS UP 64 PERCENT

 OAKBROOK TERRACE, Ill., Oct. 26 /PRNewswire/ -- DeVry Inc. (NASDAQ-NMS: DVRY), a system of career-oriented higher education institutes, today reported a 64 percent increase in net earnings for the first quarter, ended Sept. 30, 1993. Net earnings reached a record for the quarter of $2.4 million, or $0.29 a share, compared with net earnings of $1.48 million, or $0.18 a share for the same period last year. Revenues were up 12 percent to $49.8 million.
 "These solid first quarter results were prompted by an excellent summer class," said DeVry Inc. President Ronald L. Taylor. "Our successful recruiting and marketing efforts encouraged more students to enroll in the summer term rather than wait until the fall term. Enrolling these students earlier in the year led to higher first quarter revenues and earnings."
 Debt reduction, which lowered interest costs, also contributed to an unususally strong financial performance for the quarter, according to DeVry Inc. Chairman Dennis J. Keller. "DeVry's strong cash flow allowed us to prepay our entire issue of 12 percent junior subordinated debt and to reduce our 13 percent senior subordinated debt by over $7 million during the second quarter of last year, making our year-to-year comparison for this year's first quarter exceptionally favorable," Keller said. "In the last six years, funded debt has been reduced from $142 million to $54 million."
 DeVry Inc. owns and operates DeVry Institutes, Keller Graduate School of Management and Corporate Educational Services. It is one of the largest private degree-granting higher education systems in North America.
 -0- 10/26/93
 /CONTACT: Diane Salucci or Cathy Klepack of DeVry, 708-571-7000/


CO: DeVry Inc. ST: Illinois IN: SU: ERN

SH -- NY018 -- 6727 10/26/93 08:49 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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