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DEVRY INC. REPORTS A 17-PERCENT SECOND QUARTER EARNINGS INCREASE

 OAKBROOK TERRACE, Ill., Jan. 27 /PRNewswire/ -- DeVry Inc. (NASDAQ: DVRY), a system of career-oriented, higher education institutes, today reported net income of $2,916,000 for the second quarter ended Dec. 31, 1992, an increase of 17.2 percent from the second quarter last year. Net income per share was $0.35, compared with $0.30 for the same period in 1991. Weighted average shares outstanding for the quarter were 8,338,000. Revenues of $49,256,000 were up 4.7 percent from the $47,051,000 reported last year.
 Net income of $4,391,000, or $0.53 per share, was reported for the first six months, an increase of 19.2 percent compared with the first six months last year, before the 1991 change in accounting for income taxes.
 President Ronald L. Taylor attributed second quarter earnings to higher total enrollments, increased tuition rates, careful expense control and aggressive debt reduction. "Reduction of debt has been a top priority this year at DeVry," Taylor said. "In the first six months of this fiscal year, strong cash flow has permitted us to reduce debt by $18.5 million. The net effect has been lower interest costs and a substantial improvement in our balance sheet."
 On Dec. 1, 1992, DeVry prepaid $3.55 million of its 13 percent senior subordinated notes in addition to a required payment of the same amount. Also during the quarter, the company prepaid $7.6 million of 12 percent junior subordinated notes.
 DeVry Inc. Chairman Dennis J. Keller said the new administration appears to be advantageous for DeVry. "President Clinton's emphasis on education and retraining has spurred interest in education-related stocks," Keller said. "Wall Street has targeted DeVry as a Clinton stock,' identifying the company as a beneficiary of increased focus on education."
 DeVry Inc., headquartered in Oakbrook Terrace, Ill., owns and operates DeVry Institutes, Keller Graduate School of Management and the Corporate Educational Services division. It is one of the largest private degree-granting, higher education systems in North America.
 DEVRY INC.
 SECOND QUARTER ENDED DEC. 31:
 Fiscal Year Fiscal Year
 1993 1992 (A)
 Revenues $49,256,000 $47,051,000
 Net Income 2,916,000 2,489,000
 Share Earnings (Primary)
 Net Income $0.35 $0.31
 Share Earnings (Fully Diluted)
 Net Income $0.35 $0.30
 Shares Used In Fully Diluted
 Earnings Per Share 8,338,000 8,331,000
 SIX MONTHS ENDED DEC. 31:
 Fiscal Year Fiscal Year
 1993 1992 (A)
 Revenues $93,605,000 $88,776,000
 Income Before Cumulative Effect of
 Change in Accounting Principle 4,391,000 3,683,000
 Cumulative Effect of Change In
 Accounting Principle -- 15,798,000
 Net Income 4,391,000 19,481,000
 Share Earnings (Primary)
 Income Before Cumulative Effect of
 Change In Accounting Principle $0.53 $0.47
 Net Income $0.53 $2.51
 Share Earnings (Fully Diluted)
 Income Before Cumulative Effect of
 Change in Accounting Principle $0.53 $0.45
 Net Income $0.53 $2.35
 Shares Used In Fully Diluted
 Earnings Per Share 8,338,000 8,331,000
 (A) Net income and per share earnings have been restated to reflect the change in accounting for income taxes.
 -0- 1/27/93
 /CONTACT: Diane Salucci or Cathy Klepack of DeVry, 708-574-1938/
 (DVRY)


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

PS -- NY019 -- 9449 01/27/93 08:44 EST
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Date:Jan 27, 1993
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