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DEVRY INC. REPORTS INCREASED THIRD QUARTER EARNINGS

 OAKBROOK TERRACE, Ill., April 28 /PRNewswire/ -- DeVry Inc. (NASDAQ: DVRY), a system of career-oriented higher education institutes, today reported net income of $2,680,000 for the third quarter ended March 31, 1993. Net income per share increased to $0.32 compared with $0.08 for the same period in 1992, after a nonrecurring charge for the relocation of the corporate headquarters. Without this adjustment, 1992 quarterly earnings would have been $0.25 per share. Revenues of $50,122,000 increased 5.6 percent from the $47,461,000 reported for the third quarter last year.
 For the first nine months of fiscal 1993, net income was $7,071,000, or $0.85 per share, an increase of 21 percent compared with the first nine months last year, before the nonrecurring relocation charge and the $15.8 million gain from the 1991 change in accounting for income taxes. Year-to-date revenues of $143,727,000 increased 5.5 percent over the same period the previous year.
 "DeVry's increased earnings are in line with our growth plans," says DeVry Inc. Chairman Dennis J. Keller. "Our continuing earnings growth provides additional resources to capitalize on future education related opportunities."
 During the third quarter, private equity firms that were venture capital investors in the company's acquisition of the DeVry Institutes in 1987 sold 1.8 million shares of common stock in a registered secondary offering. The largest blocks of stock were sold by Frontenac Company and Primus Venture Partners.
 "Typically, venture capital firms operate funds that invest for a period of five to seven years, so we fully expected Frontenac and Primus to sell shares," says Ronald L. Taylor, president, DeVry Inc. "Both firms played very positive strategic roles in the DeVry/KGSM merger and in the subsequent initial public offering."
 In April 1993, the Internal Revenue Service (IRS) filed a notice of proposed deficiency against DeVry Inc. regarding the amortization of intangibles created during the acquisition of DeVry in 1987. Based upon the advice of counsel, the company continues to believe that the tax treatment of these intangibles is appropriate and in accordance with existing law. Subsequent to receipt of the IRS notice, the Supreme Court ruled favorably in the Newark Morning Ledger case reaffirming the taxpayers' right to claim deductions for amortization of intangible assets.
 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.
 THIRD QUARTER ENDED MARCH 31
 Fiscal Year Fiscal Year
 1993 1992
 Revenues $50,122,000 $47,461,000
 Net Income 2,680,000 624,000
 Share Earnings (Primary) $0.32 $0.08
 Share Earnings (Fully Diluted) $0.32 $0.08
 Number of Fully Diluted Shares 8,341,000 8,337,000
 NINE MONTHS ENDED MARCH 31
 Fiscal Year Fiscal Year
 1993 1992
 Revenues $143,727,000 $136,237,000
 Income Before Cumulative Effect of
 Change in Accounting Principle -
 (Income Taxes) 7,071,000 4,307,000
 Net Income 7,071,000 20,105,000
 Share Earnings (Primary)
 Income Before Cumulative Effect of
 Change in Accounting Principle $0.85 $0.55
 Net Income $0.85 $2.55
 Share Earnings (Fully Diluted)
 Income Before Cumulative Effect of
 Change in Accounting Principle $0.85 $0.53
 Net Income $0.85 $2.42
 Number of Fully Diluted Shares 8,339,000 8,333,000
 -0- 4/28/93
 /CONTACT: Diane Salucci or Cathy Klepack, 708-574-1938, both for DeVry Inc./
 (DVRY)


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

LR -- NY016 -- 1795 04/28/93 08:55 EDT
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Date:Apr 28, 1993
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