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DEVRY REPORTS 23 PERCENT INCREASE IN FIRST QUARTER EARNINGS

 DEVRY REPORTS 23 PERCENT INCREASE IN FIRST QUARTER EARNINGS
 OAKBROOK TERRACE, Ill., Oct. 28 /PRNewswire/ -- DeVry Inc. (NASDAQ: DVRY), a career-oriented higher education company, today reported net income of $1,475,000 for the first quarter ending Sept. 30, 1992. This is an increase of 23 percent from the first quarter last year before a nonrecurring gain from a change in accounting for income taxes. Net income was $0.18 per share, compared with $0.15 per share for the same period last year on a comparable basis. Revenues of $44,349,000 in the quarter were up 6.3 percent from $41,725,000 reported for the first quarter in the prior year.
 Chairman Dennis J. Keller attributed higher first quarter revenues to growing enrollments and tuition increases. "Our operating costs have also increased as we continue to invest in programs and new facilities aimed at improving our students' success rate," Keller said. "There is a growing demand for career-oriented, technology-based degrees, and we are investing time and financial resources to ensure that we meet this need."
 Following the end of the first quarter, DeVry Inc. prepaid the entire outstanding principal of its 12 percent junior subordinated notes, totaling approximately $7.6 million. This prepayment reduced funded debt by 10 percent and will result in net interest savings before taxes of more than $650,000 annually.
 "Strong cash flow generated from operations will allow DeVry to consider further debt prepayments in the future," President Ronald L. Taylor said.
 In addition, DeVry Inc. has announced the following expansion plans: In early November, students will begin attending classes in the new and expanded DeVry DuPage County campus in Addison, Ill. Also, DeVry has signed a lease for the construction of a new and larger school facility in Dallas, and Keller Graduate School of Management (KGSM) has opened a new center in Waukesha, Wis., bringing the number of graduate teaching centers to 11 nationwide.
 DeVry Inc., headquartered in Oakbrook Terrace, Ill., owns and operates the DeVry Institutes, KGSM and DeVry Corporate Educational Services division. DeVry is one of the largest private degree-granting higher education systems in North America.
 DEVRY INC.
 First quarter ended Sept. 30 1993 1992 (A)
 Revenues $44,349,000 $41,725,000
 Income Before Cumulative Effect
 of Change in Accounting Principle 1,475,000 1,194,000
 Cumulative Effect of Change in
 Accounting Principle -- 15,798,000
 Net Income 1,475,000 16,992,000
 Share Earnings (Primary)
 Income Before Cumulative Effect
 of Change in Accounting Principle $0.18 $0.16
 Net Income $0.18 $2.29
 Share Earnings (Fully Diluted)
 Income Before Cumulative Effect
 of Change in Accounting Principle $0.18 $0.15
 Net Income $0.18 $2.05
 Shares Used in Fully Diluted
 Earnings Per Share 8,338,000 8,331,000
 (A) Net income and share earnings have been restated to reflect the effect of a change in accounting for income taxes.
 -0- 10/28/92
 /CONTACT: Diane Salucci or Cathy Klepack, 708-574-1938, for DeVry/
 (DVRY) CO: DeVry Inc. ST: Illinois IN: SU: ERN


SM -- NY020 -- 5820 10/28/92 09:16 EST
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Date:Oct 28, 1992
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