[April 24, 2012]

DeVry Inc. Announces Third-Quarter 2012 Results

DeVry Inc. (NYSE:DV), a global provider of educational services, today reported results for its fiscal 2012 third-quarter and nine-month period ended March 31, 2012.

Significant accomplishments:

• DeVry Brasil acquired Faculdade Boa Viagem (FBV) to expand its presence in northeastern Brazil
• Becker Professional Education acquired Falcon Physician Reviews to enter the growing healthcare exam preparation market
• Chamberlain established campuses in Atlanta and Indianapolis; sought approvals to open a Tinley Park, Ill., campus in fiscal 2013
• Becker announced that it prepared all 19 Elijah Watts Sells Winners for the 2010 CPA Exam

Financial Results for the Three Months Ended March 31, 2012:

• Revenues decreased 4 percent to $540.8 million
• Net income declined 28 percent to $67.1 million
• Diluted earnings per share decreased 24 percent to $1.00

Financial Results for the Nine Months Ended March 31, 2012:

• Revenues decreased 3 percent to $1,584 million
• Reported net income declined to $133.5 million from $255.2 million last year, and net income excluding discrete items was $187.1 million, down 27 percent
• Reported diluted earnings per share declined to $1.96 from $3.60 per share last year, and earnings per share excluding discrete items was $2.74 per share, down 24 percent

"While this was a challenging quarter, we continued to execute on our five-point performance improvement plan, which includes reducing costs at DeVry University and Carrington Colleges," said Daniel Hamburger, DeVry's president and chief executive officer. "Our strong financial position enables us to aggressively pursue our plan without sacrificing quality or foregoing opportunities for targeted investments. In the quarter, we made promising investments in high growth areas of our organization, namely the expansion of Chamberlain into two new markets and the additions of Faculdade Boa Viagem and Falcon Physician Review to our family of institutions."

Business Highlights

Business, Technology, and Management Segment

DeVry University

DeVry University reported new undergraduate student enrollment of 12,025, a 19.7 percent decline compared with 14,981 last year. Total student enrollment decreased 15.1 percent to 60,196 students, compared with 70,863 in spring 2011.

For the January 2012 session, the number of graduate coursetakers enrolled in master's degree programs at DeVry University and its Keller Graduate School of Management was 24,029, a decrease of 3.0 percent versus January 2011. For the March 2012 session, the number of graduate coursetakers was 23,366, a decline of 4.3 percent from prior year.

The total number of online undergraduate and graduate coursetakers in the March 2012 session decreased 13.1 percent to 68,083 versus 78,366 in the same session a year ago.

Enrollment results were impacted by a focus on adjusting to new regulations and prolonged unemployment, which continued to affect consumer confidence.

Medical and Healthcare Segment

DeVry Medical International

In the January 2012 term, new students decreased 20.5 percent to 601, compared to a very strong 756 students last year. Total students increased 1.0 percent to 6,024 compared to 5,965 students in the same term last year. The decline in new student enrollment is largely a result of capacity constraints at Ross University School of Medicine. Ross expects new student enrollment to increase in the May term reflecting the continued strong demand for medical education.

Chamberlain College of Nursing

Chamberlain's new student enrollment in spring 2012 increased 2.8 percent to 2,933 students, compared to 2,852 in spring 2011. Total student enrollment rose 19.9 percent to 11,867 students compared with 9,897 during the same period last year.

Chamberlain's newly established Atlanta location has experienced exceptionally strong interest from applicants for the first classes at that location.

Carrington Colleges Group

New student enrollment at Carrington decreased 30.9 percent to 2,254 compared with 3,261 in spring 2011. Total enrollment decreased 28.4 percent to 7,309 students, compared with 10,206 for the same period last year. Carrington continues to make progress on its turnaround plan, which includes increasing its student recruiting effectiveness, aligning its cost structure, and enhancing academic quality.

Professional Education Segment

Becker Professional Education

In April, Becker announced its acquisition of Falcon Physician Reviews, a leading provider of comprehensive review programs for physicians preparing for the United States Medical Licensing Examination (USMLE) and the Comprehensive Osteopathic Medical Licensing Examination (COMLEX). The transaction expands Becker's exam preparation services into the growing healthcare field.

Becker announced recently that 100 percent of the 2010 Elijah Watt Sells Award winners prepared for the exam with Becker's CPA Exam Review. Since the American Institute of Certified Public Accountants (AICPA) began recognizing the Elijah Watt Sells Award recipients nationally in 2005, 66 of the 74 winners have prepared with Becker's CPA Exam Review.

The Elijah Watt Sells Award is presented to the 10 CPA candidates, who, on their first attempt, achieve the highest cumulative scores for all four sections of the Uniform CPA Examination within a calendar year. In 2010 several candidates received identical cumulative scores, resulting in a tie and increasing the number of award recipients to 19.

Other Educational Services Segment

DeVry Brasil

In February, DeVry Brasil announced it had acquired Faculdade Boa Viagem, adding another quality institution to its growing family of schools in northeastern Brazil.

For the spring 2012 term, new students increased 46.1 percent to 5,599, compared to 3,833 students for prior year term. Total students increased 55.6 percent to 21,297 compared to 13,688 students in the same term last year, driven by strong demand and the acquisition of FBV.

Balance Sheet/Cash Flow

For the first nine months of fiscal 2012, DeVry generated $355.1 million of operating cash flow. As of March 31, 2012, cash, marketable securities and investment balances totaled $332.1 million and there were no outstanding borrowings.

Share Repurchase Plan

During the quarter, a total of 863,369 shares were repurchased under the organization's seventh repurchase program for approximately $32.1 million, at an average cost of $37.21 per share.

Conference Call and Webcast Information

DeVry will host a conference call on April 24, 2012, at 3:30 p.m. Central Daylight Time (4:30 p.m. Eastern Daylight Time) to discuss its fiscal 2012 third-quarter results. The conference call will be led by Daniel Hamburger, president and chief executive officer, Tim Wiggins, chief financial officer, and Pat Unzicker, vice president of finance.

For those wishing to participate by telephone, dial (866) 314-4483 (domestic) or (617) 213-8049 (international). Use passcode 53841990 or say "DeVry Call." DeVry will also broadcast the conference call live via the Internet. Interested parties may access the webcast through the Investor Relations section of the organization's website at http://www.media-server.com/m/p/7r9x3m5e. 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 will archive a telephone replay of the call until May 1, 2012. To access the replay, dial (888) 286-8010 (domestic) or (617) 801-6888 (international), passcode: 95020056. To access the webcast replay, please visit DeVry's website at www.devryinc.com.

About DeVry Inc.

DeVry's purpose is to empower its students to achieve their educational and career goals. DeVry (NYSE: DV, member S&P 500 Index) is a global provider of educational services and the parent organization of Advanced Academics, American University of the Caribbean School of Medicine, Becker Professional Education, Carrington College, Carrington College California, Chamberlain College of Nursing, DeVry Brasil, DeVry University, and Ross University Schools of Medicine and Veterinary Medicine. These institutions offer a wide array of programs in business, healthcare and technology. DeVry's institutions serve students in secondary through postsecondary education and professionals in accounting and finance. For more information, please call 630.353.3800 or visit http://www.devryinc.com.

Certain statements contained in this release concerning DeVry's future performance, including those statements concerning DeVry'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 Inc. 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's most recent Annual Report on Form 10-K for the year ending June 30, 2011 and filed with the Securities and Exchange Commission on August 26, 2011.

Selected Operating Data (in thousands, except per share data)

Use of Non-GAAP Financial Information and Supplemental Reconciliation Schedule

During the second quarter of fiscal year 2012, DeVry recorded impairment charges related to its Carrington Colleges reporting unit. Also, DeVry recorded a gain from the sale of Becker's Stalla CFA review operations. The following table illustrates the effects of the impairment charges and gain on sale of assets on DeVry's results. Management believes that the disclosure of non-GAAP net income and earnings per share provides investors with useful supplemental information regarding the underlying business trends and performance of DeVry's ongoing operations and is useful for period-over period comparisons of such operations given the discrete nature of the impairment charges and gain on the sale of assets. DeVry uses these supplemental financial measures internally in its management and budgeting processes. However, the non-GAAP financial measures should be viewed in addition to, and not as a substitute for, DeVry's reported results prepared in accordance with GAAP. The following table reconciles these items to the relevant GAAP information (in thousands, except per share data):

Spring 2012 Enrollment Results

Chart 1: Remaining DeVry Inc. Calendar 2012 Announcements & Events

Chart 2: Calendar 2013 Announcements & Events

Chart 3: Link to DeVry University USOC Campaign

http://www.youtube.com/user/TheDevryUniversity?ob=0&feature=results_main

Intangible asset and goodwill impairment charges were recorded for the nine month period ended March 31, 2012. These charges are related to DeVry's Carrington Colleges Group, Inc. which is part of the Medical and Healthcare segment. The following table illustrates the effects of these impairment charges on the operating income of the Medical and Healthcare segment. Management believes that the non-GAAP disclosure of operating earnings provides investors with useful supplemental information regarding the underlying business trends and performance of DeVry's ongoing operations and are useful for period-over-period comparisons of such operations given the discrete nature of these impairment transactions. DeVry uses these supplemental financial measures internally in its budgeting process. However, the non-GAAP financial measures should be viewed in addition to, and not as a substitute for, DeVry's reported results prepared in accordance with GAAP. The following table reconciles these items to the relevant GAAP information:

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