DeVry to eliminate approximately 570 positions

In response to continued softness in enrollment, DeVry is eliminating approximately 570 positions across its institutions, inclusive of both the fourth quarter of fiscal 2012 and the first quarter of fiscal 2013. DeVry will continue to execute on its cost reduction program and remains committed to achieving at least $50M of cost savings in fiscal 2013, primarily at DeVry University and Carrington Colleges Group. Total operating costs and expenses at these institutions are expected to be down in the first quarter of fiscal 2013 both on a year over year and sequential basis and down for the full year. Total first quarter DeVry operating costs and expenses are expected to be down slightly on a sequential basis, even as growth investments continue at DeVry's healthcare and international institutions. During the fourth quarter, revenue at Advanced Academics was significantly below management's expectations. DeVry has updated its near- and long- term projections, which resulted in a lower estimated fair market value for Advanced Academics. This lower valuation is expected to result in a non-cash pre-tax impairment charge of approximately $19M.