DeVry Fiscal 4Q Profit Rises 35 Percent, Misses Wall Street Estimates

OAKBROOK TERRACE Ill.

DeVry Inc. on Monday said its fiscal fourth-quarter profit rose 35 percent, partly due to higher enrollments, but the for-profit education company missed Wall Street estimates.

The company reported net income of $15.9 million, or 22 cents per share, compared with $11.8 million, or 17 cents per share, a year earlier. Revenue rose to $232.8 million from $214.7 million in the fourth quarter of 2006.

Analysts polled by Thomson Financial expected a profit of 25 cents per share on revenue of $241.5 million.

At DeVry and its Keller Graduate School of Management, new undergraduate student enrollment in the summer rose to 13,906 from 12,671 students in the year-ago period, while total undergraduate enrollment rose to 40,774 from 37,132 students.

For the year, the company reported a profit of $76.2 million, or $1.07 per share, compared with $43.1 million, or 61 cents per share, the previous year. Revenue jumped to $933.5 million from $839.5 million.

Shares of DeVry fell $1.19, or 3.4 percent, to close Monday’s session at $33.68 and remains unchanged after hours. The company’s stock has traded between $20.14 and $37.28 in the past year.

– Associated Press



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