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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported)
March 12, 2007
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DEVRY INC.
(Exact name of registrant as specified in its charter)
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Delaware 1-13988 36-3150143
(State of incorporation) (Commission File Number) (IRS Employer
Identification No.)
One Tower Lane, Suite 1000
Oakbrook Terrace, Illinois 60181
(Address of principal executive offices) (Zip Code)
(630) 571-7700
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 8.01 Other Events.
On March 12, 2007, the Company announced a Voluntary Separation Plan
(VSP). The Company notified eligible employees of this decision on March 12,
2007. The decision to take this action resulted from a thorough analysis which
revealed that a reduction in the number of employees at the Company's DeVry
University subsidiary was warranted to address the Company's cost structure and
real estate utilization. The VSP will be offered at 22 of the Company's DeVry
University campuses with 285 employees being eligible to participate, and
separation of employment is expected to be effective on June 30, 2007.
The Company anticipates that the pre-tax expenses associated with this
VSP will be approximately $3-4 million, which consists primarily of severance
and extended healthcare benefits coverage. The Company anticipates that these
expenses will be recognized primarily over the third and fourth quarters of
fiscal year 2007.
Forward Looking Statements
This Form 8-K and the related press release contain forward-looking
statements within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than those that are purely
historical are forward-looking statements. Words such as "expect," "anticipate,"
"believe," "estimate," "intend," "plan," and similar expressions also identify
forward-looking statements. Forward-looking statements include, without
limitation, statements regarding the anticipated timing, number of impacted
employees, savings, and pre-tax expenses associated with the reduction in full
time faculty members and staff employees at the Company's DeVry University
subsidiary.
Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause the Company's actual
results to differ materially from those in the forward-looking statements
including, without limitation, the risk that subsequent unanticipated events,
including unanticipated costs, may occur in connection with the reduction in
full time faculty members and staff employees. Additional information regarding
factors that could cause results to differ can be found in the Company's Annual
Report on Form 10-K for the fiscal year ended June 30, 2006. Readers should also
consult the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended
December 31, 2006.
These forward-looking statements are based on information as of March
12, 2007, and the Company assumes no obligation to publicly update or revise its
forward-looking statements even if experience or future changes make it clear
that any projected results expressed or implied therein will not be realized.
Item 9.01 Financial Statements and Exhibits
99.1 Press Release dated March 12, 2007
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DEVRY INC.
(Registrant)
Date: March 12, 2007 By: /s/ Richard M. Gunst
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Richard M. Gunst
Senior Vice President,
Chief Financial Officer
and Treasurer
EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release dated March 12, 2007