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Net income for the first quarter attributable to DeVry increased to $54.72 million or $0.76 per share from $34.83 million or $0.48 per share in the comparable period the year-earlier.
On average, twenty two analysts polled by Thomson Reuters expected the company to earn $0.65 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased to $431.11 million from $303.71 million in the year-ago period. Nineteen Wall Street analysts estimated revenues of $418.07 million for the quarter.
Segment-wise, Business, Technology and Management revenues increased 23.9% to $283.50 million from $228.75 million in the prior year period. The Medical and Healthcare segment saw revenues increase 119.9% to $117.16 million from $53.3 million year-ago. Revenues from Other Educational Services increased to $11.28 million from $1.93 million year-ago.
However, the company's professional education segment saw a slight decline in revenues by 3.0% to $19.16 million from $19.76 million during the comparable period a year earlier.
"Our financial results this quarter were driven largely by exceptional revenue growth," said Daniel Hamburger, DeVry's president and chief executive officer. "Our institutions continue to experience strong enrollment and student retention, as evidenced by our results at Keller, Ross and Fanor," added Hamburger.
With reference to student enrollment, DeVry University, including Keller Graduate School of Management saw Graduate course-takers increase 15.2% to 20,496 from 17,799 during the first quarter of 2008.
The enrollment of new students at Ross University rose 9.5% to 666 students from 608 students year-ago, increasing the total students enrolled at Ross by 9.1% to 4,601 from 4,219 year-ago. Fanor reported that new students enrolled increased 13.6% to 2,151 from 1,893 and the total students enrolled increased 10.6% to 11,532 from 10,424 during the comparable period year-ago.
DeVry's Cost of Educational Services for the first quarter increased to $196.48 million from $139.61 million year-ago, while Student Services and Administrative Expenses increased to $155.24 million from $117.29 million in the prior year period.
DV closed Tuesday's regular trade on the New York Stock Exchange at $54.88, down $0.60 or 1.08%. However, in the after hours, the stock gained $0.07 or 0.13% to trade at $54.95.
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