UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 19, 2005
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DeVRY INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-13988 36-3150143
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
ONE TOWER LANE, OAKBROOK TERRACE, IL 60181
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (630)571-7700
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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 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))
Total number of pages: 5
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DEVRY INC.
FORM 8-K INDEX
Page No.
Item 2.06 - Material Impairments 3
Item 9.01 - Financial Statements and Exhibits 3
Signatures 3
Exhibit Index 4
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Item 2.06 - Material Impairments
During the fourth quarter of fiscal 2005, the Company received an offer to sell
its building located at 925 South Niagara Street, in Denver, Colorado. On June
15, 2005, the Company entered into an agreement to sell this building and
concluded that a charge for impairment to this asset was required. The sale is
contingent upon completion of due diligence by the prospective purchasers. The
building was acquired in 1999 with the acquisition of Denver Technical College.
DeVry University will relocate classes held at this facility to other
Denver-area sites.
The company estimates that in the fiscal 2005 fourth quarter it will take a
charge of approximately $1.0 million, reflecting the contractual sale price less
estimated selling costs, compared to its historic book value. No future cash
expenditures are anticipated related to this impairment charge.
Item 9.01 - Financial Statements and Exhibits
(c) - Exhibits
Exhibit
Number Description
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99.1 Press release relating to the Company entering into an agreement to
sell its building located at 925 South Niagara Street, in Denver,
Colorado dated July 19, 2005.
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 thereunto duly authorized.
DEVRY INC.
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(REGISTRANT)
Date: July 19, 2005 /s/Ronald L. Taylor
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Ronald L. Taylor
Chief Executive Officer
Date: July 19, 2005 /s/Norman M. Levine
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Norman M. Levine
Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Sequentially
Number Description Numbered Page
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99.1 Press release relating to the Company entering
into an agreement to sell its building located at
925 South Niagara Street, in Denver, Colorado
dated July 19, 2005. 5
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