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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) August 15, 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: 3
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DEVRY INC.
FORM 8-K INDEX
Page No.
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Item 2.06 - Material Impairments 3
Signatures 3
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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.
This building was acquired in 1999 with the acquisition of Denver Technical
College. On June 15, 2005, the Company entered into an agreement to sell
this building and concluded that, based upon the expected selling price, a
charge for impairment to this asset was required. The sale was contingent
upon completion of due diligence by the prospective purchasers. Upon sale
of the building, DeVry University would relocate classes held at this
facility to other Denver-area sites.
On August 11, 2005, the Company was notified by the prospective purchasers
that they were terminating the sales contract because of their assessment
of the condition of the building. The Company has not actively marketed
this building nor has it received any further offers of purchase.
Based upon the original offer to purchase, the Company estimated that it
would take a charge of approximately $1.0 million in the fourth quarter of
fiscal 2005, reflecting the contractual selling price less estimated
selling costs. With that offer now terminated, the Company believes it is
appropriate to take an additional charge of $0.5 million for a total of
$1.5 million in the fourth quarter of fiscal 2005 to reflect the building
value contained in a recent real estate appraisal of the property.
No future cash expenditures are anticipated related to this impairment
charge.
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: August 18, 2005 /s/Ronald L. Taylor
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Ronald L. Taylor
Chief Executive Officer
Date: August 18, 2005 /s/Norman M. Levine
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Norman M. Levine
Senior Vice President and
Chief Financial Officer