DeVry 1Q revenues increase 1.9 percent

DOWNERS GROVE - DeVry Education Group reported a 1.9 percent increase in revenues during the first quarter of fiscal year 2017 as the for-profit college group makes changes in the aftermath of federal scrutiny into recruitment and reporting practices in the industry.

Total revenue for the quarter was $450 Million, the company reported. Growth in its medical and healthcare segment, which includes Chamberlain College of Nursing, was 5.7 percent to $236.8 million. The international and professional education segment grew 58.5 percent to $93 million, spurred by acquisitions and enrollment growth.

Those figures offset the business, technology and management segment, which includes DeVry University and saw quarterly revenue decreased 24.2 percent to $120.9 million.

DeVry President and CEO Lisa Wardell said the increases were part of the company's overall strategy to reduce costs and focus on the company's more relevant training programs

"Our primary focus remains on strengthening our overall value proposition by developing the most relevant program offerings that address the prevalence of workforce skills gaps globally," Wardell said. "We're launching a range of shorter, stackable courses and strengthening our professional licensing exam preparation programs, all designed to provide students with the right training in the most accessible manner."

Wardell added the company is also focused on addressing the issues brought to light in a federal government examination of the for-profit college industry's recruitment and reporting practices.

"Our primary focus remains on strengthening our overall value proposition by developing the most relevant program offerings that address the prevalence of workforce skills gaps globally," she said. "At the same time, we are taking steps to reduce DeVry Group's exposure to Title IV funding, reflecting our commitment to our students and our confidence in our program offering. We are determined to limit the revenue that each our institutions derive from federal funding to 85 percent, including the Department of Veterans Affairs and military tuition assistance benefits.

"These efforts are all part of a larger set of Student Commitments that will support our goal of setting a new standard for higher education," she said,