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DeVry Education Group Inc DV
Q4 2010 Earnings Call Transcript

Transcript Call Date 08/12/2010

Operator: Good day, ladies and gentlemen and welcome to DeVry's Fourth Quarter Fiscal 2010 Conference Call. My name is Jeremy and I will be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of the conference. (Operator Instructions). As a reminder, the conference is being recorded for replay purposes.

At this time, I would like to turn the presentation over to your host for today's call, Ms. Joan Bates. Joan, you may proceed.

Joan Bates - Senior Director of Investor and Media Relations: Thank you, Jeremy. With me today from DeVry's Senior Leadership Team are Daniel Hamburger, President and Chief Executive Officer and Rick Gunst, Senior Vice President and Chief Financial Officer.

Before we begin, please be advised that statements made on this conference call may constitute forward-looking statements subject to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by phrases such as DeVry Inc. or its management has a view, objective, or outlook or that management believes, expects, anticipates, foresees, forecasts, estimates or other words or phrases of similar import. Actual results may differ materially from those projected or implied. Potential risks, uncertainties, and other factors that could cause results to differ are described more fully in Item 1A, Risk Factors in DeVry's most recent Annual Report on Form 10-K for the year ending June 30, 2009, and filed with the Securities and Exchange Commission on August 26, 2009. Telephone and webcast replays of the call are available until August 26, 2010. To access the replays, please refer to today's release for information.

Today, Daniel Hamburger will begin the call with a quick overview followed by a financial and operational review by Rick Gunst. Daniel will then provide an update on DeVry's five-year strategic plan before opening up the call for your questions.

With that, I'll turn the call over to Daniel.

Daniel Hamburger - President and CEO: Thanks Joan, and thanks everyone for joining us today. We're pleased to announce another quarter and another year of strong performance, which has been driven by the continued execution of our diversification strategy that I want to talk about a little bit more, and by our focus on academic quality and excellent student services. We, of course, are in constant dialogue with many of you and we know that you have questions about the notice of proposed rulemaking, the NPRM and the Senate HELP Committee activities. So, let me make some remarks about these items right up front.

You've seen our comments on part one of the proposed rules and we're analyzing part two. We've been very consistent over many years in not speculating on the outcomes of pending regulation or how it might impact our schools or our program and we're going to stay with that long-standing policy. I'd caution you not to read anything negative into this approach because we continue to be very comfortable with the value proposition offered by our program.

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