UPDATE: DeVry FQ4 Profit Down 89%

DeVry

reported an 89% drop in its fiscal fourth-quarter profit. DeVry's quarterly earnings declined to $8.09 million, or $0.12 per share, versus $75.2 million, or $1.08 per share, in the year-ago period. Excluding items, DeVry earned $0.47 per share. Its revenue dropped 7.5% to $505.9 million. However, analysts were expecting a profit of $0.46 per share on revenue of $508.4 million. DeVry shares closed at $19.87 yesterday.