DeVry Education Group Announces New $300 Million Share Repurchase Program
February 16 2017 - 1:33PM
Business Wire
DeVry Education Group (NYSE:DV), a leading global education
provider, today announced that its board of directors has approved
its tenth share repurchase program, which allows DeVry Group to
repurchase up to $300 million of its common stock through December
31, 2020. In conjunction with the new program, which replaces DeVry
Group’s previously approved $100 million share repurchase
authorization, the company will cease its bi-annual cash dividend
payment.
“The significant expansion of our share repurchase program
reflects our improved financial performance and our board’s
confidence in our strategic direction as well as our focus on
delivering increased returns to our owners,” said Lisa Wardell,
president and CEO of DeVry Education Group. “We remain committed to
balancing our capital allocation efforts with the goal of enhancing
academic quality, supporting our growth objectives and consistently
delivering value to our shareholders.”
The timing and amount of any repurchase will be determined by
management and the board based on evaluation of market conditions
and other factors. These repurchases may be made through the open
market, including block purchases, in privately negotiated
transactions, or otherwise. The repurchases will be funded through
available cash balances and/or borrowings, and may be suspended or
discontinued at any time.
About DeVry Education Group
Since 1931 DeVry Education Group has empowered its students to
achieve their educational and career goals. DeVry Education Group
Inc. (NYSE: DV; member S&P MidCap 400 Index) is a leading
global education provider and the parent organization of American
University of the Caribbean School of Medicine, Becker Professional
Education, Carrington College, Chamberlain College of Nursing,
DeVry Education of Brazil, DeVry University and its Keller Graduate
School of Management, Ross University School of Medicine and Ross
University School of Veterinary Medicine. For more information,
please visit www.devryeducationgroup.com.
Certain statements contained in this release concerning DeVry
Group's future performance, including those statements concerning
DeVry Group's expectations or plans, may constitute forward-looking
statements subject to the Safe Harbor Provision of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements generally can be identified by phrases such as DeVry
Group or its 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 by these forward-looking statements. Potential
risks, uncertainties and other factors that could cause results to
differ are described more fully in Item 1A, "Risk Factors," in
DeVry Group's most recent Annual Report on Form 10-K for the year
ending June 30, 2016 and filed with the Securities and Exchange
Commission (SEC) on August 25, 2016 and its most recent Quarterly
Report on Form 10-Q for the quarter ending December 31, 2016 and
filed with the SEC on February 2, 2017.
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version on businesswire.com: http://www.businesswire.com/news/home/20170216006175/en/
DeVry Education GroupInvestor Contact:Joan
Walter630-353-3800jwalter@devrygroup.comorMedia Contact:Ernie
Gibble630-353-9920egibble@devrygroup.com
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