April 24--DeVry Education Group will close 14 of its campuses outside the Chicago area as part of a turnaround plan.
The closings are part of a restructuring announced Thursday, as the for-profit education company reported declines in fiscal third quarter net income and revenue.
Among the campuses to be closed, with the programs moving online, are facilities in St. Louis, Pittsburgh, Milwaukee, Indianapolis, Portland, Ore., and Seattle. Students at those locations will be able to finish their programs on-site, but the company will enroll future students only for its online programs, a spokesman said Friday.
Devry's quarterly results included an after-tax charge of $3.9 million related to job cuts and real estate consolidations.
"The reduction of our campus footprint and related staff reductions will free up significant resources to enable this differential investment strategy in the remaining local markets," Daniel Hamburger, DeVry's president and CEO, said in a call with analysts Thursday.
DeVry University operates nine campuses in the Chicago area, including two in downtown Chicago, and plans to expand its outreach efforts to potential students and companies.
For its fiscal third quarter ended March 31, DeVry reported net income of $47.1 million, or 72 cents a share, down from $55.5 million, or 86 cents a share, in the year-ago period. Revenue decreased 1.3 percent, to $489.8 million.
mepodmolik@tribpub.com
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