DeVry ( ) reported robust results for the fourth quarter with earnings of 51 cents per share. Earnings were in line with the Zacks Consensus Estimate, and up 41.7% year-over year.

Fourth quarter results reflect strong organic growth. For fiscal 2009, earnings were up 31.8% year-over-year to $2.28 per share.

Revenues for the quarter increased 43.1% year-over-year to $396.2 million, driven by double-digit revenue growth in the Business, Technology and Management segment as well as the Medical and Healthcare segment. The two strategic acquisitions of U.S. Education and Fanor, also have also contributed positively to the top-line.

On a segment-by-segment basis: revenues from Business, Technology and Management grew 21.6% for the quarter, driven by continued online expansion and improved on-site enrollments. The total number of online undergraduate and graduate course-takers increased 26.6% to a record 56,321 students, while total student enrollment grew 21.9% to 55,979 students.

In the Medical and Healthcare segment, revenues more than doubled from the prior-year quarter, driven by the addition of U.S. Education. Even excluding the impact of acquisition, revenue grew 32% year-over-year. The increase was driven by strong new student enrollments across its universities— Ross University 16.8%, Chamberlain College of Nursing 51.9% and U.S. Education 15.4%.

The Professional Education segment results were negatively impacted by the economic slowdown. However, revenue was up 6% in the quarter. This segment primarily comprises Becker Professional Education, which continues to expand its relationships with key accounting and financial partners and is well positioned for long-term growth. ?

DeVry University is one of the only market-funded education providers which participates in the Perkins loan program. Of late, the Obama Administration expanded the Perkins Student Loan program, thereby increasing the funding from $1 billion to $6 billion. Hence, this expansion coupled with the recent increase to the year-round Pell Grant eligibility, is believed to generate good financing opportunities for DeVry’s students.

Moreover, recently President Obama unveiled a multibillion dollar plan to boost enrollment in the nation's community colleges. This is expected to increase the number of students going to college.

During fiscal 2009, the operating cash flow was $249.5 million, driven by the continued strong operating results. However, the cash, marketable securities, and investment balances totaled $225.4 million; lower than the $276 million in the prior year period. The decrease is primarily due to the two recent acquisitions, higher capital spending and share repurchase activity. DeVry had a debt of $124.8 million at year end.

Based on the strong performance in fiscal 2009, the company feels comfortable about delivering double-digit revenue growth and approximately 20% compound annual earnings per share growth over the next few years.

Management will continue with its investments in Advanced Academics, online expansion within U.S. Education and spending on IT initiatives which are expected to be first-quarter headwinds.