Tigrent

©2017 Tigrent Inc. All Rights Reserved       Privacy Statement

   


 

PRESS RELEASE

Printer Friendly Version View printer-friendly version
<< Back

Whitney Information Network Announces Record Revenue and Net Income Growth for Second Quarter of 2002

Second Quarter Earnings Increase 204 Percent to $2.8 Million
For Immediate Release
For More Information:
Earnest Mathis, Inverness Investments 303/794-9450
Ron Simon, CFO 239/542-8999
    
 
CAPE CORAL, Fla – August 14, 2002 – Whitney Information Network, Inc., a leading provider of post-secondary career training programs designed to educate students in the areas of real estate investing, business development, asset protection and financial management, today announced record revenue and net income for the second quarter and six months ended June 30, 2002.

Revenue for the three months ended June 30, 2002 was $17.5 million, a 45.8 percent increase compared to the $12 million reported for the same period last year. The Company's net income for the three months was $2.8 million, or $0.35 per share, an increase of 204 percent compared to the $920,927, or $0.12 per share, reported for the same period last year.

For the six-month period ended June 30, 2002, the Company reported increases in both revenue and net income compared to the same period last year. Sales increased 42 percent from $23.2 million to $33 million. The Company's net income for the six months was $6.1 million, or $0.78 per share, an increase of 110 percent compared to the $2.9 million, or $0.38 per share, reported for the same period in 2001.

During the second quarter, 37,674 students participated in Company trainings, a 25 percent increase compared to the 30,123 students who attended trainings during same period last year.

Russ Whitney, Chairman and CEO of Whitney Information Network, stated, “Management's ongoing diversification strategy continues to provide benefits to the Company as we execute our business plan and grow sales and profits. Our earnings growth can be attributed to the aggressive

Whitney Information Network, Inc. Announces

expansion in training and education within its subsidiary, Whitney Education Group, Inc. This
expansion is related to the recently acquired Teach Me To Trade acquisition, part of the Company's financial management division. Company profitability and shareholder value is expected to move forward due, in large part, to revenue generated through this new program.”

Mr. Whitney also commented, “Additional earnings were generated through new avenues of education by co-marketing efforts via strategic alliances with other educational training companies and through continued demand within the Company's International divisions, Whitney UK, Ltd., and its Central American high-level experiential training, International Finance and Investment. Our strategy is to continue to leverage our proven educational methodologies in new markets, taking our curriculum for generating and preserving wealth-building skills to other parts of the world.”

Whitney Information Network, Inc. is an international leader in the post-secondary career training sector. Whitney is a fully integrated training and education company that creates, produces and markets a wide variety of training programs. Thousands of students register each week for training in real estate investment, business development, asset protection, and financial management. The Company maintains its International Corporate Headquarters in Cape Coral, Florida with its consulting group based in Salt Lake City, Utah. Its Canadian subsidiary, Whitney Canada, Inc., conducts its operations from Mississauga, Ontario and its United Kingdom subsidiary, Whitney UK, Ltd. is located in Chiswick, England. The Company is listed on the Internet at http://www.russwhitney.com and its shares trade under the ticket symbol RUSS on the Electronic Bulletin Board.

  
 
Information included in this news release contains forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995 ("Reform Act"). Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause the actual results and performance of the Company to differ materially from any expected future results or performance, expressed or implied, by the forward-looking statements. In connection with the safe harbor provisions of the reform act, the Company has identified important factors that could cause actual results to differ materially from such expectations, including operating uncertainty, uncertainties relating to economic issues and competition. Reference is made to all of the Company's SEC filings, including the Company's Reports on Forms 10KSB, 10QSB and other periodic reports.
  

Consolidated Statements of Operations
 
For the Three Months Ended June 30,
For the Six Months Ended June 30,
 
2002
(Unaudited)
2001
(Unaudited)
2002
(Unaudited)
2001
(Unaudited)
Sales

Expenses
Seminar expenses
Advertising and sales expense
General and administrative expense
Total expenses

Income from operations

Other income (expense)
Interest and other income
Interest expense

Income before income taxes

Income taxes

Net income


Basic and fully diluted income per share

Weighted average shares outstanding

$17,535,080


6,178,397
4,444,758
2,871,039
13,494,194

4,040,886


(11,146)
(26,249)

4,003,491

(1,239,550)

$ 2,763,941


$ 0.35

7,88,023

$11,950,654


5,517,334
3,638,757
1,959,442
11,115,533

835,121


85,806
-

920,927

-

$ 920,927


$ .12

7,528,022

$32,988,098


12,326,600
7,519,025
5,822,532
25,668,157

7,319,941


92,447
(37,856)

7,374,532

(1,239,550)

$ 6,134,982


$ 0.78

7,878,023

$23,184,332


9,962,069
6,485,887
3,894,938
20,342,894

2,841,438


38,106
-

2,879,544

-

$ 2,879,544


$ .38

7,528,022