CAPE CORAL, Fla.--(BUSINESS WIRE)--Nov. 18, 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 continued increased revenue and earnings through the third quarter 2002 and nine months ended September 30, 2002.

Revenue for the nine months ended September 30, 2002 was $46,863,355, an increase of $14,439,969 or 44.5 percent, over the same period during 2001. Revenue for the third quarter 2002 was $13,875,257, an increase of $4,636,203 or 50.2 percent, over the quarter ending September 30, 2001.

Net income for the nine months ending September 30, 2002 was $6,807,151 after tax, as compared with $3,236,097 at September 30, 2001. This represents an increase of $3,571,054 or 110 percent. Per share earnings were $.86 for the nine months ending September 30, 2002 as compared with $.43 for the nine months ending September 30, 2001. Net income for the third quarter increased by $315,616 to $672,169 or

• 88.5 percent over the prior year's comparable quarter (or $.08 and $.05 per share respectively).

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    For the Nine Months
                                Ended                   Ended
                            September 30,          September 30,
                       -----------------------------------------------
                              2002       2001        2002        2001
                       -----------------------------------------------
                       (Unaudited) (Unaudited)(Unaudited) (Unaudited)

   Sales               $13,875,257 $9,239,054 $46,863,355 $32,423,386
                       -----------------------------------------------

   Expenses
   Seminar expenses      6,930,288  4,214,547  19,256,888  14,176,616
   Advertising and
    sales expense        2,877,541  2,773,480  10,396,566   9,259,367
   General and
    administrative
    expense              3,270,867  2,000,768   9,093,399   5,895,706
                       -----------------------------------------------
       Total expenses   13,078,696  8,988,795  38,746,853  29,331,689
                       -----------------------------------------------

   Income from
    operations             796,561    250,259   8,116,502   3,091,697

   Other income
    (expense)
   Interest and other
    income                 254,643    130,775     347,090     222,881
   Interest expense         (9,002)   (24,481)    (46,858)    (78,481)
                       -----------------------------------------------

   Income before income
    taxes                1,042,202    356,553   8,416,734   3,236,097

   Income taxes            370,033          -   1,609,583           -
                       -----------------------------------------------

   Net income             $672,169   $356,553  $6,807,151  $3,236,097
                       ===============================================

   Basic and fully
    diluted income per
    share                    $0.08      $0.05       $0.86       $0.43
                       ===============================================

   Weighted average
    shares outstanding   7,958,955  7,528,022   7,905,438   7,528,022
                       ===============================================
                                -END-

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