CAPE CORAL, Fla., Aug 19, 2003 (BUSINESS WIRE) -- Whitney Information Network, Inc. (OTCBB:RUSS), 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 results for the second quarter and six months ended June 30, 2003.

Revenue for the six months ended June 30, 2003 was $30,724,824, a decrease of $2,263,274 or 6.9 percent from the same period during 2002. Revenue for the second quarter ended June 30, 2003 was $17,420,985, a decrease of $119,095, or less than one percent from the quarter ended June 30, 2002.

Net income for the second quarter ended June 30, 2003 was a net loss of $3,549,264, as compared with earnings of $2,763,941 for the quarter ended at June 30, 2002. Net per share earnings loss was $.61 for the six months ended June 30, 2003 as compared with earnings per share of $.65 for the six months ended June 30, 2002.

The Company reiterated that revenue and earnings for the year ending December 31, 2003 will exceed those of 2002. At June 30, 2003 deferred revenues on the balance sheet which will be recognized over the next 12 months amounted to $37,238,206.

Whitney Information Network, Inc. is 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. Whitney is a fully integrated training and education company that creates, produces and markets a wide variety of training programs. It 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 ticker 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 10K, 10Q and other periodic reports.

           Unaudited Consolidated Statements of Operations

                   For the Three Months      For the Six Months
                   Ended June 30,            Ended  June 30,
                   ---------------------------------------------------
                       2003         2002         2003         2002
                   ---------------------------------------------------

Sales              $17,420,985  $17,535,080  $30,724,824  $32,988,098

Expenses
Seminar expenses    10,209,887    6,178,397   17,784,259   12,326,600
Advertising and
 sales expense       6,483,236    4,444,758   11,023,851    7,519,025
General and
 administrative
 expense             5,168,665    2,871,039    9,005,604    5,822,532
Total expenses      21,861,788   13,494,194   37,813,714   25,668,157

Income (loss) from
 operations         (4,440,803)   4,040,886   (7,088,890)   7,319,941

Other income (expense)
Interest and other
 income               (128,182)     (11,146)      18,736       92,447
Interest expense       (19,279)     (26,249)     (41,489)     (37,856)

Income (loss)
 before income
 taxes              (4,588,264)   4,003,491   (7,111,643)   7,374,532

Income taxes         1,039,000   (1,239,550)   2,151,000   (1,239,550)

Net (loss) income  $(3,549,264) $ 2,763,941  $(4,960,643) $ 6,134,982


Basic income
 (loss) p/common
 share             $      (.44) $       .35  $      (.61) $       .77

Weighted average
 shares
 outstanding         8,102,874    9,427,023    8,101,023    9,402,023

Diluted income
 (loss) p/common
 share             $      (.44) $      0.29  $      (.61) $      0.65

SOURCE: Whitney Information Network, Inc.

Whitney Information Network, Inc., Cape Coral
Ron Simon, 239/542-3401

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