CAPE CORAL, Fla.--(BUSINESS WIRE)--Nov. 9, 2005--Whitney Information Network, Inc. (OTC BB: RUSS):

    --  Pro Forma Operating Cash Flow of $ 8.6 Million, or $0.92 per
        share (fully diluted),

    --  Record Sales of $47.7 Million, Net Income of $2.5 Million
        before tax benefit of $6.7 Million

Whitney Information Network, Inc. (OTC BB: RUSS), an international provider of post secondary career education programs, today reported record results for the third quarter ended September 30, 2005.

    Other Highlights include:

    --  Pro Forma Operating Cash Flow of $28.3 million for Nine Months
        ended September 30

    --  Record Sales of $134.3 million for Nine Month ended September
        30

    --  Cash and equivalents of $28.2 million at September 30
        (includes restricted cash)

    --  Sales, earnings and cash flow growth expected to continue
        throughout 2005

The dramatic increase in revenue in the third quarter of 2005 was a result of new pricing strategies, increased focus on marketing to geographic markets that have responded strongly to the Company's sales efforts, and an increase in delivery of the Company's Advanced Training courses.

The various marketing initiatives that have been implemented as well as many of the planned projects that are being introduced over the course of the rest of the year could successfully expand the market and result in further sales gains. Increased sales coupled with cost savings from more efficient advertising expenditures including efficient media buys and scheduling and tighter control of general and administrative expenses, which are expected to grow at a slower pace than sales, should result in a continuation of the trend of improving margins.

Pro Forma Operating Cash flow (a non-GAAP calculation) was $8.6 million for the three months ended September 30, 2005 or $0.99 per share (basic) and $0.92 per share fully dilutive and $28.3 million for the nine months or $3.25 per share (basic) and $3.13 per share (fully diluted). Pro Forma Operating Cash flow measures the impact of accounting for deferred revenue and the costs associated with deferred revenue and other cash items and may better portray the operating performance of the Company than the usual method of calculating operating cash flow.

Sales for the third quarter were $47.7 million, an increase of $15.5 million, or 48.4%, compared to the same period a year earlier of $32.2 million. Sales for the first nine months of 2005 were $135.4 million, an increase of $26.1 million, or 23.9%, over the $109.3 million reported for the first nine months of 2004.

Net income (before tax benefit of $6.7 million) from the third quarter ended September 30, 2005 was $2.5 million, or $0.30 per share (basic) and $0.24 (fully diluted) compared to a net (loss) of $12.0 million, or $(1.40) per share (basic and fully diluted) for the same period in 2004. Net income (before tax benefit of $6.7 million) for the nine months ended September 30, 2005 totaled $9.9 million, or $1.14 per share (basic) and fully diluted of $1.09 as compared to a net loss of $16.2 million, or $(1.89) per share (basic and fully diluted) for the comparable period in 2004.

Total net income, which includes an income tax benefit from tax loss carry forward of $6.7 million was $9.1 million, or $1.06 per share (basic) and $0.99 per share (fully diluted) for the three months ended September 30, 2005 and was $16.5 million, or $1.90 per share (basic) and $1.82 per share (fully diluted) for the nine months ended September 30, 2005. No income tax benefit for tax loss carry forwards was recorded in 2004.

Whitney's brand recognition is strong and it is anticipated that both events and attendee growth will remain robust. The Company remains optimistic about its performance over the balance of the year and the future.

A conference call is scheduled for today at 2:00 p.m. Eastern Time, to discuss the results, along with recent corporate news and the outlook for the Company. Interested parties may participate in the call by dialing (877) 407-8289; international callers dial (201) 689-8341. In addition, the conference call will be available via a webcast that can be accessed at http://phx.corporate-ir.net/phoenix.zhtml?c=135427&p=irol-IRHome. The webcast will be archived for 30 days.

About Whitney Information Network

Whitney Information Network, Inc. (OTC BB: RUSS) is a leading provider of post-secondary education focused on individual wealth creation and personal success. Through its wholly-owned subsidiary, Wealth Intelligence Academy, Whitney Information Network provides its students with comprehensive instruction and mentorship in real estate investment, stock trading, business development and individual investment strategies. Additional information can be found at http://www.russwhitney.com.

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 uncertainties, uncertainties relating to economic issues and competition. Reference is made to all the Company's SEC filings, including the Company's Reports on Forms 10K, 10Q and other periodic reports.

    CONTACT: Whitney Information Network, Inc.
             Susan Carrillo, 239-540-6515
             or
             Wolfe Axelrod Weinberger Assoc. LLC
             Stephen D. Axelrod, CFA, 212-370-4500

    SOURCE: Whitney Information Network, Inc.