CAPE CORAL, Fla.--(BUSINESS WIRE)--Nov. 18, 2003--Whitney Information Network, Inc.(OTCBB:RUSS), a 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, reported continued increased revenue for the third quarter 2003 and nine months ended September 30, 2003.

Revenue for the nine months ended September 30, 2003 was $54,292,606, an increase of $7,429,251 or 15.9 % compared to $46,863,355 in the same period in 2002. Revenue for the third quarter 2003 was $23,567,782, an increase of $9,692,525 or 41 percent over the quarter ending September 30, 2002.

Net loss for the nine months ended September 30, 2003 was $6,528,381 as compared with a net income of $6,807,151 for the nine months ending September 30, 2002. Net loss for the third quarter was $1,567,738. Cash increased by $3,749,696 to $15,830,249 at September 30, 2003.

Revenue increased as more courses were attended by students in the current period compared to the previous period. The net loss is primarily attributable to the amount of new revenue in 2003 that the Company was not able to recognize and is shown on the balance sheet as deferred revenue. The amount of deferred revenue at September 30, 2003 was $44,807,919. Deferred revenue represents cash that has been received by the Company from students for courses they have yet to attend. Also contributing to the loss were increased overhead and advertising expenses.

CEO and Chairman Russ Whitney said "We believe that the first three quarters of 2003 are a continuing trend and expect revenue growth to remain at these levels. The approximate $20 million increase in deferred revenue so far in 2003 will ultimately become revenue in the subsequent year, as students attend the trainings."

"I'm pleased with the accomplishments of the Company during the past nine months," Whitney said. "We have a large cash reserve, have made a $2 million equity investment in an office building in Orlando, and managed operations for Success Development, Inc. which produced better than planned revenue. We've also acquired SpeakTek, Inc. with immediate revenue growth, and grew our stock investment training area, Teach Me To Trade."

"We believe the SpeakTek and Success Development operating units combined will generate approximately $22 million of additional revenue during fiscal 2004. These units, coupled with the growth of our real estate and stock investment training units are expected to push our sales over the $100 million mark next year," Whitney continued.

Whitney Information Network, Inc. is a fully integrated training and education company that creates, produces and markets a wide variety of training programs designed to educate students in the areas of real estate investing, business development, asset protection and financial management. The Company was recently listed at #148 in Florida Trends magazine's annual listing of Florida's Top 250 Public Companies. 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 uncertainties, 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.

                 Consolidated Statements of Operations


                       For the Three Months     For the Nine Months
                              Ended                   Ended
                          September 30,            September 30,
                      ------------------------------------------------
                          2003        2002        2003        2002
                      ------------------------------------------------
                      (Unaudited) (Unaudited) (Unaudited) (Unaudited)

Sales                 $23,567,782 $13,875,257 $54,292,606 $46,863,355
                      ------------------------------------------------

Expenses
   Seminar expenses    12,562,345   6,930,288  30,346,604  19,256,888
   Advertising and
    sales expense       7,822,763   2,877,541  18,846,614  10,396,566
   General and
    administrative
    expense             8,297,451   3,270,867  17,303,055   9,093,399
                      ------------------------------------------------
       Total expenses  28,682,559  13,078,696  66,496,273  38,746,853
                      ------------------------------------------------

Income (loss) from
 operations            (5,114,777)    796,561 (12,203,667)  8,116,502

Other income
    (expense)
   Interest and other
    income              1,523,500     254,643   1,542,236     347,090
   Interest expense       (18,461)     (9,002)    (59,950)    (46,858)
                      ------------------------------------------------

Income (loss)
 before income taxes   (3,609,738)  1,042,202 (10,721,381)  8,416,734

Income taxes            2,038,909     370,033   4,193,000   1,609,583
                      ------------------------------------------------

Net (loss) income     $(1,567,738)   $672,169 $(6,528,381) $6,807,151
                      ================================================

Basic weighted average
 common shares
 outstanding            8,102,874   7,958,955   8,123,523   7,905,438
                      ================================================

Basic income (loss)
 per common share           $(.19)      $0.08       $(.80)      $0.86
                      ================================================

Diluted weighted
 average common shares
 outstanding            8,102,874   8,123,523   8,123,523   8,169,145
                      ================================================

Diluted income (loss)
 per common share           $(.19)      $0.08       $(.80)      $0.83
                      ================================================

    CONTACT: Whitney Information Network, Inc., Cape Coral
             Ron Simon, 239/542-3401
             http://www.russwhitney.com

    SOURCE: Whitney Information Network, Inc.