CAPE CORAL, Fla.—May 13, 2002—Whitney Information Network, Inc., a leading provider of post-secondary career training programs designed to teach students how to accumulate and protect wealth, today announced record earnings for the first quarter ended three months ended March 31, 2002

Revenue for the quarter was $15.5 million, a 38 percent increase compared to the $11.2 million reported for the same quarter last year. The Company's total earnings for the quarter were $3.34 million, or $0.43 per share, an increase of 71.9 percent compared to the $2.0 million reported for the same period last year. The growth in earnings is attributable to an increase in training camp attendance and a reduction of expenses relating to deferred revenues.

Advertising and sales expenses, 60 percent of which relates to advertising, for the quarter were $3.1 million, an increase of 8 percent compared to the same period in 2001 as the Company continued to execute its aggressive growth strategy. During the quarter, 76,695 students participated in Company workshops, a 16.7% increase compared to the 65,738 students who attended workshops during the Company's fourth fiscal quarter ended December 31, 2001.

Russ Whitney, chairman and CEO of Whitney Information Network, commented, “Our growth strategy has proven successful as we've provided valuable training to more students than ever. Moreover, we've developed new courses and workshops to bring to our expanding student population, increasing the methods by which we can serve this growing need and increasing the revenue to Whitney Information Network at the same time.”

Mr. Whitney continued, “Whitney Information Network is dedicated to the pursuit of knowledge and education for all students. Whether real estate investors, small business owners or those interested in securing a financial future through investing, each student will receive the most current, in-depth training available.”

Mr. Whitney concluded, “Our growth prospects remain strong, due in large part to our international expansion and due to lateral growth within our subsidiary, Whitney Education Group, Inc. Last month, we successfully expanded our real estate operations into the United Kingdom and conducted the first International Finance and Investment training camp in Costa Rica. Both events exceeded our expectations, indicating strong demand overseas for our training and educational services.”

Whitney Information Network, Inc. has emerged as a 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, personal finance and small business development. 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 the Toronto suburb of Markham, Ontario and its United Kingdom subsidiary, Whitney UK, Limited 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.