CORRECTING and REPLACING Whitney Information Network, Inc. Reports Record Revenue for 2003.Business Editors CAPE CORAL Cape Coral, city (1990 pop. 74,991), Lee co., SW coastal Fla., located on an estuary of the Caloosahatchee River; inc. 1970. It is mostly a residential city that has grown rapidly along with the southern Florida area. , Fla.--(BUSINESS WIRE)--April 1, 2004 In BW5319 issued April 1, 2004: Headline of release should read: Whitney Information Network, Inc. Reports Record Revenue for 2003 The corrected release reads: WHITNEY INFORMATION NETWORK, INC. REPORTS RECORD REVENUE FOR 2003 -- 2003 Performance Highlights -- Total 2003 revenue of $95 million, an increase of 53 percent over 2002 -- Acquired the Cash Flow Generator and STAR Trader Star Trader was one of the original computer games of interstellar trading. Seemingly based on Isaac Asimov’s Foundation series of novels, Star Trader brands -- International operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. contribute significantly to 2003 revenue -- Significant investment in proven management and operating talent Whitney Information Network, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :RUSS), a provider of post-secondary career training programs, today reported record revenue for the year ended December 31, 2003. Total revenue for the year ended December 31, 2003 was $95 million, an increase of $33 million or 53 percent, compared to $62.1 million for 2002. The increase in revenue is due to continued growth of the core businesses in real estate and stock market investment training, and new revenue realized from acquisitions and strategic alliances. The Company reported a net loss of $1.6 million for the year ended December 31, 2003 as compared with net income of $6.2 million for the year ended December 31, 2002, or a loss of $.19 a share as compared to a profit of $.78 per share for the prior year. The decrease in earnings is directly attributable to significantly increased sales and the resulting deferral deferral - Waiting for quiet on the Ethernet. of revenues associated with those sales. Year end revenue on a cash flow basis was $109 million compared to the $95 million GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). revenue. The difference of $14 million is an increase in deferred revenue on the Company's balance sheet (from $24.5 million to $38.6 million), which will be recognized in 2004. Free cash flow generated by the Company was $7.9 million in 2003, compared to $9.7 million in the prior year. The decrease in 2003 was due to increased investments in media and additional costs in connection with the two 2003 acquisitions. The Company's growth has created an increasingly diverse educational operation. Approximately 85 percent of revenue in 2003 was generated from US sales and 15 percent was generated from the Company's growing international business. Overall real estate programs continue to grow and totaled 75 percent of 2003 revenue, while the stock investing training programs represented approximately 25 percent of revenue. In 2003, the Company acquired two new brands -- Cash Flow Generator, to drive growth in the real estate sector; and STAR Trader, an exciting new brand in the Company's investment training business. Management continues to focus on the growth of the core business and acquired brands, building upon the proven talent of its management team, and capitalizing on its business model. The Company is also investing significantly to restructure its educational delivery process. Management believes the Company is strategically positioned to further expand its business both in the US and internationally, and is seeking further acquisitions, and increasing course offerings and student enrollment. About Whitney Information Network, Inc. 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 Real estate investing involves the purchase of real estate for profit. Profits are accumulated slowly by renting out properties in a cashflow method, or are generally improved and resold for a capital gain. , business development, asset protection and financial management. The Company's website is http://www.russwhitney.com and its shares trade under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors RUSS on the Electronic Bulletin Board. Information included in this news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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. |
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