CAPE CORAL, Fla., April 1, 2009 /PRNewswire-FirstCall/ -- Whitney Information Network, Inc. (Pink Sheets: RUSS), a provider of educational training seminars, conferences and services across multiple delivery channels that help customers become financially literate through specialized instruction and mentoring on real estate and financial instruments investing, personal finance, entrepreneurism and self-development, today reported financial results for the year ended December 31, 2008.
'Revenues for the year ended December 31, 2008 decreased by 20.9% to $171.7 million from $207.6 million in 2007,' reported Anne M. Donoho, Chief Financial Officer. 'Net income was $0.6 million or $0.05 per basic and diluted share in 2008 compared with a loss of ($6.6) million or ($0.57) per basic and diluted share in 2007.'
Net income in 2008 included $4.6 million of expense associated with asset impairments and costs related to the on-going investigations by the SEC and DOJ. Net income in 2007 included $12.4 million of expense related to the SEC and DOJ investigations. Excluding the impact of these non-recurring items, our net income was $0.44 and $0.48 per basic and diluted share for 2008 and 2007, respectively.
'We believe 2008 was a stabilizing year for our company and we are now well positioned for an improved 2009,' commented Charles M. Peck, Chief Executive Officer. 'In recessionary times such as these, demand for training and education services like ours typically increases. In the fourth quarter, we aligned our cost structure with sales and divested non-core assets, which should positively impact our results in 2009. Additionally, the company achieved marketing expense efficiencies, which will enhance our delivery of high-value educational instruction utilizing a cadre of trainers, coaches and mentors with practical, hands-on experience in their areas of expertise - a key product differentiator.'
Peck continued, 'Decreased sales in 2008 were affected by the suspension of proprietary brands. The company is proud to have recently announced a strategic alliance with media celebrity and motivational speaker, Montel Williams, to provide training designed to help people enhance their wellbeing - financially, physically, emotionally and spiritually. Additionally, Whitney has announced a strategic alliance with personal finance experts, Ken and Daria Dolan, dubbed 'The Dolans' Money Revolution' to address the urgent need many people have for training in personal finance.'
About Whitney Information Network, Inc.:
Whitney Information Network, Inc. (Pink Sheets: RUSS) is a provider of educational training seminars, conferences and services across multiple delivery channels that help students become financially literate through specialized instruction and mentoring. The company provides students with comprehensive instruction and mentoring in real estate and financial instruments investing, personal finance, entrepreneurism and self-development in the United States, United Kingdom, Canada and Costa Rica. Additional information can be found at www.wincorporate.com.
Special Note Regarding Forward Looking Statements:
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include all statements other than those made solely with respect to historical facts. These statements involve known and unknown risks, uncertainties and other factors that may cause the registrant's actual results or performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. These factors include those factors which can be found in our Form 10-K for the year ended December 31, 2008 and our other filings with the Securities and Exchange Commission. Forward-looking statements in this press release should be evaluated in light of these important factors. Although the registrant believes that these statements are based upon reasonable assumptions, the registrant cannot provide any assurances regarding future results. The registrant undertakes no obligation to revise or update any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
WHITNEY INFORMATION NETWORK, INC.
