UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest reported) December 8, 2000
-----------------
WHITNEY INFORMATION NETWORK, INC.
---------------------------------
(Exact name of registrant as specified in its chapter)
COLORADO 000-27403 84-1475486
-------- --------- ----------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
4818 Coronado Parkway, Cape Coral, Florida 33940
--------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrants telephone number, including area code(941)542-8999
------------
______________________________________________________________
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
A. This filing of Form 8-K is for the purpose of reporting to
the SEC the latest News Release from Whitney Information
Network, Inc.
WHITNEY INFORMATION NETWORK, INC. NEWS RELEASE
For more information, contact
Whitney Information Network, Inc.
4818 Coronado Parkway
Cape Coral, FL 33904
Ron Simon, CFO, 941/936-7500
Richard Brevoort, 941/542-8999
www.russwhitney.com
Date: December 5, 2000
8:00AM
Whitney Information Network to Restate Financial Statements
Cape Coral, FL-Whitney Information Network, Inc. (RUSS) today
announced that it will restate its 1998, 1999 year end and
quarterly statements and 2000 quarterly through September 30, 2000
financial statements to reflect as period costs advertising
expenses and other expenses giving rise to deferred revenues
that were previously capitalized.
This restatement will result in cumulative losses (estimated
through the end of 2000) of approximately $12,000,000.
However, by recognizing these losses in this period the Company
will be able to realize approximately $21,000,000 in deferred
revenues (net of approximately 20% in related costs) in 2001
and later years, with the majority of the income recognition
in 2001.
The Company had its best year since its inception in the year
2000 and has increased sales by approximately 50% over the prior
year. The Company expects to continue sales at the 2000 year
level or greater in future periods. Management is optimistic
that the restatement will improve the Companys profit picture
for 2001.
In Whitney Information Networks 12-year history, it has emerged
as a leader in teaching wealth-building techniques. The
company, based in Cape Coral, Fla., was founded by nationally
known wealth building expert and author Russ Whitney. Whitney
Information Network provides solid financial education,
systems, and strategies for its students to build wealth. In
addition to its core business training courses, the company is
expanding with a recently launched Internet service and an
affiliate program. Additional information is available on the
companys web site at http://www.russwhitney.com.
The statements made in this news release concerning predictions
of economic performance and managements plans and objectives
constitute forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking information involve important
risks and uncertainties that could significantly affect
anticipated results in the future and such results may differ
from those expressed in any forward-looking statement made by
or on behalf of the company. These risks and uncertainties
include, but are not limited to, the companys ability to
generate working capital, activities of competitors, risks
associated with business combinations, dependence upon
management, the effect of economic conditions, and other
uncertainties which may be outlined in future company
announcements or detailed in the companys filings with the
Securities and Exchange Commission.
###
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, hereunto duly authorized.
WHITNEY INFORMATION NETWORK, INC.
/s/ Ronald S. Simon
Ronald S. Simon
Secretary/Treasurer, Chief Financial Officer
and a member of the Board of Directors
Date: December 8, 2000
