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FTI Consulting, Inc. Reports First Quarter Results

- Revenues Increase 13% to All-Time High $347.8 Million

- Net Income of $31.7 Million, Diluted EPS of $0.60, and EBITDA of $74.0 Million; All First Quarter Records

WEST PALM BEACH, Fla., April 29 /PRNewswire-FirstCall/ -- FTI Consulting (NYSE: FCN), the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, today reported its financial results for the first quarter ended March 31, 2009.

First Quarter Results

Revenues for the first quarter of 2009 were $347.8 million, an all-time record for the Company and an increase of 13.3% over revenues of $307.1 million in the prior year period. Net income for the first quarter of 2009 was $31.7 million, compared to net income of $30.7 million in the prior year period. Diluted earnings per common share were $0.60, compared to $0.58 in the prior year period. EBITDA, as defined below, was $74.0 million, or 21.3% of revenues, compared to $68.0 million, or 22.2% of revenues, in the prior year period. Net income, diluted earnings per share, and EBITDA were all records for a first quarter.

Commenting on the quarter, Jack Dunn, FTI's president and chief executive officer, said, "Activity in the first quarter was very strong as expected. The chaos and inertia that reigned during much of the second half of last year began to give way to the need for businesses, financial institutions, and governments around the globe to take action in the face of the greatest financial crisis since the Great Depression. Based on our exceptional people, the breadth of our services, and reach of our geographical footprint, in many cases FTI was the provider of choice to help them, generating record results for our company.

"Our growth in the quarter was led by continuing unprecedented levels of restructuring activity. The rapid rate of new case openings has continued unabated through the first quarter and up to the present, as we opened 214 new matters in the first quarter alone. While the headlines were dominated by the automotive, retail, and financial industries, no sector was immune, as we saw significant activity across the board, including the construction, media, telecom, leisure, gaming, and, more recently, healthcare and commercial real estate sectors. In addition to the private sector, we saw sovereign governments engage our services as they sought to deal with their countries' rapidly deteriorating financial conditions.

"On the investigations and enforcement side, as we have noted, calls for investigation, enforcement, and regulation began to grow in volume and intensity. Again, the depth of our experience and expertise, from technology to investigation, to analysis, to communication, together with our global platform, differentiated our company, again making FTI the right choice to assist in many of these matters - including some of the largest and highest profile investigations of all time. If this cycle runs true to form, we would expect this activism to result in increasing dispute, enforcement, regulatory, and litigation activity later in the year and into the future, with a positive effect on all of our segments.

"This quarter continues to illustrate FTI's growing leadership in our industry and demonstrates that FTI's model is built to perform well in both up cycles and down cycles. Our cash position is strong, and we intend to continue aggressively investing in our brand and funding research efforts that are intended to further enhance our leading electronic discovery capabilities. More importantly, we intend to use the strength and breadth of our practices and our strong financial condition to attract the best professionals to FTI at a time when many other firms are financially weakened or strategically challenged."

    First Quarter Business Segment Results

    Corporate Finance/Restructuring

Revenues in the Corporate Finance/Restructuring segment increased to $127.5 million from $79.3 million in the prior year period. First quarter revenues benefited from organic growth of 37.9%, supplemented by the contributions of our acquisitions of SMG, CXO and our Toronto-based restructuring practice during the last 12 months. Segment EBITDA increased 85.8% to $40.7 million, or 31.9% of segment revenues, compared to $21.9 million, or 27.6% of segment revenues, in the prior year period. The segment continues to rapidly expand its international footprint and business. The London-based European practice grew 86% year over year and our recently initiated Canadian and Latin American operations also contributed to the segment's growth.

Forensic and Litigation Consulting

Revenues in the Forensic and Litigation Consulting segment increased 10.9% to $66.9 million from $60.3 million in the prior year period. Acquisitions contributed $6.3 million of this growth. More importantly, as anticipated, segment revenues grew 14.1% sequentially, as activity began to increase compared to the lower levels typical of election years. Segment EBITDA increased 7.2% to $15.7 million, or 23.5% of segment revenues, compared to $14.7 million, or 24.3% of segment revenues, in the prior year period. The segment's utilization also increased primarily due to its retention in the investigations of several large, global fraud cases.

Technology

Revenues in the Technology segment were $55.8 million compared to record results in the first quarter in 2008 of $56.5 million. Segment revenues grew 7% sequentially from the reduced activity experienced during the fourth quarter of last year. Acquisitions contributed $4.6 million to segment revenues in the first quarter. Segment EBITDA was $19.3 million, or 34.6% of segment revenues, compared to $23.3 million, or 41.3% of segment revenues, in the prior year period. EBITDA grew 41% sequentially from the prior quarter. The integration of the Ringtail and Attenex technology platforms has proceeded according to plan, and product introductions have been well received by the Company's customers and partners.

Economic Consulting

Revenues in the Economic Consulting segment were $54.8 million compared to a record $56.4 million in the prior year period. Segment EBITDA was $10.3 million, or 18.8% of segment revenues, compared to $13.3 million, or 23.6% of segment revenues, in the prior year period. The year over year EBITDA performance reflects significant investment in building out the segment domestically and overseas. This included the initial hiring of 26 revenue producing professionals including three big name economists in the U.S. and Europe, increased investments in infrastructure to support the segment's geographic expansion and higher expenses for branding and marketing in Europe to accelerate its entry into that market. New engagements booked in the first quarter coupled with the anticipated contribution from new hires once they have settled into the business are expected to fuel the growth of this segment over the remainder of this year.

Strategic Communications

Revenues in the Strategic Communications segment were $42.8 million, of which acquisitions contributed $3.9 million, compared to $54.6 million in the prior year period. Segment EBITDA was $5.8 million, or 13.6% of segment revenues, compared to $12.7 million, or 23.2% of revenues, in the prior year period. Weakness in foreign currencies relative to a year ago reduced revenues by $7.5 million and EBITDA by $2.2 million. Also included in segment results were non-recurring severance charges of $1.6 million related to steps taken to adjust to current market conditions, which are expected to result in ongoing savings of approximately $7.0 million annually commencing in the second quarter. Strategic Communications worked on a series of large financial crisis management projects but continued to be impacted by significantly reduced levels of capital markets activity compared to the same period last year, and reductions in retained fees as clients seek to manage costs in this recessionary environment, as well as the impact of the stronger U.S. Dollar.

First Quarter Conference Call

FTI will hold a conference call for analysts and investors to discuss first quarter financial results at 8:30 a.m. Eastern time on Wednesday, April 29, 2009. The call can be accessed live and will be available for replay over the Internet for 90 days by logging onto the Company's website, www.fticonsulting.com.

About FTI Consulting

FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 3,500 employees located in most major business centers in the world, we work closely with clients every day to anticipate, illuminate, and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, strategic communications and restructuring. More information can be found at www.fticonsulting.com.

Use of Non-GAAP Measure

Note: We define EBITDA as operating income before depreciation and amortization of intangible assets plus non-operating litigation settlements. We use EBITDA in evaluating financial performance. Although EBITDA is not a measure of financial condition or performance determined in accordance with GAAP we believe that it can be a useful operating performance measure for evaluating our results of operation as compared from period to period and as compared to our competitors. EBITDA is a common alternative measure of operating performance used by investors, financial analysts and rating agencies to value and compare the financial performance of companies in our industry. We use EBITDA to evaluate and compare the operating performance of our segments and it is one of the primary measures used to determine employee bonuses. We also use EBITDA to value the businesses we acquire or anticipate acquiring. Reconciliations of EBITDA to Net Income and Segment EBITDA to segment operating profit are included in the accompanying tables to today's press release. EBITDA is not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies unless the definition is the same. This non-GAAP measure should be considered in addition to, but not as a substitute for or superior to, the information contained in our statements of income.

Safe Harbor Statement

This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 that involve uncertainties and risks. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues, future results and performance, expectations, plans or intentions relating to acquisitions and other matters, business trends and other information that is not historical, including statements regarding estimates of our future financial results. When used in this press release, words such as "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts" and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, estimates of our future financial results, are based upon our expectations at the time we make them and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved or that actual results will not differ from expectations. The Company has experienced fluctuating revenues, operating income and cash flow in some prior periods and expects this will occur from time to time in the future. The Company's actual results may differ from our expectations. Further, preliminary results are subject to normal year-end adjustments. Other factors that could cause such differences include the current global financial crisis, a continuing deterioration of global economic conditions, the crisis in and deterioration of the financial and real estate markets, the pace and timing of the consummation and integration of past and future acquisitions, the Company's ability to realize cost savings and efficiencies, competitive and general economic conditions, retention of staff and clients and other risks described under the heading "Item 1A. Risk Factors" in the Company's most recent Form 10-K and in the Company's other filings with the Securities and Exchange Commission. We are under no duty to update any of the forward-looking statements to conform such statements to actual results or events and do not intend to do so.




                              FTI CONSULTING, INC.
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
               FOR THE THREE MONTHS ENDED MARCH  31, 2009 AND 2008
                      (in thousands, except per share data)
                      -------------------------------------

                                                         Three Months Ended
                                                             March  31,
                                                             ----------
                                                           2009    2008 (1)
                                                           ----    --------
                                                             (unaudited)

    Revenues                                             $347,846  $307,102
                                                         --------  --------

    Operating expenses
      Direct cost of revenues                             192,412   172,521
      Selling, general and administrative expense          88,753    72,572
      Amortization of other intangible assets               6,050     2,898
                                                            -----     -----
                                                          287,215   247,991
                                                          -------   -------

    Operating income                                       60,631    59,111
                                                           ------    ------

    Other income (expense)
      Interest income and other                             2,053     3,311
      Interest expense                                    (11,013)  (11,599)
      Litigation settlement gains (losses), net               250        (1)
                                                              ---        --
                                                           (8,710)   (8,289)
                                                           ------    ------

    Income before income tax provision                     51,921    50,822

    Income tax provision                                   20,249    20,122
                                                           ------    ------

    Net income                                            $31,672   $30,700
                                                          =======   =======


    Earnings  per common share - basic                      $0.63     $0.64
                                                            =====     =====
    Weighted average common shares outstanding - basic     50,171    48,325
                                                           ======    ======

    Earnings per common share - diluted                     $0.60     $0.58
                                                            =====     =====
    Weighted average common shares outstanding - diluted   52,979    52,717
                                                           ======    ======

    (1) As of January 1, 2009 we adopted FSP APB 14-1, "Accounting for
        Convertible Debt Instruments that May be Settled in Cash Upon
        Conversion (Including Partial Cash Settlement)" (FSP APB 14-1) which
        addresses the accounting for convertible debt instruments that may be
        settled in cash upon conversion. Our 3 3/4% Convertible Senior Notes
        due 2012 issued in August 2005 are subject to FSP APB 14-1. The
        adoption of FSP APB 14-1 requires retrospective application of its
        effects to all previous years. The adoption of FSP APB 14-1 resulted
        in a $1.0 million increase in interest expense, a $0.4 decrease in
        income tax provision, a $0.6 million decrease in net income and a $.01
        decrease in basic and fully diluted earnings per share for the quarter
        ended March 31, 2008 as compared to the amounts previously reported.



                                   FTI CONSULTING, INC.
                          OPERATING RESULTS BY BUSINESS SEGMENT
                                       (Unaudited)
                                       -----------
                                                                     Revenue-
                                                  Utiliz-  Average    Gener-
                                 EBITDA            ation   Billable    ating
                      Revenues     (1)    Margin    (2)    Rate (2)  Headcount
                      --------   ------   ------  ------- --------   ---------
                         (in thousands)
                       ------------------
    Three Months Ended
     March 31, 2009
      Corporate
       Finance/
       Restructuring  $127,542    $40,721    31.9%    83%    $426        715
      Forensic and
       Litigation
       Consulting       66,850     15,713    23.5%    77%    $337        624
      Strategic
       Communications   42,771      5,796    13.6%    N/M     N/M        566
      Technology        55,847     19,326    34.6%    N/M     N/M        337
      Economic
       Consulting       54,836     10,319    18.8%    78%    $454        275
                        ------     ------                                ---
                      $347,846     91,875    26.4%    N/M     N/M      2,517
                      ========                                         =====
       Corporate                  (17,912)
                                   -------
     EBITDA (1)                   $73,963    21.3%
                                  =======

    Three Months Ended
     March 31, 2008
      Corporate
       Finance/
       Restructuring   $79,283    $21,910    27.6%    83%    $440        427
      Forensic and
       Litigation
       Consulting       60,255     14,656    24.3%    75%    $334        597
      Strategic
       Communications   54,614     12,679    23.2%    N/M     N/M        571
      Technology        56,535     23,322    41.3%    N/M     N/M        375
      Economic
       Consulting       56,415     13,316    23.6%    90%    $442        234
                        ------     ------                                ---
                      $307,102     85,883    28.0%    N/M     N/M      2,204
                      ========                                         =====
       Corporate                  (17,849)
                                  -------
      EBITDA (1)                  $68,034    22.2%
                                  =======

    (1) We define EBITDA as operating income before depreciation and
        amortization of intangible assets plus non-operating litigation
        settlements. Although EBITDA is not a measure of financial condition
        or performance determined in accordance with generally accepted
        accounting principles (GAAP), we believe that it can be a useful
        operating performance measure for evaluating our results of operations
        as compared from period to period and as compared to our competitors.
        EBITDA is a common alternative measure of operating performance used
        by investors, financial analysts and credit rating agencies to value
        and compare the financial performance of companies in our industry. We
        use EBITDA to evaluate and compare the operating performance of our
        segments and it is one of the primary measures used to determine
        employee bonuses. We also use EBITDA to value the businesses we
        acquire or anticipate acquiring. EBITDA is not defined in the same
        manner by all companies and may not be comparable to other similarly
        titled measures of other companies unless the definition is the same.
        This non-GAAP measure should be considered in addition to, but not as
        a substitute for or superior to, the information contained in our
        statements of income. See also our reconciliation of Non-GAAP
        financial measures.

    (2) The majority of the Technology and Strategic Communications segments'
        revenues are not generated on an hourly basis.  Accordingly,
        utilization and average billable rate metrics are not presented as
        they are not meaningful. Utilization where presented is based on a
        2,032 hour year.



      RECONCILIATION OF OPERATING INCOME AND NET INCOME TO EARNINGS BEFORE
                 INTEREST, TAXES, DEPRECIATION AND AMORTIZATION
                                   (Unaudited)
                                   -----------

    Three Months         Corporate    Forensic and    Strategic
     Ended March 31,     Finance /     Litigation      Communi-
     2009              Restructuring   Consulting      cations    Technology
                      --------------  ------------    ----------  ----------

    Net income
      Interest income
       and other
      Interest expense
      Litigation
       settlement losses
      Income tax provision
    Operating income         $38,375       $14,458         $3,876     $14,306
      Depreciation               764           571            752       2,949
      Amortization of other
       intangible assets       1,582           684          1,168       2,071
      Litigation
       settlement gains            -             -              -           -
                                   -             -              -           -
    EBITDA (1)                40,721        15,713          5,796      19,326
                              ======        ======          =====      ======


    Three Months
     Ended March 31,
     2008 (2)

    Net income
      Interest income
       and other
      Interest expense
      Litigation
       settlement losses
      Income tax provision
    Operating income         $21,349       $13,519        $10,806     $20,417
      Depreciation               521           624            662       2,342
      Amortization of other
       intangible assets          40           513          1,212         563
      Litigation
       settlement losses           -             -             (1)          -
                                   -             -             --           -
    EBITDA (1)                21,910        14,656         12,679      23,322
                              ======        ======         ======      ======




    Three Months
     Ended March 31,       Economic
     2009                  Consulting     Corp HQ         Total
                          -----------     -------         -----

    Net income                                            $31,672
      Interest income
       and other                                           (2,053)
      Interest expense                                     11,013
      Litigation
       settlement losses                                     (250)
      Income tax provision                                 20,249
                                                           ------
    Operating income          $9,367      $(19,751)        60,631
      Depreciation               407         1,589          7,032
      Amortization of other
       intangible assets         545             -          6,050
      Litigation
       settlement gains            -           250            250
                                   -           ---            ---
    EBITDA (1)                10,319       (17,912)        73,963
                              ======       =======         ======


    Three Months
     Ended March 31,
     2008 (2)

    Net income                                            $30,700
      Interest income
       and other                                           (3,311)
      Interest expense                                     11,599
      Litigation
       settlement losses                                        1
      Income tax provision                                 20,122
                                                           ------
    Operating income         $12,263      $(19,243)        59,111
      Depreciation               483         1,394          6,026
      Amortization of other
       intangible assets         570             -          2,898
      Litigation
       settlement losses           -             -             (1)
                                   -             -             --
    EBITDA (1)                13,316       (17,849)        68,034
                              ======       =======         ======

    (1) We define EBITDA as operating income before depreciation and
        amortization of intangible assets plus non-operating litigation
        settlements. Although EBITDA is not a measure of financial condition
        or performance determined in accordance with generally accepted
        accounting principles (GAAP), we believe that it can be a useful
        operating performance measure for evaluating our results of operations
        as compared from period to period and as compared to our competitors.
        EBITDA is a common alternative measure of operating performance used
        by investors, financial analysts and credit rating agencies to value
        and compare the financial performance of companies in our industry. We
        use EBITDA to evaluate and compare the operating performance of our
        segments and it is one of the primary measures used to determine
        employee bonuses. We also use EBITDA to value the businesses we
        acquire or anticipate acquiring. EBITDA is not defined in the same
        manner by all companies and may not be comparable to other similarly
        titled measures of other companies unless the definition is the same.
        This non-GAAP measure should be considered in addition to, but not as
        a substitute for or superior to, the information contained in our
        statements of income.

    (2) As of January 1, 2009 we adopted FSP No. APB 14-1, "Accounting for
        Convertible Debt Instruments that May be Settled in Cash upon
        Conversion (Including Partial Cash Settlement)" (FSP APB 14-1) which
        addresses the accounting for convertible debt that may be settled in
        cash upon conversion. Our 3 3/4% Convertible Senior Subordinated Notes
        due 2012 issued in August 2005 are subject to FSP APB 14-1.  The
        adoption of FSP APB 14-1 requires retrospective application of its
        effects to all previous years.  The adoption of FSP APB 14-1 resulted
        in a $1.0 million increase in interest expense, a $0.4 million
        decrease in income tax provision, and a $0.6 million decrease in net
        income for the quarter ended March 31, 2008 as compared to the amounts
        previously reported.



                              FTI CONSULTING, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2009 AND 2008
                                 (in thousands)
                                 --------------

                                                         Three Months Ended
                                                              March 31,
                                                             -----------
                                                           2009    2008 (1)
                                                           ----    --------
                                                             (unaudited)
    Operating activities
    Net income                                            $31,672   $30,700
    Adjustments to reconcile net income to net cash
     used in operating activities:
      Depreciation                                          7,032     6,026
      Amortization of other intangible assets               6,050     2,898
      Provision for doubtful accounts                       6,788     4,546
      Non-cash share-based compensation                     6,445     6,706
      Excess tax benefits from share-based compensation      (185)   (2,642)
      Non-cash interest expense                             1,854     1,749
      Other                                                    62      (184)
      Changes in operating assets and liabilities, net
       of effects from acquisitions:
        Accounts receivable, billed and unbilled          (41,148)  (59,084)
        Notes receivable                                   (3,836)    1,655
        Prepaid expenses and other assets                     943    (1,974)
        Accounts payable, accrued expenses and other       (2,896)    1,006
        Income taxes                                        9,614    17,395
        Accrued compensation                              (28,403)  (18,077)
        Billings in excess of services provided            (2,526)     (830)
                                                           ------      ----
                               Net cash (used in)
                                operating activities       (8,534)  (10,110)
                                                           ------   -------

    Investing activities
      Payments for acquisition of businesses, including
       contingent payments and acquisition costs, net
       of cash received                                   (25,742)  (93,636)
      Purchases of property and equipment                  (4,459)   (7,525)
      Other                                                   173   (27,371)
                                                              ---   -------
                              Net cash (used in)
                               investing activities       (30,028) (128,532)
                                                          -------  --------

    Financing activities
      Borrowings under revolving line of credit                 -         -
      Payments of revolving line of credit                      -         -
      Payments of long-term debt and capital lease
       obligations                                           (322)   (6,335)
      Issuance of common stock under equity
       compensation plans                                   5,930     8,582
      Excess tax benefit from share based compensation        185     2,642
                                                              ---     -----
                              Net cash provided by
                               financing activities         5,793     4,889
                                                            -----     -----

    Effect of exchange rate changes and fair value
     adjustments on cash and cash equivalents              (1,378)      358
                                                           ------       ---

    Net decrease in cash and cash equivalents             (34,147) (133,395)
    Cash and cash equivalents, beginning of period        191,842   360,463
                                                          -------   -------
    Cash and cash equivalents, end of period             $157,695  $227,068
                                                         ========  ========


    (1) As of January 1, 2009 we adopted FSP APB 14-1, "Accounting for
        Convertible Debt Instruments that May be Settled in Cash Upon
        Conversion (Including Partial Cash Settlement)" (FSP APB 14-1) which
        addresses the accounting for convertible debt instruments that may
        be settled in cash upon conversion. Our 3 3/4% Convertible Senior
        Notes due 2012 issued in August 2005 are subject to FSP APB 14-1. The
        adoption of FSP APB 14-1 requires retrospective application of its
        effects to all previous years.



                              FTI CONSULTING, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                   AS OF MARCH 31, 2009 AND  DECEMBER 31, 2008
                    (in thousands, except per share amounts)
                    ----------------------------------------

                                                    March 31,  December 31,
                                                       2009      2008 (1)
                                                       ----      --------
                        Assets                            (unaudited)
    Current assets
       Cash and cash equivalents                     $157,695      $191,842
       Accounts Receivable
           Billed                                     255,071       237,009
           Unbilled                                   127,241        98,340
           Allowance for doubtful accounts and
            unbilled services                         (58,641)      (45,309)
                                                      -------       -------
                                                      323,671       290,040
       Notes receivable                                17,043        15,145
       Prepaid expenses and other current assets       27,647        31,055
       Deferred income taxes                           24,372        24,372
                                                       ------        ------
        Total current assets                          550,428       552,454

    Property and equipment, net                        76,265        78,575
    Goodwill                                        1,143,689     1,151,388
    Other intangible assets, net                      184,137       189,304
    Notes receivable, net of current portion           58,176        56,500
    Other assets                                       58,515        59,349
                                                       ------        ------

          Total assets                             $2,071,210    $2,087,570
                                                   ==========    ==========

         Liabilities and Stockholders' Equity
    Current liabilities
        Accounts payable, accrued expenses and
         other                                        $67,869      $109,036
      Accrued compensation                             97,654       133,103
      Current portion of long-term debt and
       capital lease obligations                      146,331       132,915
        Billings in excess of services provided        28,267        30,872
                                                       ------        ------
        Total current liabilities                     340,121       405,926

    Long-term debt and capital lease obligations,
     net of current portion                           418,572       418,592
    Deferred income taxes                              88,067        83,777
    Other liabilities                                  47,722        45,037
                                                       ------        ------
          Total liabilities                           894,482       953,332

    Stockholders' equity
      Preferred stock, $0.01 par value; 5,000
       shares authorized, none outstanding                  -             -
      Common stock, $0.01 par value; 75,000
       shares authorized; 75,000 shares issued and
       outstanding - 51,326 (2009) and 50,934
       (2008)                                             513           509
      Additional paid-in capital                      752,059       735,180
      Retained earnings                               510,554       478,882
      Accumulated other comprehensive income          (86,398)      (80,333)
                                                      -------       -------
          Total stockholders' equity                1,176,728     1,134,238
                                                    ---------     ---------

          Total liabilities and stockholders'
           equity                                  $2,071,210    $2,087,570
                                                   ==========    ==========

    (1) As of January 1, 2009 we adopted FSP APB 14-1, "Accounting for
        Convertible Debt Instruments that May be Settled in Cash Upon
        Conversion (Including Partial Cash Settlement)" (FSP APB 14-1) which
        addresses the accounting for convertible debt instruments that may be
        settled in cash upon conversion. Our 3 3/4% Convertible Senior Notes
        due 2012 issued in August 2005 are subject to FSP APB 14-1. The
        adoption of FSP APB 14-1 requires retrospective application of its
        effects to all previous years. The adoption of this FSP resulted in a
        $0.6 million decrease in other assets, a $18.0 decrease in the current
        portion of long-term debt, a $7.0 million increase in deferred income
        taxes, an $18.0 million increase in additional paid in capital
        and a $7.6 million decrease in retained earnings from the amounts
        previously reported at December 31, 2008.

SOURCE FTI Consulting, Inc.

CONTACT: Jack Dunn, President & CEO of FTI Consulting, +1-561-515-1900, or investors, Gordon McCoun, or media: Andy Maas, both of FD, +1-212-850-5600

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Mollie Hawkes

Head of Investor Relations

+1 617.747.1791

Abaigeal Healy

Manager of Investor Relations

+1 617.747.1727