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FTI Consulting, Inc. Reports 2010 First Quarter Results
- First Quarter Revenues of $350 Million - Adjusted EPS of $0.67 and EPS of $0.29 after a special charge - Adjusted EBITDA of $75.9 Million

WEST PALM BEACH, Fla., May 5, 2010 /PRNewswire via COMTEX/ --FTI Consulting, Inc. (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, 2010.

For the first quarter of 2010, revenues increased to $350.0 million from $347.8 million in the prior year period. Adjusted earnings per diluted share were $0.67 before $0.38 of special charges described below and EPS was $0.29 per diluted share. Adjusted EBITDA before $30.2 million of special charges, increased to $75.9 million, or 21.7% of revenues, compared with $74.0 million, or 21.3% of revenues, in the first quarter of 2009. Adjusted earnings per diluted share and Adjusted EBITDA are non-GAAP measures which are described below.

The Company recorded a special charge in the first quarter of $30.2 million. This charge includes $19.3 million related to the termination of 144 employees; $7.8 million of lease termination charges in connection with the consolidation of four office locations and $3.1 million of other charges. Of the $30.2 million charge, approximately $21.8 million requires the use of cash and $8.4 million is a non-cash charge. These actions were taken to eliminate redundancies resulting from acquisitions completed over the last two years, to provide for appropriate levels of administrative support and to better align capacity with expected demand.

As of March 31, 2010, the Company had $80.9 million of cash and cash equivalents.

Commenting on these results, Jack Dunn, FTI's president and chief executive officer said, "Our first quarter of 2009, with its record restructuring market and two of the largest financial fraud cases of all time, was a tough quarter to beat. It is a tribute to the great professionals at FTI and the diversified business platform that we have built, that we were able to do so. The first quarter 2010 results reflect the changing nature of the global economy. While activity is still far from robust, there appear to be signs of strength in many sectors. As anticipated, we experienced slowing results from our practices that serve companies undergoing economic challenge but the beginnings of growth from those practices that benefit in times of recovery."

"The diversity of our business across many industries and activities, our global presence, with a record 20% of our revenue in the quarter coming from outside the U.S., and the array of intellectual capital represented by our great professionals place us in a good position to advise on the ample challenges brought on by the credit crisis and the recession as well as those associated with economic expansion. We continue to be a thought leader and a sought-after advisor providing critical thinking at the critical time."

First Quarter Segment Results

Corporate Finance/Restructuring

Revenues in the Corporate Finance/Restructuring segment were $117.5 million, compared with $127.5 million in the first quarter of the prior year. Adjusted Segment EBITDA was $34.7 million, or 29.6% of segment revenues, compared with $40.7 million, or 31.9% of segment revenues, in the prior year quarter. The segment's revenue declined from last year's record levels and resulted from a slowing of new restructuring opportunities in the U.S. While robust high yield markets and improving corporate earnings slowed the volume of new cases, we expect to continue to assist clients for years to come in the aftermath of the largest economic dislocation since the Great Depression. The segment experienced strong growth in its communications/media/entertainment practice and international business. Adjusted Segment EBITDA margins declined from the 2009 level due to lower utilization. In light of the slowing demand the segment has taken steps to bring its headcount into line with current activity levels.

Forensic and Litigation Consulting

Revenues in the Forensic and Litigation Consulting segment were $78.7 million, compared with $78.4 million in the first quarter of the prior year. Adjusted Segment EBITDA was $19.8 million, or 25.1% of segment revenues, compared to $21.9 million, or 28.0% of segment revenues, in the prior year's first quarter. The segment experienced sequential quarterly revenue growth of 12%. Compared to the prior year quarter, the construction solutions and international investigations practices grew and the domestic dispute and litigation practice largely replaced revenue declines in the unprecedented financial fraud cases that arose last year and continue, but at substantially reduced levels. Recent SEC enforcement actions are beginning to produce business and may portend long anticipated government activism. Adjusted Segment EBITDA margins declined year over year due to somewhat lower utilization levels compared to record first quarter margins in 2009.

Economic Consulting

Revenues in the Economic Consulting segment increased 22.7% to a record $67.3 million from $54.8 million in the first quarter of the prior year, its fifth sequential quarterly record in revenues. Adjusted Segment EBITDA increased 31.0% to $13.5 million, or 20.1% of segment revenues, compared to $10.3 million, or 18.8% of segment revenues, in the prior year quarter. While the market for this segment has not returned to normal levels, we did open 25% more cases than in the prior year quarter, and the trend to more normal levels of demand for services appears to be continuing. We also expanded our capacity and market share with our new offices in London, New York and the West Coast. The segment was active in supporting financial disputes and experienced improving demand resulting from regulatory activity, particularly from the major government agencies. Adjusted Segment EBITDA margins improved due to higher utilization.

Technology

Revenues in the Technology segment were $43.4 million, compared to $44.3 million in the first quarter of the prior year. Adjusted Segment EBITDA increased 31.8% to $17.3 million, or 39.8% of segment revenues, compared to $13.1 million, or 29.6% of segment revenues, in the prior year quarter. The Technology segment continues to be a preferred provider in large and complex situations, and had a solid performance driven by several large litigation, bankruptcy and product liability cases as well as excellent operational execution. In addition, we successfully launched Acuity, our integrated e-discovery and automated document review offering that positions FTI for the first time directly in the review space - the largest cost component of the discovery process. An increase in unit volumes in the hosting and processing business more than offset continuing price pressure as the Segment's pricing strategy and cost control measures gained traction. Adjusted Segment EBITDA margins improved due to the contribution from several significant engagements and cost control measures in selling, general and administrative expense. The segment continued to invest in research and development, with $5.4 million of cost in the quarter, unchanged from the prior year quarter.

Strategic Communications

Revenues in the Strategic Communications segment were $43.2 million, compared to $42.8 million in the first quarter of the prior year. Adjusted Segment EBITDA was $5.7 million, or 13.3% of segment revenues, compared to $5.8 million, or 13.6% of revenues, in the prior year quarter. Within an overall slow environment for discretionary corporate spending, M&A and capital markets activity, the segment is experiencing a gradual improvement in business trends as evidenced by the second consecutive quarter of net annualized retainer wins, reversing a decline that began in the fourth quarter of 2008. IPO filings have increased significantly compared to last year's first quarter and improving levels of M&A activity provide some evidence of a trend toward more normal levels of opportunity for the segment.

Segment Reclassification and Other

Effective January 1, 2010, we implemented a change in our organizational structure. The Company's Financial and Enterprise Data Analytics (FEDA) sub-practice has been moved from the Technology segment to the Forensic and Litigation Consulting segment. All discussion and presentation of results have been adjusted to set forth this change for all periods presented. Adjusted Segment EBITDA, a non-GAAP measure, excludes the impact of special charges as discussed above.

First Quarter Conference Call

FTI will hold a conference call for analysts and investors to discuss first quarter financial results at 9:00 AM Eastern Time on Wednesday, May 5, 2010. 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 3,400 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, reputation management and restructuring. More information can be found at www.fticonsulting.com.

Use of Non-GAAP Measure

Note: We define Adjusted EBITDA as consolidated operating income before depreciation, amortization of intangible assets and special charges plus non-operating litigation settlements. We defined Adjusted Segment EBITDA as the segment's share of consolidated operating income before depreciation, amortization of intangible assets and special charges plus non-operating litigation settlements. Although Adjusted EBITDA, and Adjusted Segment EBITDA are not measures of financial condition or performance determined in accordance with generally accepted accounting principles ("GAAP"), we believe that these measures 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 rating agencies to value and compare the financial performance of companies in our industry. We use Adjusted EBITDA and Adjusted Segment EBITDA to evaluate and compare the operating performance of our segments and it is one of the primary measures used to determine employee incentive compensation. We define Adjusted earnings per diluted share (Adjusted EPS) as earnings per diluted share minus the per share impact of the special charges.

Adjusted EBITDA, Adjusted Segment EBITDA and Adjusted EPS are 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. These non-GAAP measures should be considered in addition to, but not as a substitute for or superior to, the information contained in our statements of income. Reconciliations of operating profit to Adjusted EBITDA, segment operating profit to Adjusted Segment EBITDA and EPS to Adjusted EPS are included in the accompanying tables to today's press release.

Safe Harbor Statement

This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, 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 and 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.

FINANCIAL TABLES FOLLOW


                          FTI CONSULTING, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF INCOME
           FOR THE THREE MONTHS ENDED MARCH  31, 2010 AND 2009
                  (in thousands, except per share data)


                                                    Three Months Ended
                                                        March  31,
                                                        ----------
                                                     2010          2009
                                                     ----          ----
                                                       (unaudited)

    Revenues                                     $350,040      $347,846
                                                 --------      --------

    Operating expenses
      Direct cost of revenues                     197,460       192,412
      Selling, general and administrative
       expense                                     84,401        88,753
      Special charges                              30,245             -
      Amortization of other intangible assets       6,091         6,050
                                                  318,197       287,215
                                                  -------       -------

    Operating income                               31,843        60,631
                                                   ------        ------

    Other income (expense)
      Interest income and other                     2,354         2,303
      Interest expense                            (11,318)      (11,013)
                                                   (8,964)       (8,710)
                                                   ------        ------

    Income before income tax provision             22,879        51,921

    Income tax provision                            8,694        20,249
                                                    -----        ------

    Net income                                    $14,185       $31,672
                                                  =======       =======


    Earnings  per common share - basic              $0.31         $0.63
                                                    =====         =====
    Weighted average common shares outstanding
     -basic                                        45,799        50,171
                                                   ======        ======

    Earnings per common share - diluted             $0.29         $0.60
    Weighted average common shares outstanding
     -diluted                                      48,128        52,979
                                                   ======        ======


                                               FTI CONSULTING, INC.
                                       OPERATING RESULTS BY BUSINESS SEGMENT
                                                    (Unaudited)



                               Revenues        EBITDA (1)   Margin
                               --------        ----------   ------
                                       (in thousands)
                                       --------------
    Three Months Ended March
     31, 2010
      Corporate Finance/
       Restructuring            $117,467           $34,719     29.6%
      Forensic and Litigation
       Consulting                 78,678            19,784     25.1%
      Economic Consulting         67,307            13,520     20.1%
      Technology                  43,373            17,261     39.8%
      Strategic Communications    43,215             5,742     13.3%
                                                     -----
                                $350,040            91,026     26.0%
                                ========
       Corporate                                   (15,144)
                                                   -------
    Adjusted EBITDA (1)                            $75,882     21.7%
                                                   =======


    Three Months Ended March
     31, 2009
      Corporate Finance/
       Restructuring            $127,542           $40,721     31.9%
      Forensic and Litigation
       Consulting (3)             78,374            21,941     28.0%
      Economic Consulting         54,836            10,319     18.8%
      Technology (3)              44,323            13,098     29.6%
      Strategic Communications    42,771             5,796     13.6%
                                                     -----
                                $347,846            91,875     26.4%
                                ========
       Corporate                                   (17,912)
                                                   -------
    Adjusted EBITDA (1)                            $73,963     21.3%
                                                   =======



                                              Average  Revenue-
                                             Billable  Generating
                               Utilization
                                     (2)     Rate (2)  Headcount
                               ------------  --------  ---------


    Three Months Ended March
     31, 2010
      Corporate Finance/
       Restructuring                     69%      $457        701
      Forensic and Litigation
       Consulting                        78%      $325        771
      Economic Consulting                82%      $470        302
      Technology                        N/M        N/M        242
      Strategic Communications          N/M        N/M        569
                                        N/M        N/M      2,585
                                                            =====
       Corporate
    Adjusted EBITDA (1)


    Three Months Ended March
     31, 2009
      Corporate Finance/
       Restructuring                     83%      $418        715
      Forensic and Litigation
       Consulting (3)                    82%      $319        702
      Economic Consulting                78%      $454        275
      Technology (3)                    N/M        N/M        259
      Strategic Communications          N/M        N/M        566
                                        N/M        N/M      2,517
                                                            =====
       Corporate
    Adjusted EBITDA (1)




    (1) We define Adjusted EBITDA as consolidated operating income before
    depreciation, amortization of intangible assets and special charges
    plus non-operating litigation settlements. We define Adjusted
    Segment EBITDA as the segments' share of consolidated operating
    income before depreciation, amortization of intangible assets and
    special charges plus non-operating litigation settlements. Although
    Adjusted EBITDA, and Adjusted Segment EBITDA are not measures of
    financial condition or performance determined in accordance with
    generally accepted accounting principles ("GAAP"), we believe that
    these measures  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 rating  agencies to value and compare the
    financial performance of companies in our industry. We use Adjusted
    EBITDA and Adjusted Segment EBITDA to evaluate and compare the
    operating performance of our segments and it is one of the primary
    measures used to determine employee incentive compensation.

    Adjusted EBITDA and Adjusted Segment EBITDA are 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. These non-GAAP measures 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.

    (3) Effective January 1, 2010, we implemented a change in our
    organizational structure that resulted in the movement of our
    Financial and Enterprise Data Analytics subpractice from our
    Technology segment to our Forensic and Litigation Consulting
    segment. This change has been reflected in our segment reporting for
    all periods.


                            FTI CONSULTING, INC.
               RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                   (in thousands, except per share data)
                   -------------------------------------
                                (unaudited)

                                                         Three Months Ended
                                                             March 31,
                                                             ---------
                                                          2010         2009
                                                          ----         ----

    Net income                                         $14,185      $31,672
                                                       =======      =======

    Earnings per common share - diluted                  $0.29        $0.60
                                                         =====        =====

    Add back: Special charges, net of taxes of
     $12,176                                           $18,069           $-
    Adjusted net income before special charges         $32,254      $31,672
                                                       =======      =======

    Adjusted earnings per common share - diluted
        before special charges (1)                       $0.67        $0.60
                                                         =====        =====

    (1)  We define adjusted earnings per diluted share  (Adjusted EPS)
     as earnings per diluted share minus the per share impact of the
     special charges.



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


                                                Forensic
                                                   and
                                   Corporate   Litigation
    Three Months Ended March 31,   Finance /   Consulting      Economic
     2010                        Restructuring      (2)       Consulting
                                 -------------    -----------       ----------

    Net income
      Interest income and other
      Interest expense
      Income tax provision
    Operating income                   $25,644        $12,400           $5,766
      Depreciation                         994            829              630
      Amortization of other
       intangible assets                 1,492            995              310
      Special charges                    6,589          5,560            6,814
      Non-operating litigation
       settlements                           -              -                -
                                           ---            ---              ---
    Adjusted EBITDA (1)                $34,719        $19,784          $13,520
                                       =======        =======          =======


    Three Months Ended March 31,
     2009

    Net income
      Interest income and other
      Interest expense

    Operating income                   $38,375        $20,597           $9,367
      Depreciation                         764            660              407
      Amortization of other
       intangible assets                 1,582            684              545
      Special charges                        -              -                -
      Non-operating litigation
       settlements                           -              -                -
                                           ---            ---              ---
    Adjusted EBITDA (1)                $40,721        $21,941          $10,319
                                       =======        =======          =======




                                            Strategic
    Three Months Ended March 31, Technology Communi-
     2010                             (2)   cations   Corp HQ     Total
                                 ---------- --------- -------     -----

    Net income                                                   $14,185
      Interest income and other                                  (2,354)
      Interest expense                                            11,318
      Income tax provision                                         8,694
                                                                   -----
    Operating income                 $7,302    $2,347  $(21,616)  31,843
      Depreciation                    3,050       823     1,377    7,703
      Amortization of other
       intangible assets              1,982     1,312         -    6,091
      Special charges                 4,927     1,260     5,095   30,245
      Non-operating litigation
       settlements                        -         -         -        -
                                        ---       ---       ---      ---
    Adjusted EBITDA (1)             $17,261    $5,742  $(15,144) $75,882
                                    =======    ======  ========  =======


    Three Months Ended March 31,
     2009

    Net income                                                   $31,672
      Interest income and other                                  (2,303)
      Interest expense                                            11,013
                                                                  20,249
                                                                  ------
    Operating income                 $8,167    $3,876  $(19,751)  60,631
      Depreciation                    2,860       752     1,589    7,032
      Amortization of other
       intangible assets              2,071     1,168         -    6,050
      Special charges                     -         -         -        -
      Non-operating litigation
       settlements                        -         -       250      250
                                        ---       ---       ---      ---
    Adjusted EBITDA (1)             $13,098    $5,796  $(17,912) $73,963
                                    =======    ======  ========  =======




    (1) We define Adjusted EBITDA as consolidated operating income before
    depreciation, amortization of intangible assets and special charges
    plus non-operating litigation settlements. We define Adjusted
    Segment EBITDA as the segments' share of consolidated operating
    income before depreciation, amortization of intangible assets and
    special charges plus non-operating litigation settlements. Although
    Adjusted EBITDA, and Adjusted Segment EBITDA are not measures of
    financial condition or performance determined in accordance with
    generally accepted accounting principles ("GAAP"), we believe that
    these measures  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 rating agencies to value and compare the
    financial performance of companies in our industry. We use Adjusted
    EBITDA and Adjusted Segment EBITDA to evaluate and compare the
    operating performance of our segments and it is one of the primary
    measures used to determine employee incentive compensation.

    Adjusted EBITDA and Adjusted Segment EBITDA are 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. These non-GAAP measures 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) Effective January 1, 2010, we implemented a change in our
    organizational structure that resulted in the movement of our
    Financial and Enterprise Data Analytics subpractice from our
    Technology segment to our Forensic and Litigation Consulting
    segment. This change has been reflected in our segment reporting for
    all periods.


                               FTI CONSULTING, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009
                                  (in thousands)


                                                       Three Months Ended
                                                            March 31,
                                                            ---------
                                                        2010             2009
                                                        ----             ----
                                                           (unaudited)
    Operating activities
    Net income                                       $14,185          $31,672
    Adjustments to reconcile
     net income to net cash
     used in operating
     activities:
      Depreciation                                     7,703            7,032
      Amortization of other
       intangible assets                               6,091            6,050
      Provision for doubtful
       accounts                                        3,010            6,788
      Non-cash share-based
       compensation                                    7,394            6,445
      Excess tax benefits from
       share-based
       compensation                                     (754)            (185)
      Non-cash interest
       expense                                         1,800            1,854
      Other                                             (476)            (604)
      Changes in operating
       assets and liabilities,
       net of effects from
       acquisitions:
        Accounts receivable,
         billed and unbilled                         (32,291)         (41,148)
        Notes receivable                             (14,971)          (3,836)
        Prepaid expenses and
         other assets                                  6,826              943
        Accounts payable,
         accrued expenses and
         other                                        20,909           (2,896)
        Income taxes                                 (13,182)           9,614
        Accrued compensation                         (31,363)         (28,953)
        Billings in excess of
         services provided                            (2,144)          (2,526)
                               Net cash (used in)
                                operating activities (27,263)          (9,750)
                                                     -------           ------

    Investing activities
      Payments for acquisition
       of businesses,
       including contingent
       payments and
          acquisition costs, net
           of cash received                          (17,544)         (24,526)
      Purchases of property
       and equipment                                  (5,168)          (4,459)
      Proceeds from maturity
       of short-term
       investment                                     15,000                -
      Other                                           (2,976)             173
                                                      ------              ---
                              Net cash (used in)
                               investing activities  (10,688)         (28,812)
                                                     -------          -------

    Financing activities
      Borrowings under
       revolving line of
       credit                                         20,000                -
      Payments of revolving
       line of credit                                (20,000)               -
      Payments of long-term
       debt and capital lease
       obligations                                      (527)            (322)
      Issuance of common stock
       under equity
       compensation plans                                832            5,930
      Excess tax benefit from
       share based
       compensation                                      754              185
      Other                                              442                -
                              Net cash provided by
                               financing activities    1,501            5,793
                                                       -----            -----

    Effect of exchange rate
     changes on cash and
     cash equivalents                                 (1,544)          (1,378)
                                                      ------           ------

    Net decrease in cash and
     cash equivalents                                (37,994)         (34,147)
    Cash and cash
     equivalents, beginning
     of period                                       118,872          191,842
                                                     -------          -------
    Cash and cash
     equivalents, end of
     period                                          $80,878         $157,695
                                                     =======         ========


                                 FTI CONSULTING, INC.
                         CONDENSED CONSOLIDATED BALANCE SHEETS
                      AS OF MARCH 31, 2010 AND  DECEMBER 31, 2009
                       (in thousands, except per share amounts)


                                                                December
                                                   March 31,       31,
                                                         2010        2009
                                                         ----        ----
                            Assets                (unaudited)
    Current assets
       Cash and cash equivalents                      $80,878    $118,872
       Accounts receivable:
           Billed                                     243,045     241,911
           Unbilled                                   135,911     104,959
           Allowance for doubtful accounts and
            unbilled services                         (63,728)    (59,328)
                                                      -------     -------
                                                      315,228     287,542
       Notes receivable                                24,761      20,853
       Prepaid expenses and other current
        assets                                         32,199      52,172
       Deferred income taxes                           25,444      20,476
                                                       ------      ------
        Total current assets                          478,510     499,915

    Property and equipment, net of
     accumulated depreciation                          79,645      80,678
    Goodwill                                        1,185,552   1,195,949
    Other intangible assets, net of
     amortization                                     168,012     175,962
    Notes receivable, net of current
     portion                                           79,407      69,213
    Other assets                                       54,496      55,621
                                                       ------      ------

         Total assets                              $2,045,622  $2,077,338
                                                   ==========  ==========

             Liabilities and Stockholders' Equity
    Current liabilities
      Accounts payable, accrued expenses and
       other                                          $74,468     $81,193
      Accrued compensation                            101,164     152,807
      Current portion of long-term debt and
       capital lease obligations                      143,613     138,101
      Billings in excess of services
       provided                                        31,743      34,101
                                                       ------      ------
        Total current liabilities                     350,988     406,202

    Long-term debt and capital lease
     obligations, net of current portion              417,260     417,397
    Deferred income taxes                              99,954      95,704
    Other liabilities                                  58,768      53,821
                                                       ------      ------
         Total liabilities                            926,970     973,124

    Stockholders' equity
      Preferred stock, $0.01 par value;
       shares authorized - 5,000; none
       outstanding                                          -           -
      Common stock, $0.01 par value; shares
       authorized - 75,000; shares issued
       and                                                470         470
           outstanding -  46,967 (2010) and
            46,985 (2009)
      Additional paid-in capital                      552,198     535,754
      Retained earnings                               629,714     615,529
      Accumulated other comprehensive loss            (63,730)    (47,539)
         Total stockholders' equity                 1,118,652   1,104,214
                                                    ---------   ---------

         Total liabilities and stockholders'
          equity                                   $2,045,622  $2,077,338
                                                   ==========  ==========



SOURCE FTI Consulting, Inc.

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