SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 29, 2003
FTI Consulting, Inc.
(Exact Name of Registrant as Specified in Charter)
| Maryland | 001-14875 | 52-1261113 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| 900 Bestgate Road, Suite 100, Annapolis, Maryland |
21401 | |||
| (Address of Principal Executive Offices) | (ZIP Code) |
Registrant’s telephone number, including area code: (410) 224-8770
| Item 5. | Other Events and Required FD Disclosure. |
On September 2, 2003, FTI Consulting, Inc. announced the completed sale of its SEA practice group. The full text of the press release is set forth in Exhibit 99.1 hereto.
| Item 7. | Financial Statements, Pro Forma Financial Information and Exhibits. |
(c) Exhibits.
| 99.1 |
Press Release dated September 2, 2003, of FTI Consulting, Inc. |
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SIGNATURES
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.
| FTI CONSULTING, INC. | ||
| By: |
/s/ THEODORE I. PINCUS | |
| Theodore I. Pincus Executive Vice President and Chief Financial Officer | ||
Date: September 4, 2003
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EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1 |
Press Release dated September 2, 2003, of FTI Consulting, Inc. | |
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Exhibit 99.1
news
[FRB LOGO]
RE: FTI Consulting, Inc.
900 Bestgate Road
Annapolis, MD 21401
(410) 224-8770
FOR FURTHER INFORMATION:
| AT FTI CONSULTING: | AT FRB|WEBERSHANDWICK: | |||||
| Jack Dunn | Marilyn Windsor | Lisa Fortuna | Tim Grace | |||
| Chairman & CEO | General Inquiries | Analyst Inquiries | Media Inquiries | |||
| (410) 224-1483 | (702) 515-1260 | (312) 640-6779 | (312) 640-6667 | |||
FOR IMMEDIATE RELEASE
TUESDAY, SEPTEMBER 2, 2003
FTI CONSULTING COMPLETES SALE OF SEA GROUP
ANNAPOLIS, MD, September 2, 2003—FTI Consulting, Inc. (NYSE: FCN), the premier national provider of turnaround, bankruptcy and litigation-related consulting services, today announced that it has completed the sale of its SEA practice group to SEA’s senior management. The sale of SEA completes the disposition of FTI’s former Applied Sciences group, the results of which have been presented as discontinued operations in FTI’s financial statements.
FTI received cash of $10.0 million, which was used to reduce the outstanding balance under FTI’s existing term loan, and a promissory note from the buyer in the amount of $6.0 million, to be paid over seven years, with interest payable monthly at 9.0 percent per annum and principal payable monthly beginning in the fourth year. As previously announced, FTI reduced the carrying value of the SEA assets by $3.0 million and recorded an additional $4.0 million loss on the sale, consisting of $3.4 million in expected income taxes and $600,000 in other transaction-related costs, in its financial results for the second quarter of 2003.
About FTI Consulting
FTI Consulting is a multi-disciplined consulting firm with leading practices in the areas of turnaround, bankruptcy and litigation-related consulting services. Modern corporations, as well as those who advise and invest in them, face growing challenges on every front. From a proliferation of “bet-the-company” litigation to increasingly complicated relationships with lenders and investors in an ever-changing global economy, U.S. companies are turning more and more to outside experts and consultants to meet these complex issues. FTI is dedicated to helping corporations, their advisors, lawyers, lenders and investors meet these challenges by providing a broad array of the highest quality professional practices from a single source.
This press release includes “forward-looking” statements that involve uncertainties and risks. There can be no assurance that actual results will not differ from the company’s expectations. The company has experienced fluctuating revenues, operating income and cash flow in some prior periods and expects this may occur from time to time in the future. As a result of these possible fluctuations, the company’s actual results may differ from our projections. Other factors that could cause such differences include pace and timing of additional acquisitions, the company’s ability to realize cost savings and efficiencies, competitive and general economic conditions, and other risks described in the company’s filings with the Securities and Exchange Commission.
FTI is on the Internet at www.fticonsulting.com.
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