FTI Consulting, Inc. Reports 2010 Third Quarter Results

- Third Quarter Revenues of $346 Million- Adjusted EPS of $0.54- Financing Activities Extend Maturities, Lower Interest Rate and Enhance Liquidity

WEST PALM BEACH, Fla., Nov. 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 third quarter ended September 30, 2010.

For the third quarter, revenues were $346.1 million compared to $348.6 million in the prior year period. Earnings per diluted share (EPS) were $0.47 compared to $0.70 in the prior year period. Excluding the $0.07 EPS impact of debt extinguishment costs related to the refinancing of a portion of the Company's long term debt, Adjusted EPS for the third quarter of 2010 was $0.54. Adjusted EBITDA was $65.0 million, or 18.8% of revenues, compared to $77.9 million, or 22.3% of revenues, in the prior year period. Adjusted EBITDA, Adjusted Segment EBITDA and Adjusted EPS (which appear in the accompanying tables) are non-GAAP measures and are described in further detail below.

For the quarter, the Company generated $73.9 million in cash from operations.

The Company strengthened its financial position through several related financing transactions consisting of:

  • A new $250 million, five-year revolving credit agreement that replaced the $175 million revolving credit agreement;
  • A private offering of $400 million aggregate principal amount of 6 3/4% senior notes due 2020; and
  • The retirement of $200 million aggregate principal amount of the Company's outstanding 7 5/8% Senior Notes due 2013, $185 million of which was purchased as of September 30, 2010 and the balance was redeemed November 1, 2010.

Including the net proceeds from the financing transactions, the Company had $331 million of cash and cash equivalents as of September 30, 2010. During the third quarter of 2010, the Company repurchased 762,359 shares of its common stock for a total purchase price of approximately $26.1 million.

Commenting on these results, Jack Dunn, President and Chief Executive Officer of the Company, said, "Results for the quarter saw three of our segments grow; one was flat and one experienced a significant decline. Forensic and Litigation Consulting grew 11.9% based on the continuation of major cases plus several new FCPA cases, strong investigatory due diligence activities in Asia and Latin America and disputes arising out of the financial crisis and mortgage backed securities. Technology grew 10.4% based on increased volumes in document hosting, revenues from our new Acuity(TM) offering and increased activity in the U.K. and Australia. Strategic Communications grew 5.8%, with both retained and project based work performing well. While the quarter for Economic Consulting was basically flat reflecting a continued dearth of antitrust and M&A work, the segment remains up 11.5% for the nine months compared to a year ago period. Corporate Finance continued to decline from cyclically high results last year and was down 14.1%.

"Our international strategy was advanced meaningfully in the quarter with the acquisition in Asia of a prominent provider of corporate finance, restructuring, turnaround, corporate advisory and recovery services. Hong Kong is now one of our largest offices."

Third Quarter Segment Results

Corporate Finance/Restructuring

Revenues in the Corporate Finance/Restructuring segment decreased 14.1% to $109.7 million from $127.8 million in the third quarter of the prior year. Adjusted Segment EBITDA was $26.7 million, or 24.3% of segment revenues, compared with $43.6 million, or 34.1% of segment revenues, in the prior year quarter. The year-over-year decline was due to lower demand for restructuring services resulting from the improvement in high yield markets and the economy. The segment's results benefited from the acquisition in August of its Asia practice, growth in commercial real estate consulting and new operations in Germany and Spain. Adjusted Segment EBITDA margins declined from the prior year due to lower revenues.

Forensic and Litigation Consulting

Revenues in the Forensic and Litigation Consulting segment increased 11.9% to a record $84.0 million from $75.1 million in the third quarter of the prior year. Adjusted Segment EBITDA was $20.2 million, or 24.0% of segment revenues, compared to $18.6 million, or 24.7% of segment revenues, in the prior year's third quarter. Segment growth came from increased activity in litigation and corporate investigations, continued growth in services to regulated industries, notably healthcare and pharmaceuticals, and growth in the Ibero-American and Asian investigations practices.

Economic Consulting

Revenues in the Economic Consulting segment were $59.4 million compared to $59.6 million in the third quarter of the prior year. Adjusted Segment EBITDA was $11.9 million, or 20.1% of segment revenues, compared to $14.0 million, or 23.4% of segment revenues, in the prior year quarter. Continued growth in the segment's European operations and the financial economics practice were offset by lower demand in antitrust and mergers and acquisition (M&A) activity. Adjusted Segment EBITDA declined compared to the margin levels in the same prior year quarter due to lower utilization.

Technology

Revenues in the Technology segment increased 10.4% to $42.7 million from $38.7 million in the third quarter of the prior year. Adjusted Segment EBITDA increased 20.5% to $13.9 million, or 32.6% of segment revenues, compared to $11.5 million, or 29.8% of segment revenues, in the prior year quarter. Revenue performance in the quarter reflected the contribution from two large cases, increased litigation activity, growth in investigation matters, and the continued success of the segment's Acuity(TM) offering, and continued low levels of contribution from M&A 'Second Request' projects. Adjusted Segment EBITDA margins improved from the prior year quarter due to the higher revenues.

Strategic Communications

Revenues in the Strategic Communications segment increased 5.8% to $50.2 million from $47.5 million in the third quarter of the prior year. Adjusted Segment EBITDA was $7.2 million, or 14.4% of segment revenues, compared to $6.6 million, or 13.8% of segment revenues, in the prior year quarter. The segment experienced growth in project-based work despite the continued slow environment for discretionary corporate spending and capital markets-related activity. The segment also experienced the fourth consecutive quarter of net annualized retainer wins. Adjusted Segment EBITDA margins improved compared to the prior year quarter due to higher revenues.

Third Quarter Conference Call

FTI will hold a conference call for analysts and investors to discuss third quarter financial results at 9:00 AM Eastern Time on Friday, November 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, http://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, reputation management and restructuring. More information can be found at http://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 define 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. We define Adjusted earnings per diluted share (Adjusted EPS) as earnings per diluted share excluding the per share impact of the special charges and debt extinguishment costs that were incurred in that year. Although Adjusted EBITDA, Adjusted Segment EBITDA and Adjusted EPS 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.

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 adverse financial and real estate market and general economic conditions, 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 NINE MONTHS ENDED SEPTEMBER 30, 2010 AND 2009

(in thousands, except per share data)






Nine Months Ended


September 30,


2010


2009


(unaudited)





Revenues

$ 1,045,213


$ 1,057,008





Operating expenses




Direct cost of revenues

610,586


579,797

Selling, general and administrative expense

252,399


262,571

Special charges

30,245


-

Amortization of other intangible assets

18,229


18,370


911,459


860,738





Operating income

133,754


196,270





Other income (expense)




Interest income and other

4,740


6,335

Interest expense

(34,600)


(33,477)

Loss on early extinguishment of debt

(5,161)


-


(35,021)


(27,142)





Income before income tax provision

98,733


169,128





Income tax provision

37,519


62,675





Net income

$ 61,214


$ 106,453









Earnings per common share - basic

$ 1.34


$ 2.11

Weighted average common shares outstanding - basic

45,708


50,419





Earnings per common share - diluted

$ 1.28


$ 1.99

Weighted average common shares outstanding - diluted

47,726


53,584

FTI CONSULTING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED September 30, 2010 AND 2009

(in thousands, except per share data)






Three Months Ended


September 30,


2010


2009


(unaudited)





Revenues

$ 346,140


$ 348,637





Operating expenses




Direct cost of revenues

204,095


193,204

Selling, general and administrative expense

85,796


84,976

Amortization of other intangible assets

6,286


6,171


296,177


284,351





Operating income

49,963


64,286





Other income (expense)




Interest income and other

2,527


3,330

Interest expense

(11,904)


(11,434)

Loss on early extinguishment of debt

(5,161)


-


(14,538)


(8,104)





Income before income tax provision

35,425


56,182





Income tax provision

13,462


18,626





Net income

$ 21,963


$ 37,556









Earnings per common share - basic

$ 0.48


$ 0.74

Weighted average common shares outstanding - basic

45,471


50,696





Earnings per common share - diluted

$ 0.47


$ 0.70

Weighted average common shares outstanding - diluted

46,808


53,896

FTI CONSULTING, INC.

OPERATING RESULTS BY BUSINESS SEGMENT

(unaudited)











Average


Revenue-





Adjusted






Billable


Generating



Revenues


EBITDA (1)


Margin


Utilization(2)


Rate (2)


Headcount



(in thousands)









Three Months Ended September 30, 2010













Corporate Finance/Restructuring


$ 109,736


$ 26,708


24.3%


71%


$ 421


740

Forensic and Litigation Consulting (3) (4)


84,023


20,189


24.0%


69%


$ 338


799

Economic Consulting


59,417


11,932


20.1%


70%


$ 481


292

Technology (3)


42,721


13,908


32.6%


N/M


N/M


248

Strategic Communications


50,243


7,223


14.4%


N/M


N/M


579



$ 346,140


79,960


23.1%


N/M


N/M


2,658

Corporate




(14,934)









Adjusted EBITDA (1)




$ 65,026


18.8%




















Nine Months Ended September 30, 2010













Corporate Finance/Restructuring


$ 338,298


$ 87,404


25.8%


70%


$ 440


740

Forensic and Litigation Consulting (3) (4)


243,455


59,319


24.4%


72%


$ 327


799

Economic Consulting


191,276


36,905


19.3%


78%


$ 472


292

Technology (3)


128,885


47,026


36.5%


N/M


N/M


248

Strategic Communications


143,299


21,600


15.1%


N/M


N/M


579



$ 1,045,213


252,254


24.1%


N/M


N/M


2,658

Corporate




(45,888)









Adjusted EBITDA (1)




$ 206,366


19.7%




















Three Months Ended September 30, 2009













Corporate Finance/Restructuring


$ 127,808


$ 43,584


34.1%


68%


$ 455


776

Forensic and Litigation Consulting (3) (4)


75,055


18,550


24.7%


76%


$ 310


745

Economic Consulting


59,588


13,957


23.4%


73%


$ 460


302

Technology (3)


38,693


11,547


29.8%


N/M


N/M


261

Strategic Communications


47,493


6,557


13.8%


N/M


N/M


547



$ 348,637


94,195


27.0%


N/M


N/M


2,631

Corporate




(16,324)









Adjusted EBITDA (1)




$ 77,871


22.3%




















Nine Months Ended September 30, 2009













Corporate Finance/Restructuring


$ 389,320


$ 131,750


33.8%


76%


$ 436


776

Forensic and Litigation Consulting (3) (4)


229,775


61,347


26.7%


78%


$ 317


745

Economic Consulting


171,547


34,621


20.2%


75%


$ 457


302

Technology (3)


131,552


43,831


33.3%


N/M


N/M


261

Strategic Communications


134,814


18,232


13.5%


N/M


N/M


547



$ 1,057,008


289,781


27.4%


N/M


N/M


2,631

Corporate




(53,368)









Adjusted EBITDA (1)




$ 236,413


22.4%

































(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 a 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.

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 as a segment-wide metric.


(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 presented.


(4) 2010 utilization and average billable rate calculations for our Forensic and Litigation Consulting segment include information related to non-domestic operations that was not available in 2009.

FTI CONSULTING, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(unaudited)


















Three Months Ended


Nine Months Ended






September 30,


September 30,






2010


2009


2010


2009













Net income





$ 21,963


$ 37,556


$ 61,214


$ 106,453













Add back: Special charges, net of tax


-


-


18,069


-

Add back: Loss on early extinguishment of debt, net of tax


3,200


-


3,200


-

Adjusted net income (1)




$ 25,163


$ 37,556


$ 82,483


$ 106,453













Earnings per common share - diluted


$ 0.47


$ 0.70


$ 1.28


$ 1.99













Adjusted earnings per common share - diluted (1)


$ 0.54


$ 0.70


$ 1.73


$ 1.99













Weighted average number of common shares outstanding - diluted


46,808


53,896


47,726


53,584


(1) We define adjusted net income and adjusted earnings per diluted share as net income and earnings per diluted share, respectively, excluding the impact of the special charges and loss on early extinguishment of debt that were incurred in that period, and their related income tax effects.

RECONCILIATION OF OPERATING INCOME AND NET INCOME TO EARNINGS BEFORE

INTEREST, TAXES, DEPRECIATION AND AMORTIZATION

(in thousands)

(unaudited)


Three Months Ended September 30, 2010

Corporate
Finance /
Restructuring


Forensic and
Litigation
Consulting (2)


Economic
Consulting


Technology (2)


Strategic
Communi-
cations


Corp HQ


Total















Net income













$ 21,963


Interest income and other













(2,527)


Interest expense













11,904


Loss on early extinguishment of debt













5,161


Income tax provision













13,462

Operating income

$ 23,938


$ 18,420


$ 11,077


$ 7,634


$ 5,129


$ (16,235)


$ 49,963


Depreciation and amortization

875


800


555


4,442


804


1,301


8,777


Amortization of other intangible assets

1,895


969


300


1,832


1,290


-


6,286

Adjusted EBITDA (1)

$ 26,708


$ 20,189


$ 11,932


$ 13,908


$ 7,223


$ (14,934)


$ 65,026





























Nine Months Ended September 30, 2010




























Net income













$ 61,214


Interest income and other













(4,740)


Interest expense













34,600


Loss on early extinguishment of debt













5,161


Income tax provision













37,519

Operating income

$ 73,149


$ 48,357


$ 27,302


$ 25,927


$ 14,026


$ (55,007)


$ 133,754


Depreciation and amortization

2,796


2,472


1,869


10,525


2,452


4,024


24,138


Amortization of other intangible assets

4,870


2,930


920


5,647


3,862


-


18,229


Special charges

6,589


5,560


6,814


4,927


1,260


5,095


30,245

Adjusted EBITDA (1)

$ 87,404


$ 59,319


$ 36,905


$ 47,026


$ 21,600


$ (45,888)


$ 206,366





























Three Months Ended September 30, 2009




























Net income













$ 37,556


Interest income and other













(3,330)


Interest expense













11,434


Income tax provision













18,626

Operating income

$ 41,058


$ 17,230


$ 12,925


$ 6,605


$ 4,267


$ (17,799)


$ 64,286


Depreciation and amortization

934


691


481


2,884


949


1,475


7,414


Amortization of other intangible assets

1,592


629


551


2,058


1,341


-


6,171

Adjusted EBITDA (1)

$ 43,584


$ 18,550


$ 13,957


$ 11,547


$ 6,557


$ (16,324)


$ 77,871





























Nine Months Ended September 30, 2009




























Net income













$ 106,453


Interest income and other













(6,335)


Interest expense













33,477


Income tax provision













62,675

Operating income

$ 124,475


$ 57,399


$ 31,665


$ 29,055


$ 11,885


$ (58,209)


$ 196,270


Depreciation and amortization

2,513


2,022


1,308


8,590


2,499


4,591


21,523


Amortization of other intangible assets

4,762


1,926


1,648


6,186


3,848


-


18,370


Non-operating litigation settlements

-


-


-


-


-


250


250

Adjusted EBITDA (1)

$ 131,750


$ 61,347


$ 34,621


$ 43,831


$ 18,232


$ (53,368)


$ 236,413





























(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 a 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.


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 NINE MONTHS ENDED September 30, 2010 and 2009

(in thousands)



Nine Months Ended


September 30,


2010


2009


(unaudited)

Operating activities




Net income

$ 61,214


$ 106,453

Adjustments to reconcile net income to net cash provided by operating
activities:




Depreciation and amortization

24,138


21,523

Amortization of other intangible assets

18,229


18,370

Provision for doubtful accounts

7,179


15,040

Non-cash share-based compensation

19,837


18,439

Excess tax benefits from share-based compensation

(761)


(3,647)

Non-cash interest expense

10,132


5,449

Other

633


(1,801)

Changes in operating assets and liabilities, net of effects from
acquisitions:




Accounts receivable, billed and unbilled

(34,845)


(30,120)

Notes receivable

(21,685)


(19,638)

Prepaid expenses and other assets

1,994


3,451

Accounts payable, accrued expenses and other

9,120


(16,218)

Income taxes

9,041


30,761

Accrued compensation

(4,188)


18,017

Billings in excess of services provided

(4,172)


(2,535)

Net cash provided by operating activities

95,866


163,544





Investing activities




Payments for acquisition of businesses, including contingent
payments,




net of cash received

(60,273)


(38,152)

Purchases of property and equipment

(14,833)


(17,975)

Purchases of short-term investments

-


(35,717)

Proceeds from maturity of short-term investment

15,000


-

Other

(467)


303

Net cash used in investing activities

(60,573)


(91,541)





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

(190,452)


(13,459)

Issuance of debt securities

391,647


-

Payments of debt financing fees

(2,843)


-

Cash received for settlement of interest rate swaps

-


2,288

Purchase and retirement of common stock

(26,138)


-

Net issuance of common stock under equity compensation plans

4,604


15,671

Excess of tax benefits from share-based compensation

761


3,647

Other

442


(4)

Net cash provided by financing activities

178,021


8,143





Effect of exchange rate changes on cash and cash equivalents

(1,004)


5,981





Net increase in cash and cash equivalents

212,310


86,127

Cash and cash equivalents, beginning of period

118,872


191,842

Cash and cash equivalents, end of period

$ 331,182


$ 277,969

FTI CONSULTING, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF September 30, 2010 AND DECEMBER 31, 2009

(in thousands, except per share amounts)






September 30,


December 31,


2010


2009

Assets

(unaudited)



Current assets




Cash and cash equivalents

$ 331,182


$ 118,872

Restricted cash

8,632


-

Accounts receivable:




Billed receivables

263,374


241,911

Unbilled receivables

148,248


104,959

Allowance for doubtful accounts and unbilled services

(65,306)


(59,328)

Accounts receivable, net

346,316


287,542

Current portion of notes receivable

27,267


20,853

Prepaid expenses and other current assets

27,979


45,157

Income taxes receivable

21,138


7,015

Deferred income taxes

4,657


20,476

Total current assets

767,171


499,915





Property and equipment, net of accumulated depreciation

74,020


80,678

Goodwill

1,253,798


1,195,949

Other intangible assets, net of amortization

164,896


175,962

Notes receivable, net of current portion

84,826


69,213

Other assets

58,832


55,621





Total assets

$ 2,403,543


$ 2,077,338





Liabilities and Stockholders' Equity




Current liabilities




Accounts payable, accrued expenses and other

$ 69,423


$ 81,193

Accrued compensation

128,580


152,807

Current portion of long-term debt and capital lease obligations

166,309


138,101

Billings in excess of services provided

29,907


34,101

Total current liabilities

394,219


406,202





Long-term debt and capital lease obligations, net of current portion

644,376


417,397

Deferred income taxes

117,328


95,704

Other liabilities

79,331


53,821

Total liabilities

1,235,254


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
outstanding -- 46,427 (2010) and 46,985 (2009)

464


470

Additional paid-in capital

539,631


535,754

Retained earnings

676,743


615,529

Accumulated other comprehensive loss

(48,549)


(47,539)

Total stockholders' equity

1,168,289


1,104,214





Total liabilities and stockholders' equity

$ 2,403,543


$ 2,077,338

SOURCE FTI Consulting, Inc.

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