FTI Consulting, Inc. Reports 2011 Second Quarter Results

- Record Revenues of $400.4 million- Record Revenues Outside of the United States- EPS of $0.40 After Special Charge of $16.8 million- Adjusted EPS up 23 percent to $0.64- Guidance for 2011 Reaffirmed

WEST PALM BEACH, Fla., Aug. 4, 2011 /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 second quarter ended June 30, 2011.

For the quarter, revenues rose 15 percent to a record $400.4 million, the highest quarterly revenue in the history of the Company. Revenues generated outside the United States were $102.3 million, or 26 percent of total revenues; also a record. Earnings per diluted share for the quarter were $0.40, including a previously announced special charge of $16.8 million, or $0.24 per diluted share. Adjusted EPS for the quarter, excluding this special charge was $0.64, a 23 percent increase over Adjusted EPS of $0.52 in the second quarter of 2010 in which no special charges were incurred. Adjusted EBITDA was $66.5 million, or 16.6 percent of revenues, compared to Adjusted EBITDA of $65.5 million, or 18.8 percent of revenues, in the prior year period.

Commenting on these results, Jack Dunn, President and Chief Executive Officer of the Company said: "In the quarter, our strategy of delivering a portfolio of gold standard, diversified services from a global platform produced outstanding results. Revenues in our pro cyclical businesses grew 25 percent, more than offsetting continuing headwinds experienced in our restructuring business. Revenues outside the United States increased by 41 percent. Organic revenue growth for the pro cyclical businesses was 16 percent before contribution from the professionals who joined us from LECG, and these professionals are exceeding our expectations. The Economic Consulting and Technology segments both produced all time record revenue quarters, growing by 46 percent and 33 percent, respectively. Forensic and Litigation Consulting reported a strong quarter with 16 percent growth and Strategic Communications more than held its own."

"We remain confident in our performance and continue to expect a very solid year of growth in revenues and earnings per share. Based on the strong results in the first half across our pro-cyclical businesses, tempered by the anticipated normal seasonal slowdown in the third quarter, we are reaffirming the full year revenue and Adjusted EPS guidance we gave in May."

Operating cash flow in the quarter was $26.4 million compared to $49.2 million in the prior year's quarter. This decline was primarily a result of the decline in, and shifts in the mix of, the Corporate Finance/Restructuring segment and the increase in the Economic Consulting segment, including the LECG transaction. Overall, cash collections for the quarter were strong at approximately $347 million, and the current collection experience of our accounts receivable by practice has not changed materially.

During the quarter, the Company received and retired approximately 628,000 shares of its common stock pursuant to the accelerated stock buyback transaction entered into in March 2011 bringing the total number of shares received under this transaction to approximately 5,062,000. Under the terms of the transaction, the Company may receive additional shares later in 2011 depending on the average price of the Company's stock.

Second Quarter Segment Results

Corporate Finance/Restructuring

Revenues in the Corporate Finance/Restructuring segment were $101.9 million compared with $111.1 million in the second quarter of the prior year. The decline in demand for restructuring and bankruptcy services resulted from continued improvements in the credit markets and the macroeconomic environment. This decline was somewhat offset by growth from the segment's acquired business in Asia and improvements in the healthcare practice. Adjusted Segment EBITDA was $17.3 million, or 17.0 percent of segment revenues, compared with Adjusted Segment EBITDA of $26.0 million, or 23.4 percent of segment revenues, in the prior year quarter. Adjusted Segment EBITDA margins declined primarily due to lower demand.

Forensic and Litigation Consulting

Revenues in the Forensic and Litigation Consulting segment increased 15.6 percent to $93.4 million from $80.8 million in the second quarter of the prior year. Organic revenue growth of $7.6 million, or 9.5 percent, was primarily driven by increased demand from construction, forensic investigations, insurance and compliance related engagements. The Adjusted Segment EBITDA margin declined to 20.6% of revenue from 24.0% in the prior year quarter primarily due to increasing headcount, including the addition of approximately 50 professionals from LECG, who are expected to continue ramping up their productivity in the last half of 2011.

Economic Consulting

Revenues in the Economic Consulting segment increased 46.4 percent to a record $94.5 million from $64.6 million in the second quarter of the prior year. Organic revenue growth was $11.9 million, or 18.5%, compared to the prior year quarter. Organic growth was primarily attributable to increased demand in merger and acquisition activity, financial disputes and the European international arbitration practice. Adjusted Segment EBITDA was $18.9 million, or 20.0 percent of segment revenues, compared to Adjusted Segment EBITDA of $11.5 million, or 17.7 percent of segment revenues, for the prior year quarter. Adjusted Segment EBITDA margins improved due to higher overall volume and utilization.

Technology

Revenues in the Technology segment increased 33.5 percent to $57.1 million from $42.8 million in the second quarter of the prior year, the segment's second consecutive record revenue quarter. The segment saw significant increases in litigation and investigation activity and the Acuity(TM) offering continued to gain momentum during the quarter. The segment also continued to benefit from several large client assignments. Both unit-based and product licensing revenue increased compared to the prior year quarter with unit-based revenue improving due to higher volumes while pricing was relatively stable on the combined mix of offerings. The segment continued to report excellent margins, with Adjusted Segment EBITDA of $20.7 million, or 36.2 percent of segment revenues, compared to Adjusted Segment EBITDA of $15.9 million, or 37.1 percent of segment revenues, in the prior year quarter.

Strategic Communications

Revenues in the Strategic Communications segment increased 7.5 percent to $53.6 million from $49.8 million in the second quarter of the prior year. Adjusted Segment EBITDA was $6.5 million, or 12.1 percent of segment revenues, compared to Adjusted Segment EBITDA of $8.6 million, or 17.3 percent of segment revenues, in the prior year quarter. Adjusted Segment EBITDA margins were impacted by the final payment of incentive compensation related to an acquisition.

Reaffirmed 2011 Guidance

Based on current market conditions, the Company continues to estimate that revenues for the year will be between $1.50 billion and $1.54 billion and Adjusted EPS will be between $2.30 and $2.45.

Second Quarter Conference Call

FTI will hold a conference call for analysts and investors to discuss second quarter financial results at 9:00 AM Eastern Time on August 4, 2011. 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 3,700 employees located in 22 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and restructuring. The company generated $1.4 billion in revenues during fiscal year 2010. 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, accretion of contingent consideration and special charges. We define Adjusted Segment EBITDA as a segment's share of consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. We define Adjusted Net Income as the net income excluding the impact of the special charges and debt extinguishment costs that were incurred in that period. 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 period. Although Adjusted EBITDA, Adjusted Segment EBITDA, Adjusted Net Income 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, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are common alternative measures of operating performance which may be 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, Adjusted Net Income 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 income to Adjusted EBITDA, segment operating income to Adjusted Segment EBITDA, net income to Adjusted Net Income 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 27A of the Securities Act of 1933, as amended, and 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 estimates will result or be achieved or that actual results will not differ from estimates or expectations. The Company's actual results may differ from our expectations. Further, preliminary results are subject to normal year-end adjustments. The Company has experienced fluctuating revenues, operating income and cash flow in some prior periods and expects that this will occur from time to time in the future. Other factors that could cause such differences include declines in demand for, or changes in, the mix of services and products that we offer, adverse financial, real estate or other market and general economic conditions, which could impact each of our segments differently, 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, including the risks set forth under "Risks Related to Our Business Segments" and "Risks Related to Our Operations". 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 SIX MONTHS ENDED JUNE 30, 2011 AND 2010

(in thousands, except per share data)










Six Months Ended


June 30,


2011


2010


(unaudited)





Revenues

$ 762,253


$ 699,073





Operating expenses




Direct cost of revenues

466,176


406,491

Selling, general and administrative expense

183,548


166,603

Special charges

16,772


30,245

Amortization of other intangible assets

10,952


11,943


677,448


615,282





Operating income

84,805


83,791





Other income (expense)




Interest income and other

4,923


2,213

Interest expense

(29,810)


(22,696)


(24,887)


(20,483)





Income before income tax provision

59,918


63,308





Income tax provision

21,208


24,057





Net income

$ 38,710


$ 39,251









Earnings per common share - basic

$ 0.92


$ 0.86

Weighted average common shares outstanding - basic

42,223


45,828





Earnings per common share - diluted

$ 0.88


$ 0.82

Weighted average common shares outstanding - diluted

44,070


48,153

FTI CONSULTING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED JUNE 30, 2011 AND 2010

(in thousands, except per share data)






Three Months Ended


June 30,


2011


2010


(unaudited)





Revenues

$ 400,437


$ 349,033





Operating expenses




Direct cost of revenues

247,036


209,031

Selling, general and administrative expense

94,819


82,202

Special charges

16,772


-

Amortization of other intangible assets

5,498


5,852


364,125


297,085





Operating income

36,312


51,948





Other income (expense)




Interest income and other

2,923


(141)

Interest expense

(14,500)


(11,378)


(11,577)


(11,519)





Income before income tax provision

24,735


40,429





Income tax provision

7,823


15,363





Net income

$ 16,912


$ 25,066









Earnings per common share - basic

$ 0.42


$ 0.55

Weighted average common shares outstanding - basic

40,587


45,857





Earnings per common share - diluted

$ 0.40


$ 0.52

Weighted average common shares outstanding - diluted

42,518


48,176

FTI CONSULTING, INC.

OPERATING RESULTS BY BUSINESS SEGMENT

(unaudited)











Average


Revenue-





Adjusted






Billable


Generating



Revenues


EBITDA (1)


Margin


Utilization


Rate


Headcount



(in thousands)









Three Months Ended June 30, 2011













Corporate Finance/Restructuring


$ 101,896


$ 17,311


17.0%


65%


$ 420


730

Forensic and Litigation Consulting


93,368


19,232


20.6%


71%


$ 330


863

Economic Consulting


94,480


18,914


20.0%


86%


$ 496


409

Technology (2)


57,130


20,692


36.2%


N/M


N/M


261

Strategic Communications (2)


53,563


6,457


12.1%


N/M


N/M


562



$ 400,437


82,606


20.6%


N/M


N/M


2,825

Corporate




(16,082)









Adjusted EBITDA (1)




$ 66,524


16.6%




















Six Months Ended June 30, 2011













Corporate Finance/Restructuring


$ 209,150


$ 38,832


18.6%


68%


$ 426


730

Forensic and Litigation Consulting


176,281


36,110


20.5%


70%


$ 330


863

Economic Consulting


168,739


32,156


19.1%


87%


$ 487


409

Technology (2)


108,165


39,323


36.4%


N/M


N/M


261

Strategic Communications (2)


99,918


11,865


11.9%


N/M


N/M


562



$ 762,253


158,286


20.8%


N/M


N/M


2,825

Corporate




(30,074)









Adjusted EBITDA (1)




$ 128,212


16.8%




















Three Months Ended June 30, 2010













Corporate Finance/Restructuring


$ 111,095


$ 25,977


23.4%


65%


$ 438


683

Forensic and Litigation Consulting (3)


80,754


19,346


24.0%


72%


$ 327


784

Economic Consulting


64,552


11,453


17.7%


77%


$ 472


286

Technology (2)


42,791


15,857


37.1%


N/M


N/M


234

Strategic Communications (2)


49,841


8,635


17.3%


N/M


N/M


561



$ 349,033


81,268


23.3%


N/M


N/M


2,548

Corporate




(15,810)









Adjusted EBITDA (1)




$ 65,458


18.8%




















Six Months Ended June 30, 2010













Corporate Finance/Restructuring


$ 228,562


$ 60,696


26.6%


67%


$ 448


683

Forensic and Litigation Consulting (3)


159,432


39,130


24.5%


74%


$ 319


784

Economic Consulting


131,859


24,973


18.9%


80%


$ 470


286

Technology (2)


86,164


33,118


38.4%


N/M


N/M


234

Strategic Communications (2)


93,056


14,377


15.4%


N/M


N/M


561



$ 699,073


172,294


24.6%


N/M


N/M


2,548

Corporate




(30,954)









Adjusted EBITDA (1)




$ 141,340


20.2%





















(1) We define Adjusted EBITDA as consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. Amounts presented in the Adjusted EBITDA column for each segment reflect the segments' respective Adjusted Segment EBITDA. We define Adjusted Segment EBITDA as the segments' share of consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. 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 based on billable hours. Accordingly, utilization and average billable rate metrics are not presented as they are not meaningful as a segment-wide metric.


(3) 2010 utilization and average billable rate calculations were updated to include information related to non-domestic operations that was not available in 2010.

FTI CONSULTING, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(unaudited)


















Three Months Ended


Six Months Ended






June 30,


June 30,






2011


2010


2011


2010













Net income


$ 16,912


$ 25,066


$ 38,710


$ 39,251










Add back: Special charges, net of taxes of $6,574 (2011) and $12,176 (2010)


$ 10,198


$ -


$ 10,198


$ 18,069

Adjusted net income (1)


$ 27,110


$ 25,066


$ 48,908


$ 57,320










Earnings per common share - diluted


$ 0.40


$ 0.52


$ 0.88


$ 0.82










Adjusted earnings per common share - diluted (1)


$ 0.64


$ 0.52


$ 1.11


$ 1.19










Weighted average common shares outstanding - diluted


42,518


48,176


44,070


48,153










(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 ADJUSTED EBITDA

(in thousands)

(unaudited)




















Three Months Ended June 30, 2011


Corporate Finance / Restructuring


Forensic and Litigation Consulting


Economic Consulting


Technology


Strategic Communi- cations


Corp HQ


Total


















Net income














$ 16,912


Interest income and other














(2,923)


Interest expense














14,500


Income tax provision














7,823


Operating income


$ 3,289


$ 16,849


$ 15,889


$ 15,973


$ 4,511


$ (20,199)


36,312


Depreciation and amortization


894


857


635


2,741


739


1,277


7,143


Amortization of other intangible assets


1,420


596


297


1,978


1,207


-


5,498


Special charges


11,000


839


2,093


-


-


2,840


16,772


Accretion of contingent consideration


708


91


-


-


-


-


799


Adjusted EBITDA (1)


17,311


19,232


18,914


20,692


6,457


(16,082)


66,524


































Six Months Ended June 30, 2011
































Net income














$ 38,710


Interest income and other














(4,923)


Interest expense














29,810


Income tax provision














21,208


Operating income


$ 21,809


$ 32,192


$ 28,267


$ 29,944


$ 7,981


$ (35,388)


84,805


Depreciation and amortization


1,770


1,712


1,203


5,425


1,504


2,474


14,088


Amortization of other intangible assets


2,838


1,187


593


3,954


2,380


-


10,952


Special charges


11,000


839


2,093


-


-


2,840


16,772


Accretion of contingent consideration


1,415


180


-


-


-


-


1,595


Adjusted EBITDA (1)


38,832


36,110


32,156


39,323


11,865


(30,074)


128,212


































Three Months Ended June 30, 2010
































Net income














$ 25,066


Interest income and other














141


Interest expense














11,378


Income tax provision














15,363


Operating income


$ 23,567


$ 17,537


$ 10,459


$ 10,991


$ 6,550


$ (17,156)


51,948


Depreciation and amortization


927


843


684


3,033


825


1,346


7,658


Amortization of other intangible assets


1,483


966


310


1,833


1,260


-


5,852


Adjusted EBITDA (1)


25,977


19,346


11,453


15,857


8,635


(15,810)


65,458


































Six Months Ended June 30, 2010
































Net income














$ 39,251


Interest income and other














(2,213)


Interest expense














22,696


Income tax provision














24,057


Operating income


$ 49,211


$ 29,937


$ 16,225


$ 18,293


$ 8,897


$ (38,772)


83,791


Depreciation and amortization


1,921


1,672


1,314


6,083


1,648


2,723


15,361


Amortization of other intangible assets


2,975


1,961


620


3,815


2,572


-


11,943


Special charges


6,589


5,560


6,814


4,927


1,260


5,095


30,245


Adjusted EBITDA (1)


60,696


39,130


24,973


33,118


14,377


(30,954)


141,340





(1) We define Adjusted EBITDA as consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. Amounts presented in the Adjusted EBITDA column for each segment reflect the segments' respective Adjusted Segment EBITDA. We define Adjusted Segment EBITDA as a segments' share of consolidated operating income before depreciation, amortization of intangible assets, accretion of contingent consideration and special charges. 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.



FTI CONSULTING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 and 2010

(in thousands)






Six Months Ended


June 30,


2011


2010


(unaudited)

Operating activities




Net income

$ 38,710


$ 39,251

Adjustments to reconcile net income to net cash (used in)




provided by operating activities:




Depreciation, amortization and accretion

15,683


15,361

Amortization of other intangible assets

10,952


11,943

Provision for doubtful accounts

5,768


4,618

Non-cash share-based compensation

15,942


14,651

Excess tax benefits from share-based compensation

(124)


(625)

Non-cash interest expense

4,190


3,599

Other

136


(315)

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




Accounts receivable, billed and unbilled

(99,137)


(34,895)

Notes receivable

(5,281)


(17,789)

Prepaid expenses and other assets

(5,893)


(2,240)

Accounts payable, accrued expenses and other

227


11,262

Income taxes

(5,742)


(4,339)

Accrued compensation

4,093


(18,671)

Billings in excess of services provided

7,652


144

Net cash (used in) provided by operating activities

(12,824)


21,955





Investing activities




Payments for acquisition of businesses, net of cash received

(50,888)


(22,834)

Purchases of property and equipment

(12,705)


(11,632)

Proceeds from sale or maturity of short-term investments

-


15,000

Other

(405)


(475)

Net cash used in investing activities

(63,998)


(19,941)





Financing activities




Borrowings under revolving line of credit

25,000


20,000

Payments of revolving line of credit

(25,000)


(20,000)

Payments of long-term debt and capital lease obligations

(937)


(465)

Purchase and retirement of common stock

(209,400)


-

Net issuance of common stock under equity compensation plans

685


4,235

Excess of tax benefits from share-based compensation

124


625

Other

51


442

Net cash (used in) provided by financing activities

(209,477)


4,837





Effect of exchange rate changes on cash and cash equivalents

474


(2,469)





Net (decrease) increase in cash and cash equivalents

(285,825)


4,382

Cash and cash equivalents, beginning of period

384,570


118,872

Cash and cash equivalents, end of period

$ 98,745


$ 123,254

FTI CONSULTING, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010

(in thousands, except per share amounts)






June 30,


December 31,


2011


2010

Assets

(unaudited)



Current assets




Cash and cash equivalents

$ 98,745


$ 384,570

Restricted cash

11,383


10,518

Accounts receivable:




Billed receivables

318,554


268,386

Unbilled receivables

199,825


120,896

Allowance for doubtful accounts and unbilled services

(72,204)


(63,205)

Accounts receivable, net

446,175


326,077

Current portion of notes receivable

25,771


26,130

Prepaid expenses and other current assets

32,137


28,174

Income taxes receivable

17,885


13,246

Total current assets

632,096


788,715





Property and equipment, net of accumulated depreciation

71,983


73,238

Goodwill

1,305,170


1,269,447

Other intangible assets, net of amortization

132,035


134,970

Notes receivable, net of current portion

94,106


87,677

Other assets

64,305


60,312





Total assets

$ 2,299,695


$ 2,414,359





Liabilities and Stockholders' Equity




Current liabilities




Accounts payable, accrued expenses and other

$ 105,589


$ 105,864

Accrued compensation

141,972


143,971

Current portion of long-term debt and capital lease obligations

6,616


7,559

Billings in excess of services provided

35,674


27,836

Deferred income taxes

4,052


4,052

Total current liabilities

293,903


289,282





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

790,321


785,563

Deferred income taxes

99,520


92,134

Other liabilities

87,452


80,061

Total liabilities

1,271,196


1,247,040





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 -- 41,555 (2011) and 47,150 (2010)

416


461

Additional paid-in capital

338,789


532,929

Retained earnings

726,129


687,419

Accumulated other comprehensive loss

(36,835)


(53,490)

Total stockholders' equity

1,028,499


1,167,319





Total liabilities and stockholders' equity

$ 2,299,695


$ 2,414,359

SOURCE FTI Consulting, Inc.

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