FTI CONSULTING, INC - FORM 8-K - EX-99.1 - PRESS RELEASE

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8-K - FORM 8-K - FTI CONSULTING, INC	d8k.htm

LOGO

Exhibit 99.1

FTI Consulting, Inc.

777 South Flagler Drive, Suite 1500

West Palm Beach, FL 33401

561.515.6078

FOR FURTHER INFORMATION:

Jack Dunn, President & CEO

+1.561.515.1900

Investors: Roger Carlile, Executive Vice President & CFO

+1.561.515.1900

Roger.Carlile@FTIConsulting.com

Media: Sherrie Weldon

+1.415.293.4408

Sherrie.Weldon@FTIConsulting.com

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, FL, August 4, 2011 — 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™ 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, 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 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.

FINANCIAL TABLES FOLLOW

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)


	Revenues		Adjusted EBITDA ⁽¹⁾			Margin			Utilization			Average Billable Rate		Revenue- Generating 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 June 30,				Six Months Ended 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.

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, 2011			December 31, 2010
	(unaudited)
Assets
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

FTI CONSULTING, INC - FORM 8-K - EX-99.1 - PRESS RELEASE - August 5, 2011

Attached files

FTI CONSULTING, INC Reports