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FTI Consulting, Inc.
777 South Flagler Drive, Suite 1500
West Palm Beach, Florida 33401
|FOR FURTHER INFORMATION:|
AT FTI CONSULTING:
|Jack Dunn, President & CEO||Investors: Gordon McCoun|
|(561) 515-1900||Media: Andy Maas|
FOR IMMEDIATE RELEASE
FTI CONSULTING, INC. REPORTS 2010 FOURTH QUARTER AND FULL YEAR RESULTS
Record Fourth Quarter Revenues of $356.2 Million; Full Year of $1.4 Billion
Fourth Quarter Diluted EPS of $0.23 including Brand Consolidation Charge of $0.33; Adjusted EPS of $0.56
Full Year Diluted EPS of $1.51; Adjusted EPS of $2.29
Cash and Equivalents of $384.6 Million
West Palm Beach, FL, February 24, 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 fourth quarter and the full year ended December 31, 2010.
Revenues for the fourth quarter of 2010 were a fourth quarter record $356.2 million compared to $342.9 million in the prior year period and $346.1 million in the prior sequential quarter. Adjusted earnings per diluted share (EPS) were $0.56 compared to $0.71 in the prior year period. Adjusted EPS exclude a previously announced non-cash charge of approximately $21.8 million, or $0.33 impact on earnings per diluted share, resulting from the decision to unify substantially all operations under a consolidated brand - FTI Consulting - and the associated write off of trade names from certain acquired businesses. GAAP EPS were $0.23. Adjusted EBITDA was $69.3 million, or 19.5 percent of revenues, compared to $80.8 million, or 23.6 percent 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.
Commenting on these results, Jack Dunn, President and Chief Executive Officer of the Company, said, Our 2010 fourth quarter results continued the positive momentum we experienced in the third quarter and the validation of our strategy to offer clients a diversified suite of complementary services around the globe
The following information was filed by Fti Consulting Inc (FCN) on Thursday, February 24, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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