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FTI CONSULTING, INC. REPORTS 2011 FOURTH QUARTER AND FULL YEAR RESULTS
Record Fourth Quarter Revenues of $390.7 Million
Fourth Quarter Adjusted EPS of $0.93, Including a $0.23 Revaluation Gain
2012 Guidance for Diluted EPS of $2.80 to $3.00
WEST PALM BEACH, FL, February 23, 2012
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 full year ended December 31, 2011.
For the quarter, revenues increased 9.7 percent to a fourth quarter record of $390.7 million compared to $356.2 million in the prior year quarter. Diluted earnings per share and Adjusted EPS for the quarter were $0.93. For the quarter, Adjusted EPS before a $10.0 million revaluation gain (described elsewhere in this press release) were $0.70, representing a 34.6 percent increase over Adjusted EPS for the prior year quarter.
Cash from operations in the quarter was $127.0 million compared to $99.2 million in the prior year, and Cash and Cash equivalents were $264.4 million at December 31, 2011.
Adjusted EPS, Adjusted EBITDA, Adjusted Segment EBITDA and Adjusted Net Income (which appear in the accompanying tables) are non-GAAP measures, as defined elsewhere in this press release and are reconciled to GAAP measures in the financial tables that accompany this press release.
Commenting on these results, Jack Dunn, President and Chief Executive Officer of the Company said:
This was a great year for FTI Consulting. Strong performances for Economics, Technology and FLC in the fourth quarter capped annual growth rates of 38 percent, 24 percent and 13 percent, respectively. Our global strategy of solving client issues wherever and whenever they occur continues to be validated by fourth quarter revenue growth in Latin America of 84 percent, Asia Pacific of 72 percent and EMEA of 26 percent.
Innovation in our services and products and in the way we go to market is an important area of focus for our Company. We continue to lead in innovation of proprietary intellectual property in our technology segment, as demonstrated by industry awards, the success of our Acuity offering, the roll out of Ringtail® 8 and the application of intelligent review and predictive coding to provide better and more cost effective solutions for our clients. We have significantly increased our domain expertise in important industries such as healthcare, insurance and energy. We are offering new and enhanced services to major institutional investors around the world including global due diligence, transparency and compliance investigations.
This growth and innovation is possible because of our sound financial position our balance sheet, cash generation and earnings are sources of stability and allow us to invest in people and processes that form the foundation for continued organic growth and growth through acquisitions.
We used this strength to complete a $500 million share repurchase program over the last two years without adversely affecting our financial position. We also capitalized on our position as an industry leader to attract over 200 great professionals from LECG through a series of transactions. These professionals, now benefitting from the strength of the FTI platform, are generating annualized revenue in excess of $100 million.
Finally, we completed our one firm project and now look to benefit from a common approach and brand around the globe. Our people have embraced FTI Consulting as their brand, their shared vision and the platform from which they will continue to serve clients with wisdom, expertise, experience and enthusiasm. We look forward to 2012.
The following information was filed by Fti Consulting Inc (FCN) on Friday, February 24, 2012 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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