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FTI Consulting, Inc.
777 South Flagler Drive, Suite 1500
West Palm Beach, FL 33401
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FTI Consulting Reports Fourth Quarter and Full Year 2013 Results
Fourth Quarter Revenues of $416.0 Million; Full Year Revenues of $1.65 Billion
Fourth Quarter Adjusted EPS of $0.49; Full Year Adjusted EPS of $2.39, including Remeasurement Gains
Full Year Cash From Operations of $193.3 Million
First Quarter 2014 Guidance for Revenues of $410.0 to $425.0 Million and Adjusted EPS of $0.20 to $0.28
West Palm Beach, Fla., Feb. 20, 2014 FTI Consulting, Inc. (NYSE: FCN), the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value (the Company), today released its financial results for the fourth quarter and full year ended December 31, 2013.
For the quarter, revenues increased 4.2 percent to $416.0 million compared to $399.3 million in the prior year quarter. Fully diluted loss per share was ($0.18) compared to fully diluted loss per share of ($2.15) in the prior year quarter. Fourth quarter fully diluted loss per share includes a special charge of $27.6 million primarily for severance and acceleration of expense for certain other compensation arrangements related to the transition of former executives. This charge reduced fully diluted earnings per share (EPS) by $0.41. In the prior year quarter, fully diluted loss per share included a goodwill impairment charge of $110.4 million, which reduced fully diluted EPS by $2.77 per share. Fourth quarter 2013 Adjusted EPS were $0.49. Fourth quarter Adjusted EBITDA was $53.0 million, or 12.7 percent of revenues. Adjusted EPS and Adjusted EBITDA for the quarter included a remeasurement gain related to the reduction of the liability for estimated future contingent consideration payments related to prior acquisitions, which increased Adjusted EPS by $0.10 and Adjusted EBITDA by $5.3 million.
For the full year, revenues increased 4.8 percent to $1.65 billion compared to $1.58 billion in the prior year period. Fully diluted loss per share was ($0.27) compared to fully diluted loss per share of ($0.92) in the prior year period. Fiscal 2013 fully diluted loss per share includes a goodwill impairment charge and special charges of $83.8 million and $38.4 million, respectively. This compares to a goodwill impairment charge and special charges of $110.4 million and $29.6 million, respectively in the prior year period. Full year Adjusted EPS were $2.39. Full year Adjusted EBITDA was $259.1 million, or 15.7 percent of revenues. Adjusted EPS and Adjusted EBITDA for the year included remeasurement gains related to the reduction of the liability for estimated future contingent consideration payments related to prior acquisitions, which increased Adjusted EPS by $0.30 and Adjusted EBITDA by $13.6 million.
Adjusted EPS, Adjusted EBITDA and Adjusted Segment EBITDA are non-GAAP measures defined elsewhere in this press release and are reconciled to GAAP measures in the financial tables that accompany this press release.
The following information was filed by Fti Consulting Inc (FCN) on Friday, February 21, 2014 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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