FTI Consulting Reports Fourth Quarter and Full Year 2012 Results

       FTI Consulting Reports Fourth Quarter and Full Year 2012 Results

- Record Fourth Quarter Revenues of $399.3 Million

- Fourth Quarter Adjusted EPS of $0.67 (excluding goodwill impairment charge)

- Full Year Adjusted EPS of $2.30 (excluding goodwill impairment charge)

- 2013 Guidance for Revenues of $1.63 to $1.70 Billion and Diluted EPS of
$2.40 to $2.60

PR Newswire

WEST PALM BEACH, Fla., Feb. 28, 2013

WEST PALM BEACH, Fla., Feb. 28, 2013 /PRNewswire/ --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, 2012.

For the quarter, revenues increased 2.2 percent to a fourth quarter record of
$399.3 million. On a GAAP basis, fully diluted loss per share was ($2.15) for
the quarter, including a non-cash goodwill impairment charge of $110.4 million
which reduced fully diluted EPS by $2.75 per share. The impairment charge has
no impact on the Company's liquidity, cash flow, borrowing capability or
operations. Adjusted earnings per share ("EPS") were $0.67, and Adjusted
EBITDA was $68.1 million, or 17.1 percent of revenues. 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.

Commenting on these results, Jack Dunn, FTI President and Chief Executive
Officer said, "Our fourth quarter results provide a promising foundation for
the launch of our 31^st year. We saw quarterly growth in three of our
businesses and enjoyed solid operating performance and strong cash flow.
December was the strongest cash collection month in our history and, coupled
with the successful refinancing of our long term debt, provides us with a
powerful balance sheet and financial position going forward."

"For 2013, we will continue our focus on organic growth and cash flow. We
will use our cash to continue our stock repurchase program and pursue tuck-in
acquisitions where we can enhance our industry expertise, service capability
or geographic scale. We see excellent prospects for our industry initiatives,
particularly in Telecommunications, Media and Technology; Energy; Healthcare;
Insurance; and Global Risk and Investigations. In Economic Consulting our
roster of potential merger and acquisition matters is approaching the highest
levels in firm history. If this is truly the harbinger of a revitalized M&A
market in 2013, nothing could be better across our entire firm."

Cash and Capital Management
Cash collections during the quarter were $461.0 million, including a record
$180.5 million in December, compared to revenues in the quarter of $399.3
million. Cash and cash equivalents were $156.8 million at December 31, 2012.

In the fourth quarter, the Company repurchased 923,379 shares of its common
stock for an aggregate amount of approximately $30 million or an average price
of $32.51 per share. This brought total stock repurchases under the Company's
June 2012 $250 million stock repurchase program to 1,681,029 shares for
approximately $50 million or an average price of $29.76 per share.

In the quarter, the Company completed a series of debt refinancing
transactions which increased access to capital and extended debt maturities at
lower interest rates. In July the Company also retired its 3^3/[4]%
convertible senior subordinated notes using $73.9 million of internally
generated funds reducing total outstanding debt by that amount as of December
31, 2012. At December 31, 2012 the Company had no borrowings outstanding
under its $350 million senior secured bank credit facility.

Fourth Quarter Segment Results

Corporate Finance/Restructuring
Revenues in the Corporate Finance/Restructuring segment increased 13.7 percent
to $123.2 million from $108.4 million last year. Revenues were driven by
strong results in North America including improved realization on certain
client matters, higher success fees and revenue increases from the Asia
Pacific region, largely resulting from the acquisition of an Australian
restructuring business. Adjusted Segment EBITDA was $28.0 million, or 22.7
percent of segment revenues, compared with $38.5 million, or 35.5 percent of
segment revenues, in the prior year quarter. Adjusted Segment EBITDA for the
quarter was reduced by a one-time transfer tax payment of $2.4 million related
to the acquisition of the Australian restructuring business in 2012. Adjusted
Segment EBITDA in the prior year quarter included a revaluation gain of $9.0
million as compared to $1.4 million in the current year quarter. Excluding
revaluation gains and the $2.4 million transfer tax, Adjusted Segment EBITDA
was $29.0 million compared to $29.4 million in the prior year quarter.

Economic Consulting
Revenues in the Economic Consulting segment increased 6.9 percent to $95.7
million from $89.6 million in the prior year quarter. Revenues were driven by
strong activity in merger/acquisition reviews, antitrust litigation, financial
economics, international arbitration and regulatory consulting engagements
particularly in the energy, telecommunications and transportation industries.
Adjusted Segment EBITDA was $21.5 million, or 22.4 percent of segment
revenues, compared to $16.4 million, or 18.3 percent of segment revenues, in
the prior year quarter reflecting operating leverage from higher demand and
better realization coupled with lower variable compensation costs.

Forensic and Litigation Consulting
Revenues in the Forensic and Litigation Consulting segment decreased 8.2
percent to $82.6 million from $90.0 million in the prior year quarter. The
segment's global risk and investigations practice in Latin America continued
to grow, while the North America region continued to face challenging markets.
Adjusted Segment EBITDA was $9.8 million in the quarter, or 11.9 percent of
segment revenues, compared to $16.1 million, or 17.9 percent of segment
revenues, in the prior year quarter. The decrease in Adjusted Segment EBITDA
margin was primarily due to reduced revenues coupled with a ramp up in hiring
in the back half of the year for our Governance, Risk and Compliance;
Construction Solutions; and Global Risk and Investigations initiatives.

Technology
Revenues in the Technology segment decreased 11.3 percent to $47.6 million
from $53.6 million in the prior year quarter due to the winding down of
certain large investigation and litigation related matters and lower pricing
due to competitive factors and business mix. Adjusted Segment EBITDA was $15.5
million or 32.5 percent of segment revenues, compared to $18.6 million, or
34.8 percent of segment revenues, in the prior year quarter. The decrease in
Adjusted Segment EBITDA margin reflected the impact of lower revenues,
partially offset by lower research and development costs.

Strategic Communications
Revenues in the Strategic Communications segment increased 2.2 percent to
$50.3 million from $49.2 million in the prior year quarter. Adjusted Segment
EBITDA was $8.7 million, or 17.4 percent of segment revenues, compared to $7.5
million, or 15.3 percent of segment revenues in the prior year quarter. Among
areas of growth were matters involving shareholder activism and the beginnings
of capital markets activity. In addition, the segment's expertise has proved a
catalyst for our industry initiatives in energy, life sciences and government
affairs. The goodwill impairment charge of $110.4 million noted above is
related to prior investments made in this segment.

2013 Guidance
Based on current market conditions and the factors described above, the
Company estimates that revenues for 2013 will be between $1.63 billion and
$1.70 billion and diluted Adjusted EPS will be between $2.40 and $2.60. This
guidance assumes no acquisitions.

Fourth Quarter Conference Call
FTI Consulting will hold a conference call for analysts and investors to
discuss fourth quarter financial results at 9:00 AM Eastern Time on February
28, 2013. 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 at
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 3,915 employees located in 24
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, strategic communications and restructuring. The Company
generated $1.58 billion in revenues during fiscal year 2012. More information
can be found at www.fticonsulting.com.

Use of Non-GAAP Measures
Note: We define Adjusted EBITDA as net income before income tax provision,
other income (expense), depreciation, amortization of intangible assets,
goodwill impairment charge and special charges. We define Adjusted Segment
EBITDA as a segment's share of consolidated operating income before
depreciation, amortization of intangible assets, goodwill impairment charge
and special charges. We define Adjusted Net Income and Adjusted EPS as net
income and earnings per diluted share, respectively, excluding the net impact
of any goodwill impairment charge, any special charges and any loss on early
extinguishment of debt that were incurred in that period. Adjusted EBITDA,
Adjusted Segment EBITDA, Adjusted EPS and Adjusted Net Income are not defined
in the same manner by all companies and may not be comparable to other
similarly titled measures of other companies. These non-GAAP measures should
be considered in addition to, but not as a substitute for or superior to, the
information contained in our Condensed Consolidated Statements of
Comprehensive Income (Loss). We believe that these measures can be useful
operating performance measures 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. Reconciliations of GAAP to Non-GAAP financial measures are included
in the accompanying tables to this 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, which 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 be
achieved, and the Company's actual results may differ from our expectations,
beliefs and estimates. Further, preliminary results are subject to normal
year-end adjustments. The Company has experienced fluctuating revenues,
operating income and cash flow in 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, the mix of the geographic locations where our
clients are located or where services are performed, 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 Operating 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.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE YEAR ENDED DECEMBER 31, 2012 AND 2011
(in thousands, except per share data)
(unaudited)
                                        Year Ended
                                        December 31,
                                        2012                 2011
Revenues                                $               $     
                                        1,576,871           1,566,768
Operating expenses
Direct cost of revenues                 980,532              956,908
Selling, general and administrative     378,016              373,295
expense
Special charges                         29,557               15,212
Acquisition-related contingent          (3,064)              (6,465)
consideration
Amortization of other intangible assets 22,407               22,371
Goodwill impairment charge              110,387              -
                                        1,517,835            1,361,321
Operating income                        59,036               205,447
Other income (expense)
Interest income and other               5,659                6,304
Interest expense                        (56,731)             (58,624)
Loss on early extinguishment of debt    (4,850)              -
                                        (55,922)             (52,320)
Income before income tax provision      3,114                153,127
Income tax provision                    40,100               49,224
Net income (loss)                       $             $      
                                        (36,986)             103,903
Earnings (loss) per common share -     $           $        
basic                                   (0.92)                2.53
Weighted average common shares          40,316               41,131
outstanding - basic
Earnings (loss) per common share -      $           $        
diluted                                 (0.92)                2.39
Weighted average common shares          40,316               43,473
outstanding - diluted
Other comprehensive income (loss), net
of tax:
Foreign currency translation
adjustments, including tax expense
 (benefit) of $654 and ($1,568) in    $            $       
2012 and 2011, respectively             15,023               (2,902)
Other comprehensive income (loss), net  15,023               (2,902)
of tax
Comprehensive income (loss)             $             $      
                                        (21,963)             101,001



FTI CONSULTING, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE THREE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(in thousands, except per share data)
(unaudited)
                                        Three Months Ended
                                        December 31,
                                        2012                 2011
Revenues                                $             $      
                                        399,345              390,713
Operating expenses
Direct cost of revenues                 245,080              233,005
Selling, general and administrative     94,058               92,932
expense
Special charges                         -                    -
Acquisition-related contingent          (483)                (9,004)
consideration
Amortization of other intangible assets 5,634                5,576
Goodwill impairment charge              110,387              -
                                        454,676              322,509
Operating income (loss)                 (55,331)             68,204
Other income (expense)
Interest income and other               1,156                895
Interest expense                        (13,124)             (14,495)
Loss on early extinguishment of debt    (4,850)              -
                                        (16,818)             (13,600)
Income (loss) before income tax         (72,149)             54,604
provision
Income tax provision                    13,728               14,723
Net income (loss)                       $             $       
                                        (85,877)             39,881
Earnings (loss) per common share -     $           $        
basic                                   (2.15)                1.00
Weighted average common shares          39,913               39,932
outstanding - basic
Earnings (loss) per common share -      $           $        
diluted                                 (2.15)                0.93
Weighted average common shares          39,913               42,857
outstanding - diluted
Other comprehensive income (loss), net
of tax:
Foreign currency translation
adjustments, including tax expense
 of $654 and $0 in 2012 and 2011,     $           $       
respectively                             403               (3,684)
Other comprehensive income (loss), net  403                  (3,684)
of tax
Comprehensive income (loss)             $             $       
                                        (85,474)             36,197



FTI CONSULTING, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
                                                                             Revenue-
                                                                  Average
                                   Adjusted                       Billable  Generating
                       Revenues    EBITDA    Margin  Utilization  Rate        Headcount
                                   ^(1)
                        (in thousands)
Three Months Ended
December 31, 2012
                       $       $   
Corporate                            22.7%   64%          $       836
Finance/Restructuring  123,200                                465
                                   27,963
Forensic and                                                      $    
Litigation             82,570      9,827     11.9%   67%          402        813
Consulting
Economic Consulting    95,740      21,459    22.4%   80%          $       474
                                                                  489
Technology ^(2)       47,551      15,464    32.5%   N/M          N/M         277
Strategic              50,284      8,742     17.4%   N/M          N/M         593
Communications^ (2)
                       $    
                               83,455    20.9%                            2,993
                       399,345
 Corporate                      (15,321)
                                   $   
Adjusted EBITDA^(1)                      17.1%
                                      
                                   68,134
Year Ended December
31, 2012
                       $       $   
Corporate                            23.7%   71%          $       836
Finance/Restructuring  459,231                                 416
                                   108,966
Forensic and                                                      $    
Litigation             343,074     52,743    15.4%   68%          370        813
Consulting
Economic Consulting    391,622     77,461    19.8%   81%          $       474
                                                                  493
Technology ^(2)       195,194     57,203    29.3%   N/M          N/M         277
Strategic              187,750     25,019    13.3%   N/M          N/M         593
Communications^ (2)
                       $    
                                 321,392   20.4%                            2,993
                       1,576,871
 Corporate                      (70,401)
                                   $   
Adjusted EBITDA^(1)                      15.9%
                                     
                                   250,991
Three Months Ended
December 31, 2011
                       $       $   
Corporate                            35.5%   72%          $       692
Finance/Restructuring  108,352                                438
                                   38,466
Forensic and           89,981      16,134    17.9%   68%          $       852
Litigation Consulting                                             325
Economic Consulting    89,580      16,394    18.3%   83%          $       433
                                                                  472
Technology ^(2)       53,601      18,649    34.8%   N/M          N/M         290
Strategic              49,199      7,532     15.3%   N/M          N/M         582
Communications^ (2)
                       $    
                               97,175    24.9%                            2,849
                       390,713
 Corporate                      (16,320)
                                   $   
Adjusted EBITDA^(1)                      20.7%
                                      
                                   80,855
Year Ended December
31, 2011
                       $       $   
Corporate                            22.8%   70%          $       692
Finance/Restructuring  427,813                                427
                                   97,638
Forensic and           365,326     69,180    18.9%   69%          $       852
Litigation Consulting                                             330
Economic Consulting    353,981     67,028    18.9%   85%          $       433
                                                                  482
Technology ^(2)       218,738     77,011    35.2%   N/M          N/M         290
Strategic              200,910     26,801    13.3%   N/M          N/M         582
Communications^ (2)
                       $    
                                 337,658   21.6%                            2,849
                       1,566,768
 Corporate                      (66,046)
                                   $   
Adjusted EBITDA^(1)                      17.3%
                                     
                                   271,612

^(1) We define Adjusted EBITDA as net income before income tax provision,
other income (expense), depreciation, amortization of intangible assets,
special charges and goodwill impairment charge. 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, special charges and goodwill impairment charge. 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.
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. These non-GAAP measures should be considered in addition
to, but not as a substitute for or superior to, the information contained in
our Condensed Consolidated Statements of Comprehensive 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.



FTI CONSULTING, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2012 AND 2011
(unaudited)
                                 Three Months Ended      Year Ended December
                                 December 31,            31,
                                 2012         2011       2012        2011
                                 $       $      $       $    
Net income (loss)                (85,877)               (36,986)   103,903
                                              39,881
Add back:
Special charges, net of tax      -            -          19,115      9,285
effect ^(1)
Goodwill impairment charge^(2)   110,387                 110,387     -
Loss on early extinguishment     2,910        -          2,910       -
of debt, net of tax^(3)
                                 $       $      $       $    
Adjusted Net Income               27,420                95,426   113,188
                                              39,881
Earnings (loss) per common       $       $      $       $    
share – diluted                    (2.15)                      
                                              0.93      (0.92)      2.39
Add back:
Special charges, net of tax      -            -          0.47        0.21
effect ^(1)
Goodwill impairment charge^(2)   2.77         -          2.74        -
Loss on early extinguishment     0.07         -          0.07        -
of debt, net of tax^(3)
Impact of denominator for
diluted adjusted earnings per    (0.02)       -          (0.06)      -
common share ^(4)
Adjusted earnings per common     $       $      $       $    
share – diluted                    0.67                     
                                              0.93      2.30        2.60
Weighted average number of
common shares outstanding –      40,990       42,857     41,578      43,473
diluted^(4)
^(1) The tax effect takes into account the tax treatment and related tax
rate(s) that apply to each adjustment in the applicable tax jurisdiction(s).
As a result, the effective tax rates for the adjustments for the years ended
December 31, 2012 and 2011 were 35.3% and 39.0%, respectively. The tax expense
related to the adjustments for the years ended December 31, 2012 and 2011 were
$10.4 million or $0.26 impact on adjusted earnings per diluted share and $5.9
million or $0.14 impact on diluted earnings per share, respectively.
^(2)The goodwill impairment charge is non-deductible for income tax purposes
and resulted in no tax benefit for the year ended December 31, 2012.
^(3) The tax effect takes into account the tax treatment and related tax
rate(s) that apply to each adjustment in the applicable tax jurisdiction(s).
As a result, the effective tax rate for the adjustments for the three months
and year ended December 31, 2012 were 40.0%. The tax expense related to the
adjustments for the three months and year ended December 31, 2012 was $1.9
million or $0.05 impact on adjusted earnings per diluted share.
^(4) For the three months and year ended December 31, 2012, the Company
reported a net loss. For such periods, the basic weighted average common
shares outstanding equals the diluted weighted average common shares
outstanding for purposes of calculating U.S. GAAP earnings per share because
potentially dilutive securities would be antidilutive. For non-GAAP purposes,
the per share and share amounts presented herein reflect the impact of the
inclusion of share-based awards and convertible notes that are considered
dilutive based on the impact of the add backs included in Adjusted Net Income
above.

RECONCILIATION OF NET INCOME (LOSS) AND OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(in thousands)
Three Months       Corporate      Forensic                              Strategic
Ended December     Finance /      and         Economic    Technology^  Communi-   Corp HQ   Total
31, 2012           Restructuring  Litigation  Consulting                cations
                                  Consulting
                                                                                             $   
Net income (loss)                                                                             
                                                                                             (85,877)
    Interest
    income and                                                                               (1,156)
    other
    Interest                                                                                 13,124
    expense
    Income tax                                                                               13,728
    provision
    Loss on early
    extinguishment                                                                           4,850
    of debt
Operating income   $        $       $       $        $      $      $   
(loss)              25,482                  20,311   10,239      (103,459)           
                                  8,449                                            (16,353)  (55,331)
    Depreciation
    and            896            903         732         3,239         642        1,032     7,444
    amortization
    Amortization
    of other       1,585          475         416         1,986         1,172      -         5,634
    intangible
    assets
    Special        -              -           -           -             -          -         -
    charges
    Goodwill
    impairment     -              -           -           -             110,387    -         110,387
    charge
Adjusted EBITDA    $        $       $       $        $      $      $   
^(1)                27,963                  21,459   15,464                        
                                  9,827                                 8,742      (15,321)  68,134
Year Ended
December 31,
2012
Net income                                                                                   $   
(loss)                                                                                        
                                                                                             (36,986)
    Interest
    income and                                                                               (5,659)
    other
    Interest                                                                                 56,731
    expense
    Income tax                                                                               40,100
    provision
    Loss on early
    extinguishment                                                                           4,850
    of debt
Operating income  $        $       $       $        $      $   
(loss)              87,367         39,412    71,992   33,642                        59,036
                                                                        (97,298)   (76,079)
    Depreciation
    and            3,424          3,715       2,863       12,501        2,555      4,546     29,604
    amortization
    Amortization
    of other       6,239          1,944       1,615       7,946         4,663      -         22,407
    intangible
    assets
    Special        11,936         7,672       991         3,114         4,712      1,132     29,557
    charges
    Goodwill
    impairment     -                                                    110,387              110,387
    charge
Adjusted EBITDA    108,966        52,743      77,461      57,203        25,019     (70,401)  250,991
^(1)
Three Months
Ended December
31, 2011
                                                                                             $   
Net income                                                                                    
                                                                                             39,881
    Interest
    income and                                                                               (895)
    other
    Interest                                                                                 14,495
    expense
    Income tax                                                                               14,723
    provision
    Loss on early
    extinguishment                                                                           -
    of debt
Operating          $        $       $       $        $      $   
income             36,153         14,723    15,326   13,891                      68,204
                                                                        5,615      (17,504)
    Depreciation
    and            863            844         669         2,761         754        1,184     7,075
    amortization
    Amortization
    of other       1,450          567         399         1,997         1,163      -         5,576
    intangible
    assets
    Special        -              -           -           -             -          -         -
    charges
    Goodwill
    impairment     -              -           -           -             -          -         -
    charge
Adjusted EBITDA    38,466         16,134      16,394      18,649        7,532      (16,320)  80,855
^(1)
Year Ended
December 31, 2011
                                                                                             $   
Net income                                                                                   
                                                                                             103,903
    Interest
    income and                                                                               (6,304)
    other
    Interest                                                                                 58,624
    expense
    Income tax                                                                               49,224
    provision
    Loss on early
    extinguishment                                                                           -
    of debt
Operating          $        $       $       $        $      $   
income             78,923         62,499    60,890   57,917                       205,447
                                                                        19,066     (73,848)
    Depreciation
    and            3,480          3,423       2,552       11,168        2,997      4,962     28,582
    amortization
    Amortization
    of other       5,795          2,419       1,493       7,926         4,738      -         22,371
    intangible
    assets
    Special        9,440          839         2,093       -             -          2,840     15,212
    charges
    Goodwill
    impairment     -              -           -           -             -          -         -
    charge
Adjusted EBITDA    97,638         69,180      67,028      77,011        26,801     (66,046)  271,612
^(1)



(1) We define Adjusted EBITDA as net income before income tax provision, other
income (expense), depreciation, amortization of intangible asset, special
charge, loss on extinguishment of debt and goodwill impairment charge.
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, special charge and goodwill
impairment charge. 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.
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. These non-GAAP measures should be considered in addition
to, but not as a substitute for or superior to, the information contained in
our Condensed Consolidated Statements of Comprehensive Income .



FTI CONSULTING, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2012 AND 2011
(in thousands)
(unaudited)
                                                  Year Ended
                                                  December 31,
                                                  2012               2011
Operating activities
Net income (loss)                                 $              $    
                                                  (36,986)          103,903
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation and amortization                     33,919             28,582
Amortization and impairment of other intangible   22,586             22,371
assets
Goodwill impairment charge                        110,387            -
Acquisition-related contingent consideration      (3,064)            (6,465)
Provision for doubtful accounts                  14,179             12,586
Non-cash share-based compensation                29,361             37,352
Excess tax benefits from share-based compensation (515)              (1,597)
Non-cash interest expense and loss on             9,824              8,439
extinguishment of debt
Other                                             27                 (471)
Changes in operating assets and liabilities, net
of effects from acquisitions:
Accounts receivable, billed and unbilled          (3,691)            (94,178)
Notes receivable                                  (25,730)           (3,781)
Prepaid expenses and other assets                 (1,895)            3,933
Accounts payable, accrued expenses and other      (12,458)           11,472
Income taxes                                     (6,816)            22,227
Accrued compensation                              (21,074)           38,073
Billings in excess of services provided           12,134             (8,618)
 Net cash provided by   120,188            173,828
operating activities
Investing activities
Payments for acquisition of businesses, net of    (62,893)           (62,346)
cash received
Purchases of property and equipment               (27,759)           (31,091)
Other                                             246                (211)
 Net cash used in        (90,406)           (93,648)
investing activities
Financing activities
Borrowings under revolving line of credit         75,000             25,000
Payments of revolving line of credit              (75,000)           (25,000)
Payments of long-term debt and capital lease      (377,859)          (6,994)
obligations
Issuance of debt securities, net                  292,608            -
Payments of debt financing fees                   (2,848)            -
Cash received for settlement of interest rate     -                  5,596
swaps
Purchase and retirement of common stock           (50,032)           (209,400)
Net issuance of common stock under equity         1,598              11,109
compensation plans
Excess tax benefit from share-based compensation 515                1,597
Other                                             (2,228)            (637)
 Net cash used in        (138,246)          (198,729)
financing activities
Effect of exchange rate changes on cash and cash  826                (1,598)
equivalents
Net decrease in cash and cash equivalents         (107,638)          (120,147)
Cash and cash equivalents, beginning of period    264,423            384,570
Cash and cash equivalents, end of period          $     156,785  $    
                                                                     264,423



FTI CONSULTING, INC.
CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31, 2012 AND DECEMBER 31, 2011
(in thousands, except per share amounts)
                                       December 31,         December 31,
                                       2012                 2011
Assets
Current assets
 Cash and cash equivalents           $     156,785   $     264,423
 Restricted cash                     1,190                10,213
 Accounts receivable:
 Billed receivables              314,491              335,758
 Unbilled receivables            208,797              173,440
 Allowance for doubtful accounts (94,048)             (80,096)
and unbilled services
 Accounts receivable, net     429,240              429,102
 Current portion of notes receivable 33,194               26,687
 Prepaid expenses and other current  50,351               40,529
assets
 Current portion of deferred tax     3,615                -
assets
Total current assets                   674,375              770,954
Property and equipment, net of         68,192               74,448
accumulated depreciation
Goodwill                               1,260,035            1,309,358
Other intangible assets, net of        104,181              118,889
amortization
Notes receivable, net of current       101,623              81,748
portion
Other assets                           67,046               55,687
Total assets                           $    2,275,452    $    2,411,084
Liabilities and Stockholders' Equity
Current liabilities
 Accounts payable, accrued expenses $      98,109  $     132,773
and other
Accrued compensation                   168,392              180,366
Current portion of long-term debt and  6,021                153,381
capital lease obligations
 Billings in excess of services     31,675               19,063
provided
 Deferred income taxes              -                    12,254
Total current liabilities              304,197              497,837
Long-term debt and capital lease       717,024              643,579
obligations, net of current portion
Deferred income taxes                  105,751              88,071
Other liabilities                      80,248               75,395
Total liabilities                      1,207,220            1,304,882
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  408                  415
 outstanding ―40,775 (2012) and
41,484 (2011)
Additional paid-in capital             367,978              383,978
Retained earnings                      741,215              778,201
Accumulated other comprehensive loss   (41,369)             (56,392)
Total stockholders' equity             1,068,232            1,106,202
Total liabilities and stockholders'    $    2,275,452    $    2,411,084
equity





SOURCE FTI Consulting, Inc.

Website: http://www.fticonsulting.com
Contact: Investor & Media Contact: Mollie Hawkes, +1-617-747-1791,
mollie.hawkes@fticonsulting.com