Tuesday, March 8, 2011

FTI Consulting, Inc. Enters Into $209.4 Million Accelerated Stock Buyback With Goldman, Sachs & Co.

FTI Consulting (NYSE: FCN), the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, today announced that FTI Consulting has entered into a $209.4 million accelerated stock buyback transaction with Goldman, Sachs & Co. FTI Consulting will repurchase these shares completing the $500 million stock repurchase program that it announced on November 4, 2009.

In November 2009, FTI Consulting entered into a collared accelerated stock buyback master confirmation agreement with Goldman Sachs. As contemplated by that master confirmation, FTI Consulting has executed a supplemental confirmation to initiate this additional accelerated stock buyback transaction.

FTI Consulting will pay $209.4 million to Goldman, Sachs & Co. from available cash on hand to repurchase outstanding shares of its common stock and will receive a substantial majority of the shares to be delivered under the accelerated stock buyback by no later than March 7, 2011. The specific number of shares that ultimately will be repurchased will be based generally on the volume-weighted average share price of our common stock during the term of the repurchase agreement, subject to provisions that establish minimum and maximum numbers of shares. Goldman Sachs is expected to purchase shares of FTI Consulting common stock in the open market in connection with the accelerated stock buyback. The supplemental confirmation contemplates that final settlement may occur in December 2011, although under certain circumstances, in Goldman Sachs' discretion, the completion date may be accelerated. At settlement, FTI Consulting may be entitled to receive additional shares of common stock from Goldman Sachs or under certain circumstances may be required to make a payment to Goldman Sachs. All of the repurchased shares will be retired.

Updated 2011 Guidance

As a result of entering into the accelerated stock buyback transaction and the associated retirement of repurchased shares, FTI Consulting has adjusted 2011 full year earnings guidance to a range of $2.20 to $2.40 diluted EPS based on the minimum shares to be delivered. This updated guidance does not include any additional shares that may be repurchased under this accelerated stock buyback as the amount, if any, of additional shares cannot be determined at this time. This updated guidance also does not include any effect of the recently closed transaction with LECG nor does it contemplate any other changes that may result from future transactions, if any, with LECG or any other potential future acquisitions.

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 3,500 employees located in most major business centers in the world, we work closely with clients every day to anticipate, illuminate, and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and restructuring. More information can be found at www.fticonsulting.com.

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