FTI Consulting, Inc. to Consolidate Brand Strategy Under 'FTI Consulting(TM)'By Fti Consulting, PRNE
Monday, January 3, 2011
"One Brand" Strategy Reinforces "One Firm" Philosophy, Expands Reach in New Markets and Maximizes Marketing Impact
WEST PALM BEACH, Florida, January 4, 2011 - FTI Consulting, Inc. (NYSE: FCN), the global business advisory firm
dedicated to helping organizations protect and enhance their enterprise
value, announced today that it will convert substantially all of its acquired
firms to the FTI Consulting brand to support its corporate positioning and
ability to provide seamless strategic services to clients throughout the
world. This is expected to be completed by November of 2011.
Jack Dunn, President and Chief Executive Officer, said, "Today, FTI
Consulting comprises over 3,600 employees in 26 countries united in a common
purpose: to provide our clients with the critical thinking at the critical
time that can make a difference in facing the challenges that affect their
organizations' enterprise value.
"We believe one brand more powerfully represents the mission of our firm
and enhances the ability of our professionals to provide total solutions to
our clients from across a multitude of skill sets and capabilities from
around the firm and around the world. We also believe one brand strategy will
enhance our brand recognition, especially in markets that are new to us and
where brand is increasingly important in clients' decision making.
"Over the last five years, we have acquired more than 25 companies, most
of which had significant recognition and standing in their markets. Our one
brand strategy represents the culmination of several years of thoughtful
integration of these businesses."
As a result of the one brand strategy, the Company will record a non-cash
charge of approximately $25 million, or $0.36 per diluted share, in the
fourth quarter of 2010 to reflect the retirement and associated write off of
certain acquired firms' trade names. Consistent with past practice, the
Company will treat this as a special charge. As a result, it will not be
included in the calculation of adjusted earnings per diluted share ("Adjusted
EPS"), a non-GAAP measure, and does not affect the Company's prior 2010
guidance. In implementing the "one brand" strategy in 2011, the Company
expects to incur incremental marketing expenses which are not expected to be
material to the Company's overall results.
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 3,600
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.
Use of Non-GAAP Measure
Note: We define adjusted earnings per diluted share (Adjusted EPS) as
earnings per diluted share excluding the per share impact of the special
charges and debt extinguishment costs that were incurred in that period.
Although Adjusted EPS is not a measure of financial condition or performance
determined in accordance with generally accepted accounting principles
("GAAP"), we believe that this measure can be a useful performance measure
for evaluating our results of operations as compared from period to period
and as compared to our competitors.
Adjusted EPS is not defined in the same manner by all companies and may
not be comparable to other similarly titled measures of other companies
unless the definition is the same. This non-GAAP measure should be considered
in addition to, but not as a substitute for or superior to, the information
contained in our statements of income.
Safe Harbor Statement
This press release contains "forward-looking
statements" within the meaning of federal securities law, including
statements about expected benefits and costs of implementing the "one brand"
strategy. You should exercise caution in interpreting and relying on
forward-looking statements because they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond the
Company's control. Such risks and uncertainties include, but are not limited
to, whether the Company will realize the expected financial and operational
benefits from the "one brand" strategy, the additional costs that may be
incurred in implementing this strategy and other factors listed in the
Company's filings with the Securities and Exchange Commission. 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.
Jack Dunn, President & CEO, FTI Consulting, +1-561-515-1900; Investors: Gordon McCoun, +1-212-850-5600 or Media: Andy Maas, +1-212-651-7133
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