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FTI Consulting Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: FCN

In Corporate Finance/Restructuring, we saw a continuing demand for bankruptcy and restructuring matters, especially in North America. It's an interesting market on the creditor side. Credit markets continued to fund or refund some transactions that would ordinarily be candidates for us. While on the debtor side, we saw increasing -- increasingly companies moving to preemptively structure and restructure in anticipation possibly of even tougher credit and economic environments ahead.

For the quarter, revenues were $396.2 million. The impact of foreign currency translation reduced our consolidated revenues by approximately 1% or about $4.5 million. Adjusted EBITDA was $66.6 million or 16.8% of revenues. Fully diluted earnings per share for the quarter were $0.18, including the previously announced special charge of $26.8 million, which reduced fully diluted earnings per share by $0.42.

For the quarter, adjusted earnings per share were $0.60. Both fully diluted earnings per share and adjusted earnings per share included a $4.1 million revaluation gain, which increased fully diluted earnings per share and adjusted earnings per share by $0.10. Roger will discuss these results in more detail in a moment.

As previously announced, we took actions during the quarter to further address our markets and reduce our cost footprint. These actions were expected to result in $14.9 million of savings over the remainder of 2012, which will improve our profitability as we look ahead to a difficult global economic environment and the election cycle in the United States. At the same time, we continued to make important investments in our business, including the launch of our Technology segment in Asia-Pacific region and the expansion of both our healthcare and our energy industry practices.

As we look forward for the remainder of the year in 2013, there are a couple of trends on which we are particularly focused. First, as I mentioned above is the litigation and related activities stemming from the financial crisis, the latest manifestation being the LIBOR probe. We already have multiple engagements there and like the others that relate to the crisis, derivatives, bid-rigging, securities cases, these matters are complex. And we are now reaching the discovery phase. This should be a positive sign for us going forward.

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