ANNAPOLIS, Md.--(BUSINESS WIRE)--April 1, 1999--FTI Consulting,
Inc. (AMEX:FCN.O)
a leader in litigation support services and claims management consulting, announced today that it has taken a number of steps to strengthen its balance sheet. Specifically:
-- The company's $27 million credit line with NationsBank has been
extended to September 30, 2001 and the requirement to add $10
million of equity by May, 1999 has been eliminated;
-- A five-year, $13 million subordinated debt investment by Allied
Capital Corporation has been arranged; and
-- The maturity on $8.9 million in sellers' notes incurred in the
company's 1998 acquisitions has been extended.
Chairman Jack Dunn said, "The new structure of our debt
maturities places them easily within range to be retired using funds
generated by FTI's operations. In addition, the added capital provides
flexibility to continue to implement our strategy of becoming a single
source that law firms, corporations, banks and insurers can turn to
for all their forensic support requirements."
Commenting on the Company's operations, FTI president Stewart Kahn, added, "Our performance is on track. We expect to earn between
$0.10 and $0.12 per share in the first quarter of 1999 which ended
March 31. Our Litigation Services business continues the rebound we
saw in the fourth quarter of 1998, and our Expert Financial Services
group results are strong. Our Applied Sciences group results are
relatively stable while we integrate some of our recently acquired
operations."
FTI is a leading provider of litigation support services and
claims management consulting services to major corporations, law firms
and insurance companies. Through an integrated "one-stop shop" array
of services, FTI offers its clients a unique combination of expertise
and convenience. FTI services include visual communications and trial
consulting, engineering and scientific services, expert financial
services, and assessment and expert testimony regarding intellectual
property rights and claims management outsourcing services from
assessment to restoration. The company is headquartered in Annapolis,
MD, and has 35 offices in the U.S. and Canada, with major operations
in New York, Columbus, Chicago, Houston, Los Angeles and Washington,
DC.
|
