VIEW FINANCIAL TABLES

First-Quarter 2005 Consolidated Results
For the quarter, revenues were $116.6 million, an increase of 5.8 percent compared with $110.2 million for the first quarter of 2004, and an increase of 11.2 percent compared with $104.9 million for the fourth quarter of 2004. Income from operations rose 10.5 percent to $23.1 million from $20.9 million in the comparable quarter last year, and 14.9 percent from $20.1 million before one-time charges in the fourth quarter of 2004. Earnings per share increased 7.4 percent to $0.29 on a diluted basis compared with $0.27 last year, and $0.27 before one-time charges in the fourth quarter of 2004.

Earnings from operations before interest, taxes, depreciation and amortization (EBITDA, see note below) increased 6.9 percent to $26.4 million, 22.6 percent of revenues, compared with EBITDA of $24.7 million, or 22.4 percent of revenues, in the first quarter of the prior year.

“We are pleased to report a strong start to the year with both sequential and year-over-year quarterly growth,” said Jack Dunn, FTI’s president and chief executive officer. “Our efforts to diversify our revenues more evenly across the business have begun to show returns, as we experienced double-digit growth in our Economic and Forensic businesses and strong revenue and profit contributions from our technology investments.

“With the integration of our fourth-quarter 2003 acquisitions completed, we are beginning to see market acceptance of the integrated platform we have put together over the past year. FTI’s competitive differentiators, our deep domain knowledge and industry expertise, are gaining traction and we believe our platform is well-positioned to capitalize on the positive trends in our markets. We expect that the active regulatory environment will continue to result in strong demand for our Forensic/Litigation services and expect default levels in the second half of the year will trigger increased demand for our corporate finance business.”

First-Quarter 2005 Business Segment Results

Forensic/Litigation/Technology
Revenues increased 12.7 percent to $49.7 million in the first quarter from $44.1 million last year, and increased 10.9 percent from $44.8 million in the fourth quarter of 2004, reflecting improved market penetration. Approximately $15.1 million in revenues were generated by our combined technology operations, with only a minimal contribution from Ringtail, which came aboard late in the quarter, as compared to $10.4 million in the prior year. The first-quarter 2005 EBITDA margin of approximately 30.0 percent increased from 29.0 percent in the prior year.

Corporate Finance/Restructuring
Revenues were $41.5 million for the first quarter, down 4.2 percent from $43.3 million recorded in the first quarter of 2004. However, adjusted for revenues lost following the departure of a group of professionals in the company’s restructuring practice in the first quarter of 2004, revenues improved modestly. Sequentially, revenue increased 5.9 percent from the $39.2 million in the fourth quarter of 2004. EBITDA margin for the business improved to 32.2 percent for the first quarter of 2005, increasing from 29.2 percent in the prior year quarter.

Economic Consulting
Revenues in the economic consulting segment were strong at $25.4 million in the first quarter of 2005, increasing 11.4 percent from $22.8 million in the first quarter of 2004, and 21.5 percent from $20.9 million in the fourth quarter of 2004. This segment’s EBITDA margin of 22.8 percent in the first quarter compares to 23.7 percent in the prior year.

Cash flow used in operations for the first quarter of 2005 was $15.5 million compared with $20.2 million used in the first quarter of 2004. The company anticipates normal seasonal improvements to its collections and cash flow from operations in the second quarter and for the remainder of the year.

Total long-term debt at March 31, 2005 was $122.5 million, including $22.5 million outstanding under its revolving credit agreement primarily related to the acquisition of Ringtail Solutions and share repurchases. On April 19, the company increased the term loan portion of its credit facility by $50 million, a portion of which was used to repay all amounts outstanding under the revolving credit, bringing net debt outstanding to $122.3 million.

During the first quarter, the company repurchased 392,800 shares of common stock at an average price of $19.62 per share, for an aggregate of approximately $7.7 million. At March 31, 2005, the remaining amount authorized under the company’s current share repurchase program was approximately $27.5 million.

Total headcount at March 31, 2005 was 1,068, and revenue-generating headcount was 785, including 23 Ringtail personnel. Utilization of revenue-generating personnel measurable by billable hours was approximately 81 percent for the first quarter, and average rate per hour for the quarter was approximately $341.

Outlook for Remainder of 2005
Revenues are now anticipated to range from $465.0 million to $485.0 million for the full year. The improved outlook for revenues is due largely to the acquisition of Ringtail Solutions Group at the end of February. Earnings per diluted share are still expected to range from $1.20 to $1.30, primarily as the acquisition of Ringtail is expected to be neutral to FTI’s earnings per share in 2005 due to rapid amortization of intangible assets. EBITDA is now expected to range from $111.0 million to $118.0 million and cash flow from operations to range between $80.0 million and $90.0 million. Based upon the results from the first quarter, the company believes its average bill rate and utilization guidance to be in line with the company’s previous guidance of approximately $359 and 75 percent (on a 2,032 hours base), respectively.

VIEW FINANCIAL TABLES

First-Quarter Conference Call
FTI will hold a conference call to discuss first-quarter results and management’s outlook for the remainder of 2005 at 11:00 a.m. Eastern time on Thursday, April 28, 2005. The call can be accessed live at http://www.vcall.com/CEPage.asp?ID=91509 and will be available for replay over the Internet by logging onto the company’s website, www.fticonsulting.com, for 90 days.

About FTI Consulting
FTI is the premier provider of corporate finance/restructuring, forensic/litigation/technology consulting, and economic consulting. Strategically located in 24 of the major US cities, London and Melbourne, FTI's total workforce of more than 1,000 employees includes numerous PhDs, MBA's, CPAs, CIRAs and CFEs, who are committed to delivering the highest level of service to clients. These clients include the world's largest corporations, financial institutions and law firms in matters involving financial and operational improvement and major litigation.

Note: Although EBITDA is not a measure of financial condition or performance determined in accordance with GAAP, FTI believes that it is a useful operating performance measure for evaluating its results of operations from period to period and as compared to its 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 its industry. FTI uses EBITDA to evaluate and compare the operating performance of its segments and it is one of the primary measures used to determine employee bonuses. FTI also uses EBITDA to value businesses it acquires or anticipates acquiring. A reconciliation of EBITDA to net earnings is included in the accompanying tables to this press release. EBITDA 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. In addition, because the calculation of EBITDA in the maintenance covenants contained in FTI’s credit facilities is based on accounting policies in use, consistently applied from the time the indebtedness was incurred, EBITDA as a supplemental financial measure is also indicative of the company’s capacity to service debt and thereby provides additional useful information to investors regarding the company’s financial condition and results of operations. EBITDA for purposes of those covenants is not calculated in the same manner as it is calculated in the accompanying table.

This press release includes "forward-looking" statements that involve uncertainties and risks. There can be no assurance that actual results will not differ from the company's expectations. The company has experienced fluctuating revenues, operating income and cash flow in some prior periods and expects this may occur from time to time in the future. As a result of these possible fluctuations, the company’s actual results may differ from our projections. Further, preliminary results are subject to normal year-end adjustments. Other factors that could cause such differences include pace and timing of additional 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 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.