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Second-Quarter 2005 Results
For the quarter, revenues were $123.9 million, an increase of 15.4 percent compared with $107.4 million for the second quarter of 2004. Income from operations rose 20.9 percent to $27.8 million from $23.0 million in the comparable quarter last year. Earnings per share increased 10.0 percent to $0.33 on a diluted basis compared with $0.30 last year. Earnings for the second quarter of 2005 were reduced by approximately $0.01 per share related to the settlement of potential litigation

Earnings from operations before interest, taxes, depreciation and amortization (EBITDA, see note below), after the potential litigation settlement (Adjusted EBITDA), increased 18.5 percent to $31.4 million, 25.3 percent of revenues, compared with $26.5 million, or 24.7 percent of revenues, in the second quarter of the prior year.

Cash flow provided by operations for the second quarter of 2005 was $31.5 million compared with $20.7 million provided in the second quarter of 2004, an increase of 52.2 percent. Total long-term debt at June 30, 2005 was $142.5 million. No amounts were outstanding under the company’s revolving credit agreement. The company did not repurchase any shares of common stock during the second quarter. At June 30, 2005, the remaining amount authorized under the company’s current share repurchase program was approximately $50 million, and was subsequently increased to $165 million in connection with the company’s $300 million long-term debt offering presently in progress. FTI plans to use a portion of the net proceeds of the offering to repurchase at least $100 million of common shares.

Total headcount at June 30, 2005 was 1,197, and revenue-generating headcount was 888. Utilization of revenue-generating personnel measurable by billable hours was approximately 80.5 percent for the second quarter, and average rate per hour for the quarter was approximately $340.

Second-Quarter 2005 Business Segment Results

Forensic/Litigation/Technology
Revenues increased 13.8 percent to $52.0 million in the second quarter from $45.7 million last year. Approximately $16.3 million in revenues were generated by FTI’s combined technology operations as compared to $10.6 million in the prior year. Segment Adjusted EBITDA was $18.9 million, 36.3 percent of revenues, an increase of 31.3 percent from $14.4 million in the prior year, 31.5 percent of revenues.

Corporate Finance/Restructuring
Revenues, including a one month effect of the acquisition of Cambio Health Solutions, completed on May 31, were $44.3 million for the second quarter, an 11.9 percent increase from $39.6 million recorded in the second quarter of 2004. Segment Adjusted EBITDA was $13.8 million, 31.1 percent of revenues, an increase of 9.5 percent from $12.6 million in the prior year, 31.8 percent of revenues.

Economic Consulting
Revenues in the economic consulting segment were $27.6 million in the second quarter of 2005, increasing 24.9 percent from $22.1 million last year. Segment Adjusted EBITDA was $6.9 million, 25.1 percent of revenues, an increase of 30.2 percent from $5.3 million in the prior year, 24.0 percent of revenues.

Six-Month Results
For the first half of 2005, revenues were $240.5 million, an increase of 10.5 percent compared with $217.7 million for the first half of 2004. Income from operations rose 16.6 percent to $51.2 million from $43.9 million last year. Earnings per share increased 8.8 percent to $0.62 on a diluted basis compared with $0.57 for the same period last year.

Earnings from operations before interest, taxes, depreciation and amortization (Adjusted EBITDA, see note below) increased 12.9 percent to $57.9 million, 24.1 percent of revenues, compared with $51.3 million, or 23.5 percent of revenues, in the first half of the prior year. Cash flow provided by operations for the first half of 2005 was $16.0 million compared with $0.5 million in the first half of 2004.

Forensic/Litigation/Technology revenues increased 12.7 percent to $101.7 million in the first half from $89.9 million last year. Approximately $31.3 million in revenues were generated by our combined technology operations as compared to $21.0 million in the prior year. Segment Adjusted EBITDA was $33.9 million, 33.3 percent of revenues, an increase of 25.6 percent from $27.0 million in the prior year, 30.1 percent of revenues

Corporate Finance/Restructuring revenues were $85.8 million for the first half, an increase of 3.5 percent from $82.9 million recorded in the first half of 2004. Segment Adjusted EBITDA was $27.2 million, 31.7 percent of revenues, an increase of 7.5 percent from $25.3 million in the prior year, 30.5 percent of revenues.

Economic Consulting revenues were $53.0 million in the first half of 2005, increasing 17.8 percent from $45.0 million in the first half of 2004. Segment Adjusted EBITDA was $12.7 million, 23.9 percent of revenues, an increase of 17.6 percent from $10.8 million in the prior year, 23.9 percent of revenues.

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Second-Quarter Conference Call
FTI will hold a conference call to discuss second-quarter results and management’s outlook for the remainder of 2005 following the closing of its long-term debt offering presently in progress. The call is scheduled for 11:00 a.m. Eastern time on Wednesday, August 3, 2005. The call can be accessed live 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 1,100 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.