ANNAPOLIS, Md., Jan. 2 /PRNewswire/ -- FTI Consulting (NYSE: FCN), the
premier national provider of strategic and litigation-related consulting
services, announced today that the intellectual property and financial
consulting firm, Technology & Financial Consulting, Inc. ("TFC"),
headquartered in Houston, joined FTI effective January 1, 2002.
TFC, with annual billings of $3 million, is a premier provider of
intellectual property and financial consulting services, whose clients include
Shell, Dow Engineering Company, Universal Compression, Hewlett Packard, Nokia,
Texas Industries and Northrup Grumman. TFC President and Managing Director,
James J. Nawrocki, is a nationally recognized expert in intellectual property
and damages determination. Before forming TFC, Nawrocki was a partner at
Arthur Andersen in the Chicago and Houston offices and Chair of the firm's
national Intellectual Property Group.
TFC's expertise spans a broad array of industries including airline,
agriculture, automotive, chemical, oil and gas, computer software,
construction, electronics, energy, healthcare, manufacturing, consumer
products, semiconductors, petrochemicals and telecommunications. Notable
cases in which TFC has been retained include: Texas Instruments v. Hyundai,
MLMC v. Airtouch, et al., Phillips v. Exxon/Mobil, and Procter & Gamble v.
Amway.
Commenting on the transaction, FTI's chairman and chief executive officer,
Jack Dunn, stated, "This is another step in our strategy to serve our clients
by providing first choices for professional services from a single source.
Intellectual property consulting is a rapidly growing field, and one where FTI
did not have a presence. Jim and his colleagues are experts in the areas of
licensing negotiations and the economics of intellectual property disputes,
and are sought after to give expert testimony regarding economic consequences
in intellectual property cases. We welcome Jim and his colleagues to the FTI
team."
With his strong network of contacts, Nawrocki will be responsible for
growing FTI's Intellectual Property practice nationally. In addition, he will
lead FTI's Forensic and Litigation Advisory Practice in Houston and be a
resource to FTI's Houston Litigation Consulting Practice. Commenting on the
combination, Nawrocki said, "I look forward to building a national
Intellectual Property Practice at FTI. The respective experience,
reputations, resources and geographical presence of our two firms gives us a
tremendous platform for growth."
Also joining FTI as part of the combination are TFC principals Lance E.
Gunderson and Philip J. Innes. An MBA with extensive financial and litigation
consulting experience, Gunderson specializes in intellectual property issues.
Innes is a certified public accountant who has provided expert testimony and
financial consulting services in litigation and non-litigation settings. His
background in oil and gas disputes complements FTI's existing Houston-based
energy practice.
In announcing the transaction, Stewart Kahn, president and chief operating
officer of FTI, said, "As a firm we have known and worked with Jim for many
years. We had hoped we would be successful in convincing him to join us. Not
only is that now a reality, we also reunite Jim, Lance and Phil with David
Russell, who leads FTI's Energy Practice; they all worked together at Arthur
Andersen. Together, this group will provide us with a strong presence in the
Texas market and broaden our service offerings in a rapidly growing area."
The combination is anticipated to be modestly accretive in calendar year
2002. Consideration included cash and stock as well as an earn-out, and is in
line with the company's established guidelines for acquisition prices.
Further details of the acquisition were not disclosed.
About FTI Consulting
FTI Consulting is a multi-disciplined consulting firm with leading
practices in the areas of bankruptcy and financial restructuring, litigation
consulting and engineering/scientific investigation. Modern corporations, as
well as those who advise and invest in them, face growing challenges on every
front. From a proliferation of "bet-the-company" litigation to increasingly
complicated relationships with lenders and investors in an ever-changing
global economy, U.S. companies are turning more and more to outside experts
and consultants to meet these complex issues. FTI is dedicated to helping
corporations, their advisors, lawyers, lenders and investors meet these
challenges by providing a broad array of the highest quality professional
practices from a single source.
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 that 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. Other factors that could cause differences include pace and
timing of additional acquisitions, the company's ability to realize cost
savings and efficiencies, competitive and general economic conditions, and
other risks described in the Company's filings with the Securities and
Exchange Commission.
FTI is on the Internet at http://www.fticonsulting.com and at http://www.ftiwarroom.net
SOURCE FTI Consulting
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Related links:
http://www.fticonsulting.com
http://www.ftiwarroom.net
CONTACT:
Jack Dunn, Chairman & CEO of FTI Consulting,
+1-410-224-1483; General Inquiries, Marilyn Windsor,
+1-312-640-6692, Analysts, Lisa Fortuna, +1-312-640-6779, or
Media, Tim Grace, +1-312-274-2240, all of FRB Weber Shandwick
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