ANNAPOLIS, Md.--(BUSINESS WIRE)--September 25, 1998--FTI Consulting, Inc. (NASDAQ: FTIC), a leader in litigation and claims management consulting, today announced its completion of the previously announced acquisitions of S.E.A., Inc. ("SEA") and Kahn Consulting, Inc. ("KCI"). Terms of the acquisitions
Together, SEA and KCI produced an aggregate of approximately $25 million in annualized revenues in 1997 and are not expected to be dilutive to FTI's earnings even after charges for amortization and interest on acquisition indebtedness.
Headquartered in Columbus, Ohio, SEA has 120 employees, and seven offices throughout the United States, in addition to maintaining a nationwide storm/catastrophe response hotline. SEA provides investigation, research, analysis and quality control services in areas such as structural distress, product failure, fire and explosion, and vehicle and workplace accidents. Its clients include Fortune 500 companies in the automotive, manufacturing and consumer products industries.
Headquartered in New York City, KCI has 34 employees and provides litigation consulting services, including expert testimony in financial proceedings, forensic accounting, fraud investigation and fact-finding services, as well as government contract consulting, in addition to providing strategic advisory, turnaround, bankruptcy and trustee services. Its management team, led by Stewart Kahn and Barry Monheit, will remain with FTI.
Jack Dunn, Chairman, President and Chief Executive Officer of FTI Consulting, said, "The acquisitions of SEA and KCI represent significant steps in FTI s strategy of being a leading consolidator of multi-discipline consulting services in the litigation support industry. KCI strengthens FTI s presence in the economic and financial consulting arena by bringing significant client relationships that we expect to provide additional depth to our existing client base, while SEA allows FTI to significantly expand its scientific consulting service offerings, in addition to providing geographical expansion into the southeast and midwest markets."
Mr. Dunn concluded, "These acquisitions allow us to continue focusing on our integrated approach to strategic consulting. By strengthening and expanding FTI s capabilities, as well as our geographic presence, these acquisitions further position FTI as a force in the consulting world."
FTI Consulting, Inc., is a leading provider of litigation and claims management consulting services to major corporations, law firms and insurance companies in the United States. Through a unique integrated approach to strategic consulting, FTI Consulting s services include visual communications and trial consulting, engineering and scientific 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, Maryland, and has 27 offices located throughout the United States and Canada.
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. Factors that could cause such differences include the 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.