FTI CONSULTING, INC. (NYSE:FCN) Files An 8-K Other EventsItem 8.01 Other Events
On December1, 2017, the Board of Directors (the “Board”) of FTI Consulting, Inc. (“FTI Consulting”) authorized an additional $100.0million to repurchase shares of FTI Consulting’s outstanding common stock to its stock repurchase program initially authorized by the Board on June2, 2016, which was increased by an additional $100.0million on May18, 2017 to $200.0million, for an aggregate authorization as of December1, 2017 of $300.0million. As of November30, 2017, FTI Consulting has repurchased 5,126,618 shares of its outstanding common stock at an average price per share of $36.39 for an aggregate cost of approximately $186.6million. After giving effect to share repurchases through such date and the increased authorization, FTI Consulting has approximately $113.3million remaining available for common share repurchases under the program. No time limit was established for the completion of the program, and the program may be suspended, discontinued or replaced by the Board at any time without prior notice.
Under the program, FTI Consulting may repurchase shares in open-market purchases or any other method in accordance with all applicable securities laws and regulations. The specific timing and amount of repurchases will be determined by FTI Consulting’s management, in its discretion, and will vary based on market conditions, securities law limitations and other factors. The repurchases may be funded using available cash on hand or a combination of cash and available borrowings under FTI Consulting’s senior secured revolving bank credit facility.
FTI Consulting issued a press release on December4, 2017 announcing the Board authorization to increase the stock repurchase program. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein.
This Current Report on Form 8-K includes “forward-looking statements” within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, which involve uncertainties and risks. Forward-looking statements include statements, without limitation, regarding plans for share repurchases. When used in this press release, words such as “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “may” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon FTI Consulting’s expectations at the time it makes them and various assumptions. FTI Consulting’s expectations, beliefs and projections are expressed in good faith, and it believes there is a reasonable basis for them. However, there can be no assurance that management’s plans will be achieved. Factors that could cause changes to FTI Consulting’s plans include risks described under the heading “Item 1A Risk Factors” in FTI Consulting’s Form 10-Q for the quarter ended June 30, 2017 and in FTI Consulting’s other filings with the Securities and Exchange Commission. FTI Consulting is under no duty to update any of the forward-looking statements to conform such statements to actual results or events and does not intend to do so.
Item 8.01. Financial Statements and Exhibits
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FTI CONSULTING INC ExhibitEX-99.1 2 d491482dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 FTI Consulting,…To view the full exhibit click here
About FTI CONSULTING, INC. (NYSE:FCN)
FTI Consulting, Inc. (FTI Consulting) is a business advisory firm. The Company operates through five segments: Corporate Finance & Restructuring, Forensic and Litigation Consulting, Economic Consulting, Technology and Strategic Communications. Its Corporate Finance & Restructuring segment focuses on strategic, operational, financial and capital needs of businesses around the world. Its Forensic and Litigation Consulting segment provides law firms, companies, government clients and other interested parties with dispute advisory, investigations, data analytics and risk mitigation services, as well as interim management and performance improvement services for its health solutions practice clients. Its Economic Consulting segment provides law firms, companies, government entities and other interested parties with analysis of complex economic issues for use in legal, regulatory and international arbitration proceedings, strategic decision making and public policy debates.
