WEST PALM BEACH, FL: FD, FTI Consulting's strategic communications group, reported $44.6 million in revenues for the second quarter of 2009, a year-over-year decline from $62.2 million. However, revenues for the second quarter, which ended June 30, increased by 4.2% over this year's first quarter.
FD also reported $87.3 million in revenues for the six months ending June 30, a decrease from $116.8 million for the same period in 2008.
FD's reported operating income for Q2 2009 was $3.7 million, a year-over-year decrease from $14.6 million. For the first half of the year, operating income was $7.6 million, a decline from $25.3 million for the same period in 2008.
The statement announcing the results said FD "continued to be negatively impacted by both the significantly lower level of capital markets activity, which reduced revenues from M&A- and IPO-related work, the global economic recession,” and a “stronger US dollar as compared to a year ago.”
FTI Consulting's other divisions include corporate finance and restructuring, as well as forensic and litigation consulting. FTI reported $360.5 million in revenues for the second quarter, a 6.6% increase from the $337.7 million reported the same period last year, and an increase from $347.8 million reported in Q1 2009. Revenue for the six months ending June 30 totaled $708.4 million, an increase from $644.8 million for the same period the prior year.
“Our results were driven by the strength of our restructuring activities, higher activity in fraud investigations and regulated industries, and increasing momentum in strategic M&A in certain of our practice,” said FTI president and CEO Jack Dunn in the earnings release.