Similar results played out in the division's operating income. FD's Q4 operating income was down to $10.9 million, compared to $14.3 million in the same period last year. For the year, FD's operating income was $47.3 million, up from $42.9 million at the end of 2007.
The company attributed the Q4 revenue decline to a number of factors in its earnings release, including lower fees from clients looking to reduce costs. It also blamed weakness in world currencies and the impact of the "global financial crisis on M&A and capital markets activity."
Global advisory firm FTI Consulting's other divisions include forensic and litigation consulting and economic consulting. Company-wide it reported a 29% increase in revenues for the year to $1.29 billion from just over $100 billion in 2007. Net income was also up to about $125 million from $92 million in 2007.
FTI's Q4 revenues were about $323 million, a 15% increase over 2007's $280.5 million.* Net income for the quarter was $31.2 million, up slightly from $30.8 million in the year-ago period.
*CORRECTION: A previous version of this article stated that FTI's Q4 revenues were $280.5 million, but in fact those were 2007's revenues. We regret the error.
Updated March 2, 2009, 3:26pm