FTI Consulting profits drop in first quarter

Baltimore-based FTI Consulting Inc. said Wednesday that its profits declined 55 percent in the first quarter compared with the comparable period a year ago, to $14.2 million.

The company took a $30.2 million hit in special charges, three-quarters of that in cash, because it laid off 144 employees and consolidated offices "to eliminate redundancies resulting from acquisitions completed over the last two years," it said.

FTI, provider of forensic accounting, restructuring and other business services, said revenues increased about half a percent to $350 million in the first quarter.

Without the charges, its earnings would have been 67 cents per share, above analysts' expectations of 62 cents a share.