FTI Consulting said third quarter strategic communications revenue fell 12% to $45.8M over 2011 as projects declined in Asia and North America.
FTI said fewer M&A and natural resources projects in the Asia Pacific region, lower income from projects in North America, as well as continued pricing pressure on retainer fees and "depressed" capital markets all affected its PR work. Currency translations reduced PR revenue by 2.3 percent.
Overall at the professional services and consulting combine, Q3 revenues were down 6.7% to $386.1M over a year earlier, in-line with expectations. Net income declined nearly 23% to 22.7M.
President and CEO Jack Dunn said FTI has begun to see the benefit of a cost-cutting program kicked off last quarter and wrapped up in Q3.
FTI has 597 staffers in its strategic communications division, relatively unchanged since the beginning of the year.
Corporate finance/restructuring revenue were flat at $110.2M while economic consulting ticked up slightly to $96.4M. Its technology and forensic/litigation consulting businesses also posted declines.