Revenue before reimbursements of $167 million, down 9% from first quarter 2008 and down 4% from fourth quarter 2008

Adjusted earnings per share (excluding the net income impact of severance costs) of $0.16; GAAP earnings per share of $0.11

Monthly improvements to financial results as the quarter progressed

Previously announced cost reduction actions expected to exceed targets

Estimated range for 2009 earnings per share, adjusted to exclude severance and other operating costs, remains unchanged (between $0.85 and $1.00)

Navigant Consulting, Inc. (NYSE:NCI), a global consulting firm providing dispute, investigative, operational, risk management and financial and regulatory advisory solutions, today announced financial results for the first quarter ended March 31, 2009.

William M. Goodyear, Chairman and Chief Executive Officer, commented, "Difficult market conditions from the fourth quarter of 2008 carried into early 2009, however, we were encouraged by monthly sequential improvements as the quarter progressed. Our disputes and financial services teams were the primary areas ˜stalled' by the economic climate. Within the disputes arena we have seen improving signs of recovery throughout the quarter from both our corporate and law firm clients and expect major litigation matters to ramp in the near term."

Mr. Goodyear continued, "Our response to the challenges of the business climate has been swift and substantial. We took aggressive steps to reduce costs and to realign the Company's staffing levels -- actions that will have a significant impact as the year progresses and that position us to deliver solid earnings and cash flow for 2009. We continue to believe that we can achieve between $0.85 and $1.00 in earnings per share (adjusted to exclude severance and other operating costs) despite expectations for total revenues at the lower end of our previously discussed range of $750 million to $825 million in total revenue."

First Quarter 2009 Results

The Company's first quarter 2009 results are summarized as follows:

                                                                                             Total Company First Quarter 2009 Financial Results (1)                                                                                  Q1 2009         Q1 2008         % Change      Revenue Before Reimbursements ($000)         $  167,212      $  184,294      -9.3      %   Total Revenue ($000)                         $  182,362      $  207,139      -12.0     %   Adjusted EBITDA ($000)                       $  22,052       $  33,208       -33.6     %   EBITDA ($000)                                $  21,752       $  32,558       -33.2     %   Net Income ($000)                            $  5,433        $  10,906       -50.2     %   Earnings Per Share                           $  0.11         $  0.23         -52.2     %   Adjusted Earnings Per Share                  $  0.12         $  0.25         -52.0     %   Average Billable FTEs                           1,941           1,913        1.5       %   End of Period Billable FTEs                     1,920           1,896        1.3       %   Consultant Utilization (1,850 base)             75       %      83       %   -9.6      %   Average Bill Rate (excluding success fees)   $  252          $  254          -0.8      %   DSO                                             87              83           4.8       %    -------------------------------------------------------------------------------  

(1) See the attached financial schedules for a reconciliation of Adjusted EBITDA and Adjusted Earnings per Share to the closest GAAP measure.

Navigant's first quarter 2009 total revenues decreased 12% from record levels in the first quarter of 2008 due to several factors including the weakened economy, longer lead times for client spending decisions, and uncertainties surrounding the regulatory environment and potential stimulus spending. As expected, currency movements and low reimbursements for the first quarter of 2009 significantly impacted total revenues. However, utilization was a solid 75% and the Company's average bill rate remained steady at $252 despite pricing pressures. Consultant attrition significantly declined in the first quarter of 2009 to 8% resulting in annualized attrition of 17% as compared to 22% in the first quarter of 2008.

As announced on February 24, 2009, Navigant implemented a number of cost reduction actions intended to decrease the Company's expense base and to rebalance its portfolio of talent against current demand. These actions included staff reductions, a salary freeze, and limits on discretionary spending and are expected to result in lower operating, general and administrative expenses for 2009. While the impact of these actions will not be fully realized until the second quarter, they began to take effect in the first quarter as operating and general and administrative costs, excluding severance and other operating costs, declined from 2008 levels. Combined with anticipated lower amortization and interest expense the Company expects that its cost reduction efforts will largely offset the adverse impact of a weaker revenue environment.

Business Segment Highlights

First quarter 2009 financial results for the Company's four business segments are summarized as follows:

                                                                                               Business Segment First Quarter 2009 Financial Results                                                                                                Q1 2009      Q1 2008      % Change   Business Segment Total Revenue ($000)                                                        North American Dispute and Investigative Services       $  72,630    $  91,002    -20.2  %   North American Business Consulting Services                79,639       96,341    -17.3  %   International Consulting Operations                        16,046       19,796    -18.9  %   Economic Consulting Services                               14,047       n/a       n/a        Total Company                                           $  182,362   $  207,139   -12.0  %   Business Segment Revenue before Reimbursements ($000)                                        North American Dispute and Investigative Services       $  67,247    $  83,823    -19.8  %   North American Business Consulting Services                72,772       83,468    -12.8  %   International Consulting Operations                        14,306       17,003    -15.9  %   Economic Consulting Services                               12,887       n/a       n/a        Total Company                                           $  167,212   $  184,294   -9.3   %   Segment Operating Profit ($000) (2)                                                          North American Dispute and Investigative Services       $  25,450    $  35,023    -27.3  %   North American Business Consulting Services                26,391       33,330    -20.8  %   International Consulting Operations                        4,021        5,383     -25.3  %   Economic Consulting Services                               4,644        n/a       n/a        Total Company                                           $  60,506    $  73,736    -17.9  %    -------------------------------------------------------------------------------  

(2) For further detail see the Q1 2009 Metrics Datasheet posted at www.navigantconsulting.com/investor_relations.

Revenue before reimbursements in the Company's Dispute and Investigative Services segment was down 20% from a record first quarter 2008 and down 6% from fourth quarter 2008, reflecting a general lag in the initiation of sold dispute engagements as well as a continuing lack of large investigative assignments. While both corporate and law firm clients are exercising restraint in the staging of work sold, major litigation in the areas of capital markets disputes, bankruptcy, white collar crime and international arbitration are active and substantial for the Company.

The Business Consulting Services segment experienced a decline in revenue before reimbursements of 13% from first quarter 2008 and 3% from fourth quarter 2008, predominantly reflecting a realignment of the segment's financial services team in an effort to rebalance capabilities and expertise against market demand. The Company maintains a core talent base in financial services to capture opportunities emerging from financial and regulatory risk. The segment's healthcare and energy teams remain strong and continued growth is expected against a backdrop of stimulus funding and regulatory focus. The corporate finance group continues to be very active on hedge fund restructurings and real estate asset matters.

Navigant's International Consulting Operations segment revenue before reimbursements decreased 16% from first quarter 2008 due solely to the decline in the sterling exchange rate. However, the segment's revenue before reimbursements increased 4% from fourth quarter 2008 reflecting ongoing strong performance on large, global infrastructure disputes and a small acquisition in investment management capabilities.

The Company's Economic Consulting Services segment was acquired in May 2008 and has demonstrated ongoing strong performance reflecting demand for the team's experts in antitrust, securities, and labor and employment matters. Revenue before reimbursements of $12.9 million in the first quarter of 2009 was generally consistent with plan and reflected a 9% decline from a record fourth quarter 2008.

A Company metrics summary including data by segment is available at www.navigantconsulting.com/investor_relations.

2009 Outlook

Navigant confirmed its prior 2009 guidance issued on February 24, 2009. Total revenues are expected to fall at the lower end of the range of $750 million to $825 million. Earnings per share are estimated to be between $0.85 and $1.00, excluding severance and other operating costs.

"We continue to remain focused on serving clients and protecting profitability," stated Mr. Goodyear. "I am confident in our ability to proactively manage costs while capitalizing on the market opportunities emerging from intensifying global regulatory and economic pressures. As 2009 progresses we expect to be favorably impacted by improving demand drivers in the dispute channel together with growth in the energy, healthcare and corporate finance markets."

First Quarter 2009 Earnings Conference Call

Mr. Goodyear will host a conference call to discuss the Company's financial results at 10:00 a.m. Eastern Standard Time on Thursday, May 7, 2009. The web cast may be accessed at www.navigantconsulting.com/investor_relations. A replay of the web cast will be available for approximately 90 days.

About Navigant Consulting

Navigant Consulting, Inc. (NYSE: NCI) is a global consulting firm providing dispute, investigative, operational, risk management and financial and regulatory advisory solutions to government agencies, legal counsel and large companies facing the challenges of uncertainty, risk, distress and significant change. The Company focuses on industries undergoing substantial regulatory or structural change and on the issues driving these transformations. "Navigant" is a service mark of Navigant International, Inc. Navigant Consulting, Inc. (NCI) is not affiliated, associated, or in any way connected with Navigant International, Inc. and NCI's use of "Navigant" is made under license from Navigant International, Inc. More information about Navigant Consulting can be found at www.navigantconsulting.com.

Except as set forth below, statements included in this press release which are not historical in nature are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," "expects" and similar expressions. These statements are based upon management's current expectations as of the date of this press release. The Company cautions readers that there may be events in the future that the Company is not able to accurately predict or control and the information contained in the forward-looking statements is inherently uncertain and subject to a number of risks that could cause actual results to differ materially from those indicated in the forward-looking statements including, without limitation: the success of the Company's cost reduction actions; the success of the Company's organizational changes; risks inherent in international operations including foreign currency fluctuations; ability to make acquisitions; pace, timing and integration of acquisitions; impairment charges; management of professional staff, including dependence on key personnel, recruiting, attrition and the ability to successfully integrate new consultants into the Company's practices; utilization rates; conflicts of interest; potential loss of clients; clients' financial condition and their ability to make payments to the Company; risks inherent with litigation; higher risk client assignments; professional liability; potential legislative and regulatory changes; continued access to capital; and general economic conditions. Further information on these and other potential factors that could affect the Company's financial results is included in the Company's filings with the SEC under the "Risk Factors" section and elsewhere in those filings. The Company cannot guarantee any future results, levels of activity, performance or achievement and undertakes no obligation to update any of its forward-looking statements after the date of this press release.

                                                                                         NAVIGANT CONSULTING, INC. AND SUBSIDIARIES                                             CONSOLIDATED STATEMENTS OF INCOME                                                      (In thousands, except per share data)                                                  (Unaudited)                                                                                                                                                                                                                        For the quarter ended March 31,                                                        2009         2008                                                                                                        Revenue before reimbursements                        $167,212     $184,294             Reimbursements                                       15,150       22,845                Total revenues                                      182,362      207,139                                                                                                     Cost of services before reimbursable expenses        110,267      113,073              Reimbursable expenses                                15,150       22,845                Total costs of services                             125,417      135,918              General and administrative expenses                  34,893       38,013               Depreciation expense                                 4,640        4,165                Amortization expense                                 3,620        4,227                Other operating costs:                                                                  Office consolidation                                908          1,518                 Operating income                                    12,884       23,298               Interest expense                                     3,968        4,602                Interest income                                      (296      )  (272      )          Other income, net                                    (321      )  5                     Income before income tax expense                    9,533        18,963               Income tax expense                                   4,100        8,057                 Net income                                          $5,433       $10,906                                                                                                     Basic income per share                               $0.11        $0.24                Shares used in computing income per basic share      47,443       46,099                                                                                                      Diluted income per share                             $0.11        $0.23                Shares used in computing income per diluted share    49,449       46,838                                                                                                       -------------------------------------------------------------------------------  

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     NAVIGANT CONSULTING, INC. AND SUBSIDIARIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         CONSOLIDATED STATEMENTS OF INCOME                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  (In thousands, except per share data)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              For the quarter ended March 31, 2009            For the quarter ended March 31, 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Adjusted     Adjustments        Reported        Adjusted     Adjustments        Reported                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Revenue before reimbursements                                                      $167,212                        $167,212        $184,294                        $184,294                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Reimbursements                                                                     15,150                          15,150          22,845                          22,845                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Total revenues                                                               182,362      -                  182,362         207,139      -                  207,139                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Cost of services before reimbursable expenses                                      110,267                         110,267         113,073                         113,073                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Reimbursable expenses                                                              15,150                          15,150          22,845                          22,845                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Total costs of services                                                      125,417      -                  125,417         135,918      -                  135,918                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         General and administrative expenses                                                34,893                          34,893          38,013                          38,013                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Depreciation expense                                                               4,640                           4,640           4,165                           4,165                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Amortization expense                                                               3,620                           3,620           4,227                           4,227                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Other operating costs:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Office consolidation                                                         -            908                908             -            1,518              1,518                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Operating income                                                             13,792       (908     )         12,884          24,816       (1,518   )         23,298                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Interest expense                                                                   3,968                           3,968           4,602                           4,602                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Interest income                                                                    (296      )                     (296      )     (272      )                     (272      )                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Other income, net                                                                  (321      )                     (321      )     5                               5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Income before income tax expense                                             10,441       (908     )         9,533           20,481       (1,518   )         18,963                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Income tax expense                                                                 4,466        (366     )         4,100           8,669        (612     )         8,057                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Net income                                                                   $5,975       ($542    )         $5,433          $11,812      ($906    )         $10,906                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Diluted income per share (EPS) (3)                                                 $0.12                           $0.11           $0.25                           $0.23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Shares used in computing income per diluted share                                  49,449                          49,449          46,838                          46,838                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Percentage of revenues before reimbursements :                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Cost of services before reimbursable expenses                                      66        %                     66        %     61        %                     61        %                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Reimbursable expenses                                                              9         %                     9         %     12        %                     12        %                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     General and administrative expenses                                                21        %                     21        %     21        %                     21        %                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        EBITDA (4)                                                                         13        %                     13        %     18        %                     18        %                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Operating income                                                                   8         %                     8         %     13        %                     13        %                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Net income                                                                         4         %                     3         %     6         %                     6         %                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           EBITDA (4) reconciliation:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               EBITDA (4)                                                                   $22,052      ($300    )         $21,752         $33,208      ($650    )         $32,558                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Depreciation                                                                 4,640                           4,640           4,165                           4,165                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Accelerated Depreciation - Office consolidation                              -            (608     )         608             -            (868     )         868                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Amortization                                                                 3,620                           3,620           4,227                           4,227                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Operating income                                                             $13,792      ($908    )  (1  )  $12,884         $24,816      ($1,518  )  (2  )  $23,298                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            (1)   During the first quarter of 2009 the Company recorded office consolidation costs of $0.9 million associated with real estate rationalization, including office closure costs, leasehold improvement write downs and accelerated depreciation on leasehold improvements.                                                                                                                                                                                        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