Arthur Andersen announces record annual revenues of $7.3 billion for fiscal year 1999. Worldwide Managing Partner Jim Wadia notes that both traditional and non-traditional lines of business contributed to success. Arthur Andersen today announced record revenues of US$7.3 billion for the fiscal year ending 31 August 1999, a 19 percent increase over last year. In local currencies, excluding the effect of exchange rates, Arthur Andersen's revenue growth rate was 21 percent. The global professional services firm experienced strong double-digit growth in each major business line and geographic region. Jim Wadia, Worldwide Managing Partner for Arthur Andersen, said that the firm will continue to see robust growth over the next few years based on its ability to deliver both traditional and new service offerings aimed at helping clients succeed in the new economy. "We are seeing the emergence of a new economy in the marketplace, driven by forces of consolidation, globalization and technological proliferation," Wadia said. "Arthur Andersen is focused on helping clients take advantage of these emerging forces and providing them with ways to create, manage and measure wealth in the new economy. As a result, we have seen tremendous performance across all of our practice areas worldwide." Arthur Andersen is a business unit of Andersen Worldwide, which today reported worldwide revenues of $16.3 billion for fiscal year 1999. On a geographic basis, Arthur Andersen grew as follows: Revenues By Region Growth Asia Pacific 20 percent EMEIA (Europe, Middle East, India & Africa) 22 percent Latin America 28 percent North America 19 percent Arthur Andersen's Assurance and Business Advisory practice grew 17 percent to US$3.4 billion and remains the firm's largest practice area. In addition to a strong performance from its traditional audit business, services such as Business Risk Consulting, Computer Risk Management and Treasury Risk Management also contributed to the growth, according to Wadia. "Our Assurance and Business Advisory practice continues to thrive worldwide as clients increasingly see that our assurance processes look beyond the traditional boundaries of a financial audit and seek ways to address and mitigate business risks that could damage business and undermine financial reporting," said Wadia. Arthur Andersen's Tax, Legal and Business Advisory practice realized a 19 percent increase over 1998 to US$2.2 billion. Much of this growth was tied to traditional tax services, combined with explosive growth in two of the firm's fastest growing practices, human capital services and Andersen Legal which combines the independent network of law firms associated with Andersen Worldwide. "Arthur Andersen's tax practice continues to be a key building block for the firm's overall success," Wadia noted. "Andersen Legal continues to build its global presence as more clients express their preference for working with multidisciplinary practices in those areas of the world where they are permitted to operate. The continued strong growth in our human resources consulting practice reflects the fact that increasingly companies are looking for ways to attract and retain an extremely valuable asset -- people." Arthur Andersen's Global Corporate Finance practice generated US$254 million in revenues worldwide. This new practice area credits this strong performance to its unique ability to bring people and knowledge from around the world to help clients consummate mergers, acquisitions, restructurings and privatizations. "In fiscal year 1999, Arthur Andersen acted as financial advisor on over 100 transactions with a value in excess of $7.5 billion," Wadia said. "With the proliferation of cross-border M&A activity on a global basis, more and more clients are demanding the integrated solutions that we provide." Arthur Andersen's Business Consulting practice grew 36 percent to US$1.4 billion. The Business Consulting practice helps Arthur Andersen clients understand market forces and turn change into competitive advantage with consulting offerings in areas such as e-business, change enablement and knowledge management. The firm's e-business work cuts across all four major practice areas, reflecting the extraordinary breadth and scope of Arthur Andersen's offerings in the new economy. "The Net and e-commerce are radically changing the rules of the marketplace in this new economy," Wadia said. "We're helping clients understand that e- business is more than just technology. It's about a fundamental transformation in the way business is being conducted. We're helping clients identify and address the broad array of threats and opportunities confronting them in an e-business world." Arthur Andersen now employs over 72,000 people, an increase of 18 percent over 1998. "Arthur Andersen continues to be an exciting place for those who wish to advance their careers," Wadia said. "We recognize that attracting and retaining the best people is key to our success so we are working hard to develop programs which help our people realize their aspirations." Arthur Andersen's vision is to be the partner for success in the new economy. The firm helps clients find new ways to create, manage and measure value in the rapidly changing global economy. With world-class skills in assurance, tax, consulting and corporate finance, Arthur Andersen has more than 72,000 people in over 80 countries who are united by a single worldwide operating structure that fosters inventiveness, knowledge sharing and a focus on client success. Since its beginning in 1913, Arthur Andersen has realized 86 years of uninterrupted growth, with 1999 revenues over $7 billion. Arthur Andersen is a business unit of Andersen Worldwide. ots Original Text Service: Arthur Andersen Internet: http://www.newsaktuell.de Contact: Jane Ostrander, (USA) 312-931-6251, or (USA) John Newton, 44-171-417-4101, both of Arthur Andersen