Coopers & Lybrand International announces worldwide fee income of $6.8 billion.

NEW YORK--(BUSINESS WIRE)--Dec. 17, 1996--

-- The U.S. firm of Coopers & Lybrand L.L.P. revenues up 11

percent to $2.1 billion --

Coopers & Lybrand International today announced worldwide fee income for the year ended Sept. 30 of $6.8 billion, an increase of 9 percent over the previous year. The U.S. firm of Coopers & Lybrand L.L.P. had fiscal year 1996 revenues of $2.1 billion, passing the $2 billion mark for the first time, an annual increase of 11.1 percent. The firm states its revenues net, excluding client and subcontracting expenses.

Peter Smith, chairman of Coopers & Lybrand International said, "The fortunes of both domestic economies and of our major clients are inextricably linked to developments around the globe. We recognize this and are positioning ourselves to take full advantage of the enormous opportunities this creates. Our clients are increasingly global and we have to be ready to meet their changing needs.

"Our investment in technology and people is already having a significant impact on our business, with improved levels of profitability and greater revenues per partner and professional."

Smith said geographically the firm had solid growth across all its major markets, notably North America, and continued expansion in Asia in line with the firm's strategy of extending its global coverage and achieving critical mass in priority markets.

"In terms of service areas, advisory services have shown healthy growth across the board with our tax, human resource advisory, management consultancy and corporate finance areas all showing double digit growth," Smith said.

In the United States, Coopers & Lybrand L.L.P. chairman and CEO Nicholas G. Moore said, "Coopers & Lybrand had another very successful year. Every one of our five lines of business generated strong revenue growth in a market characterized by intense competition." He also said the firm had significant growth in its priority industry groups and in its main consulting service lines.

U.S. FIRM'S LINE OF BUSINESS GROWTH

The firm's Business Assurance line of business grew 5.8 percent and advisory services within this auditing and accounting business grew 25.1 percent. Coopers & Lybrand Consulting revenues jumped 22.2 percent. As in 1995, CLC had exceptional growth in many of its priority service areas: its Solutions Through Technology group grew 59.9 percent; its consulting to the consumer/industrial industry grew by 45.8 percent, to the government by 32.5 percent; and to the information/communications industry by 21.9 percent. The firm's Financial Advisory Services line of business, including corporate finance, reorganization and litigation services and services to the real estate and hospitality industries grew 11.3 percent. Human Resource Advisory grew 15 percent. This increase comes on top of last year's revenue increase of more than 16 percent. The firm's Tax line of business grew 12.8 percent, the third consecutive year of double digit increases in tax.

"Our tax business continues to boom as the market for tax services responds to new technologies that increase efficiencies and provide clients rapid access to the information that supports their decision making. The firm's Tax News Network, for example, is the first of its kind, on-line source of tax information and analysis delivered directly to clients' desk-top computers," Moore said.

INTERNATIONAL FIRM POISED FOR FUTURE GROWTH

Moore said, "Beyond the United States, Coopers & Lybrand is continuing to build on the momentum generated in 1996. We ended last year strongly and -- with new clients, vital new services and outstanding people throughout our organization -- we're poised for even greater growth and exciting new client-service opportunities in 1997. The continued strength of the U.S. and world economies," Moore said, "bodes very well for our industry and especially for our firm."

In addition to the 11.1 percent growth in the United States, Coopers & Lybrand had growth rates of 8 percent in Europe, 13 percent in Australia and 14 percent in the Asia Pacific. The major investment which continues to be made in new markets such as Russia, China, India and Southeast Asia is producing pleasing results, according to Smith. The global network continues to expand and Coopers & Lybrand now has member firms in 142 countries.

Growth has been generated by a strong performance in areas where added value advice has a measurable impact on the performance of clients. Globally, human resource advisory business and management consultancy both grew by 14 percent and tax and corporate finance each showed growth of 12 percent. The traditional audit and accounting areas showed growth of around 7 percent.

The firm said it has made heavy investment in people through global training, processes and technology. This has produced improvement in levels of performance across all markets, with increased utilization of resources and improved efficiency.

One of the world's leading professional services firms, Coopers & Lybrand L.L.P. provides services for enterprises in a wide range of industries. The firm offers its clients the expertise of more than 16,000 professionals and staff in offices located in 100 U.S. cities and, through the member firms of Coopers & Lybrand International, more than 74,000 people in 142 countries worldwide.

CONTACT: Coopers & Lybrand L.L.P., New York 

David Nestor, 212/259-4855