PRICE WATERHOUSE FY '91 WORLDWIDE FEE INCOME INCREASES 24 PERCENT TO $3.6 BILLION; U.S. REVENUE RISES 7.1 PERCENT TO $1.3 BILLION
PRICE WATERHOUSE FY '91 WORLDWIDE FEE INCOME INCREASES 24 PERCENT
TO $3.6 BILLION; U.S. REVENUE RISES 7.1 PERCENT TO $1.3 BILLION
NEW YORK, Nov. 21 /PRNewswire/ -- Price Waterhouse announced today that combined revenue for the Price Waterhouse firms worldwide rose 24 percent, to $3.6 billion for the year ended June 30, 1991. Revenue was $2.9 billion for the 1990 period.
Worldwide revenue of Price Waterhouse Audit and Business Advisory Services grew 21 percent from the prior year, to $1.8 billion. The tax practices witnessed a 21 percent increase in revenue, to $830 million. Fee income from Management Consulting Services increased 25 percent, to $730 million. Revenue generated by other practice areas totaled $212 million for the fiscal 1991 period, up 88 percent.
As percentages of the 1991 worldwide combined total, revenues for the Price Waterhouse firms' principal practice areas were:
-- Audit and Business Advisory Services: 50 percent
-- Tax Services: 23 percent
-- Management Consulting Services: 21 percent
-- Other practice areas: 6 percent
U.S. Revenue Totals $1.3 Billion
Revenue for Price Waterhouse U.S. rose 7.1 percent, to $1.3 billion for fiscal 1991. Revenue was $1.2 billion for the 1990 period.
"The U.S. partnership performed well during 1991 given the persistently sluggish economy and a general decline in transaction- related business," said Shaun F. O'Malley, Chairman of Price Waterhouse U.S. "Our practice continued to grow during the fiscal year. In terms of new business, the firm experienced a significant increase year-to- year in public-company audit assignments. Also during the year, Price Waterhouse benefited from increased revenue contributions of several specialized practice activities, in particular, litigation and reorganization support."
As percentages of the U.S. total, revenue for Price Waterhouse U.S.'s three principal practice areas for fiscal 1991 was:
-- Audit and Business Advisory Services: 45 percent
-- Tax Services: 27 percent
-- Management Consulting Services: 28 percent
Price Waterhouse is a leading worldwide professional organization of accountants and auditors, tax advisers and management consultants with some 49,000 professionals and staff. Through a global network of firms practicing in 450 offices within 110 countries and territories, Price Waterhouse professionals provide advisory services to businesses, individuals, non-profit organizations, and government entities. The U.S. firm, with 13,000 men and women in more than 110 U.S. offices, is part of the worldwide network.
/CONTACT: Kenneth M. Koprowski of Price Waterhouse, 212-819-5056/ CO: Price Waterhouse ST: New York IN: FIN SU: ERN FC-CK -- NY078 -- 6016 11/21/91 15:28 EST