Icahn Enterprises L.P. Reports Fourth Quarter Financial Results

NEW YORK, March 7, 2011 /PRNewswire/ -- Icahn Enterprises L.P. (NYSE: IEP) reported revenues of $2,488 million for the three months ended December 31, 2010 as compared to $1,863 million for the three months ended December 31, 2009.  Net income attributable to Icahn Enterprises was $82 million for the three months ended December 31, 2010, or $0.94 per LP unit, compared to a net loss of $1 million, or $(0.09) per LP unit, in the prior year period.

For the twelve months ended December 31, 2010, revenues were $9,119 million as compared to $8,605 million for the twelve months ended December 31, 2009.  Net income attributable to Icahn Enterprises was $199 million for the twelve months ended December 31, 2010, or $2.35 per LP unit, compared to net income of $253 million, or $3.05 per LP unit, in the prior year period.

Icahn Enterprises will pay a quarterly distribution of $0.25 per unit on its depositary units, payable in the first quarter of 2011.  The distribution will be paid on March 30, 2011 to depositary unit holders of record at the close of business on March 15, 2011.

Conference Call Information

Icahn Enterprises L.P. will discuss its fourth quarter results on a conference call and Webcast on Tuesday, March 8, 2011 at 10:00 a.m. EST.  The Webcast can be viewed live on Icahn Enterprises L.P.'s website at www.icahnenterprises.com.  It will also be archived and made available at www.icahnenterprises.com under the Investor Relations section.  The toll-free dial-in number for the conference call in the United States is (800) 938-1410.  The international number is (702) 696-4768.  The access code for both is 45208786.  

Icahn Enterprises L.P. (NYSE: IEP), a master limited partnership, is a diversified holding company engaged in eight primary business segments: Investment Management, Automotive, Gaming, Railcar, Food Packaging, Metals, Real Estate and Home Fashion.

Caution Concerning Interim Results and Forward-Looking Statements

Results for any interim period are not necessarily indicative of results for any full fiscal period.  This release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries. Among these risks and uncertainties are risks related to economic downturns, substantial competition and rising operating costs; risks related to our investment management activities, including the nature of the investments made by the private funds we manage, losses in the private funds and loss of key employees; risks related to our automotive activities, including exposure to adverse conditions in the automotive industry, and risks related to operations in foreign countries; risk related to our gaming operations, including reductions in discretionary spending due to a downturn in the local, regional or national economy, intense competition in the gaming industry from present and emerging internet online markets and extensive regulation; risks related to our railcar activities, including reliance upon a small number of customers that represent a large percentage of  revenues and backlog, the health of and prospects for the overall railcar industry and the cyclical nature of the railcar manufacturing business; risks related to our food packaging activities, including competition from better capitalized competitors, inability of its suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology;  risks related to our scrap metals activities, including potential environmental exposure; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, and changes in transportation costs and delivery times; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. Past performance in our Investment Management segment is not necessarily indicative of future performance. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.

'

APPENDIX I

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

In millions except per unit data







Three Months Ended


December 31


2010


2009


(Unaudited)





Revenues

$         2,488


$         1,863

Expenses

2,247


1,904

Income (loss) from continuing operations
  before income tax benefit

241


(41)

Income tax benefit

10


24

Income (loss) from continuing operations

251


(17)

Loss from discontinued operations

(1)


-





Net income (loss)

250


(17)





Less: net (income) loss attributable to non-controlling interests

(168)


16

Net income (loss) attributable to Icahn Enterprises

$              82


$              (1)





Net income (loss) attributable to Icahn Enterprises from:




   Continuing operations

$              83


$              (1)

   Discontinued operations

(1)


-


$              82


$              (1)





Basic income (loss) per LP unit:




    Income from continuing operations

$           0.95


$         (0.09)

    Loss from discontinued operations

(0.01)


-


$           0.94


$         (0.09)

Basic weighted average LP units outstanding

85


75





Diluted income (loss) per LP unit:




    Income from continuing operations

$           0.95


$         (0.09)

    Loss from discontinued operations

(0.01)


-


$           0.94


$         (0.09)

Diluted weighted average LP units outstanding

85


75



APPENDIX II

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

In millions except per unit data







Twelve Months Ended


December 31


2010


2009







Revenues

$         9,119


$         8,605

Expenses

8,366


7,425

Income from continuing operations
  before income tax (expense) benefit

753


1,180

Income tax (expense) benefit

(9)


44

Income from continuing operations

744


1,224

(Loss) income from discontinued operations

(1)


1





Net income

743


1,225





Less: net (income) attributable to non-controlling interests

(544)


(972)

Net income attributable to Icahn Enterprises

$            199


$            253





Net income (loss) attributable to Icahn Enterprises from:




   Continuing operations

$            200


$            252

   Discontinued operations

(1)


1


$            199


$            253





Basic income (loss) per LP unit:




    Income from continuing operations

$           2.36


$           3.04

    (Loss) income from discontinued operations

(0.01)


0.01


$           2.35


$           3.05

Basic weighted average LP units outstanding

83


75





Diluted income (loss) per LP unit:




    Income from continuing operations

$           2.35


$           2.96

    (Loss) income from discontinued operations

(0.01)


0.01


$           2.34


$           2.97

Diluted weighted average LP units outstanding

84


79



APPENDIX III

CONSOLIDATED BALANCE SHEETS

In millions except unit amounts








December 31,


2010


2009

ASSETS











Cash and cash equivalents

$

2,963


$

2,256

Cash held at consolidated affiliated partnerships and restricted cash


2,174



3,336

Investments


7,470



5,405

Accounts receivable, net


1,285



1,139

Due from brokers


50



56

Inventories, net


1,163



1,091

Property, plant and equipment, net


3,455



2,958

Goodwill


1,129



1,083

Intangible assets, net


999



1,007

Other assets


650



555

Total Assets

$

21,338


$

18,886







LIABILITIES AND EQUITY






Accounts payable

$

844


$

628

Accrued expenses and other liabilities


2,277



1,993

Securities sold, not yet purchased, at fair value


1,219



2,035

Due to brokers


1,323



376

Post-employment benefit liability


1,272



1,413

Debt


6,509



5,186

Preferred limited partner units


-



136

Total liabilities


13,444



11,767













Equity:






  Limited partners:






Depositary units: 92,400,000 authorized;  issued  85,865,619  and 75,912,797 at September 30, 2010 and
December 31, 2009; outstanding 84,728,419 and  74,775,597 at September 30, 2010 and December 31, 2009,  respectively      


3,477



2,828

General partner


(282)



18

Treasury units at cost: 1,137,200 depositary units


(12)



(12)

Equity attributable to Icahn Enterprises


3,183



2,834

Equity attributable to non-controlling interests


4,711



4,285

Total equity


7,894



7,119

Total Liabilities and Equity

$

21,338


$

18,886



Investor Contact:

Dominick Ragone

Chief Financial Officer

(646) 861-7500



SOURCE Icahn Enterprises L.P.



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