Icahn Enterprises L.P. Reports Second Quarter Financial Results

NEW YORK, Aug. 4 /PRNewswire-FirstCall/ -- Icahn Enterprises L.P. (NYSE: IEP) reported revenues of $3,806 million for the six months ended June 30, 2010, as compared to $4,399 million for the six months ended June 30, 2009.  Net loss attributable to Icahn Enterprises was $181 million for the six months ended June 30, 2010, or $2.16 loss per LP unit, compared to net income of $138 million or $1.71 per LP unit.  

For the three months ended June 30, 2010, revenues were $1,891 million as compared to $2,407 million for the three months ended June 30, 2009.  Net loss attributable to Icahn Enterprises was $116 million for the three months ended June 30, 2010, or $1.35 loss per LP unit, compared to net income of $134 million or $1.70 per LP unit.  The net loss for the quarter was mainly attributable to a $90 million net loss in the Investment Management segment.  However, the Investment Management funds have seen significant improvement in performance since quarter end, with a gross return of approximately 8% in the month of July, resulting in a gain of approximately $195 million in the Investment Management segment for the month of July.

Conference Call Information

Icahn Enterprises L.P. will discuss its second quarter results on a conference call and Webcast on Thursday, August 5, 2010 at 10:00 a.m. EDT.  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) 6964768.  The access code for both is 89373021.

Icahn Enterprises L.P. (NYSE: IEP), a master limited partnership, is a diversified holding company engaged in seven primary business segments: Investment Management, Automotive, 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; 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. 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


June 30


2010


2009


(Unaudited)





Revenues

$ 1,891


$ 2,407

Expenses

2,094


1,779

(Loss) income from continuing operations
 before income tax (expense) benefit

(203)


628

Income tax (expense) benefit

(19)


9

(Loss) income from continuing operations

(222)


637

Income from discontinued operations

-


2





Net (loss) income

(222)


639





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

106


(505)

Net (loss) income attributable to Icahn Enterprises

$  (116)


$    134





Net (loss) income attributable to Icahn Enterprises from:




   Continuing operations

$  (116)


$    132

   Discontinued operations

-


2


$  (116)


$    134





Basic (loss) income per LP unit:




    (Loss) income from continuing operations

$ (1.35)


$   1.67

    Income from discontinued operations

0.00


0.03


$ (1.35)


$   1.70

Basic weighted average LP units outstanding

84


75





Diluted (loss) income per LP unit:




    (Loss) income from continuing operations

$ (1.35)


$   1.56

    Income from discontinued operations

0.00


$   0.03


$ (1.35)


$   1.59

Diluted weighted average LP units outstanding

84


85




APPENDIX II

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

In millions except per unit data







Six Months Ended


June 30


2010


2009


(Unaudited)





Revenues

$ 3,806


$ 4,399

Expenses

4,066


3,646

(Loss) income from continuing operations
  before income tax (expense) benefit

(260)


753

Income tax (expense) benefit

(12)


16

(Loss) income from continuing operations

(272)


769

Income from discontinued operations

-


2





Net (loss) income

(272)


771





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

91


(633)

Net (loss) income attributable to Icahn Enterprises

$  (181)


$    138





Net (loss) income attributable to Icahn Enterprises from:




   Continuing operations

$  (181)


$    136

   Discontinued operations

-


2


$  (181)


$    138





Basic (loss) income per LP unit:




    (Loss) income from continuing operations

$ (2.16)


$   1.68

    Income from discontinued operations

0.00


0.03


$ (2.16)


$   1.71

Basic weighted average LP units outstanding

82


75





Diluted (loss) income per LP unit:




    (Loss) income from continuing operations

$ (2.16)


$   1.63

    Income from discontinued operations

0.00


0.03


$ (2.16)


$   1.66

Diluted weighted average LP units outstanding

82


79



APPENDIX III

CONSOLIDATED BALANCE SHEETS

In millions except per unit data








June 30,


December 31,


2010


2009

ASSETS

(Unaudited)










Cash and cash equivalents

$

   2,491


$

   2,256

Cash held at consolidated affiliated partnerships and restricted cash


   1,225



   3,336

Investments


   6,507



   5,405

Accounts receivable, net


   1,351



   1,139

Due from brokers


        13



        56

Inventories, net


   1,095



   1,091

Property, plant and equipment, net


   2,928



   2,958

Goodwill


   1,108



   1,083

Intangible assets, net


      976



   1,007

Other assets


      601



      555

Total Assets

$

 18,295


$

 18,886







LIABILITIES AND EQUITY






Accounts payable

$

      729


$

      628

Accrued expenses and other liabilities


   2,288



   1,993

Securities sold, not yet purchased, at fair value


      411



   2,035

Due to brokers


      774



      376

Post-employment benefit liability


   1,216



   1,413

Debt


   5,962



   5,186

Preferred limited partner units


           -



      136

Total liabilities


 11,380



 11,767







Commitments and contingencies












Equity:






  Limited partners:






Depositary units: 92,400,000 authorized;  issued
84,892,121  and 75,912,797 at June 30, 2010 and
December 31, 2009; outstanding 83,754,921 and
74,775,597 at June 30, 2010 and December 31, 2009,
respectively      


   3,033



   2,828

  General partner


    (255)



        18

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


      (12)



      (12)

Equity attributable to Icahn Enterprises


   2,766



   2,834

Equity attributable to non-controlling interests


   4,149



   4,285

Total equity


   6,915



   7,119

Total Liabilities and Equity

$

 18,295


$

 18,886



SOURCE Icahn Enterprises L.P.



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