Icahn Enterprises L.P. Reports Fourth Quarter and Full Year 2009 Financial Results
NEW YORK, March 3 /PRNewswire-FirstCall/ -- Icahn Enterprises L.P. (NYSE: IEP) reported net income attributable to Icahn Enterprises of $234 million, or $3.05 per LP unit, for the twelve months ended December 31, 2009, compared to net loss attributable to Icahn Enterprises of $43 million, or $0.80 loss per LP unit, for the comparable period in fiscal 2008. Icahn Enterprises declared a quarterly distribution of $0.25 per unit on its depositary units, payable in the first quarter of fiscal 2010. The distribution will be paid on March 30, 2010 to depositary unit holders of record at the close of business on March 15, 2010.
Full Year 2009
For the twelve months ended December 31, 2009, revenues were $7,865 million as compared to $5,027 million for the twelve months ended December 31, 2008. Net income attributable to Icahn Enterprises from continuing operations was $233 million for the twelve months ended December 31, 2009 compared to a net loss of $528 million for the comparable period in fiscal 2008, which included restructuring expenses and impairment charges for tangible and intangible assets aggregating $453 million, after non-controlling interests. Net income attributable to Icahn Enterprises from discontinued operations was $1 million for the twelve months ended December 31, 2009, compared to $485 million for the comparable period in fiscal 2008.
Three Months Ended December 31, 2009
For the three months ended December 31, 2009, revenues were $1,694 million as compared to $236 million in the three months ended December 31, 2008. Net loss from continuing operations attributable to Icahn Enterprises was $7 million for the three months ended December 31, 2009, compared to a loss of $467 million for the comparable period of fiscal 2008, which included restructuring expenses and impairment charges for tangible and intangible assets aggregating $426 million, after non-controlling interests. There was no income from discontinued operations for the three months ended December 31, 2009 compared to a loss from discontinued operations of $1 million for the comparable period of fiscal 2008.
Conference Call Information
Icahn Enterprises L.P. will discuss its fourth quarter results on a conference call and Webcast on Thursday, March 4, 2010 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) 6964768. The access code for both is 59839386.
Icahn Enterprises L.P. (NYSE: IEP), a master limited partnership, is a diversified holding company engaged in seven primary business segments: Investment Management, Automotive, Metals, Real Estate, Home Fashion, Railcar and Food Packaging. For more information, please visit the company's website at www.icahnenterprises.com.
Caution Concerning Forward-Looking Statements
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 scrap metals activities, including potential environmental exposure; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies, and competition for residential and investment properties; 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; risks related to our railcar activities, including the highly cyclical nature of the railcar industry and restricted credit markets; and risks related to our food packaging activities, including risks related to safety and quality of food products; and other risks and uncertainties detailed from time to time in our filings with the SEC. 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,
------------------
2009 2008
-------- --------
(Unaudited)
Revenues $1,694 $236
Expenses 1,749 2,230
----- -----
Loss from continuing operations
before income tax benefit (55) (1,994)
Income tax benefit 28 62
-- --
Loss from continuing Operations (27) (1,932)
--- ------
Loss from discontinued operations - (1)
-- --
Net loss (27) (1,933)
Less: net loss attributable to
non-controlling interests 20 1,465
-- -----
Net income attributable
to Icahn Enterprises $(7) $(468)
=== =====
Net loss attributable to Icahn
Enterprises from:
Continuing operations $(7) $(467)
Discontinued operations - (1)
-- --
$(7) $(468)
=== =====
Basic loss per LP unit
Loss from continuing operations $(0.09) $(6.49)
Loss from discontinued
operations 0.00 (0.02)
---- -----
$(0.09) $(6.51)
====== ======
Basic weighted average LP
units outstanding 75 72
== ==
Diluted loss per LP unit
Income from continuing
operations $(0.09) $(6.49)
Loss from discontinued
operations 0.00 (0.02)
---- -----
$(0.09) $(6.51)
====== ======
Dilutive weighted average
LP units outstanding 79 72
== ==
APPENDIX II
-----------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
-----------------------------------------------
In millions except per unit data
---------------------------------
Twelve Months Ended
December 31,
-------------------
2009 2008
------ ------
(Unaudited)
Revenues $7,865 $5,027
Expenses 6,724 8,153
----- -----
Income (loss) from continuing
operations before income tax
benefit (expense) 1,141 (3,126)
Income tax benefit (expense) 53 (47)
-- ---
Income (loss) from continuing
operations 1,194 (3,173)
----- ------
Income from discontinued operations 1 485
-- ---
Net income (loss) 1,195 (2,688)
Less: net (income) loss attributable
to non-controlling interests (961) 2,645
---- ----
Net income (loss) attributable to
Icahn Enterprises $234 $(43)
==== ====
Net income (loss) attributable to Icahn
Enterprises from:
Continuing operations $233 $(528)
Discontinued operations 1 485
-- ---
$234 $(43)
==== ====
Basic income (loss) per LP unit
Income (loss) from
continuing operations $3.04 $(7.84)
Income from discontinued operations 0.01 7.04
---- ----
$3.05 $(0.80)
===== ======
Basic weighted average LP
units outstanding 75 71
== ==
Diluted income (loss) per LP unit
Income (loss) from
continuing operations $2.96 $(7.84)
Income from discontinued operations 0.01 7.04
---- ----
$2.97 $(0.80)
===== ======
Dilutive weighted average
LP units outstanding 79 71
== ==
APPENDIX III
------------
CONDENSED CONSOLIDATED BALANCE SHEETS
-------------------------------------
(in millions)
December 31, December 31,
2009 2008
----------- -----------
(Unaudited)
ASSETS
Cash and cash equivalents $1,870 $2,612
Cash held at consolidated
affiliated partnerships and
restricted cash 3,334 3,947
Investments 5,360 4,515
Accounts receivable, net 1,079 1,057
Due from brokers 56 54
Inventories, net 999 1,093
Property, plant and equipment,
net 2,654 2,878
Goodwill 1,073 1,086
Intangible assets, net 991 943
Other assets 514 630
--- ---
Total Assets $17,930 $18,815
======= =======
LIABILITIES AND EQUITY
Accounts payable $586 $679
Accrued expenses and other
liabilities 1,928 2,805
Securities sold, not yet
purchased, at fair value 2,035 2,273
Due to brokers 376 713
Postemployment benefit liability 1,359 1,302
Debt 4,735 4,571
Preferred limited partner units 136 130
--- ---
Total Liabilities 11,155 12,473
------ ------
Equity:
Equity attributable to Icahn
Enterprises 2,648 2,398
Equity attributable to non-
controlling interests 4,127 3,944
----- -----
Total Equity 6,775 6,342
----- -----
Total Liabilities and Equity $17,930 $18,815
======= =======
SOURCE Icahn Enterprises L.P.
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