Icahn Enterprises (IEP) 8-K Other Events

EXHIBIT 99.1

SELECTED FINANCIAL DATA

Item 6. Selected Historical Consolidated Financial Data.

      The following table summarizes certain selected historical consolidated financial data of AREP, which you should read in conjunction with its financial statements and the related notes contained in this and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. The selected historical consolidated financial data as of December 31, 2004 and 2003, and for the years ended December 31, 2004, 2003, and 2002, have each been derived from our audited consolidated financial statements at those dates and for those periods, contained elsewhere in this Form 8-K. The selected historical consolidated financial data as of December 31, 2002 and 2001 and for the year ended December 31, 2001 have each been derived from our audited consolidated financial statements at that date and for that period, not contained in this Form 8-K. The selected historical consolidated financial data as of and for the year ended December 31, 2000 has been derived from our consolidated financial statements (unaudited) at that date and for that period.

			Year Ended December 31,
			2004			2003			2002			2001			2000
Total revenues			$	670,519		$	577,089		$	588,061		$	589,293		$	394,885
Operating income			$	92,852		$	66,319		$	50,299		$	57,627		$	40,722
Other income (expense), net:
	Interest expense			(62,183	)		(38,865	)		(37,204	)		(44,336	)		(18,999	)
	Interest income			45,241			23,806			33,427			34,506			39,514
	Other income (expense) net			15,016			(8,404	)		7,046			13,333			12,552
Income from continuing operations before income taxes				90,926			42,856			53,568			61,130			73,789
Income tax (expense) benefit				(18,312	)		15,792			(10,880	)		25,609			(5,445	)
Income from continuing operations				72,614			58,648			42,688			86,739			68,344
Discontinued operations:
	Income from discontinued operations			5,943			6,419			6,038			7,477			5,750
	Gain on sale and disposition of real estate			75,197			3,353			—			—			—
Total income from discontinued operations				81,140			9,772			6,038			7,477			5,750
Earnings before cumulative effect of accounting change				153,754			68,420			48,726			94,216			74,094
	Cumulative effect of accounting change			—			1,912			—			—			—
Net earnings			$	153,754		$	70,332		$	48,726		$	94,216		$	74,094
Net earnings (loss) attributable to:
	Limited partners		$	130,850		$	51,074		$	63,168		$	66,668		$	71,977
	General partners			22,904			19,258			(14,442	)		27,548			2,117
Net earnings			$	153,754		$	70,332		$	48,726		$	94,216		$	74,094
	Basic earnings:
		Income from continuing operations	$	1.11		$	0.85		$	1.14		$	1.19		$	1.36
		Income from discontinued operations		1.73			0.21			0.13			0.16			0.12
	Basic earnings per LP Unit		$	2.84		$	1.06		$	1.27		$	1.35		$	1.48
Weighted average limited partnership units outstanding				46,098,284			46,098,284			46,098,284			46,098,284			46,098,284

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			Year Ended December 31,
			2004		2003		2002		2001		2000
	Diluted earnings:
		Income from continuing operations	$	1.09	$	0.81	$	1.01	$	1.07	$	1.18
		Income from discontinued operations		1.54		0.17		0.11		0.12		0.10
	Diluted earnings per LP Unit		$	2.63	$	0.98	$	1.12	$	1.19	$	1.28
Weighted average limited partnership units and equivalent partnership units outstanding				51,542,312		54,489,943		56,466,698		55,599,112		56,157,079
Other financial data:
EBITDA(2)			$	339,010	$	171,806	$	149,499	$	155,518	$	117,956
Capital expenditures (excluding property acquisitions)			$	166,808	$	82,966	$	106,458	$	68,199	$	52,598

		At December 31,
		2004		2003		2002(1)		2001(1)		2000(1)
Balance sheet data:
Cash and cash equivalents		$	806,309	$	553,224	$	145,195	$	219,644	$	250,524
Property, plant and equipment:
	Gaming		445,400		468,116		460,397		466,223		466,892
	Oil and gas		527,384		354,821		169,657		120,142		—
	Real Estate		291,068		293,046		444,461		415,022		488,266
Investments			350,527		167,727		395,495		319,822		512,703
Total assets			2,861,153		2,156,892		2,002,493		2,032,297		1,774,900
Long term debt (including current portion)			759,807		374,421		435,675		530,745		360,945
Liability for preferred limited partnership units(1)			106,731		101,649		—		—		—
Partners’ equity			1,641,755		1,527,396		1,387,253		1,301,810		1,127,469

(1)

On July 1, 2003, we adopted Statement of Financial Accounting Standards No. 150 (SFAS 150), Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity. SFAS 150 requires that a financial instrument, which is an unconditional obligation, be classified as a liability. Previous guidance required an entity to include in equity financial instruments that the entity could redeem in either cash or stock. Pursuant to SFAS 150, our preferred units, which are an unconditional obligation, have been reclassified from “Partners equity” to a liability account in the consolidated balance sheets and the preferred pay-in-kind distribution for the period from July 1, 2003 to December 31, 2003 of $2.4 million and all future distributions have been and will be recorded as “Interest expense” in the consolidated statements of earnings.

(2)

EBIDTA represents net earnings before interest expense, income tax (benefit) expense and depreciation, depletion and amortization, including provision for obligatory investments. We present EBITDA because we consider it an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies issuing debt, many of which present EBITDA when reporting their results. We present EBITDA on a consolidated basis. However, EBITDA does not reflect cash flows and we conduct substantially all of our operations through subsidiaries. The operating results of our subsidiaries may not be sufficient to make distributions to us. In addition, our subsidiaries are not obligated to make funds available to us for payment on the notes or otherwise, and distributions and intercompany transfers from our subsidiaries to us may be restricted by applicable law or covenants contained in debt agreements and other agreements to which these subsidiaries currently may be subject or enter into in the future. The terms of any borrowings of our subsidiaries or other entities in which we own equity may restrict dividends, distributions or loans to us.

2

      EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under generally accepted accounting principles, or GAAP. For example, EBITDA:

•  Does not reflect our cash expenditures, or future requirements for capital expenditures, or contractual commitments;

•  Does not reflect changes in, or cash requirements for, our working capital needs; and

•  Does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts.

      Although depreciation, depletion and amortization are non-cash charges, the assets being depreciated, depleted or amortized often will have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements. Other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure. In addition, EBITDA does not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations.

      EBITDA is a measure of our performance that is not required by, or presented in accordance with, GAAP. EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net earnings, operating income or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA only supplementally.

      The following table reconciles net earnings to EBITDA for the periods indicated:

		Year Ended December 31,
		2004		2003			2002		2001			2000
Net earnings		$	153,754	$	70,332		$	48,726	$	94,216		$	74,094
Interest expense			62,183		38,865			37,204		44,336			18,999
Income tax expense (benefit)			18,312		(15,792	)		10,880		(25,609	)		5,445
Depreciation, depletion and amortization, including provision for obligatory investments			104,761		78,401			52,689		42,575			19,418
	EBITDA	$	339,010	$	171,806		$	149,499	$	155,518		$	117,956

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